The U.S. Will Become A Nation of Renters
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Amen. Also, cats need to recalibrate their evaluation of properties. I've posted several affordable properties over the past few weeks. Ironically, I keep hearing, "it's in the hood." What these people are not seeing is that Blackrock and other investors are buying these same properties.
People in DC are seeing this happen at light speed. Investors have started moving into SE DC. "Hood homes" are now well over half a million. Rehab those sane hood homes, and you can ask for a million easy.
Been saying this for years.. DC is a test city....It's not too big and if it works here then it can be deployed in other cities. I go to different places in the south and see old ghettos being revitalized or "walkable communities" being built and those were being implemented in the early 2000's in DC. Tried to tell my friends, don't move out to the county, but move within the city limits and sure enough, that's where the money is being pushed into...
Way to go!!! Please take this advice. Make as many extra payments as you can on the principle. Make sure it's on the principle, not the "total mortgage." Additionally, make improvements as you go. You do not need to do everything all at once. Try to do whatever you can yourself. Save money. And do not over improve.
Again, good stuff bro!!!
Always does and here’s a good reason why: a ton of houses that are overpriced with no one to buy them. This shit is gonna cool off hard and fast. So what is Zillow and others are buying up homes; let em. Stick your price. I’m waiting on a penthouse in two buildings near me to drop just 100k and im in. As said above, rent prices will skyrocket but we if you have credit and cash, it’s a buyers market if you’re patient.
I don't know bro. Before, the problem was people buying more house than they could afford and getting caught up with variable interest rates. This time, there is a genuine shortage coupled with large corporations buying up the properties.
Don't wait too long to buy. These corporations are playing the long game.
The best thing buyers have in our favor is the increasing acceptance of working remotely. This means, I do not have to be in a major city or even in the same state to work. This is going to increase overtime.
Yawl BGOL niggas gat tew much money
I'm a small, independent investor in DC. I usually buy forecloses. I'm not a flipper, I do basic renovations and rent. I stopped investing in DC around two years ago. The market is an extreme seller's market and the ROI is not good for me. However, DC is not unique, my pops told me a house on the next block in East NY, Brooklyn sold for $564K. I was shocked that a small single family, 3 bedroom box, across the street from the PJs, sold for that. There is no way this can be sustained. Interest rates are very low yes, but people's income have not increased enough to keep up with the overpriced market. I believe there will be a a substantial correction in 2-4 years and at that point I hope to jump back in.
Fam, please remember the RE market has cycles and at some point it will be a buyer's market again.
Fam, please remember the RE market has cycles and at some point it will be a buyer's market again.
Patiently waiting for that correction. Meanwhile stacking cash
Memphis-area rents jump 19%, putting tenants in a squeeze
When Shameka Nevonia lost her job of 10 years in February, she was able to cover her rent by pulling from her retirement account.
The 43 year old found a job as a probation officer in Memphis in June. At about $30,000 a year, the job paid less than half of what she made working for Boar’s Head, but it was enough.
However, when she learned that same month that her home for the last three years, The Luxe of Southaven Apartments, was raising the monthly rent on her two-bedroom unit from $900 to $1,300, she knew she couldn’t make it work.
To avoid the 44% increase, she started looking for a new apartment for her and her son, but struggled to find something she could afford.
“Everywhere I tried, the rent is sky high,” Nevonia said. “It’s never been that way.”
Nevonia was caught in a national trend hitting Memphis-area residents harder than most: fast-rising rental rates. This trend is forcing her and many others to move or spend more than the recommended share of their income on rent. If the rise continues, it could cost the city its prized status as one of the nations’ most affordable places to live.
Before the pandemic, rates in the eight-county Memphis metropolitan area had been rising slowly — by 2% in 2017, 5% in 2018, and 4% in 2019, according to research from Apartment List. They stayed even during the first half of 2020, before rocketing skyward in the last 15 months.
But between September 2020 and last month, the median apartment rent in the region rose by 19%, while the national median rose by 15%, the Nashville metropolitan area’s rose by 18%, Little Rock’s rose by 11% and Louisville’s rose by 7%, according to the Apartment List data.
When Shameka Nevonia lost her job of 10 years in February, she was able to cover her rent by pulling from her retirement account.
The 43 year old found a job as a probation officer in Memphis in June. At about $30,000 a year, the job paid less than half of what she made working for Boar’s Head, but it was enough.
However, when she learned that same month that her home for the last three years, The Luxe of Southaven Apartments, was raising the monthly rent on her two-bedroom unit from $900 to $1,300, she knew she couldn’t make it work.
To avoid the 44% increase, she started looking for a new apartment for her and her son, but struggled to find something she could afford.
“Everywhere I tried, the rent is sky high,” Nevonia said. “It’s never been that way.”
Nevonia was caught in a national trend hitting Memphis-area residents harder than most: fast-rising rental rates. This trend is forcing her and many others to move or spend more than the recommended share of their income on rent. If the rise continues, it could cost the city its prized status as one of the nations’ most affordable places to live.
Before the pandemic, rates in the eight-county Memphis metropolitan area had been rising slowly — by 2% in 2017, 5% in 2018, and 4% in 2019, according to research from Apartment List. They stayed even during the first half of 2020, before rocketing skyward in the last 15 months.
But between September 2020 and last month, the median apartment rent in the region rose by 19%, while the national median rose by 15%, the Nashville metropolitan area’s rose by 18%, Little Rock’s rose by 11% and Louisville’s rose by 7%, according to the Apartment List data.
Memphis-area rents jump 19%, putting tenants in a squeeze
Rising rental rates in Memphis are forcing tenants to move or spend more than the recommended share of their income on rent.
www.commercialappeal.com
Hypothetically speaking what if there was no ownership passed on after death, no property, no way to transfer wealth to your children. In other words everyone would be forced to earn their keep on an even level field. Would things be better, worse, how would it affect minorities and the super greedy? Chime in with your opinions, let's talk about it.
Yeah, it's way different compared to any point in history. Corporations buying homes up here and letting them sit. It's crazy because folks calling for a drop while others saying shit is here to stay. I know markets move in cycles, but we never had conditions like this before.
All I know is a I recently checked the prices in my old neighborhood(which has turned into the hood) and I'm even more shocked than last year.
Well cacs had a 400 year head start. We deserve to catch up. Fuck all crackas
I would think the market would correct itself. If people aren't buying homes, then sellers will lower their prices and lenders will lower their qualifications (credit rating requirements, down payments, creative financing, etc.). Happened in the 90s... then boom.
I was just reading an article on this apparently in NY NJ northeast landlords etc are not budging
For home buying, Private Equity Firms have changed the game with home buying. I don't foresee the market cooling off to a point where it is affordable compared to five years ago. As soon as it cools down, the firms will swoop in and resume buying in bulk.
Landlords are not going backwards if they don't have to. They want to make the maximum return on their investments, when possible.
The market is forever changed.
Hopefully not forever
Government must step in and revamp Fannie and freddie. Create more paths to Homeownership other than join the military. Do SOMETHING!
Investors are fucking the market up for first time home buyers 
Investors are fucking the market up for first time home buyers
Yep ...the average home buyer can't compete.
If the earth was rented from us it is time the renters pay up
Private Equity Firms are working closely with banks and other lenders to make sure these banks and other lenders are updating and providing current "REO" reports to them. The banks and lenders are not interested in having foreclosed homes on their books and will negotiate wit the the Private Equity Firms in efforts to get them sold. It is a symbiotic relationship that keeps the average Joe from trying to get a taste of the american dream, that is home ownership.
Here's an interesting article about rental properties:
www.fastcompany.com
These idyllic suburban neighborhoods are built just for renters
The American Dream gets an update.
www.fastcompany.com
The only thing I regret is not taking out the equity and dumping it into bitcoin back in 2015. I bought the house for $160k and it's more than twice that now and going up. And I can add $15k due to the solar panels I installed
The only problem is, if I sell I'm going to have to live somewhere and the idea of me moving back into an apartment is not one I'm looking forward to. If your neighbor gets bed bugs or roaches you get bed bugs and/or roaches
No thanks.
this is my neighborhood now
Recently, I've noticed an increase in RVs and campers parked in backyards and driveways, as I drove through various neighborhoods during the day, .
Since it got my attention, I started driving through these same neighborhoods at night and noticed that these RVs and campers were being lived in as opposed to just parked. I'm assuming this is a new trend to rent space on someone's property and pay a flat monthly price for water, plumbing and electricity.
Since it got my attention, I started driving through these same neighborhoods at night and noticed that these RVs and campers were being lived in as opposed to just parked. I'm assuming this is a new trend to rent space on someone's property and pay a flat monthly price for water, plumbing and electricity.
That guy is an idiot
I personally don't think Biden and Pelosi care about the common homebuyer to do anything.
real talk Only a dummy thought they did.