Something I should say more often on here but don't: I am a buyer of distressed properties in approximately this area. Single-family, small multi-family, condos, etc. Always happy to pay a finders fee or commission for the right deal.
🚨 A federal judge has ruled that major portions of the National Firearms Act are unconstitutional after Congress eliminated certain taxes on suppressors, short-barreled rifles, short-barreled shotguns, and other covered firearms.
Advice from having lived through two major market corrections.
The first rent cut is always the smallest. Get out ahead of it and lead the market down; don't chase.
Rents are a market decision. Vacancy is an operator decision. Swallow your pride and keep the building occupied.
Trial lawyers are lobbying against self-driving cars because they're too safe. They need people to be killed and injured so that they have material for lawsuits.
@JovanHPulitzer This is what it means when someone says a house has “good bones”. This stuff is much more termite resistant than new wood. Good to know when buying real estate in places like Florida.
have a rat getting into my attic somehow
calling exterminators to get quotes
one guy sounds like rats slept with his wife or something, guy was getting angry just talking about rats
found my contractor
Active housing inventory for sale, across America's 50 largest metro area housing markets
Most ABOVE pre-pandemic 2019 levels:
1. Memphis
2. Austin
3. San Antonio
Most BELOW pre-pandemic 2019 levels:
1. Hartford
2. Chicago
3. Providence
Tabla via @ResidentialClub
Here’s what happens next:
1) Now that existing landlords can no longer can raise rents as costs inflate, they either let their apartments fall to ruin or quit entirely
2) New development ceases as investors avoid investing where revenue is fixed, expenses are not, and their work is vilified
3) The now state run, run down apartments are exploding in cost as housing units go offline and new development completely stops outside of wildly over budget, always delayed government housing
4) The communist response is to blame greedy landlords and developers for not being willing to go bankrupt to provide housing for others
5) As the productive flee the city, the communists have no choice but to increase taxes even more - on everyone, not just the few rich left in the city
6) The race to the bottom begins, as societal unrest grows, factions develop, and in-fighting reigns
7) The great hope - which is not a guarantee - is that reason eventually prevails and a reversion to common sense enables the slow, painful recovery of New York City
There is no path for this to go well, NYC.
It ends as it always has throughout history: Less housing, higher prices, and higher taxes for you.
NYC’s rent freeze is a targeted hit on landlords.
Force rents below what it costs to maintain a building and there’s nothing left for repairs. Places rot, then socialists use the decay they caused as the excuse to seize the properties.
That’s the endgame. If they wanted prices to drop, they’d push for increasing supply. But it’s not.
These people are thieves in office. Treat them like it.