Brian662
5 year old buck +
My post doesn't mean anything of the sort, this ^^^ must be your incorrect interpretation.
-
If you are posting pictures, and they aren't posting in the correct orientation, please flush your browser cache and try again.
Edge
Safari/iOS
Chrome
Conspiracy theorys, where do you stand?
- Thread starter 4wanderingeyes
- Start date
Not sure what where you're talking rentals but, I know renters in several states that have lots of rentals and contractors that work rental properties.
Unless the owners do mega background checks and are very picky they get big time scammed, then they get suits brought against them because they present evidence that the last previous owners, that rented to them, were owed rent and damages.
Potential renters should be treated like pariahs unless they can document that they are not.
4wanderingeyes
5 year old buck +
Value increases if you have something of quality.
20+ years ago I bought my land, I paid a pretty high dollar amount back then, I think I paid $31,000for 25 acres. I then built a shouse, and paid high dollar for that$130k, and we decided to build a house, and went to the bank for financing, and there was no issue, they said what we own now is worth 750k. It’s hard to believe that after the new house is built, they will value it well over a million. Crazy!
20+ years ago I bought my land, I paid a pretty high dollar amount back then, I think I paid $31,000for 25 acres. I then built a shouse, and paid high dollar for that$130k, and we decided to build a house, and went to the bank for financing, and there was no issue, they said what we own now is worth 750k. It’s hard to believe that after the new house is built, they will value it well over a million. Crazy!
Wind Gypsy
5 year old buck +
Oof. I was at the young end of the spectrum of first time home buyers able to take advantage of the crashed prices in 09-12 (wish I would have but was living the gypsy life). Younger generations are getting the shaft. Really the primary motivation for me to build a bigger nest egg at this point is for my children to be able to live the american dream that is being made increasingly difficult to obtain for young generations. Every time I start to go down the rabbit hole of how we turn the tides its tough on the mental health..
Hoytvectrix
5 year old buck +
Its a complex enough problem that it gives pretty much everyone an opportunity to point the finger at whoever they want.
I don't mind calling myself out here to say that even though I am normally in favor of as little government involvement as possible, something will need to be done if the current model of building wealth for the middle class is sustained. Something that would slow the bleeding would be to discourage corporate ownership of single family homes.
I don't mind calling myself out here to say that even though I am normally in favor of as little government involvement as possible, something will need to be done if the current model of building wealth for the middle class is sustained. Something that would slow the bleeding would be to discourage corporate ownership of single family homes.
Howboutthemdawgs
5 year old buck +
This is a good start
Howboutthemdawgs
5 year old buck +
Wind Gypsy
5 year old buck +
Our government is run by the financial service, pharma, tech, defense, healthcare, Isreal lobby, etc giants seemingly at the cost of the majority of Americans. All of them seem happy to bend over the average american as long as they get theirs.
Bill
Administrator
I’d be in favor of that. I wonder how many single family homes blackrock owns. The number in Florida and AZ would probably be staggering.
Telemark
5 year old buck +
One of the big problems in the housing market is young people do not understand or accept the idea of a "starter home". Additionally, very few of them can do maintenance or fix up a house. This pushes a lot of value-added cost into the market. There's a reason why flipping houses was a career for many people, including me.
Howboutthemdawgs
5 year old buck +
You are correct about the expectations. Social media, hgtv, etc has people expecting a certain level of finish without understanding what that costs. People talk about housing costs of the 80’s but they don’t want to go back to shag carpet, sheet vinyl flooring and formica countertops. Now at a minimum it’s upgraded padding, lvp and granite.
Wind Gypsy
5 year old buck +
Agree to an extent. Depending on location, there are limited "starter home" options.
Wind Gypsy
5 year old buck +
Are times tough for builders? seems to be lots of houses going up around me.
Howboutthemdawgs
5 year old buck +
Depends. Some areas I’m sure they doing ok. Others are doing horribly. I’ve heard parts of mn are doing well. Probably a mass exodus of sane people from the twin cities. But I wouldn’t assume cause houses are being built anyone is making any money. I sure do see a lot of farmers planting fields and they are apparently struggling. Sometimes you just have hope it all works out
Oh and as far as starter home options. That’s a product of the environment. It’s almost impossible to build them. Hard to build a 250k home when the lot is $70k and a permit is $5k and materials and labor is through the roof. Most people would love to build starter homes cause they can be easy money.
Last edited:
Hoytvectrix
5 year old buck +
I listened to talk from the lobbyist of the home builders association of MN. He said no one wants to touch starter homes because there is no margin in it for the builders. Regarding the permits, that is a known problem. I know legislators are working on getting it lowered or to specifically incentivize starter homes.
Howboutthemdawgs
5 year old buck +
Correct. I built several back during Covid and it was wonderful! Now that same product, 3 years later, impossible.
Permitting is an issue for us but not the issue at all. It all starts with lot costs and the absolute ridiculous, restrictive septic policies we have.
Hoytvectrix
5 year old buck +
That is exactly who I was thinking about when I made my comment. I went to go look up how bad it has gotten, but apparently that may not be the case though.
Another low hanging fruit would be to limit foreign home ownership. Canada has had to do that because of Chinese buying and sitting on homes in BC to avoid wealth taxes in China. I think this would be a slam dunk for anyone that wanted to push that here. A less popular thing would be to look at the short term rental markets like AirBNB. I can't imagine people buying non-vacation homes just to rent them out permanently is a good thing for the housing market.
