Real Estate Crash thread

**volklpowdermaniac** · 03-31-2020, 09:34 AM

Question got buried : Where do you see rental prices in hot markets (Seattle specifically) heading in next 6 weeks, starting a job as a healthcare worker June 1, moving from east coast, need place June 1

**4matic** · 03-31-2020, 09:39 AM

Originally Posted by volklpowdermaniac

Question got buried : Where do you see rental prices in hot markets (Seattle specifically) heading in next 6 weeks, starting a job as a healthcare worker June 1, moving from east coast, need place June 1

Maybe find a month to month lease so you have options.

**Toadman** · 03-31-2020, 09:49 AM

Originally Posted by 4matic

Maybe find a month to month lease so you have options.

I would think the VBRO type homes would be down for anyone looking to rent on a longer term basis. Even if it was month to month. All they want is someone with good credit and a job.

**MiddleOfNight** · 03-31-2020, 10:11 AM

Originally Posted by Toadman

I would think the VBRO type homes would be down for anyone looking to rent on a longer term basis. Even if it was month to month. All they want is someone with good credit and a job.

Maybe different there .. but our county issued immediate 'hard stop' on short term rentals .. closed all hotels and such .. I guess until this peace craze blows over?

(not like they can enforce it)

**Bronco** · 03-31-2020, 10:48 AM

Seattle City Council just passed a resolution that effectively cancels residential and commercial rent payments. Not sure how they'd enforce this on a non-resident owner but it could have a big impact on investment real estate values.

https://council.seattle.gov/2020/03/...gage-payments/

Crazy times around here.

**skaredshtles** · 03-31-2020, 10:52 AM

Originally Posted by Toadman

I would think the VBRO type homes would be down for anyone looking to rent on a longer term basis. Even if it was month to month. All they want is someone with good credit and a job.

Bonus - you wouldn't even need to bring any "housing" shit with you. Clothes and recreation equipment and you're set!

**Dantheman** · 03-31-2020, 11:00 AM

Originally Posted by Bronco

Seattle City Council just passed a resolution that effectively cancels residential and commercial rent payments. Not sure how they'd enforce this on a non-resident owner but it could have a big impact on investment real estate values.

https://council.seattle.gov/2020/03/...gage-payments/

Crazy times around here.

The logistics of how you would fairly and equitably enforce this seem mind-boggling.

One thing this crisis has made abundantly clear is that we need some kind of mechanism that would allow us to push "Pause" on the economy without the whole thing collapsing into itself like a dying star.

**muted** · 03-31-2020, 11:08 AM

I'm thinking it will be real easy to convince the wife on buying a remote piece of land outside of Moab after all this....and it was an easy pitch beforehand probably.

If I have any money left, of course.

**Conundrum** · 03-31-2020, 11:10 AM

Originally Posted by Dantheman

The logistics of how you would fairly and equitably enforce this seem mind-boggling.

One thing this crisis has made abundantly clear is that we need some kind of mechanism that would allow us to push "Pause" on the economy without the whole thing collapsing into itself like a dying star.

A buddy and I were talking about this before the gov took action. Why can't the gov say, hey, extended spring break everyone. We'll pay for essentials and the rest of you enjoy your family for a month. Seems like national defense could shift the funding for a future war machine into a program that really does provide national security.

**gretch6364** · 03-31-2020, 11:13 AM

Originally Posted by Bronco

Seattle City Council just passed a resolution that effectively cancels residential and commercial rent payments. Not sure how they'd enforce this on a non-resident owner but it could have a big impact on investment real estate values.

https://council.seattle.gov/2020/03/...gage-payments/

Crazy times around here.

Did you read the link you posted? It is a resolution that supports the idea of a 60 day moratorium. I am sorry, but this is such a bad idea. What about all the landlords? Are they not a business? Some of them are individuals that rely on that income. What if the banks put a moratorium on you withdrawing your money because they don't have the cashflow from mortgages? What, its your money? Guess what, your house is their house. It is an asset they own, together with you. For most people, they own more of it then you do.

Terrible idea....especially the rent idea.

**liv2ski** · 03-31-2020, 11:14 AM

Originally Posted by Bronco

Seattle City Council just passed a resolution that effectively cancels residential and commercial rent payments. Not sure how they'd enforce this on a non-resident owner but it could have a big impact on investment real estate values.

https://council.seattle.gov/2020/03/...gage-payments/

Crazy times around here.

Seems like this is the soup de jour of many municipalities and local governments. Our head wacko, Governor Gavin Newsome, just passed something similar for the entire state. I have read these policies likely are not even legal and the class actions suits will be bigly. Will be interesting to see if my rent checks come in this month.

**AdironRider** · 03-31-2020, 11:16 AM

Yeah that is just a wish basically on Seattle's part, nothing that actually binds loan providers to waive anything.

"passed her resolution calling on Gov. Inslee, federal legislators, and the Trump administration to use emergency powers to place a moratorium on commercial and residential rent and mortgage payments"

They made a resolution to request relief, not actually provide it.

**Toadman** · 03-31-2020, 11:54 AM

Given the labyrinth of regulations on banking/mortgages et all, this looks like a cluster fvck of historic proportions.

**liv2ski** · 03-31-2020, 03:20 PM

Bottom line, look at your original agreements and if you can not pay the amount required, contact the lender/landlord and work out a payment plan that is agreed to in writing or the original agreement will take precedence, you risk fucking up your credit and having a collection account hanging over your head. I would not skip paying my bills just cuz I heard the city council passed a resolution.

**SkiCougar** · 03-31-2020, 03:28 PM

was getting weekly mail on offers to buy my house, those have stopped now. if someone offered current market value now, i'd take it and the profits and buy it lower in a year or two.

**Kevo** · 03-31-2020, 03:40 PM

So many houses are going on the market in burbs of the CO Front Range. Supply seems to be going through the roof.

**skaredshtles** · 03-31-2020, 03:43 PM

Originally Posted by Kevo

So many houses are going on the market in burbs of the CO Front Range. Supply seems to be going through the roof.

'Tis the season.

**wooley12** · 03-31-2020, 03:47 PM

I was wondering how all the leveraged multi unit Air B&B business were doing in this crunch. Rented one in Ft Collins and saw what the deal was. Might make owning a home affordable if they get put on the market in a surge. No?

**Kevo** · 03-31-2020, 04:06 PM

Originally Posted by skaredshtles

'Tis the season.

But will there be buyers? Or even showings?

**Toadman** · 03-31-2020, 05:30 PM

Originally Posted by wooley12

I was wondering how all the leveraged multi unit Air B&B business were doing in this crunch. Rented one in Ft Collins and saw what the deal was. Might make owning a home affordable if they get put on the market in a surge. No?

They will get bought up by large RE corps/banks. The little guy will be left outside, looking in.

**skaredshtles** · 03-31-2020, 05:33 PM

Originally Posted by Kevo

But will there be buyers? Or even showings?

I wouldn't think so.

**Benny Profane** · 03-31-2020, 05:35 PM

Originally Posted by Kevo

But will there be buyers? Or even showings?

Everybody has a price. The thing is finding it.

**Benny Profane** · 03-31-2020, 06:15 PM

40% of N.Y. Tenants May Not Pay Rent This Month. What Happens Then? https://nyti.ms/3bDeaAn

**ncskier** · 03-31-2020, 06:43 PM

Originally Posted by Benny Profane

40% of N.Y. Tenants May Not Pay Rent This Month. What Happens Then? https://nyti.ms/3bDeaAn

They stop lecturing the rest of the country about their superior finance skills and awesome high paying jobs because one month of unemployment should not equal the next months rent not being paid in the supposed economic powerhouse of the western world. I highly doubt WV has a 40% delinquency rate. Although they are probably already are section 8.
I’m being an asshole of course, but that number seems high I’m sure its more in the outer Burroughs and not really manhattan, but leading with a hipster in Brooklyn who doesn’t have $600 makes my blood boil. Go learn a trade and maybe you’d have $600. I just dropped $1400 on a blower motor for one of my furnaces because it crapped out today. Wife is not living without ac blowing in North Carolina.
Guy was in and out in 2 hours and people are damn sure going to pay to have their ac fixed and toilets working. Skilled trades will take a hit, but his rent or mortgage is probably going to get paid.

I really am sympathetic though to most. It’s just hipster musicians are not garnering sympathy from me. Sarcasm doesn’t translate well in written form.