Real Estate Crash thread

[mud]

New Bill may ban Hedge Funds from owning SFR.

https://www.housingwire.com/articles...ousing-market/

[goldenboy]

Man, the uplifting part of the story is that there are still people willing to live in an attic or a mudroom to live the dream. Like maybe the ski bum isn't dead...

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[TBS]

^^^It may not be dead, but @ $2200/mo for said mudroom, it requires a trust fund.

New Bill may ban Hedge Funds from owning SFR.

https://www.housingwire.com/articles...ousing-market/

Zero chance of either bill going anywhere.
And if something like this did ever pass, the wizards of finance would figure out how to game it…

[byates1]

I'm just outside of Wilson now I'll head over there tomorrow am looking for a room to rent

[byates1]

I'm looking to pay 6 grand a month for the old tool shed out back

[ötzi]

The whole shed?? You're dreaming.

[Conundrum]

The whole shed?? You're dreaming.

If he rents the whole shed, he can leave flowers and his laptop wherever he wants. I see why it's attractive.

[Toadman]

Man, the uplifting part of the story is that there are still people willing to live in an attic or a mudroom to live the dream. Like maybe the ski bum isn't dead...

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Long live the ski bum!

[NBABUCKS1]

Lotsa weird things in that article, LOTS.

I found Claire's profile on Twitter and her description line is "If I gotta be a bitch, imma be a bad one." Wharton MBA. Tricoastal world traveler."

my companies ceo is a mutual connection on linkedin, I'll have to ask him about her.

[mud]

A few years ago in Nederland I had one tenant that rented out the shed in the backyard. My neighbor called me up, said a guy set up shedlife and even had a couple of chairs and table outside for having coffee in the morning. By the time I got to town and saw the shed the troglodyte had improved the place with shelves, insulation, and a loft/bed area. Overall I would call that a win, although it did cost $4k in clean up after I kicked everyone out.

[Art Shirk]

Why the fuck didn’t you keep it like that and re-rent it? Guy was on to something, it’s just that the wrong person was getting paid.


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[mud]

Whatever shed boy

[Skistack]

A few years ago in Nederland I had one tenant that rented out the shed in the backyard. My neighbor called me up, said a guy set up shedlife and even had a couple of chairs and table outside for having coffee in the morning. By the time I got to town and saw the shed the troglodyte had improved the place with shelves, insulation, and a loft/bed area. Overall I would call that a win, although it did cost $4k in clean up after I kicked everyone out.

Honestly, that sounds pretty on-brand for Ned.

[Skistack]

A few years ago in Nederland I had one tenant that rented out the shed in the backyard. My neighbor called me up, said a guy set up shedlife and even had a couple of chairs and table outside for having coffee in the morning. By the time I got to town and saw the shed the troglodyte had improved the place with shelves, insulation, and a loft/bed area. Overall I would call that a win, although it did cost $4k in clean up after I kicked everyone out.

Honestly, that sounds pretty on-brand for Ned.

[Ted Striker]

Years ago I came up with a business plan with a Chinese co-worker: property management for those kinds of offshore owners with Chinese speaking support staff for the owners. Even if they bought the real estate with shady funds, why turn down a few thousand dollars a month deposited in a Canadian or US account that you can draw on when you're in those countries? Our theory was that it was just too much of a PITA for someone in China who doesn't speak english to deal with finding property management services. We then got too busy with our day jobs to ever do anything about it, but I still think it was a worthwhile idea.

That 100% exists. I (and a few of my friends) did some moonlighting work for a guy who was a self described "offshore banker". From what he was willing to divulge, his book of business was Hong Kong money investing in BC and the western states. Mostly RE, but some golf courses too.

[XXX-er]

I am pretty sure you find a shady lawyer or RE agent in Vangroovy that you couldn't trust to do whatever you need done with your RE fo he-van sake

There was more or less 2 recent big waves of chinese immigrants so in the mid 90's there were the Hongkong expats (AKA Honkies by the long established Vancover cantonese, almost all of the Honkies came on a Can gov program to get millionaire $ into Canada but all they did was game the system, park $$$$ off shore in RE, send kids to cheap uni and commute back to china for business, they would leave kids here with a big expense account so you would see a young chinese kid drivivn a BMW with a learner sticker the big green L

the Mainland Chinese were the second wave somewhere in the 2000's generaly considered WAY more pushy than the Honkies WAY more probably stolen $$$$$$$ but same thing, send kids to cheap uni, park money off shore in RE, commute back to china for business and so you would see a young chinese kid in a lamborghini with a big green L sticker on the back

China is a big fucking place with a lot of people and a lot of dialects for the longest time my mother could not speak her dialect of chinese to anyone in chinatown cuz she was born in Singapore and everyone in Vangroovy spoke Cantonese but that changed cuz Singaporeans would cash in their central providence fund (probably half a million) come to Canada buy cheap RE , send kids to cheap uni, complain about the cold weatehr

Vangroovy is now a huge melting pot of every kind of nationality compared to when i was growing up there

so its all about parking money in the cheap RE and the cheap uni

except the RE is no longer cheap you know La

[climberevan]

Def a lost opportunity in Nederland. A shed is luxury!

$900 could get you this in SD.

[Ted Striker]

That wave of rich HK immigrants basically killed Chinatown in favor of Richmond.

[Toadman]

I think this might have already been posted but, $62.4 million seems like a bargain. I could see this 640 acre parcel go pending before it actually got listed for that cheap price.

https://www.msn.com/en-us/news/us/wy...cd4d64d6&ei=29

An updated document issued by Scoggin ahead of Thursday’s hearing suggested that “the minimum acceptable bid” should be set at $80 million — a jump from the previous $62.4 million.

Jason Crowder, deputy director of the Office of State Lands, acknowledged at the hearing that there has been widespread concern about the plans.

During the 60-day public comment period, he said that he and his colleagues held four public hearings across the state and received more than 9,000 written statements.

The Thursday vote to table the proposal until next year came as a surprise to most, as only one of the five elected officials who serve on the all-Republican board — Secretary of State Chuck Gray — had declared his opinion ahead of time.

Gray, an outspoken supporter of former President Trump, contended that “selling off such an invaluable piece of property in Teton County is not in the best interests of the State of Wyoming.”

“I also remain skeptical that the appraisal brought forward matches the true value of this priceless piece of property,” Gray said in a statement.

Environment and conservation groups have likewise been vocal in expressing their opposition to the public lands disposal.

The National Wildlife Federation Action Fund, for example, has advocated for a no-vote with hopes of conserving the moose habitat in Grand Teton National Park.

[ötzi]

I doubt it wil sell to developers. Sounds like a ploy to get the Feds to the table and get some land in/near town for affordable housing. If they lease out the affordable housing it generates continuing revenue as per their requirements. But who knows.

[byates1]

Well stopped by the place in Wilson, unfortunately the tool shed was already taken.

Good news is, they had an old 55 gallon drum in a drainage ditch for rent. 1200$ a month. I immediately jumped on it, as housing here is a challenge.

Pretty stoked overall, it's a little tight but going to make it work.

[skaredshtles]

Well stopped by the place in Wilson, unfortunately the tool shed was already taken.

Good news is, they had an old 55 gallon drum in a drainage ditch for rent. 1200$ a month. I immediately jumped on it, as housing here is a challenge.

Pretty stoked overall, it's a little tight but going to make it work.

I laffed.

[MontuckyFried]

Well stopped by the place in Wilson, unfortunately the tool shed was already taken.

Good news is, they had an old 55 gallon drum in a drainage ditch for rent. 1200$ a month. I immediately jumped on it, as housing here is a challenge.

Pretty stoked overall, it's a little tight but going to make it work.

Ha! Reminds me of this old Will Ferrell sketch. Someday if I ever get crazy rich, Imma buy up a vacant lot in Jackson and do exactly this just for teh lulz...

[Woolly the Mammoth]

I think this might have already been posted but, $62.4 million seems like a bargain. I could see this 640 acre parcel go pending before it actually got listed for that cheap price.

https://www.msn.com/en-us/news/us/wy...cd4d64d6&ei=29

The state announced yesterday that they were putting this off until as least next fall. I expect a deal will get done so that it becomes a part of the park.

[XXX-er]

That wave of rich HK immigrants basically killed Chinatown in favor of Richmond.

I don't know how you would kill China town if people are going there, the old stock cantonese didnt even particularly like the honkies ? China town is a pretty small hold over from early Vancover ( there is also a japan town other side of hastings ) but that isn't anywhere near big enough for the amount of chinese now in Vangroovy, China town is/ has always been right next to the DTES skid row, they existed side by each, but maybe not now with the ongoing fentynal/ homeless crisis cuz who wants to go down there ? whereas Richmond is a big fucking municipality , there are also a lota chinese in poco

but you don't need to go to China town for cooking supplies cuz the stuff is available every where now which was not the case 50-60 yrs ago