Real estate General topic

[paulsharvey]

The rent market is, complicated. On one hand, you have people attaching land lords for increased rent and greed, and there is some of that, But that's Why they own the property, it's not charity. On the other hand, there is an issue with "starter" homes being snagged up by people who watched a couple real estate seminars, and think if they can get 4 rentals, they can live like kings. You also have the large investors too. Then, you have people/governments; which complain about rental rates, But also increase the burden on the landlord.

I don't really know if all of these issues are new, or we just we never really heard as much about it till past 4-6 years.

I saw a sign yesterday, a mini house, $1100/month, and we are talking a studio. I've seen travel trailers (I don't mean nice, I mean older, probably not roadworthy), in someone's literal backyard, for $650/month. Add to that, some want far more than then first, last, and security. Note, this isn't beach or college town, or even nice, low crime area; it's not that bad, but not that good either.

Add on to the issues; I get noone "wants" to rent to a felon or someone who has been kicked out of another rental, However, those people do existing, and they have to live somewhere.

 

[2manyrocks]

Looks like the long term effect is landlords either raise rent sky high to offset for ones that don’t pay, they let their properties go to slums, or they stop renting?

If I were renting, I would want my landlord to screen out other tenants with criminal history.

 

[paulsharvey]

I dont know that I would care so much about criminal history, as work history, but I understand criminal history check too.

Be nice if there was kinda a two tier check; like a "light" background check that only goes back 5 years, and if nothing within last 5, good to go; available to general pop; while more detailed/long term history required something more to check?

Only reason I say that, every single one of us has a history, even if we never got caught/charged, that could have had us sitting in prison for many many years....

 

[paulsharvey]

Be hard pressed to find anyone who couldn't have been charged with 2nd degree felon for Flee and Elude without Violence... and most of us... a bit more

 

[2manyrocks]

Repeated domestic assaults or drugs would be red flags for tenants I wouldn’t want.

 

[paulsharvey]

Repeated domestic assaults or drugs would be red flags for tenants I wouldn’t want.

It wouldn't show up on any kind of civilian accessible search, but to be, gang affiliated stuff would be my big worry, and of all things, fraud kinda stuff, money crimes.

 

[paulsharvey]

We still haven't gotten every moved, or started working on the old house to get ready for sale; but I have had multiple people say I should rent it out. Going rates are approx 2x what the mortage is on it. We definitely aren't going that route, just because I have no desire to be a land lord, and we need the cash more than a slow stream of income; But

I had bounced the idea around of considering owner financing, with a Large down payment (enough to pay the place off), and something like a 10 years at 10% kinda loan. Not really my preferred method, but I am considering being open to something like that.

 

[ultrarunner]

30 due in 7 seller financing is one I have come across… generally for a property that has issues or a buyer that has issues.

I know a guy that built a small portfolio of seller financed property and it has worked for him… worst case he gets the property back in a condition to be determined.

Insurance would be most important.

My first rental was a small home I put every penny into including selling my car at age 22…

It had been on the market a long time and was simply bad but the broker needed to get it sold and made it happen… I’m on my second renter in 40 years and have not increased the 875 rent in 10 years…

I can deal with many things as a housing provider but not being able to get a bad tenant out is a game changer…

In the old days a simple notice that I’m not going to renew was my ace in the hole.

There are so many scams against providers with most taxpayer funded it boggles the mind. Cash for keys, Mandated Relocation Payments, Just Cause, Eviction Moratoriums, etc. and then things like prohibited breeds of dogs tenants can skirt saying a service animal or tenants by law allowed to open Day Care or other business use that expose owners to added avenues of liability…

The bottom line is providers need good tenants so be a good tenant and if the provider isn’t upright vote with your feet and move.

My single page rental agreement is now 32 pages counting all the mandated forms and disclosures required.

At least commercial business to business rentals have been able to avoid the trappings of being a residential provider… so far

 

[ultrarunner]

With consumer prices up almost across the board the declining value of Real Estate in the SF Bay Area has taken many by surprise.

Just 2-3 years back days on market was very low and over bids common.

Price reduction now expected and with businesses leaving values are down as much as 80% with 40-60 percent declines common for commercial and 10-20 percent decline for residential...

Location, Location, Location...

 

[paulsharvey]

With consumer prices up almost across the board the declining value of Real Estate in the SF Bay Area has taken many by surprise.

Just 2-3 years back days on market was very low and over bids common.

Price reduction now expected and with businesses leaving values are down as much as 80% with 40-60 percent declines common for commercial and 10-20 percent decline for residential...

Location, Location, Location...

Is it as bad as we all see? People leaving there windows down in cars, so they don't get smashed, and all that? I can't see people wanting to live in what we See, but I also don't think that can possibly be as wide spread as we are lead to believe