a sign we might be closer to the bottom of the market than we are at the top?
Yes, I know that she put money in to it to fix it up, but still, wow!
When a 14 year old buys a home for 12k, and rents it out for $700/mo is that...
By burritos Follow Mon, 26 Mar 2012, 10:45pm 1,465 views 14 comments
In Newbury Park CA 91320
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San Mateo, CA
Yep, 12k must be pretty close to the bottom.
Time to raise prices back to 1M then. ;p
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burritos says
tisk tisk tisk.. a minor has no capacity to enter into contracts (voidable), but it is a nice feel good story.
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Newbury Park, CA
thomas.wong1986 says
The mother bought it. Both put in 6k. There's an understanding that the girl would pay off the other 6k till she's 18 at which point transfer of deed would go to the girl.
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Santa Cruz, CA
Stop repeating nonsense. A 14 year old cannot enter into a contract.
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burritos says
Well that bursts that bubble of euphoria... just another flipper story...
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San Jose, CA
burritos says
Statistical data very frequently have outliers. Why do people build their mindset around one data point? Same thing for misleading anecdotes and testimonies. It would be better to take a broader view.
Also, Florida is one of the states hit hardest by the RE bubble burst. If anything, this data point is the outlier of an outlier.
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That's kinda what I did. I bought a house ~ $20k, not much repair needed, and rented it out for $650 /month. Granted, it's in an iffy area, but not horrible. So, I would say there is still room (a lot of it) for price adjustment in better areas (otherwise I would buy in those areas instead.)
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San Jose, CA
Mobi, where did you buy? I could go for that also.
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Los Angeles, CA
damn prices are really insane in coastal CA.....still cost 729k for a good 4 bedroom in good school district that isnt a starter shack builit in 60's.
It used to just be detroit with 12k homes for sale. Now detroit is giving them away free and FL is 12k homes.
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tdeloco says
Not in CA so probably will not help you. The rule of thumb used to be $65K house rented out for $650 here. But after the housing bust, price went down to half or even 1/3 in not so good school districts (but rent remains the same.) I can see rent going down a bit but since ou areas did not overbuilt like some areas in FL, I do not see a collapse in rent. You can probably find a lot of cities like ours in between the coasts.
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Pleasanton, CA
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PockyClipsNow says
Goes to show again that realtors are crooks. That house should have been available to all to buy at 12k. It is basically congratulating insider trading. The 14 years old has no idea that her mom just made her an accessory in a moral crime.
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Newbury Park, CA
For the record. I didn't say the bottom or close to the bottom. I said "closer to the bottom than to the top." You know, like 49 is closer to 1 than it is to 100.
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Los Angeles, CA
i look forward to the updates on the article in future years:
Yr2013: genuious 13 year old flips home to FHA zero down buyer for 100k profitz!!!!
Yr2015: an article about the same buyer being a victim because they made zero house payments in 2 years and are getting mean letters about it and how foreclosures 'need to be stopped'.
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Simi Valley, CA
aw how inspirational. i feel so motivated now. going to call my realtor tomorrow.