patrick.net

Their guess is as good as ours. If they knew, they would have been rich. If we knew, we would have been rich too.

Iwog knew some so he made a bunch of money from buying real estate during the crash.

I lucked out buying a foreclosure in Santa Cruz at the market bottom after '08 and '09. I think I used up my real estate luck. I can either rest on my laurels, or real estate karma is waiting to revert me to the norm in the future.

Iwog was captured by immense hirsute lesbians in Berkeley, never to be heard from again. Rumor has it they keep him lashed nude to the mast of one of their yachts, and recently painted his genitals blue and yellow in honor of Ukraine's Noble Nazi battle against Putin.

HeadSet says

Realtor One says "Sell Now"
Realtor Two says "Buy Now"

It could just be Realtor One needs listings, while Realtor Two has listings.

Well the brother in law has 12 rentals and runs his own agency now. He has solid business coming in and isn't hurting at all.

He told me to buy a second property a year or two back and I should have listened. Now he is telling me to wait.

He lives in the northeast, while I'm in the south.

joshuatrio says

Well the brother in law has 12 rentals and runs his own agency now. He has solid business coming in and isn't hurting at all.

Is he selling his rentals now?

WineHorror1 says

joshuatrio says

Well the brother in law has 12 rentals and runs his own agency now. He has solid business coming in and isn't hurting at all.

Is he selling his rentals now?

He's holding as he's had them all for years now and has a lot of equity. They are his retirement plan and he wants to pass them down to his children.

Nobody jumps in and out of their house every couple of years even if some profit is to be made - it's too fucking disruptive.

Second property - maybe. But it's not clear whether it beats the stock market, for example.

IIRC the real deals in real estate started closing in 2010 -2 years after the crash. I know we bought a foreclosure in 2009 and it was worth less than we paid all the way up to 2012.

I attributed that to the banks being unwilling to mark to market because they would've been insolvent

I think we called it "extend and pretend"

Both realtors are correct.
People who sell now obviously have to live somewhere, so they are just relocating or downsizing.

The buying frenzy is slowing down, but people still buy them.

A house you buy today should be worth a bit more in 5-10 years.

joshuatrio says

WineHorror1 says

joshuatrio says

Well the brother in law has 12 rentals and runs his own agency now. He has solid business coming in and isn't hurting at all.

Is he selling his rentals now?

He's holding as he's had them all for years now and has a lot of equity. They are his retirement plan and he wants to pass them down to his children.

IMO, if he truly believes it's time to sell, he would sell and then buy back later when he can turn those 12 units into 16 or 20.

Home prices have been all over the map and will be again in the next few years

Rents will stay high in most places, and probably go even higher.

Buy when there is blood on the streets and turn them into rentals.

You don't get the D-Day level of immigrants every month and have a housing surplus esp in high demand areas where NIMBY ladder kickers are.

It's always a good time to pay your realtor a commission

AmericanKulak says

Rents will stay high in most places, and probably go even higher

Why?
Eviction moratoriums have ended in most places, and the evictions should work their way through the courts by the end of the year and the result will be way more vacant apartments.

WineHorror1 says

IMO, if he truly believes it's time to sell, he would sell and then buy back later when he can turn those 12 units into 16 or 20.

It’s not as straightforward when it comes to real estate. When sell, the seller loses 6-7% in commissions and transaction costs (escrow fees, title insurance, etc). In addition, depreciation recapture is taxed at 25% plus state income tax. At most, the seller will break even if real estate drops 25%. Not worth the time and efforts.

The best solution is to do cash out refinance. It’s tax-free. Let the tenants service your mortgage. Stash the cash and wait for better opportunity to buy more.

Our government needs to change the tax codes. Once an investor is in the game, s/he is almost forced to keep playing/accumulating assets to off-set all the capital gains while not paying taxes due to depreciation aka phantom losses.

Your brother in law is a realtor.

The gym guy is a ®ealtor.

Booger says

Eviction moratoriums have ended in most places, and the evictions should work their way through the courts by the end of the year and the result will be way more vacant apartments.

Nothing to do with COVID effects. Everything to do with building years behind and the ending of Title 42. Even Illegals have to live somewhere.

The overall housing stock is utterly inadequate. D-day sized monthly invasion.

Rents did not go down during the last price crash

joshuatrio says

Buyers aren't waiving inspections or appraisals anymore either.

I wonder how many of those buyers regret that decision...

Real estate agents are like car salespersons.

They always are going to be trying to create a sense of urgency for buyers.

The higher the demand, the more the volume and greater than sales commissions.

Vast majority of them go by ABC, always be closing.

And some seller real estate agents are corrupt where they will try to ice their seller client so they can sell the home as cheap as possible to a client of an agent within the same real estate company or to a client that is family or a friend.

AmericanKulak says

Nothing to do with COVID effects. Everything to do with building years behind and the ending of Title 42. Even Illegals have to live somewhere.

Yep, reminds me of when I was in the People's Republic of Northern Virginia (i.e., DC suburbs) and started to see a major change in places like Dumfries and Manassas around 1999. Back then, you had multiple immigrant families living under one roof and boarding houses starting to become the norm. Stonewall Jackson High School in Manassas started to see a decline in math test scores and I heard that trend has continued.

ad says

Yep, reminds me of when I was in the People's Republic of Northern Virginia (i.e., DC suburbs) and started to see a major change in places like Dumfries and Manassas around 1999.

Sounds like you were from Prince William County or vicinity. Prince William County did pass a law prohibiting more than a certain number of non-related people living in a single family residence, but a judge struck it down.

HeadSet says

ad says

Yep, reminds me of when I was in the People's Republic of Northern Virginia (i.e., DC suburbs) and started to see a major change in places like Dumfries and Manassas around 1999.

Sounds like you were from Prince William County or vicinity. Prince William County did pass a law prohibiting more than a certain number of non-related people living in a single family residence, but a judge struck it down.

Whites are quickly becoming the minority here in the DC metro area.

HeadSet says

Sounds like you were from Prince William County or vicinity. Prince William County did pass a law prohibiting more than a certain number of non-related people living in a single family residence, but a judge struck it down.

Yes, I lived in next door Fairfax County, the unincorporated area of Alexandria. I was not far from Huntley Meadows Park. I remember the county was won by George Bush Jr in 2000. I even remember when AOL and Microstrategy were two major tech startups in the county.

WineHorror1 says

Whites are quickly becoming the minority here in the DC metro area.

Now track that with trends like on statewide math scores.

And you can even look at California university and college systems which have cancelled the ACT and SAT. Thirty years ago I would have never imagined that would eventually occur.

ad says

I was not far from Huntley Meadows Park.

Ah, yes, good old Telegraph Rd. I used that as a cut through some years ago when visiting friends. Nice area.

WineHorror1 says

Whites are quickly becoming the minority here in the DC metro area.

Overrun with foreigners. Has been for years.

WineHorror1 says

Whites are quickly becoming the minority

Why aren't haolies having kids?

B.A.C.A.H. says

WineHorror1 says

Whites are quickly becoming the minority

Why aren't haolies having kids?

Feminism + Estrogenic Chemicals in the food and water.

And in fact, birth control pills make women fat, moody, and unhorny.

B.A.C.A.H. says

WineHorror1 says

Whites are quickly becoming the minority

Why aren't haolies having kids?

iPhones cause the most of the problem. Women are too busy virtually competing with other women on Facebook, Instagram, and Tiktok for “best life” that they have no time for children or even sex sometimes. Find me a chick who isn’t glued to their phone and I’ll find you a breeder.

Hint: it ain’t just white girls anymore.

Shaman says

Women are too busy virtually competing with other women on Facebook, Instagram, and Tiktok for “best life” that they have no time for children or even sex sometimes.

I was specifically asking about haolies because some on here are bemoaning how un-white some places are becoming, (instead of being part of the solution, - having more white babies. Put up or shut up.)