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Ducky, Have you been to any auctions lately? I noticed one of the big boys recently got an injection of capital.
Waypoint Real Estate Group - which buys, renovates and rents out distressed single-family homes, primarily in hard-hit Contra Costa and Solano counties - has just received a capital infusion worth $250 million from GI Partners, a private equity firm headquartered in Menlo Park.
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2012 Jan 23, 4:37am
has just received a capital infusion worth $250 million from GI Partners
fuck. There goes another 2000 households leaving the middle-class American Dream.
He seems like a smart guy... probably rented out the rooms because it's just him in the 1900 sq ft house... his garage only has his car and a washer/dryer. He might be able to rent/buy something smaller and even eek out cash flow positive in the deal.
Selling would mean breaking even, or a loss with commissions.
FuckTheMainstreamMedia
2012 Jan 23, 5:35am
Not to mention that the higher the rent, the less likely a tennet is to stay, meaning even more vacancy time.
everything
2012 Jan 23, 8:28am
That's crazy that you moved into a neighborhood charging $2500 average rents, talk about being surrounded by money bags. In my life I will never pay that much rent a month.
CBETA
2012 Jan 23, 1:25pm
Everything is a matter of perspective. As a single person certainly I would not. Even as a couple w/o kids I see no reason, but.. Suppose you got two kids and they need good schools. Choice is yours good public school with rents of $2000+ vs private school for two kids. Somehow I think I'd like for my kids to be in the same neighborhood as their friends, hence good public makes more sense for me. And here in California, you do not have to go far, rents of $2K are on a 3-2 bdrm homes.
You should learn to mind your own business.
Just curious, that's all. If I was one that wanted to buy, getting the jump on a potential foreclosure is valuable information.
As it is, more power to him if he can get $2800.
I recently moved into a rental, and I just noticed one of the neighbors recently put his house up for rent. He's currently living in the house, appears to be a single guy, and keeps up the house pretty well.
He's advertising the house himself, and is asking perhaps $300-$400 higher than I think the market will bear...
Anyway, thinking of his situation, I decided to do a little investigating...
He definitely owns the house, and purchased it in 2008. Judging by what it appears he paid, he's probably not under water, but I don't think there's much appreciation. Using the "200 times rent" formula, rent should be $2400... he's asking $2800.
He rents out two rooms.
So.... an owner decides to rent his house... and asks hundreds higher than the market appears to call for... he has been renting two rooms up to this point...
Is he a smart guy for renting out and taking advantage of a tight rental market, or could this portend a potential foreclosure?
#housing