/biz/ - Business & Finance

>>55605628
i hope you encourage every flipper to buy the shittiest shitboxes possible, anon. i cant wait to see these faggots get rugged and head to the soup kitchens where they belong

>>55605628
why would anyone buy a home when mortgage rates are 8%

>>55605722
i would if the home's price was lowered from $400k down to $125k where it belonged. but instead they think they can keep 2020 prices with 2023 rates. lmao

>>55605628
I'm a first time home buyer that can put 30k down at the moment with a 2+ year job history, personal business, and 730 credit score - am I gonna make it?

OP
!!!!!!!!
where do all the mouthbreathing brown immigrants who can barely speak and can't write in any language get the cash to buy houses all-cash?
seriously
these people strike me as sub-90 IQ easily, they belong in subsidized apartments in slums
where are they getting the money?????

>>55605733
This. I don't know why everyone forgets the principal in this equation.

>>55605733
this is precisely why i'm looking at the midwest. A decent home in a bad (ethnic) area can be had for less than $120,000. With a 20% downpayment, your monthly on a 30 year is ~$864 @ 8%. If you can weather the storm till rates come back down to something reasonable (3%), and you refinance, your payment becomes ~$565 a month.

If I can find a few properties that I can rent for $900+ a month I'm literally never losing money. Then when I refinance, I'm actually making $300+ in profit every month after expenses. If i can get it even cheaper or rent it out for more, then the numbers are even more in my favor. The only sticking point is having the initial capital but I assume everyone on here has $100,000 liquid to do this kind of thing, right?

>>55605757
Depends on where you're looking. Anywhere on the coast or a major metropolitan area, i'd say no.

>>55605786
Family/friends. I know several recent immigrants that don't even have bank accounts but have several hundreds of thousands in cash and assets to snap shit up. Coupled with the fact that their lack of an education means they almost exclusively work in the trades or know people that do, they're able to buy cheap shit boxes and renovate them cheap. The game was over before it started. Snake eyes, Kevin. You lose.

>>55605886
I'm on the east coast and figured as much, I appreciate the response

>>55605628
Sure, anon. No one’s buying homes. Except for ones in my neighborhood like this. They’re all pending in 48 hours.

>>55605886
>uneducated
no, they're usually "educated" yet retarded
>trades
no way, that's spics
I'm talking jeets, muslims, asians who spit on tradies

they are buying houses here which range from $500k to $1M all cash all day
more or less all the houses in my neighborhood that changed hands recently went to such people
they're also the only ones you see driving shit like Maseratis or Aston Martins

you can't just say
>they're doctors
firstly they're too dumb to read and write, secondly I have actual big city doctor relatives who never had a fraction as much cash to play with

>>55606030
that looks like maybe 1/5 of an acre? lmao wtf

>>55605733
Prices won't go down unless supply increases. Supply will never increase because of NIMBYs and zoning laws.

It's over.

Accept the fact that 90% of Americans born after 1990 will never own a home.

>>55606077
Asking price was 950k. Houses here sell for a mil every month. It’s not even a nice part of the Bay Area. It’s entirely blue collar with a high property crime rate. Lol. All the jeets that got priced out of Santa Clara and Fremont are moving here now and bid fucking each other over for real estate. It’s hilarious.

>>55605855
if you are going to rent it out, try keep your rents reasonable and only raise the rents if you absolutely have to. ive read some nightmare inducing shit on plebbit about renties trashing properties or refusing to leave and becoming squatters. personally that's why i just bought my house and live in it even though it's a 2 family. yes i know im losing money but i prefer not having headaches. i am open to renting to a family that's starting out if they can fix stuff. havent met that couple yet.

>>55606135
My mom did that. She never once raised the rent on her tenants. They stayed on the property for 15+ years. They ended up subletting out the home charging others 3x what they were paying. People are not good anon. They will mistake your kindness for weakness.

>>55606102
After 90? All of my younger cousins were born in the 90s and they all bought houses. You had years. What the hell were you doing?

>>55605709
/thread

>>55605628
House prices are detached from wages.
Therefore housing is priced in other houses.

>>55605628

I've noticed nobody builds homes for single men, or couples that only want 1 child. Everything is either an overpriced 600 sqft tiny home shitbox, or it's a fucking 3-4 bedroom, 2-4 bathroom, 1,600 - 2,200 sqft home, which is way too big and still overpriced.

I just want a 1,000 sqft home. I've literally never seen one. At least not where I live.

>>55605709
>noooo you can’t just buy something shitty, spend money fixing it, and sell it to someone in a fair agreement at a market price they’re willing to pay!! Nooo you can’t improve the neighborhood and create equity for others in it!!! Noooooooo

Why is this board full of spiteful losers? Why don’t you work hard at something and save your money instead of blowing it on shitcoin gambling? Go back to /lgbt/ or wherever you came from.

>>55606237
Builders have no incentive to build homes like that. Getting permits, staging the build area, getting all the equipment on site, etc are large fixed costs, so the builders' incentive is to build the most expensive possible construction on the land to maximize profits.

>>55606237
How does one even go about building a cozy little 1-man shack in this world nowadays

>>55606269
>>55606282

I plan on building one myself someday. A 1,000 sqft, open floor plan, ranch house with a furnished basement is literally the perfect size.

>>55605786
three dozen families all pool their scraps together

>>55606238
> "buy" property with loan from bank
> do a shit job painting it
> central banks issue credit like mad
> prices go up due to asset inflation
> sell my "investment" for a profit
look at me i'm such an amazing investor and worked so hard

>>55605628
>When will this end?
About two more quarters. Pic related.

>>55606237

Supposedly builders are focusing more these days on more modest homes for first time homebuyers due to the wonky real estate market. Inventory is ridiculously low and nobody is selling if they can help it (either to move or upgrade to the larger/more profitable homes that those builders used to put most of their resources toward) and give up their 3% interest rate.

>>55605628
Why do you have a problem with flippers? If they're willing to buy the house what's the problem? Theyre a paying customer

>>55605786
they own trucking companies or a restaurant, also drugs.

>>55606102
>NIMBY
No Leroy. We don't need your low income development.

>>55606499
I hate the names they choose for their companies. No other reason. Couldn't care less about the ethics, they just have the dumbest fucking names I've ever seen in my life.

>>55606444
And? Go do it then?

>>55606269
>>55606282
>>55606329
Look up "Barndominium". You will have to buy raw land and build it, but there are plenty of building plans available.

>>55606282
Buy land and slap a nice tuff shed on it.

>>55606524
So it doesn't affect your business at all right? Like the fact they're all rich landlords and flippers only annoys you because you're biased against them? I'm studying on wholesaling right now and they say the vast majority if not all of your buyers will be these two. Are they hard to do business with or is there any other complaint? Or do you just have a personal bias against them

>>55605628
>My entire job has ground to a halt because regular people are priced out.
Like, you say your job has grinded to a halt. How's that

>>55606467
Those people are junkies. I help kick them out and bulldoze their bullshit regularly. It’s a very satisfying job.

>>55605628
>Anyone have any idea when this shit will end? I don't care if it does or doesn't, I just want to stop seeing flippers on my client list.

New Law:
>A household, and all its occupants, may only own one home
>You must live in the home that you own for >50% of the year

There. Housing fixed. Just stop people from owning more than one piece of property. I know you're going to get mad at me that you can't own your cottage home on the lake, but get over it. This would LITERALLY fix housing. I'm sure you can improve upon this to make it more airtight, but the basic premise is good.

>>55606444
My parents flip houses and they had to fix nearly everything. Plumbing, electricity, putting up new windows, doors, painting, changing out the wood for a lot of the stairs, etc. A lot of them are actually doing their best you should be thankful that they're trying to fix these unliveable houses instead of just leaving them to rot

>>55606584
Sorry but this isn't a communist country

>>55606604
Stop samefagging.

>>55606584
Actually all you need to do is build the wall, stop giving raj h1bs, and tell Chang he can’t buy here anymore. You don’t have to fuck over American investors at all.

>>55606590
Exactly. Thank you based flippers. I love when they buy an eyesore in my neighborhood and sell it to someone with money for a million dollars. It just gets safer and nicer.

>>55606606
I read through the thread and saw multiple posts where I felt like I should give my input. Why not answer the question, why has your work "ground to a halt" because of these people? It seems to me right now that it hasn't and you are more having trouble adjusting to the market changing

>>55605733
>from $400k down to $125k
lmao, where are you buying homes? Is this the middle of arkansas or something? Anywhere worth living (within 1h of a grocery store and hospital) has blown past 400k decades ago.

>>55605855
You're forgetting that any neighborhood with 100k houses isn't going to be one where people who rent for 900 will be savory renters. You're either gonna have it be too pricy for people in the area, or if you lower that, so low that you get the degenerates that shred it every year.

>>55606571
I kneel.

>>55606656
GR8 B8 M8

>>55606604
lol, okay! I'm sure when all the homes are bought up by hedge funds and investment firms you'll be fine with it because that's capitalistic? There's also nothing communist about what I said. You're still allowed to OWN land.

>>55606614
While foreign investment is a big deal, I still think that it wouldn't solve much of the problem. The cat's out of the bag on speculative housing investment. People know it's good to do if it's allowed. Not only do rich people know (and lower economic individuals), but so do major corps that have been doing it for years.
A first time homebuyer will still lose out to someone that is wealthy. The wealthy buyer shouldn't be buying small first-time-properties, but does because they can use it to rent out and make income. They also don't mind overpaying for the same reason. But a starting out family can't do that. This cycle will continue.

This COIN on the side of my neck suggests something bad happened after I got back from breakfast. Shit dog in the toilet, ID GET.

>>55605628
>rich fucks with unpronounceable names
WE TAKIN OVA

>>55605786
We're just better anon. We work 60+ hours a week and always remember that family comes 1st. It's easy to save up money as family if everyone is 18+ and gets a job. Think about it, who will have more money to buy a home. A family of 4 or a family 7? Anyways white people fell off cause your boomer parents didn't save shit and are charged you rent

>>55606590
If they're adding real value, great .
Most flippers are shit bags.

>>55606584
scenario:
My child is irresponsible and poor. She'll never be able to afford a home on her own. I refuse to cosign a loan with her because she has awful credit and is likely to sell the home for drugs. I'll buy the home myself, and she can move in and pay me "rent" of a few dollars a month. That way my daughter has a home and isn't on the streets and wont sell it down the road for drug money. Oh but I can't because in your world I can't own more than one home.

>>55606614
>We want a free market
>NOOOO IM LOSING MONEY GOVERMENT PLEASE HELP ME

>>55606765
Wow man, you got me! Open and shut case! Despite me just putting together a few quick clauses and ending the whole thing saying there are a few addendums one should likely add to make it better and catch scenarios like you brought up, you really cracked the case!

Ffs anon, are you this difficult to work with at all times? There's obviously going to be things that need tweaking and fixing, and exceptions will be put in place. Can they be abused? Possibly, but it would be hard to abuse them at a large enough basis. Inb4 all wealthy homeowners and foreign buyers all now have clinically diagnosed drug addicted children to go through this loophole, kek.

>>55606674
that is the unfortunate reality yes. I was looking recently at Wichita, KS. Pic related. https://www.zillow.com/homedetails/1604-N-Topeka-Ave-Wichita-KS-67214/77327963_zpid/

Getting decent renters that wont fuck my shit up despite me charging 20% under the median price for the area is very disheartening. I'm hoping to mitigate this by buying in parts of the country that are incredibly hostile to tenants. 3 day notice to quit type of areas.

>>55606834
i'm just saying anon, it's not the fix you think it is. also they might have drug addicted kids, fucking kids these days are all on something.

>>55606871
You're right, anon. It's not perfect. But I do think it's a good starting point since it does stop the ridiculous price rise in housing that comes with speculative investing, hoarding properties, overspending on housing-to-rent, and outbuying first-time homebuyers.

I'm sure we can remove some of the strictness but still keep the core there. But I rather start more strict and remove things as opposed to just adding shitty bandaids everywhere and avoiding the problem like we currently are.

The amount of people, on both sides of the political spectrum, that think this is a supply issue is baffling to me. It's not a supply issue when you are up against corporations with more money than you can count. The more supply that is created the more it will be bought up and leveraged and bought up again by those same entities.

>>55606282
By building it yourself.