[lvoc]

There has long been a problem with slumlords in the urban environment.

I do not however see the LLCs making it worse. There are actually only a few and they generally are more selective that the traditional slumlord.

The areas heavily impacted by the recession are quickly recovering and many of the investors are cashing out. The properties have become too valuable to continue renting them.

Section 8, the primary welfare program, generally does not allow multiple tenants and it is relatively easy to get enforcement if a Section 8 rental is being abused.

[logline]

Originally Posted by Irish4evr

For what it is worth, these large faceless LLC's, have, and will continue to destroy neighborhoods.

This is pure fear-mongering based on absolutely no facts provided whatsoever.

I suppose you'd rather have those homes sit empty and fall apart even more than your imagined doomsday scenario? What a crock!

[Irish4evr]

Originally Posted by ddrhazy

Anecdotal stories are cute but I have not seen what you are describing happening as it is not a financially wise move to rent to room mates.

This was by no means "anecdotal"...and definitely not cute. Be that said, how could ONE three bed, two bath single family home, in a residential area, have 14 children enrolled in same elementary school, same address of record, with 5 different last names....then showing...six different parents/or guardians....don't think that happens huh ?

To the unsuspecting "retiree"....newly entering the housing market, thinking that they are "buying" there forever home...might quickly realize that they instead reside next door to a "city park"....do you really think those "faceless
Investors truly give a RA about your quality of life....they care about one thing...return on Investment....the source of that "monthly" stipend is not relevant....be it...roommates...relatives...or just an old friend...down on thier luck....

Enforcement is (as it stands) almost impossible...ask Clark County, LV City, Henderson, North Vegas....speak to those property managers...standard answer..."they pay the rent"....."landlord-tenant law"..."we have 15,000 rentals...yep we will "check it out"...don't hold your breath !

You have every right to view this problem however you wish...however in all fairness to the unknowning...it is very fair to suggest this potential nightmare being very much alive and growing....

It is too easy for a potential legitimate owner/resident to do a quick property search and quickly identify which, if any properties in close proximity are large "investor" owned...that is a huge RED flag....

That effort in and of itself, does not guarantee the future...however it damn sure can be a predicting factor on future consequences.

Any person with any time in this valley, can ride thru any given neighborhood and literally identify those "investor owned" properties...to do that you need one quality you apparently lack....time in the saddle !

[Irish4evr]

Originally Posted by logline

This is pure fear-mongering based on absolutely no facts provided whatsoever.

I suppose you'd rather have those homes sit empty and fall apart even more than your imagined doomsday scenario? What a crock!

Absolutely not...vacancy breeds problems....however...as long as this market is investor driven...this problem will grow. There have been literally thousands of potential owner/residents driven out and discouraged after competing with the "investor".....the days...in this valley, of pride in ownership are long gone...there was a time, before the boom...when accountability existed...see this as you may...I feel this housing situation....boom...bust...will carry very long, substantial impact on both quality of life, and infrasture burdens....

[ddrhazy]

I don't think you understand what anecdotal means. It doesn't mean that your story isn't true, just that you cannot take one or however many observed instances of the behavior and then extrapolate a trend.

[Irish4evr]

Originally Posted by ddrhazy

I don't think you understand what anecdotal means. It doesn't mean that your story isn't true, just that you cannot take one or however many observed instances of the behavior and then extrapolate a trend.

I do understand the term...this housing market is, and has been heavily controlled by the "cash" buyer...that is a trend. I am not referring to the single homeowner...I am referring to the large LLC...that buys "blocks"....

That "trend" has literally screwed many legitimate, potential homeowners simply because they cannot compete....I again reiterate, I am referring to that individual perhaps seeking a long term residence, that may perhaps need or require financing.....I am not referring to anything other than "fair market value" pricing...nothing more...nothing less..! Not the "flipper"...the invested homeowner.

Do a quick search and see how many single family properties are now owned and controlled by one of those LLC's in this valley...I see a trend !

[ddrhazy]

I don't see any reason why LLCs would rent to bad tenants or would allow bad tenants to ruin their investment. There is no financial reason for this "trend" you speak of to be happening. You are just taking the instances you've seen of bad tenants ruining a neighborhood and making a generalization.

As for your belief that investors should stay out of Las Vegas or any other market. I don't agree with that either. There was blight because of abandoned properties. Having investors own properties is better than nobody owning them. I'd like for owner occupants to purchase but I did not see them take the opportunities in 2011, mainly because there was fear of continued plummeting prices. It is what it is, chastising investors for taking advantage of an opportunity is silly. That opportunity back then had risk and only hindsight is now making you jealous/envious/etc.

[SportyandMisty]

Originally Posted by ddrhazy

You are causing a government agency to pay a credit card company to process the transaction, usually they pass that cost off to the citizen.

Note that the credit card fee charged by Mastercard or Visa differes if you are (a) not present (that is, over the internet or telephone) versus (b) present with ID checked.

In person costs a bit less (half point?)

[SportyandMisty]

Originally Posted by Charlie lV

"Las week a group of 80 tenants and neighborhood advocacy organizations, including the National Community Reinvestment Coalition and the National Consumer Law Center, asked federal regulators "to address first time homebuyers being outbid, tenants being displaced, and neighborhoods undergoing dramatic changes as private equity and investor cash continues flooding into local housing markets"

I thing even a person with half brain is aware that so called housing recovery is a scam and won't last long.
This is just dead cat bounce and housing will resume its downtrend and prices will fall, many buyers who bought lately will be underwater and destroyed financially.

Don't pay attention to anyone who tells you missed the bargains in housing.
We didn't even see real bargains yet.

Stay far away from purchasing a real estate today, this year or next.
As a buyer time is on your side now.

I'm going to risk replying to someone who has only a 1 post tally.

Any investor with half a brain (that's your phrase, right?) evaluates, among other things:

Household formation (that is, each year, a new batch of high schoolers graduate & some of them form their new households & need a place to live. Some go on to college, delaying household formation)

Death rate

# of beds in assisted living facilities

Immigration rate (legal immigration, and to the extent possible, illegal immigration)

Level of the SPY and DIA and QQQ

Interest rate forecasts

etc -- tons of other things that are specific to a local market.

Your assertion that real estate is a dead cat bounce has no foundation.

[SportyandMisty]

Originally Posted by ddrhazy

I don't think you understand what anecdotal means. It doesn't mean that your story isn't true, just that you cannot take one or however many observed instances of the behavior and then extrapolate a trend.

Or, as a stat professor of mine once observed, "The plural of anecdote is not data."