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Old 06-24-2018, 09:51 AM
 
Location: Los Angeles (Native)
24,250 posts, read 13,734,429 times
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Property owners generally don’t want to just have a house sitting empty if they can rent it out.

In L.A at least you just don’t really see vacant housing unless they are for sale on the market sometimes but those are going to be sold to an owner occupant as people here don’t buy houses to rent out since there is no profit in it .

I know there are some cities with a lot of vacant homes but those are really run down properties . I know cities do put violations on properties too so that encourages the owner not to leave them vacant . These violations can add up to a lot .

There were those stories of the Detroit houses you can buy for $100 or $1000 or whatever but they might take $50,000 or more to fix up to get it rent ready .

There is no incentive I can think of to just leave a place empty .
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Old 06-24-2018, 10:01 AM
 
Location: Los Angeles (Native)
24,250 posts, read 13,734,429 times
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Quote:
Originally Posted by jackwinkelman View Post
I remember before the 2008 housing crash I knew people who leveraged everything to buy more and more houses. After the crash they lost everything. I know one person who sold his $1M home in San Jose and moved to Arizona to flip houses. Today he is living a trailer park living off his Social Security.



Let the free maket be. If things get too out of whack people will flock to lower costs areas and it will even out. I think if you buy an asset you have the right to do with it what you wish as long as you are not causing harm. Eventually if it gets too overheated like before the market will crash and things will shake out like before.
Oh wow . Yeah seems a lot of people got caught up in the frenzy and the thing is they were buying homes to flip that wouldnít cash flow . I remember seeing Phoenix homes for next to nothing. Seems some of them now have gone up 3x or more since the crazy . Same in other cities that were hard hit .

The current frenzy feels a little similar but the bigger banks arenít the ones funding this time . There are a lot of larger companies that are focused on giving fix and flip loans .. and the LTV seem much higher .

Some are offering 90% financing . During the crash or right after hard money lenders were offering 70%.

Now itís harder to find the deal but a lot easier to sell a property . A lot of flipping was going on during the crash though and I think that was a better time for flipping in reality .
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Old 06-24-2018, 11:34 AM
 
Location: Silicon Valley
2,773 posts, read 1,223,004 times
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In Feudal Europe, the King owned the land and gave rights to the land. In Mandarin, the character for land has additions to make it become leader and eventually China.

Ownership and Control of land has always meant power. Take away the control aspect and bad things happen.
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Old 06-25-2018, 03:13 PM
 
2,360 posts, read 1,034,056 times
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Quote:
Originally Posted by jm1982 View Post
Property owners generally donít want to just have a house sitting empty if they can rent it out.

In L.A at least you just donít really see vacant housing unless they are for sale on the market sometimes but those are going to be sold to an owner occupant as people here donít buy houses to rent out since there is no profit in it .

I know there are some cities with a lot of vacant homes but those are really run down properties . I know cities do put violations on properties too so that encourages the owner not to leave them vacant . These violations can add up to a lot .

There were those stories of the Detroit houses you can buy for $100 or $1000 or whatever but they might take $50,000 or more to fix up to get it rent ready .

There is no incentive I can think of to just leave a place empty .
You would think that, but as i drive around my local area, i see plenty of houses empty. Most are up for rent and sit empty, and some had the same 4sale sign for over 2 years. Just out of reason, i call the few for rent ones and they wanted double what the mortgage is, in reality, they dont want to rent it. One wanted 300% above current rental prices next door that had a rent sign.. Same property management, but owners set the prices they demand. But they are doing this to get around the vacancy laws here, i assume. Looks like what the plan is hold till market improves to sell at high cost.
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Old 06-25-2018, 03:52 PM
 
Location: Los Angeles (Native)
24,250 posts, read 13,734,429 times
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Quote:
Originally Posted by hitpausebutton2 View Post
You would think that, but as i drive around my local area, i see plenty of houses empty. Most are up for rent and sit empty, and some had the same 4sale sign for over 2 years. Just out of reason, i call the few for rent ones and they wanted double what the mortgage is, in reality, they dont want to rent it. One wanted 300% above current rental prices next door that had a rent sign.. Same property management, but owners set the prices they demand. But they are doing this to get around the vacancy laws here, i assume. Looks like what the plan is hold till market improves to sell at high cost.
That's strange, what city is this in?

Definately doesn't sound like the norm for the country.
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Old 06-25-2018, 04:01 PM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
4,119 posts, read 3,413,410 times
Reputation: 5652
Quote:
Originally Posted by hitpausebutton2 View Post
You would think that, but as i drive around my local area, i see plenty of houses empty. Most are up for rent and sit empty, and some had the same 4sale sign for over 2 years. Just out of reason, i call the few for rent ones and they wanted double what the mortgage is, in reality, they dont want to rent it. One wanted 300% above current rental prices next door that had a rent sign.. Same property management, but owners set the prices they demand. But they are doing this to get around the vacancy laws here, i assume. Looks like what the plan is hold till market improves to sell at high cost.
I know a lot of property owners. Not one is sitting in a vacant property if they can help it.

Once again for the 1000th time we've told you this-rents are set by market.
Unreasonble rents mean they go vacant and the property owner loses money. Sometimes this is because the owner actually doesn't know any better. Lots of unscrupolous sellers that sell to out of state investors and lie about rents, values, and costs.
How about posting links to those that are unreasonable and empty.
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Old 06-25-2018, 04:20 PM
 
Location: Los Angeles (Native)
24,250 posts, read 13,734,429 times
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Quote:
Originally Posted by aslowdodge View Post
I know a lot of property owners. Not one is sitting in a vacant property if they can help it.

Once again for the 1000th time we've told you this-rents are set by market.
Unreasonble rents mean they go vacant and the property owner loses money. Sometimes this is because the owner actually doesn't know any better. Lots of unscrupolous sellers that sell to out of state investors and lie about rents, values, and costs.
How about posting links to those that are unreasonable and empty.
Yeah most landlords will get the hint after a while to lower rent or fire their property management company if a house is just sitting vacant .
There isnít an incentive to just have places sit empty while property taxes etc add up .
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Old 06-25-2018, 04:37 PM
 
2,360 posts, read 1,034,056 times
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Quote:
Originally Posted by aslowdodge View Post
I know a lot of property owners. Not one is sitting in a vacant property if they can help it.

Once again for the 1000th time we've told you this-rents are set by market.
Unreasonble rents mean they go vacant and the property owner loses money. Sometimes this is because the owner actually doesn't know any better. Lots of unscrupolous sellers that sell to out of state investors and lie about rents, values, and costs.
How about posting links to those that are unreasonable and empty.

Here is one property managment that has the right prices
Killeen & Fort Hood Area Rentals | Find Homes in Killeen TX | Fort Hood Housing

but then you got those just throw prices out their to see what sticks.

Hunter Rentals & Property Management | Vacancies

if you take a closer look, some of the duplex and apts are the same between both property managements, and price differ for the same units. these units are all built the same and take up about 3 blocks.
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Old 06-25-2018, 04:41 PM
 
2,360 posts, read 1,034,056 times
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Quote:
Originally Posted by jm1982 View Post
Yeah most landlords will get the hint after a while to lower rent or fire their property management company if a house is just sitting vacant .
There isn’t an incentive to just have places sit empty while property taxes etc add up .

https://www.google.com/maps/@31.0809...7i13312!8i6656

this house sits behind me.. and been on the market since 2011 and when i moved in still had the same sign out their that is posted in this street view.. be good starter home for my family. Last check was asking 220k for it, while the house next door is up for sale for 180 and its a 2 story.
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Old 06-26-2018, 09:02 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
4,119 posts, read 3,413,410 times
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Quote:
Originally Posted by hitpausebutton2 View Post
https://www.google.com/maps/@31.0809...7i13312!8i6656

this house sits behind me.. and been on the market since 2011 and when i moved in still had the same sign out their that is posted in this street view.. be good starter home for my family. Last check was asking 220k for it, while the house next door is up for sale for 180 and its a 2 story.
[IMG]http://www.city-data.com/forum/
According to Zillow it's not for sale.
It also looks occupied, not left vacant being kept from people wanting to live in it.
In any case if your prices are correct it won't likely sell. Sometimes owners just leave signs out forever hoping a sucker will buy it. Usually that won't happen as it won't make appraisal.
In my neighborhood I paid 460 and one came up the same as mine at 620.
I don't know where they got that number, but it was wishful thinking. It is owner occupied and maybe they are not in a rush or even need to sell.

Do you know the square footage difference? I see that some of those 2 story's are as small as 1100 sq ft and the smaller looking 1 story's as high as 2400 sq ft. That could make the difference.

Last edited by aslowdodge; 06-26-2018 at 09:17 AM..
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