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Thread: Real Estate Crash thread
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01-22-2020, 11:06 AM #8001
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01-22-2020, 12:45 PM #8002
In my hood the town rules for STR's is a minimum 28 day lease per rental and they occasionally take owners to court for violating the rule. If every town had that 28 day minimum lease rule, then there would be a lot less STR's out there.
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01-22-2020, 09:07 PM #8003
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01-23-2020, 05:32 PM #8004
So who is buying? Who is selling?
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01-23-2020, 07:34 PM #8005Registered User
- Join Date
- Oct 2017
- Posts
- 202
quoted for god damn truth. and as harry said, who gives a shit if home prices go down as a result of a govt. policy? big problem in this country is that so many homeowners think they are legally entitled to constantly rising home values, and spineless county commissioners who need the $50k/year stipend for part-time work are scared of those 65yo busybodies voting them out of office.
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01-23-2020, 11:50 PM #8006
i’ll probably look buying in the face in the next 6-8 months but am still dragging my feet at the thought. if it goes that way i’m shooting for something low end with some upside or multi family if we’re in the same market. i’m an opportunist with my money so this should be a shit show. we may just rent again if savings rate is still high.
though at this point, i’ve watched many houses in target market sell twice in this rally. luckily we started low.
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01-24-2020, 08:33 AM #8007
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01-24-2020, 08:36 AM #8008
Just what I always wanted... 4x the home ownership headaches.
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01-24-2020, 09:07 AM #8009
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01-24-2020, 09:26 AM #8010
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01-24-2020, 09:33 AM #8011
A paid off three family pretty much guarantees you a solid retirement also.
Live Free or Die
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01-24-2020, 09:48 AM #8012
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01-24-2020, 10:00 AM #8013
Looking at a mixed-use basket case in an A+ location locally and B or B- location nationally. Commercial down, residential up. Existing commercial wants to stay and when fully rented the note would be covered but the building is old and neglected and there is a good chance any money made gets recycled into constant repair. Had an architect walk through and the advice was a) do nothing and let it ride or b) tear down and start over. Considering (a) in the short-term and (b) in the long-term but it's a long time to be locked in and opportunity cost plus risk etc etc.
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01-24-2020, 10:04 AM #8014
If truly the best location in town I'd say let it ride, it'll rent (triple net of course) as long as it is structurally sound.
It sounds like the initial asking price is too expensive though ultimately.Live Free or Die
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01-24-2020, 10:04 AM #8015
Nope on 3-4 units, but 2 units will work with 3.5% down on a FHA loan. The mortgage insurance is a major waste of money with FHA, so I encourage buyers to go conventional, but you need more cash to do so on units. Which by the way helps a bunch with a better cash flow and paid off units are my retirement income.
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01-24-2020, 10:06 AM #8016
Round here you can do a 3-fam on those terms. Just texted a loan officer to confirm.
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01-24-2020, 10:55 AM #8017Registered User
- Join Date
- Jan 2010
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- your vacation
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- 4,750
staying put
why sell when you have an in town resort property worth 2-3 times what you paid
and yeah I thought I was the only one jerking off and thiking about building apartments
so much high end apts getting built these days, building shitty basic apts is the way to go huge underserved market for avg rent prices
have all the shit ready to go numbers done just need some investors whose in?
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01-24-2020, 01:07 PM #8018
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01-24-2020, 01:19 PM #8019
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01-26-2020, 10:59 AM #8020
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01-26-2020, 11:33 AM #8021
...
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01-26-2020, 12:34 PM #8022
The asking/offer should be in line with the net income/prevailing cap rate in that location, minus deficiencies. If you don't know the cap rate in that area, you could look at the gross rent multiplier of the comps to see where it is in the market. (I personally don't like GRM because operating costs vary so much)
If there aren't any really comparable comps, what's the land worth? If it burned down a week after closing would you be financially ruined or would it be a blessing in disguise?
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01-26-2020, 01:26 PM #8023Funky But Chic
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- Sep 2001
- Location
- The Cone of Uncertainty
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If the answer's that it would be a blessing, I know a guy.
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01-26-2020, 04:08 PM #8024
If it’s in the northeast, hardpass
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01-26-2020, 04:27 PM #8025
Cap rate in the neighborhood of 7.5 to 9% excluding ongoing repairs which would likely be significant. Think 30 year old HVAC, boiler, and roof. The value is in the land but the owner somewhat reasonably wants to get paid for the building on it and the money it generates. Insurance would be for replacement value with ordinance riders so catastrophic loss would be covered. Upstate NY.
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