Real Estate Crash thread

[Danno]

The house I rent out in Seattle could easily fetch an extra $600/month but I can’t bring myself to increase the rent. Maybe I’m just a pussy but these folks have been amazing tenants and I cover my nut.


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I don't understand why any landlord would raise rent significantly with good tenants. Good tenants are gold. And not having to deal with a vacancy is gold.

[XXX-er]

This ^^ I've had the same family for pretty much 11 years, the rents have crept up and i havent kept pace but the tennant is really good so its hassle free, expenses are covered and I don't really need the money

[shroom]

I think we should just depend on people being really nice to have a functional society

let’s talk about feelings

[TAFKALVS]

I think we should just depend on people being really nice to have a functional society

let’s talk about feelings

the invisible hand of kindness

[Whiteroom_Guardian]

Both. There are plenty of sellers on the sideline that just can't stomach the thought of going from 3 to 7+%. If it's at 6% or under by the second half of the year, they'll sell. Same with buyers that are currently waiting things out. I think 6% is the number where it really changes. I know there is a lot of doom and gloom on this thread, but I actually think the 2nd half of '24 and 2025 will be pretty busy. There is a lot of pent up demand on both sides right now.

I think you are right on. It's a great opportunity really. I'm looking forward to it being very busy again. That said, I had my best ever year in 2023. Top 5 in my brokerage. Many agents struggled and/or just weren't willing to put in the work. Most buyers were just hanging around and sellers were unwilling to sell unless they absolutely had to (divorce, HAD to move for work, HAD to move because they had another kid and needed the room, etc). So, it wasn't just hand out transactions like late 2020 and 2021. It already sounds like some "hobbyist" agents just don't want to work and will quiet quit the business. I get it. If you already have 6 or 7 rental properties, sold off businesses, etc etc you don't "need" to sell a bunch of RE. Those of us who actually make a living doing it, aren't mega rich and need transactions have adjusted accordingly.

[swimmy]

WG - did I tell you 100% of our commissions were refunded?

What a horrible experience that ended on a positive.

[Self Jupiter]

Uuuh, who wants to live forever?

[Whiteroom_Guardian]

WG - did I tell you 100% of our commissions were refunded?

What a horrible experience that ended on a positive.

That's awesome. So glad that worked out for you!!!!

[Bunion 2020]

FYI, just got yet another client for a project in BZN. 60 acre mixed use development on 19th & Kagy. Things are already heating up for 24.

[fastfred]

Both. There are plenty of sellers on the sideline that just can't stomach the thought of going from 3 to 7+%. If it's at 6% or under by the second half of the year, they'll sell. Same with buyers that are currently waiting things out. I think 6% is the number where it really changes. I know there is a lot of doom and gloom on this thread, but I actually think the 2nd half of '24 and 2025 will be pretty busy. There is a lot of pent up demand on both sides right now.

agree
just need to see a price reduction/correction

then again I been eating edibles and doing lots of research lately
https://www.latimes.com/archives/la-...722-story.html

[Percy Rideout]

the victims that paid $3,250 a month for a bedroom
Attachment 478776

I’m guessing WFH tech jobs and want the richest trendiest town in the US.

I doubt they shred the gnar.

I can guess what they ski on from one picture. He's on Ripstix that are entirely too short (he posts awesome reviews about them on reddit 10/10 ski choice), and she noodles around on some black pearls but to her credit she's an "advanced intermediate".

[mud]

I don't understand why any landlord would raise rent significantly with good tenants. Good tenants are gold. And not having to deal with a vacancy is gold.

Had people stay around for 5 to 6 years and kept the rent the same. Whenever they leave I usually look on Craigslist and price it out around $100 under market.

[liv2ski]

Had people stay around for 5 to 6 years and kept the rent the same. Whenever they leave I usually look on Craigslist and price it out around $100 under market.

I have a tenant that started out at $1,950 10+ years ago. With an update, it would be more like $3,400 today. She pays $2,700 now. That is a lot of lost income. I wish she would move. GFL.

[Toadman]

The house I rent out in Seattle could easily fetch an extra $600/month but I can’t bring myself to increase the rent. Maybe I’m just a pussy but these folks have been amazing tenants and I cover my nut.


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The known vs the unknown. My wife's grandparents rented out the upstairs of their house to the same couple/family for almost 30 years. They rarely raised the rent on them even though they lived in a primo neighborhood on Long Island. They basically treated them like family.

[californiagrown]

save the small landlords!!

the other thing about smaller landlords that i have experienced as both a renter and now LL is that we take pride in our house/apt. So when something breaks, its personal and it gets fixed or addressed quickly. It might be a shitty little condo/starter home, but im proud that i own it, have good memories there and i want other people to have a very positive impression of it as well.

[XXX-er]

save the small landlords!!

the other thing about smaller landlords that i have experienced as both a renter and now LL is that we take pride in our house/apt. So when something breaks, its personal and it gets fixed or addressed quickly. It might be a shitty little condo/starter home, but im proud that i own it, have good memories there and i want other people to have a very positive impression of it as well.

IMO that ^^ is not how a lot of LL's look at it they just don't fix stuff and i think they condition the type of person who rents to not bother reporting stuff that needs fixing cuz its a waste of time also I think maybe the tennant doesn't wana have the LL down there in their space

when my tennant before this one moved out she gave me a list of 12 things to fix so on one hand why did she wait 4 yrs cuz i would ask every month if shit needed fixing, on the other hand it was way easier to fix 12 things all at once with nobody in the way

after 9 yrs with this last tennant its pretty good she tells me if something needs looking at and I usually fix it right away, she also tells if the rent will be late so i don't have to wonder wtf ... good relationship

[TAFKALVS]

https://www.bozemandailychronicle.co...41e62b886.html

Some days I wonder if anyone would have a house if these people existed 50 years ago at the scale they do now.

[Core Shot]

You boomers are gonna get sucked dry trying to live forever.

Boomers need irrevocable trusts.
Otherwise your assisted living expenses will suck you dry.
They need to be in place five years before you suck the Medicare teat.

[Bunion 2020]

https://www.bozemandailychronicle.co...41e62b886.html

Some days I wonder if anyone would have a house if these people existed 50 years ago at the scale they do now.

But everyone should have a house on .97 acres with an exempt well.

[byates1]

Paywall

[Bunion 2020]

https://montanafreepress.org/2023/12...-housing-laws/

Love the Free Press

[climberevan]

"Goetz declined Friday to provide Montana Free Press with a list of MAID’s members. A press release names Bozeman resident Glenn Monahan as the managing partner of the group, which is incorporated as a limited liability company. In its court filing, MAID says its membership includes homeowners residing in Montana cities including Bozeman, Whitefish, Billings, Missoula, Great Falls, Columbia Falls, and Kalispell."

With luck the journalists will get this membership list so these NIMBY assholes can be named and shamed.

[Foggy_Goggles]

They know no shame. When push comes to shove, they'll come with all of the classist, fuck you I've got mine bullshit you can imagine. I've detailed it in this thread, but in my downvalley hood, the Super Karen's have nefariously wrangled control of the HOA to in essence block the construction of a low rise apartment complex which is compliant planning and zoning.

They didn't appreciate it when I told them in a public meeting that they were not rich enough to live in a gated community. The rich whites are running scared to the mountains. They are so delusional that they actually think their safety will be in jeopardy due to pitbulls and hispanics.

[MiddleOfNight]

thats really interesting. i'll follow that case.
while i'm not sure i'd take the 'but we like our pretty lawns' (shouts at cloud) angle, there are genuine concerns to painting with a broad stroke in terms of mandating land use, zoning (etc) across an entire state. updating land use might play a part going forward, but it's gotta be really thoughtful.
colorado GOV proposed something kinda like this last year too, it failed, but is coming back in a handful of bills this session.
thx for posting that link!

[yeahman]

I understand what it looks like, but OTOH I would not trust the Montana legislature to get anything right these days. Most of the laws they pass end up being challenged in court and losing.