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Oculus Spirit [81019]
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lolutz...was going to bid on a house yesterday
Apr 29, 2021, 12:29 PM
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primarily because it had a pool. Had 4 bids on it before I even could go see it, then went under contract yesterday afternoon. $25K above asking price, cash offer, no appraisal and no inspection.
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Hall of Famer [24467]
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Geez. That might work out for them, but sounds scary.***
Apr 29, 2021, 12:36 PM
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Oculus Spirit [81019]
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Thats two in 3 days that have gone like that
Apr 29, 2021, 12:38 PM
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One in the $450K range-sold in ~36 hours, and the latest one was $625K-sold in <18 hours.
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Oculus Spirit [79183]
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My biggest question in all of this crazy real estate mess is
Apr 29, 2021, 12:38 PM
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where are all these people getting the money for these cash offers. Seems like that's all I hear about are cash offers.
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Oculus Spirit [81019]
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I'm hearing that investors are pooling their money
Apr 29, 2021, 12:41 PM
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to make these rentals. Not sure about yesterday though.
When I sold my house last October, the one next to mine was for sale, too. A group of investors came in and wanted to buy both of them. They were going around to almost every house in the area and putting them all under contract--some sight unseen. They'd keep the ones they thought would make the most money, then pull out of the contracts under due diligence on the remaining ones. I guess there are companies that are doing this?
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Oculus Spirit [79183]
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What in the everluvin fyuck?
Apr 29, 2021, 12:46 PM
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Will people no longer be able to buy houses in the future? Only rent them?
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Oculus Spirit [79405]
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I believe that's the goal, yes.***
Apr 29, 2021, 12:54 PM
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All-In [46814]
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It's a house of cards
Apr 29, 2021, 12:58 PM
[ in reply to What in the everluvin fyuck? ] |
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They are betting on the majority of Americans to be stupid and spend up all of their stimulus on depreciable loans which will soon come due once the UE+400 ends. Then they won't have any choice but to rent.
And by buying up all of the supply, they can keep housing prices artificially high.
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Oculus Spirit [79183]
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Wat about squatters rights?
Apr 29, 2021, 1:01 PM
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Like where I've been squattin over this terlit and you can take it from my cold dead anis.
That is wat squatters rights are rite?
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All-In [46814]
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You blow it up, it's now yours. Congrats***
Apr 29, 2021, 1:03 PM
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Orange Blooded [4701]
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Most experts don't say that RE prices are artificially high
Apr 29, 2021, 1:14 PM
[ in reply to It's a house of cards ] |
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that inflation is built in and it's not a bubble that's going to burst.
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All-In [46814]
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There's no way this can stay sustainable
Apr 29, 2021, 1:17 PM
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2% interest rates won't stay that way forever.
Lumber prices being 300% higher won't stay that way forever.
I see a self correction at some point.
But I'm no expert.
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All-In [49026]
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You don't have to say that last part, it's implied***
Apr 29, 2021, 1:23 PM
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Hall of Famer [21925]
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the market can stay irrational longer than you can stay
Apr 29, 2021, 1:40 PM
[ in reply to There's no way this can stay sustainable ] |
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solvent. always remember that.
in my mind, there's really only two ways to go: 1- keep dropping helicopter money to idiots causing an artificial GDP growth in order to appease the masses for political gains (in which case, this is the new norm)
2- cut the helicopter money, cut the additional UE benefits, open the economy up and get productivity levels back to where they were. the market driven minimum wage is way over $15/hr right now in most areas I'm prospecting (LCOL areas). government needs to get TF out of the way and let the smart people figure out ways to make money.
the wage growth will happen in the lower brackets quickly if we're tasked as a country with keeping up w/ this demand.
instead, the workforce is countin their Fedcoin buying digital art complaining about the big bad rich guy.
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Oculus Spirit [81019]
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I'd agree with you, but there is always the unknown.
Apr 29, 2021, 1:46 PM
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Like a pandemic, or a war, or murder hornets, or a massive Cat 5+ hurricane that blows away most of the coast.
The only thing constant is change, and the tulip bubble won't exist forever. About the time people start depending that it will stay the same, things change.
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Hall of Famer [24467]
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2 makes all the sense, but the social engineers are running
Apr 29, 2021, 2:26 PM
[ in reply to the market can stay irrational longer than you can stay ] |
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things now, so is not likely.
The discussion seems to be whether we will have a hard fall - decreasing productivity and runaway inflation - or can perhaps engineer a soft fall, a more prolonged state of near 10% inflation. You see it in those terms?
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Orange Blooded [4701]
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Oculus Spirit [81019]
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They'll say that, until its not true.
Apr 29, 2021, 1:49 PM
[ in reply to Most experts don't say that RE prices are artificially high ] |
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They have no idea how far or long the market will continue to be irrational no more than anyone else does.
At some point, the price for a given amount of square footage anywhere is too much.
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Orange Blooded [4701]
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Interest rates low, causing people to buy more house than
Apr 29, 2021, 1:55 PM
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they can afford. Consumables will continue to go up, so the people living paycheck to paycheck are going to be hurting sooner or later.
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Oculus Spirit [81019]
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The money will run out at some point.
Apr 29, 2021, 1:57 PM
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No idea when it will. But when I start seeing stuff like "its different this time", I know it's not.
Its all just a big cycle.
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Orange Blooded [4701]
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Smart people are holding onto their cash.***
Apr 29, 2021, 2:00 PM
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Oculus Spirit [81019]
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I'm hoping it's smart.
Apr 29, 2021, 2:04 PM
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There is the thought that seeing everyone else buy that I need to as well...but then there is the reality that doing whatever I thought was right has gotten me where I am now.
I need to do the exact opposite of everything I've always thought was right.
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Hall of Famer [21925]
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this is a fun conversation as well
Apr 29, 2021, 2:27 PM
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if we keep printing, cash is trash. dollar strength is extremely weak relative to a few years ago, while the asset classes are continuing to melt up w/ our Obamanomics 2.0. keep enough cash to weather a 6-12 month storm, everything else needs to be inflating w/ the rest of this ####.
ride the fed's wave brahhh
In all seriousness it's a catch 22 where the Street makes bank, poor folks get helicopter money, middle class folks out here stuck trying to plug up the ###. giddy up
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Oculus Spirit [81019]
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These are going for short term rentals
Apr 29, 2021, 1:43 PM
[ in reply to What in the everluvin fyuck? ] |
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Like airbnb, VRBO etc.
When Mt Pleasant finally figures out they aren't making money on these things, they are going to put a clamp down on it. I don't know when it will happen, but I'll be out of here by then I'd imagine.
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Legend [16240]
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Counties usually charge a higher % on investment and
Apr 29, 2021, 1:56 PM
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commercial property than on homestead residential, so the more investors own and rent them out, the more tax revenue they should generate for local gov.
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Oculus Spirit [81019]
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right, but the city isn't getting anything from the short
Apr 29, 2021, 1:59 PM
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term rentals. They have some laws in place but can't seem to crack down on it. At some point I'd imagine the local residents will have enough of the short term rentals (like i did around me and moved), people start moving, or all teh rentals can't fill up and and the owners start selling.
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Heisman Winner [135548]
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I get a call at least once a week from real estate investors
Apr 29, 2021, 12:51 PM
[ in reply to I'm hearing that investors are pooling their money ] |
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asking if I want to sell my house. I tell them right off the bat I'll take 5.5 million. Sometimes they ask for the address and I tell them I thought they already had my address and I'm not going to give it to them if they don't. Sometimes they obviously have the address, because they pretty quickly say "OK, thank you for your time". At least I'm honest about what I'm willing to take for it because I can't get anything close to what I have here for less.
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Hall of Famer [24467]
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My guess is yes. A close friend was offered $$$$ for his
Apr 29, 2021, 12:52 PM
[ in reply to I'm hearing that investors are pooling their money ] |
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building downtown, which he operated as a restaurant. Sounded a bit too good to be true, and his lawyer said it had a 10% of being legit, that the buyer was likely looking to get it leased to someone else, and if he found such a person the sale would go through, and if not he would back out on due diligence. Said it happened all the time, basically spitballing.
In this case it went through, because my friend's business partner actually wanted to keep running a restaurant, and the lease payment would be kinda sorta what my friend took in salary, so he offered to lease it and the sale went through. Something like that is is happening in residential, for sure.
Not to get p&r, but trace some of the trillions in stimmy that no one ever seems to have seen, and my guess is that you'll find it being used for this. All that money, with no interest bearing accounts available, has to go somewhere. All that debt doesn't cause inflation, no.
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CU Medallion [60023]
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if you were making money during quarantine
Apr 29, 2021, 1:47 PM
[ in reply to My biggest question in all of this crazy real estate mess is ] |
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and nothing really slowed down for you, then you are flush with cash. Couldnt go anywhere on vacation, kids didnt need new school clothes, couldnt do short trips to see grandma/grandpa. Business expenses, like travel, for small startups or even legacy small business was zero. So everyone was just sitting around flush with cash and even some of those still got stimulus checks.
If you have some cash, you have cash. If you do not, you are searching for a job and barely paying rent. There isnt much inbetween these days. And with all of the stimulus money going to big business and propping up all the wrong people, the divide will grow and continue.
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Hall of Famer [24467]
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The people crying about 'wealth inequity' are the ones
Apr 29, 2021, 2:01 PM
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creating it. The left wants people to be good little robots and fall in line with whatever govt thinks they should do - both extremes do, but it's the far left running things now - but no one, left or right, behaves that way. People always react to changing circumstances in ways advantageous to them, and the more reasons to react you present a population, the more those best positioned to react will do so, and money will flow to them.
Flat tax, some progression if you like, reasonable safety nets for people in temporary circumstances, get out of the social engineering business, and wealth will go to people who earn it, for everyone's benefit. History keeps proving it, we keep having to bang our heads against that wall.
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Orange Blooded [4701]
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We've started having to have a go live time for listings
Apr 29, 2021, 1:08 PM
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and the agents sit around the table and present their offers to a mediator (broker) who selects the best offer with the client. Everything going for 50-200K over ask price and don't think about anything other than a full cash offer.
It's nuts.
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Hall of Famer [21925]
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helluva time to be an agent***
Apr 29, 2021, 1:41 PM
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CU Medallion [60023]
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I have a friend in Raleigh who does
Apr 29, 2021, 1:51 PM
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Commercial Real Estate and survived pretty darn well through '08 and has now through Rona. I think a lot of it is he is a bulldog man. Dude works insane hours and he has networked himself all through town. So he worked to make that happen. He didn't go party with us when times were lean and now that times are good, he is flying us all down to his place at Emerald Isle in July.
So moral of the story, work hard and be smart with your money, time and influence.
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All-In [46814]
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I hope my time spent networking with
Apr 29, 2021, 1:53 PM
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perverts on the Jounge pays off one day
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Oculus Spirit [78876]
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You wann earn $20?***
Apr 29, 2021, 3:22 PM
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Orange Blooded [4701]
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Downside is we've sold all of our listings. Inventory is
Apr 29, 2021, 1:53 PM
[ in reply to helluva time to be an agent*** ] |
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at an all time low. Construction won't catch up for a couple of years at best.
Everytime Cuomo opens his mouth the floodgate opens for new buyers down here.
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All-In [46814]
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Sounds like you need to make an as-is offer
Apr 29, 2021, 1:08 PM
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30% above asking
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All-In [42119]
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Re: lolutz...was going to bid on a house yesterday
Apr 29, 2021, 1:22 PM
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No joke saw a post of a plastic surgeon up North offering free work if someone would give her the inside track on a house for sale in the Charleston area.
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All-In [40656]
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We were scheduled to look at a house this saturday
Apr 29, 2021, 2:29 PM
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Supposed to go on the market tomorrow. Final offers Saturday at 4pm.
It went under contract last night.
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Orange Blooded [2999]
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I'm starting to wonder how my 5K over ask offer was
Apr 29, 2021, 2:31 PM
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accepted within 45 minutes of making it. Home inspection was less than a page long. There's got to be something wrong with it, right?
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Oculus Spirit [81019]
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Its all about demand and location I guess.
Apr 29, 2021, 2:57 PM
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Makes me think I should have went ahead with the deal on the house with rotted floor joists and just sold it again.
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