Why? Don't hate the player, don't hate the game, hate the suckers that fall for it
My house went on the market today...
- Thread starter VegasMichael
- Start date
How corporations are buying up houses — robbing families of the American Dream
One morning in 2012, Phoenix real-estate developer Geoff Jacobs was playing golf when he got a surprising phone call. One of his employees, trying to bid on a house they wanted at auction, told him…
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I’m conflicted as I do not like government meddling in things. But, I also see a need to protect unknowing citizens being taken advantage of. I’m also, very against corporations that are ultimately Chinese owned buying up US property.
From reading previous posts @MG0h3 seems to be well versed in residential property buying/selling/renting-out and he was thrown for a loop with the “as-is with caveats” approach. @VegasMichael cleared it up that his realtor warned him. But should that tactic even be allowed? Like I said I’m conflicted and I don’t have the answer. I do know that skyrocketing housing/rent prices is ****ing a lot of people through no real fault of their own.
Didn’t see this post before I replied. I wouldn’t call @DriftwoodSVT lucky per se, but he did live in the ATX area where housing prices have gone absolutely retarded.
I’m thinking of applying to a UT Austin program, but the rent prices have me reconsidering. It would be cheaper for me to stay in my house in San Antonio and commute to UT Austin everyday than get a place there…even with these crazy ass gas prices.
Good luck @VegasMichael
"Allowed"How corporations are buying up houses — robbing families of the American Dream
One morning in 2012, Phoenix real-estate developer Geoff Jacobs was playing golf when he got a surprising phone call. One of his employees, trying to bid on a house they wanted at auction, told him…
I’m conflicted as I do not like government meddling in things. But, I also see a need to protect unknowing citizens being taken advantage of. I’m also, very against corporations that are ultimately Chinese owned buying up US property.
From reading previous posts @MG0h3 seems to be well versed in residential property buying/selling/renting-out and he was thrown for a loop with the “as-is with caveats” approach. @VegasMichael cleared it up that his realtor warned him. But should that tactic even be allowed? Like I said I’m conflicted and I don’t have the answer. I do know that skyrocketing housing/rent prices is ****ing a lot of people through no real fault of their own.
That word is where my problem is.
A has x they want to sell for y
B will buy your x for y
B buys x for y and x is now theirs and they can do with it whatever they want.
That's it. That's all there needs to be.
- If A has x and wants to sell for y
And
- B is offering y+1 with some shady fine print or you don't agree with what B will do with x
Then
-- A takes deal and reaps what A sows with fine print laid out by B
Or
-- A doesn't sell to B
Or
-- A pays (or B pays if A is good at negotiating) C z amount to look over deal and advise
--- C == entity that is used to selling x for y. z == compensation for goods and services rendered.
A "allows" sale of x, that's it. No reason to bring a babysitter into the mix
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How corporations are buying up houses — robbing families of the American Dream
One morning in 2012, Phoenix real-estate developer Geoff Jacobs was playing golf when he got a surprising phone call. One of his employees, trying to bid on a house they wanted at auction, told him…
I’m conflicted as I do not like government meddling in things. But, I also see a need to protect unknowing citizens being taken advantage of. I’m also, very against corporations that are ultimately Chinese owned buying up US property.
From reading previous posts @MG0h3 seems to be well versed in residential property buying/selling/renting-out and he was thrown for a loop with the “as-is with caveats” approach. @VegasMichael cleared it up that his realtor warned him. But should that tactic even be allowed? Like I said I’m conflicted and I don’t have the answer. I do know that skyrocketing housing/rent prices is ****ing a lot of people through no real fault of their own.
I suspect the corporations wouldn’t have made the cash offer at asking AND not put a clause in to get their earnest money back.
They are basically making a risk free offer to get the property “below market”. Good business on their end and anytime there is a frenzy, the piranhas come out.
Michael was warned against it but took the gamble.
I would’ve countered that I’ll be showing the property and accepting backup offers.
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How corporations are buying up houses — robbing families of the American Dream
One morning in 2012, Phoenix real-estate developer Geoff Jacobs was playing golf when he got a surprising phone call. One of his employees, trying to bid on a house they wanted at auction, told him…
I’m conflicted as I do not like government meddling in things. But, I also see a need to protect unknowing citizens being taken advantage of. I’m also, very against corporations that are ultimately Chinese owned buying up US property.
From reading previous posts @MG0h3 seems to be well versed in residential property buying/selling/renting-out and he was thrown for a loop with the “as-is with caveats” approach. @VegasMichael cleared it up that his realtor warned him. But should that tactic even be allowed? Like I said I’m conflicted and I don’t have the answer. I do know that skyrocketing housing/rent prices is ****ing a lot of people through no real fault of their own.
Interesting article.
I could see going on a buying spree following a crash and there being so many foreclosures available.
These guys just bought at what I think is or very close to the peak.
Might find themselves in trouble in a few years.
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A house around the corner went on the market a couple weeks ago. Within 5 days it had a pending sale sign. About a week later that sign was gone and a couple days after that another pending sale sign popped up. I'm curious to see if it goes through this time.
Happens a lot where I am too. Happened to me too. Might happen again to me too. Who knows? Houses in my zip code are now dropping their prices and languishing for weeks. A lot more just came on the market too over the past two weeks. Don't believe all the hype about every house getting multiple offers the day it's listed and bidding wars happening. Vegas is a blue collar town and in my area everything is priced above 500k. Hell, I couldn't even afford to buy my house now. I'd never get approved for a loan of 575k with my salary at 81k.
The Vegas housing market is bananas, and the rental market seems to be worse based on the local news. Management companies and landlords are charging huge fees for move in, apps, etc. People getting raped from what I understand. NV doesn’t have any protections for renters like other states. Kinda like auto dealers right now, hacking up prices with ADMs and add ons. Greed is the theme for 2022.
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It’s insane here.
Same here in Kerrville Texas. Houses on my block went from upper 200’s four years ago to over 500,000 now and sell within a few weeks.
Won’t last forever. It can’t.
My personal residence has gone up @40% in the last year or so. Nowhere to go and too many cars and tools or I’d sell it and rent a room from a friend.
Incomes did not go up 40%, I guarantee it.
Interest rates are now double what they were like 6 months ago and will continue to rise.
A lot of people are going to be house poor, further compounded by inflation for regular living expenses.
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Turns out it was pulled off the market a couple days ago. I'm curious what happened to cause that.
My house has doubled since buying it in 2020. We got in when the interest rates were low and before the prices sky rocketed. I spoke with our realtor shortly after we moved in and she was saying that she couldn't find anything like what we have for under 800K at that time.
The housing market in the Austin area, specifically Hill Country, is still nuts.
I'm happy to have made $830,000 in profit in 5 years on this house. Kills any other investment I could have done.
No signs of it slowing down here, not yet at least. I'm seeing 20 year old homes, 2k sq ft on single acre lots popping up for $450/sq ft these days.
Georgia market is nuts too.
House across the street was purchased for 400k back in 2018 when it was new. It just sold for 700k.
If I didnt just put a pool in I'd be putting mine on the market.
House across the street was purchased for 400k back in 2018 when it was new. It just sold for 700k.
If I didnt just put a pool in I'd be putting mine on the market.
$830k in profit?
I had a thread about it last year. Paid $770k all in when we built in 2016, sold in 2021 for $1.6 million. More like $830,000 minus the 4% realtor fees I suppose.
Property taxes here are painful. On that house we sold, it was $16k/year property tax. Not fun.
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