patrick.net

RWSGFY says

From $6M sold in 2018 to $48M asking today? Pie-in-the sky bullshit asking price.

It was either a 6 million dollar tear down or a vacant lot to begin with.

Really? Looks nice in the pics.

The description says new construction.

https://www.cnn.com/2022/09/08/homes/mortgage-rates-september-8/index.html

Mortgage rates reach highest level since 2008

Open door losing money again:

Booger says

Bank of Asmodeus is doing a great job recasting these with some "Equity" branding as "Loans for Minorities"

Booger says

Looking at the letter, it looks like the lender wants the buyer to have 25% down (max 75% LTV) plus reserves. Not sure how many months or years of reserve is require. Not a walk in the park to qualify like the old days, but definitely some loosening in lending standards. More power to both parties if they can make it work.

https://www.reddit.com/r/realestateinvesting/comments/xcn9zk/expenses_much_higher_than_i_expected/

Expenses much higher than I expected.

I bought my first triplex last year, and it’s fairly old (1881), so there were definitely things to go wrong and I thought I budgeted accordingly. Worst case there was a $1,200 delta between my PITI and my rent roll which I figured should suffice for any maintenance needs, and I had a $20k emergency fund.

Then I bought, and things started to get bad. In the last year I’ve had:

A hot water tank burn out

$2k of damage from a burst pipe

$5k of foundation work

$5k worth of damages from a tenant plus 2 months of vacancy

$3k of lawyer bills from the same tenant

$2k worth of exterminator work

In addition to all the standard maintenance, and my property taxes going up by 30%

I also have on the horizon:

Another hot water tank that’s on the fritz

$8k worth of electrical work

$10k more of foundation work

I’m not here to complain-I’m thankful to own the place, I’ve built up a sizable amount of equity, and I still have a decent amount of cash in an emergency fund. And since that one tenant left my tenant problems are near 0. But it would be great to get some guidance on what seems to be like a never ending stream of expenses. I’m getting to the point where my emergency fund is below what I find comfortable, and I’m already financing more items than I wanted to.

Is this normal early on? The last landlord was terrible so I was expecting plenty of deferred maintenance, but this is just ridiculous and I never expected to be this far off the mark. I’ve really only had two months in the last 12 where I was cash flow positive.

I’m young (24) and a little inexperienced, so definitely recognize the learning curve. But I’m trying to not get overwhelmed

Why would someone buy a house and then sell less than a month later for just a $9,900 gain? That would not even come close to covering the sales costs.

HeadSet says

Why would someone buy a house and then sell less than a month later for just a $9,900 gain? That would not even come close to covering the sales costs.

Money laundering? We don't know the down payment amount. I know certain amounts of cash need to be reported, but there's ways around that. Could be a corporate relocate as well. I'd likely guess that's the case. We need you here and fucked up and should have sent you elsewhere. Happened to my MIL's neighbor. Family moved in and then was shipped somewhere else 2 months later. Felt bad for the kids.

HeadSet says

Why would someone buy a house and then sell less than a month later for just a $9,900 gain? That would not even come close to covering the sales costs.

found out neighbor is gay

ZipperTits says

Mortgage demand from homebuyers falls 29% since last year, as interest rates surge past 6%

In other words about 2/3 looks still ok. Its time to look and lock RE if not stocks somewhere affordable across US where friends or family lives around. Once the interest rates go down, inflation affect can kick-in fast and rise the properties. RE could still go down but can not crash unless run into big recession. Chasing and picking at bottom is hard for many unless you know someone in gov, banks who knows good ones at great price.

Tell em @ZipperTits.

This one is going to be on the market for a long time:

How can that monstrosity have 4 beds and 4 baths and only be 1798 sqft?

I wonder if the garage is part of that square footage, it's gotta be 400 ft alone.

Tenpoundbass says

How can that monstrosity have 4 beds and 4 baths and only be 1798 sqft?

Because the picture contains their neighbor house as well. This is why I hate RE deception pictures. They are looking for tenant expecting $4K rent.

https://www.reddit.com/r/FirstTimeHomeBuyer/comments/xdbvg9/rushed_and_paid_for_it/

Condo in central Florida sold for 295 asking was 399:
https://www.zillow.com/homedetails/460-E-Jackson-St-UNIT-5-Orlando-FL-32801/71083794_zpid/

zzyzzx says

we sold ours pretty fast. but yeah if rates were lower easy another 100k in profit. and i know in 10 years that place would be worth more. i just fucking hated california government, all their liberal fag shit to a point i didn’t want anything to do with those liberal fags. not a penny more from me in property taxes

FortwayeAsFuckJoeBiden says

zzyzzx says

we sold ours pretty fast. but yeah if rates were lower easy another 100k in profit. and i know in 10 years that place would be worth more. i just fucking hated california government, all their liberal fag shit to a point i didn’t want anything to do with those liberal fags. not a penny more from me in property taxes

Where did you move?

FortwayeAsFuckJoeBiden says

zzyzzx says

we sold ours pretty fast. but yeah if rates were lower easy another 100k in profit. and i know in 10 years that place would be worth more. i just fucking hated california government, all their liberal fag shit to a point i didn’t want anything to do with those liberal fags. not a penny more from me in property taxes

No need to hate CA and their liberal fag shit. You can make a ton of money by providing them what they need and living a good life in any other city.

We sold this flip in Berkeley for $1.75M in June. Bought last October for $1.075M. Permits got delayed. 🙄 Had we hit the market in March, it would have been bigger Ka-Ching!

Simply do what we can control. No need to be jealous of anyone. Happiness comes from within.

https://redf.in/H28A6Z

https://finance.yahoo.com/news/housing-mortgage-rates-breach-6-percent-140013849.html

Housing: Mortgage rates breach 6% for first time since 2008

Still too low.

Tenpoundbass says

How can that monstrosity have 4 beds and 4 baths and only be 1798 sqft?

They're probably including those stupid looking dormers everywhere. Ugliest garage treatment I've ever seen! Doesn't even have a front, the first thing you see is the maw of the garage leering at you.

Eman says

FortwayeAsFuckJoeBiden says

zzyzzx says

we sold ours pretty fast. but yeah if rates were lower easy another 100k in profit. and i know in 10 years that place would be worth more. i just fucking hated california government, all their liberal fag shit to a point i didn’t want anything to do with those liberal fags. not a penny more from me in property taxes

No need to hate CA and their liberal fag shit. You can make a ton of money by providing them what they need and living a good life in any other city.

We sold this flip in Berkeley for $1.75M in June. Bought last October for $1.075M. Permits got delayed. 🙄 Had we hit the market in March, it would have been bigger...

Wait, no BRRR? Why not?

zzyzzx says

This one is going to be on the market for a long time:

They'd increase the value by updating the dormers with Bushmaster gun turrets.

Investor wants to know buying strategy during when rates hit 8% during affordability crisis after boning himself on first negative cash flow investment

https://www.reddit.com/r/realestateinvesting/comments/xe3ms3/how_should_younger_investors_navigate_upcoming/

Al_Sharpton_for_President says

zzyzzx says

This one is going to be on the market for a long time:

They'd increase the value by updating the dormers with Bushmaster gun turrets.

Now you're talkin.

https://www.reddit.com/r/REBubble/comments/xeborb/flood_of_55_age_community_homes_for_sale/

Flood of 55+ age community homes for sale

We live in a Seattle suburb. We moved last year and just renting now until things settle down. I like to keep an eye out on the listings so I can gauge how the market is doing around us. I usually see one or two 55+ age community homes come up for sale here and there. It seems like lately there have been quite a few come up for sale. We can’t buy in there because we aren’t that age, but wondering why there seems to be a significant increase. Most of them are condo/townhomes, with a few homes. Any thoughts on why?

https://finance.yahoo.com/news/housing-affordability-200916571.html

Housing affordability hits worst level in 37 years

Struggling to sell in Northern VA:
https://www.reddit.com/r/nova/comments/xf40pb/anyone_else_trying_to_sell_a_home_and_struggling/

ZipperTits says

Well, some good news!

“The CPI, the data they are looking at is old data. All they have to do is call Doug McMillon at Walmart, call any of the real estate fellas and ask what is happening to our apartment rents,” he said, pointing out that the rate of rent growth is now slowing.

The continuation of rate hikes will also cause a “major crash” in the housing market, Sternlicht predicted. The once-hot real estate market is swiftly slowing down, with mortgage rates for a 30-year fixed loan over 6% — up from 3.29% at the start of the year, according to Mortgage News Daily.

While the Fed’s target is 2%, inflation should run at 3% to 4%, Sternlicht said.

“Inflation that is driven by wage growth is fabulous. We should want wages to go up,” he said.

“You can pay higher rents, you can buy your equipment, you can go to the restaurant if...

The bank owns 120k apartments. Sure he might own a couple buildings outright, but there's no way a real estate investor isn't leveraged to the max. Which is why the dude is concerned. A bank can and will call the note if shit starts hitting the fan and he'll end up with 100 apartments if his rents don't keep up with your typical 5 year commercial loan that is reviewed annually. That's not a joke either. I worked with a guy in Chicago that had 2k units. Lost them ALL during the crash.

WookieMan says

I worked with a guy in Chicago that had 2k units. Lost them ALL during the crash.

Sounds like someone (or several people) got a great buying opportunity from an overleveraged landlord.

Anyone still wanting to buy a house near Nashville? My acquaintance is selling his in Greenbrier. 5 bed, 5k sqf. New construction with a lot of extras.

https://www.zillow.com/homedetails/139-Empson-Dr-Greenbrier-TN-37073/80375447_zpid/