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Old 07-02-2018, 11:24 PM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
4,132 posts, read 3,426,443 times
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Quote:
Originally Posted by hitpausebutton2 View Post
Nice when you do that, yes it helps the community and not directly calling you a slumlord or being greedy, but their are some pretty nasty ones out there and i seem to find them easy. I dont rent from them, but not hard to spot. I almost fell for one before i moved out from austin, till i question is maintenance skills, as he was covering up mold with green paint and calling it good. My allergies went through the roof!, and he wanted nearly double what the area rate was for similar houses. It is nice that some properties investors comes in with good intentions, its the bad ones that make you look bad. I admit i came off being the Sob against landlords, as i seen them in action and just plasterer their bad judgment against rest of the group.

But we still have those that just buy them up, let them sit and not do anything with them accept hide their cash and yet the community is in need of housing but the owner demands too much is what kills the community. Seems they would rather have a empty house that not producing money, vs having somebody in it and paying something for it, 100 bucks is 100 bucks.. vs zero bucks..
I don't doubt there are some really nasty landlords and tenants out there, just the way of the world.
Being a slumlord just goes against my sense of fair play.
I'm still not getting why someone would buy properties and let them sit unless there is some weird tax deduction they get.
There was one guy in Atlanta that was buying a lot of crap properties in really bad areas. He had the distinction of more code violations than anyone. I was watching an interview with him and he was packing a gun. He might have been the ultimate slumlord but I think many properties were unoccupied. Many were vacant. This was maybe 5 years ago. Fast forward to today and all those places he sat on are worth maybe 1000% or more than what he paid as the market there caught on fire. I think he owned over a 100 of those homes.
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Old 07-03-2018, 02:02 PM
 
2,360 posts, read 1,040,744 times
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Quote:
Originally Posted by jm1982 View Post
I still think it's weird there would be that many people wanting to have places sit. Asking double the market rent makes no sense and is something I haven't seen anywhere else.

From what you posted before , you are in a city with a large military base...so possibly that is why the market might be different there?

It does look like the vacany rate there is relatively high.
Correct, the base is one of the largest base we have in the states. They come here train and get deployed. During this time they are here, some buy houses thinking they are not going anywhere and boom get orders and now stuck with a house. They still owe the bank, so they ask local property managers to take over them, and in process they are asking huge fees. Assuming its mortgage+property manager fee+%profit margin=rent. Doing that process, creates lot of empty houses that sit for long time till next solider comes in and can afford it. ( got to love military housing vouchers). We found a nice 2 story for around $650 and it was direct owner to renter agreement without property managers, it didnt last long on the market at all. But the house next door still empty but asking 1200 for it, and its nearly identical sq/yard but ran by a property manager. So you can see the price swings we get. Nice area, low COL for sure as food and some entertainment but house market swings are killing the local working folks. You would need to make min 15$ hour to get paperwork started for a one bd duplex/house/apt. The issue is, not many places around here pays that ,other then military.
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Old 07-03-2018, 02:11 PM
 
2,360 posts, read 1,040,744 times
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Quote:
Originally Posted by aslowdodge View Post
I don't doubt there are some really nasty landlords and tenants out there, just the way of the world.
Being a slumlord just goes against my sense of fair play.
I'm still not getting why someone would buy properties and let them sit unless there is some weird tax deduction they get.
There was one guy in Atlanta that was buying a lot of crap properties in really bad areas. He had the distinction of more code violations than anyone. I was watching an interview with him and he was packing a gun. He might have been the ultimate slumlord but I think many properties were unoccupied. Many were vacant. This was maybe 5 years ago. Fast forward to today and all those places he sat on are worth maybe 1000% or more than what he paid as the market there caught on fire. I think he owned over a 100 of those homes.

To some its cheaper to pay taxes and fines then rent it out knowing 10 years from now the property be worthless or $$$ increased. I know somebody in arkansas that sit on 20 acres with 4 houses on it, had sale sign up for years.. but he was asking way above market prices, as he heard a rumor that some major chain was coming and looking for property. It didnt go his way, then he lower down to real prices, and it sold, after sitting for decades. Fast forward now has 4 major chain stores on it. Guess win some and lose some. But during the time the houses was sitting was during some major shortage on houses due to some fires that burned down over 200 apt unit, and tornado took out few square blocks.
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Old 07-08-2018, 11:58 AM
 
6,063 posts, read 6,561,049 times
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As fr as property owners -- investors or anyone else -- just sitting on properties and leave them vacant.

I presume we all agree there's a difference between just being vacant -- and being vacant (perhaps event apparently abandoned) and in disrepair ...and even being in disrepair to the point of being dangerous.

IF a properties has violations against it and/or is in disrepair to the point of being dangerous (steps, a weak/falling facade, etc) -- WHY can't the a city just go after the landlord for those infractions? WHY can't city inspectors/officials do THEIR jobs and make it their business to make sure the property owner fixes violations and pays the appropriate fines.

THAT is what they should be doing (their jobs and enforcing laws and regulations), instead of trying to manipulate the housing market or force them to rent it.

Any owner has the right to keep his/her properties as vacant as s/he wants as long as safety laws and regulations are followed.
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Old 07-08-2018, 01:24 PM
 
Location: Los Angeles (Native)
24,321 posts, read 13,791,712 times
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Quote:
Originally Posted by hitpausebutton2 View Post
To some its cheaper to pay taxes and fines then rent it out knowing 10 years from now the property be worthless or $$$ increased. I know somebody in arkansas that sit on 20 acres with 4 houses on it, had sale sign up for years.. but he was asking way above market prices, as he heard a rumor that some major chain was coming and looking for property. It didnt go his way, then he lower down to real prices, and it sold, after sitting for decades. Fast forward now has 4 major chain stores on it. Guess win some and lose some. But during the time the houses was sitting was during some major shortage on houses due to some fires that burned down over 200 apt unit, and tornado took out few square blocks.
Yeah that is usually called land banking . Some have made a fortune this way by buying in the path of progress and just holding .

There is one guy that mentioned he bought some land in California in the mid 90s for I believe it was $50,000 or even less and now is looking to sell for over $2 million .

In the meantime though you gotta pay the taxes but I think he said taxes are only like $300 a year .

Hes been successful for decades though so he has no need to sell at discount
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Old 07-08-2018, 01:44 PM
 
1,063 posts, read 327,237 times
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Quote:
Originally Posted by hitpausebutton2 View Post
To some its cheaper to pay taxes and fines then rent it out knowing 10 years from now the property be worthless or $$$ increased. I know somebody in arkansas that sit on 20 acres with 4 houses on it, had sale sign up for years.. but he was asking way above market prices, as he heard a rumor that some major chain was coming and looking for property. It didnt go his way, then he lower down to real prices, and it sold, after sitting for decades. Fast forward now has 4 major chain stores on it. Guess win some and lose some. But during the time the houses was sitting was during some major shortage on houses due to some fires that burned down over 200 apt unit, and tornado took out few square blocks.
There's a lot of people who lucked out upon money and have NO FREAKING CLUE what they are doing and it completely messes up local markets because of their illogical decision making.
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Old 07-08-2018, 05:02 PM
 
11,483 posts, read 5,925,551 times
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Quote:
Originally Posted by hitpausebutton2 View Post
So with all the buying and selling, what happens when you limit the take on assets. I know after more reading and post, people buy houses in hopes to get a return in their money. What if they implement that you can only buy so much or actually use it. If you buy 10 houses and your not renting them, then force you to sell back to the market, but if your leasing them out then get a tax break or something in return for helping the housing market. Think this would help the housing market or kill it? When i say market, i mean places for folks to live, not for somebody to over inflate it for quick buck.


Just throwing some ideas out, and like to know why so many buy houses, and not do anything with them for years, when it can help those that need it the most.

People buy houses as a way to spend discretionary income to improve their quality of life. With a few exceptions with market spikes in the high COL regions, buying a single family home is never going to out-do the stock market in the long run.


Investment property is just like any other investment. With income property, you borrow money to buy it. The rent hopefully covers your costs between mortgage, taxes, insurance, and maintenance. It often doesn't work out that way. Maintenance costs can chew you up. You can get lousy tenants where it takes many months to evict them and you receive zero rental income. Most people don't have the stomach to be a landlord.
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Old 07-12-2018, 10:32 AM
 
Location: Paranoid State
12,777 posts, read 9,503,605 times
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Quote:
Originally Posted by GeoffD View Post
People buy houses as a way to spend discretionary income to improve their quality of life.
I'm sure you're right for many, but I don't look at it that way. Instead of an expenditure of discretionary income, I look at it as an asset allocation strategy - part of managing my portfolio of assets.


Quote:
Originally Posted by GeoffD View Post
With a few exceptions with market spikes in the high COL regions, buying a single family home is never going to out-do the stock market in the long run.
I agree. The same is true for many other asset classes including gold, commodities, government bonds, foreign exchange futures and the like. But that isn't the point. A fundamental tenet of modern portfolio theory is that first you decide how much risk you're willing to take, and then you construct a set of portfolios composed of low- and non-correlated asset classes to maximize your return for that level of risk (simple mean-variance optimization or more complex methods.)

Quote:
Originally Posted by GeoffD View Post
Investment property is just like any other investment. With income property, you borrow money to buy it. The rent hopefully covers your costs between mortgage, taxes, insurance, and maintenance. It often doesn't work out that way. Maintenance costs can chew you up. You can get lousy tenants where it takes many months to evict them and you receive zero rental income. Most people don't have the stomach to be a landlord.
I believe investment property is not just like any other investment. When you own investment property, you are owning and operating a business. It is more similar to owning and operating, say, a pet store or laundromat or other business than it is to a passive investment where you invest in stocks & bonds.
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Old 07-12-2018, 11:32 AM
 
2,360 posts, read 1,040,744 times
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mean while your holding your investment, we have a empty house that could be used to help ease the market in some areas. Dont be a that oil speculator.. hold up supplies just to make it look like we have shortage, when we dont.
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