Real Estate Crash thread

[byates1]

No surprise there. No surprise at all.

Everyone is to blame. If ppl are dumb enough to give away that much money and not smell something off, well then I can't help you.

[californiagrown]

I knew a couple of rentals like that back in the 90s. Only one person on the lease, and every time one roomie would move out, the new one would pay more. The leaseholder wasn't paying rent and was pocketing a bit every month. Just without all the crazy.

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My older cousin is an actor on Broadway and she has lived in NYC in the same rent controlled apartment since the late 90s. The apartment lease is under her name, and she sublets to her roommates at a substantial profit (IDK if its market rate or just a lot more than the rent controlled rent she pays). It allows her to be financially stable in an industry that wouldnt allow her to otherwise be stable. That is not uncommon. What is uncommon is seeing the opportunity and scaling that as a business.

[Art Shirk]

A lil bit of the crazy eyes, no?

https://m.youtube.com/watch?v=G2StyiRGpuo

Damn, her description of her energy company sounds like a conceptual match for her sublet grift. Basically wedging your way into other people’s assets and taking a piece for yourself.


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[alpinevibes]

Damn, her description of her energy company sounds like a conceptual match for her sublet grift. Basically wedging your way into other people’s assets and taking a piece for yourself.


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Yeah, that was a bit scary to hear her bring that tone/concept to her pitch a decade ago and see what she's done now. But I guess that's here thing?

[rideit]

I would imagine she got shut out of her previous academic and business worlds due to simply being sleazy.
Her FB page was still up as of last night. We have 8 mutual ‘friends’ in common, and every one of them is a ‘professional’ friend, guides, goods and services, etc. a little strange.

[Art Shirk]

Double post

[TAFKALVS]

237K rental? Fuck these parasites, all of them. And also the idiots who agreed to rent from this biatch.

Product of not enough supply for the demand but also maybe a product of the type of people who are attracted to living in Jackson… willing to live in the “best” ski town to ski the “best” ski area at a wildly inflated cost.

It’s really weird to me to rationalize a $4000 a month rent for a tiny non-conforming bedroom with a shared bathroom just to have the privilege of skiing at Jackson Hole. I can think of a lot of places that aren’t as rad as Jackson but are pretty good skiing and you could rent or even buy a damn nice house for $4000 a month.

But in the day and age of trying to find identity by showing off how rad you are by what and where you post on Instagram, and you want to surround yourself with others who also have that mindset, maybe it’s more about living in a place that’s on-brand and makes your friends back home in NYC jealous that you are “living your best life TM” than actually creating a good life for yourself.

[skaredshtles]

My older cousin is an actor on Broadway and she has lived in NYC in the same rent controlled apartment since the late 90s. The apartment lease is under her name, and she sublets to her roommates at a substantial profit (IDK if its market rate or just a lot more than the rent controlled rent she pays). It allows her to be financially stable in an industry that wouldnt allow her to otherwise be stable. That is not uncommon. What is uncommon is seeing the opportunity and scaling that as a business.

Just out of curiosity - is this practice generally illegal with rent-controlled properties?

[Art Shirk]

I just actually watched to the end. Her description of the biz at the end was the cherry on the top. Mezzanine debt to pay the way into these energy savings agreements. She says the quiet part out loud.


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[Buster Highmen]

Basically wedging your way into other people’s assets and taking a piece for yourself.

In the financial industry?

[Buster Highmen]

It’s really weird to me to rationalize a $4000 a month rent for a tiny non-conforming bedroom with a shared bathroom just to have the privilege of skiing at Jackson Hole. I can think of a lot of places that aren’t as rad as Jackson but are pretty good skiing and you could rent or even buy a damn nice house for $4000 a month.

Ogden

[muted reborn]

Product of not enough supply for the demand but also maybe a product of the type of people who are attracted to living in Jackson… willing to live in the “best” ski town to ski the “best” ski area at a wildly inflated cost.

It’s really weird to me to rationalize a $4000 a month rent for a tiny non-conforming bedroom with a shared bathroom just to have the privilege of skiing at Jackson Hole. I can think of a lot of places that aren’t as rad as Jackson but are pretty good skiing and you could rent or even buy a damn nice house for $4000 a month.

But in the day and age of trying to find identity by showing off how rad you are by what and where you post on Instagram, and you want to surround yourself with others who also have that mindset, maybe it’s more about living in a place that’s on-brand and makes your friends back home in NYC jealous that you are “living your best life TM” than actually creating a good life for yourself.

Why take cheap stereotypical shots on the renters, the fake landlord is the shitbag here. I'd bet the renters are mostly trustfunders (one was a bartender/river guide expecting a luxury rental is a red flag) or remote workers making tons of money who don't ski every day because they work a lot, since there was talk about laptops and working in the shared space.

[californiagrown]

Just out of curiosity - is this practice generally illegal with rent-controlled properties?

no idea. She might be giving the LL a kickback too? Whats funny is that all the original roommates on the lease from the 90s are still probably on the current lease, as that is the one that keeps getting renewed to keep the rent control in place. haha.

[TAFKALVS]

Why take cheap stereotypical shots on the renters, the fake landlord is the shitbag here. I'd bet the renters are mostly trustfunders (one was a bartender/river guide expecting a luxury rental is a red flag) or remote workers making tons of money who don't ski every day because they work a lot, since there was talk about laptops and working in the shared space.

Oh the fake landlord is a total shitbag, pretty clear her entire existence is built on being a grifter.

But beyond that I’m trying to rationalize paying $4000 a month for a bedroom?

Is the skiing in Jackson Hole really that much better than other places?

Been to the place a couple times, never skied there. Never been that impressed by it. Maybe I’m missing something and if I ski there I’ll have an existential crisis that drives me to live in a closet.

[neufox47]

If you are a Wharton grad, entrepreneur, and all around crazy- you rent and sublet-

https://www.jhnewsandguide.com/news/...e577d52ea.html

It might require signing up to read, but no pay, I would cut and paste but its relatively long.

lol I know that chick. One of my friends friends was hooking up with her and she ended up on the snowmobile trip in Yellowstone when they pulled a lottery permit. Rode in a car with her for 10 hours. She definitely had an interesting perspective and there were jokes about how many people she had renting that place. I think it was like 5 back then. She basically said the rent on the place was her primary source of income and she was semi retired.

Edit, Just realized this was a different house from what she lived in before. She said she bought the other house she was leasing out at the time. Sounds like she leased this one and tried to do the same thing. My friend said she still has the other house and it is fully rented to individuals or couples in each bedroom.

[Flounder]

NYC rent control is an odd beast. Had a buddy from college that scored a rent controlled apartment in the mid-90’s. A few years ago he negotiated with the owner to give it up. He got every penny he ever paid in rent for 25 years plus a couple hundred thousand to walk away.

[Art Shirk]

I think you have to request permission to sublet along with many details to controlling entity and there is a cap on the sublet amount.

Point is, it’s transparent and all parties and terms are accounted for.


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[skaredshtles]

<snip>
Been to the place a couple times, never skied there. Never been that impressed by it. Maybe I’m missing something and if I ski there I’ll have an existential crisis that drives me to live in a closet.

So you've never been that impressed by a ski area you've never skied?

Yeah - I'm gonna go out on a limb and say you're missing something...

[rideit]

There are a couple of myths about Jackson. One, that everyone is rich, and two, that everyone skis. It’s not true, far more people don’t ski here than do, in my observations.
As far as a guide ‘expecting’ a luxury rental, well, it’s more a matter of ANY rental, TBH.
It’s not like there are any vacancies anywhere for much less, even in Teton Valley or Hoback. Possibly in Alpine?
(Especially if you haven’t lived here forever, that changes opportunities a little, but not by much).

[TAFKALVS]

So you've never been that impressed by a ski area you've never skied?

Yeah - I'm gonna go out on a limb and say you're missing something...

I’m sure the skiing is great. It’s definitely one of the rowdiest and cool places to ski in North America, no doubt.

I’m talking about the full package of living there from a services/quality of life/access to things/climate and weather/not living with a bunch of rad bros and tourists.

[skaredshtles]

I’m sure the skiing is great. It’s definitely one of the rowdiest and cool places to ski in North America, no doubt.

I’m talking about the full package of living there from a services/quality of life/access to things/climate and weather/not living with a bunch of rad bros and tourists.

Heh. That's a can of worms.

But the skiing is great... when the skiing is great.

[TAFKALVS]

Heh. That's a can of worms.

But the skiing is great... when the skiing is great.

All I’m saying is I was a remote worker wanting to spend $4k a month on bedroom - and it’s all about the skiing I’d be eyeballing somewhere in Europe or maybe somewhere interior BC, not Jackson.

[snowaddict91]

All I’m saying is I was a remote worker wanting to spend $4k a month on bedroom - and it’s all about the skiing I’d be eyeballing somewhere in Europe or maybe somewhere interior BC, not Jackson.

What if you have to stay in the US? Genuinely curious, not trolling.

[skaredshtles]

All I’m saying is I was a remote worker wanting to spend $4k a month on bedroom - and it’s all about the skiing I’d be eyeballing somewhere in Europe or maybe somewhere interior BC, not Jackson.

Heh - I'm almost CERTAIN that staying in Europe would be WAY cheaper than Jackson.

And nobody is likely to argue with your point above.

[skaredshtles]

What if you have to stay in the US? Genuinely curious, not trolling.

If *I* was in this situation, I'd probably head for Taos and then PRAY to the almighty FSM that it snowed.