Real Estate Crash thread

[Danno]

Thanks for the explanation guys. Water access is an interesting issue to me and something I sometimes work in, so like hearing how other states do it.

[Harry]

Meanwhile this is what 2 million will get you on the Rocky Mountain Front. I love this area and that river.

https://helena.craigslist.org/reb/d/...514404241.html

That’s a nice place.


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[Harry]

Mate, I spent part of my workday today looking at islands and houses for sale in Northern Wisconsin. You got something good going on up that way.

No shit. I’m loving my new life here.


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[Toadman]

Better get that house before big corporate America gets it first.

https://www.yahoo.com/finance/news/b...120000092.html

In a regulatory filing last month, Blackstone said that it has secured $24.1 billion of commitments for its latest real estate fund called Blackstone Real Estate Partners X. Combined with Blackstone’s real estate funds in Asia and Europe, the company will have over $50 billion available for opportunistic investments.

[Mazderati]

A few months ago it was something like 22% of all residential purchases were made by institutional buyers. Would be interesting to know their target buying criteria (price ranges, markets, layouts, etc.).

[jackstraw]

A few months ago it was something like 22% of all residential purchases were made by institutional buyers. Would be interesting to know their target buying criteria (price ranges, markets, layouts, etc.).

Would all the college housing be considered resi? The corporates have certainly built and bought up a bunch of that.

[spanky]

Meanwhile this is what 2 million will get you on the Rocky Mountain Front. I love this area and that river.

https://helena.craigslist.org/reb/d/...514404241.html

I was curious so I looked this up on Zillow.

https://www.zillow.com/homedetails/5...16340436_zpid/

Holy real estate photos Batman! I wonder if Zillow has a 200 photo limit?!?!?

[sirbumpsalot]

Better get that house before big corporate America gets it first.

https://www.yahoo.com/finance/news/b...120000092.html

$50B is 0.125% of the US housing market.

[Kevo]

$50B is 0.125% of the US housing market.

Assuming that Blackstone would deploy this fund over 12 months, 50 billion in purchases in a year would represent 1.6% of all residential real estate transactions in the US a given year.

Given Blackstone's propensity for buying SFHs, it probably represents something like 2.5% of SFH purchases in a year. Blackstone is only one of many institutional investors in the space.

It's a major problem IMHO.

[Name Redacted]

Assuming that Blackstone would deploy this fund over 12 months, 50 billion in purchases in a year would represent 1.6% of all residential real estate transactions in the US a given year.

Given Blackstone's propensity for buying SFHs, it probably represents something like 2.5% of SFH purchases in a year. Blackstone is only one of many institutional investors in the space.

It's a major problem IMHO.

Yeah, they aren’t buying 2500 $20M homes. They are most likely buying 2,000 $2500 homes. And that affects a shitload of people who are already scraping by.

[fastfred]

What about maintenance I'm guessing like any single family slum lord they will run the property into the ground

[XXX-er]

What about maintenance I'm guessing like any single family slum lord they will run the property into the ground

I got tenants who are really used to slum lords that don't fix any thing so they don't tell me when shit is broken and they don't seem to want me coming in their space

otoh when they leave there is a a long list of the normal wear n tear stuff that is net less time to fix than if I had fixed each one on its own thru the term of the rental

edit: tennant was going to buy her own fridge cuz she didn't report the leaky fridge of course so it was leaking, i said " no you don't have to buy a new fridge, its up to me to provide you with a fridge so i will fix the old one, or get one that doesn't leak, just google leaking freezers, i know how to fix it "

i used to think they aren't very smart but i think maybe they have just been trained by shitty LL's

[dunfree]

A few months ago it was something like 22% of all residential purchases were made by institutional buyers. Would be interesting to know their target buying criteria (price ranges, markets, layouts, etc.).

In June blackstone closed buying APTS for $5.8b which does rental complexes in the SE/midAtlantic look to be the 3-5 story 200-400 unit ones

[Whiteroom_Guardian]

I got tenants who are really used to slum lords that don't fix any thing so they don't tell me when shit is broken and they don't seem to want me coming in their space

I think this is common. When I was a "slum lord" from 2017 to 2021 my tenants would often not tell me when something needed repair. I think it's a learned behavior from having landlords that never would fix anything anyway.

[AdironRider]

IME as a landlord it always seems to be they would rather just not have me in the place because they are messy and/or smoke a bunch of weed.

That and they honestly give zero fucks about a small leak somewhere.

[XXX-er]

exactly ^^ they have been conditioned to not report probelms

i told my tennants to smoke cigys out side and pot inside cuz pot was illegal at that time which has of course changed

The fridge was a small leak but the Bathroom was actualy a huge fucking leak, i had to pull things apart to rebuild and repalce drywall & 2x4

she aint stupid so when i told her no its my fridge I will deal with it a light went on

[Toadman]

$50B is 0.125% of the US housing market.

$50 billion isn't what it used to be.

[skaredshtles]

$50 billion isn't what it used to be.

[sirbumpsalot]

IME as a landlord it always seems to be they would rather just not have me in the place because they are messy and/or smoke a bunch of weed.

That and they honestly give zero fucks about a small leak somewhere.

One of my friends told me long ago that when his tenants call and report an issue and ask for a repair person to come over, he would respond that he would come over and fix himself. Said pretty much unless it was a major issue, everytime the tennant would say..."umm let me see if I can fix it myself" and never call back.

He said he figured either they were messy or packing in extended family members beyond whats in the lease...but it saved him a trip and an expense.

[Danno]

$50 billion isn't what it used to be.

No, $50 billion is exactly what it used to be. Fifty billion dollars.

[rideit]

Yes, but mountain bikes cost a LOT more now.

[yeahman]

I remember I had one landlord who would come over to fix something and he could never understand why we kept our mountain bikes in the living room.

[sirbumpsalot]

Property manager once told us "Raise the rent every year - 100% of your people will complain but only 5% will actually give notice"

[fastfred]

Dunfrees mom does this to him

[TBS]