Housing market is too far gone.

Menger

OT Supporter
Nov 23, 2011
23,796
Most of the houses in the walkable downtown area of the city I’m targeting are old (70-110 years old) and kinda shitty, so I’m afraid of buying one and putting money (50k? 80k) into it to make it nice. Is this a fair concern, or am I just being unreasonably afraid of being the first gentrifier? Couple new breweries just went in, and I think people will realize it’s becoming a nice area for adults (college town) not just college kid bars. What say you, OT?
 

Relax Preppy

OT Supporter
May 22, 2003
71,517
Washington, D.C.
Most of the houses in the walkable downtown area of the city I’m targeting are old (70-110 years old) and kinda shitty, so I’m afraid of buying one and putting money (50k? 80k) into it to make it nice. Is this a fair concern, or am I just being unreasonably afraid of being the first gentrifier? Couple new breweries just went in, and I think people will realize it’s becoming a nice area for adults (college town) not just college kid bars. What say you, OT?
id worry about the heating/cooling bill on those 100 year old homes...
 
May 8, 2001
39,761
Colorado
Most of the houses in the walkable downtown area of the city I’m targeting are old (70-110 years old) and kinda shitty, so I’m afraid of buying one and putting money (50k? 80k) into it to make it nice. Is this a fair concern, or am I just being unreasonably afraid of being the first gentrifier? Couple new breweries just went in, and I think people will realize it’s becoming a nice area for adults (college town) not just college kid bars. What say you, OT?
Tear it down, and put up one of these

697c66fa0565d5616530dbdd2533656a.png
 

aloe

OT Supporter
Aug 26, 2002
148,141
Dallas, Tejas
Most of the houses in the walkable downtown area of the city I’m targeting are old (70-110 years old) and kinda shitty, so I’m afraid of buying one and putting money (50k? 80k) into it to make it nice. Is this a fair concern, or am I just being unreasonably afraid of being the first gentrifier? Couple new breweries just went in, and I think people will realize it’s becoming a nice area for adults (college town) not just college kid bars. What say you, OT?
More like needing $150k+ in renovations/infrastructure updates
 

HorrorBusiness

Well-Known Member
May 7, 2004
8,741
id worry about the heating/cooling bill on those 100 year old homes...
Yes, great point. Spent 10 years in a historic house in old town Alexandria built in 1810. Heating and cooling was a nightmare, expensive and constantly running. Historic nature of the housing greatly limited options for upgrading windows and doors.
 

Mejnoon

Well-Known Member
May 6, 2000
39,489
Omaha, NE
Let's see how much institutional demand is there when fed fund rates are at 2-4% compared to the ridiculous 0% fed rates they got to buy up all these homes with.
They’ll keep right on buying, they’ll just re-price based on their yield expectations, and the increased borrowing costs will be washed away in due time by escalating rents.
 
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May 8, 2001
39,761
Colorado
I have a sneaky suspicion that our wealthy Mexican tenants that are in our rental home are laundering money. This is how they have been paying rent and bills lately. They just pull out a big ol' cardboard box and grab a handful and start counting. They are great tenants though so whatevs.

aLuzuQs.jpg
Are they legal? Maybe they don't have or use bank accounts.
 
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intro_vert13

∞/21M
OT Supporter
Feb 26, 2005
35,957
an offshore haven somewhere
I have a sneaky suspicion that our wealthy Mexican tenants that are in our rental home are laundering money. This is how they have been paying rent and bills lately. They just pull out a big ol' cardboard box and grab a handful and start counting. They are great tenants though so whatevs.

aLuzuQs.jpg
that money is filthy
definitely not laundered iirc
 
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pookrat

OT Supporter
Dec 6, 2002
5,331
The Woodlands
Are they legal? Maybe they don't have or use bank accounts.
Yeah they are here legally on tourist visas. Two families. Well two wifes and their children. The husbands only come every 6 weeks or so for a weekend. Came so their kids could go to school in the States for a year. Leaving back to Culiacan in a month. They have bank accounts and originally just sent the payments via Zele. Then asked if they could pay cash for everything very early on. As long as they paying I am not worried about it.
 
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Remy Bressant

Boots in the cab SMDFTB
OT Supporter
Jul 24, 2015
40,115
SoCal
Yeah they are here legally on tourist visas. Two families. Well two wifes and their children. The husbands only come every 6 weeks or so for a weekend. Came so their kids could go to school in the States for a year. Leaving back to Culiacan in a month. They have bank accounts and originally just sent the payments via Zele. Then asked if they could pay cash for everything very early on. As long as they paying I am worried about it.
That’s 100% shady money of some kind :rofl:
 

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
26,107
Loserville. Population: 1
That’s 100% shady money of some kind :rofl:
I legit think I was housing a terrorist in 2003 :rofl:

I lived in Pinellas County FL right next to @Chuck Finley by the beach. Had a 2br apt and got a roommate to split the rent. His name was Jalaal and he was from Morocco. He was a "student" and said he had another apartment in Orlando, but wanted to be close to the beach too. He was hardly ever there, I think he might have had a job for a short while but said he didn't like it so he just quit. And I don't know how much time he was spending at school either. He skipped out on rent and owed me a couple months. I did some digging and found his Orlando address and went to collect, and I think I interrupted a cell meeting :rofl: It was him and like 8 other middle eastern guys all huddled around on the floor looking shady AF. I'm lucky I wasn't beheaded on youtube that night. The whole thing was just...off. I think I even submitted a tip to [email protected]
 

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