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Re: Investors Acquire Up to 76% of Atlanta Houses...
[Re: poorcountrypreacher]
#3977871
09/13/23 08:39 AM
09/13/23 08:39 AM
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Joined: Jun 2015
Posts: 14,287 Some Marriott/Auburn
AU7MM08
Booner
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Booner
Joined: Jun 2015
Posts: 14,287
Some Marriott/Auburn
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The group I really feel for are young adults in their 20s
The cost of education, housing, day care, groceries etc. imagine trying to buy a house with no existing equity with 8% rates and all time low affordability. It's gotta be tough for them, especially when compared to just a few years ago. It may be that young people will have to adjust their expectations. When I bought my first home, the interest rate was 16.5%. That was for an 1100 sq ft house without AC. It had a propane heater that didn't work and I replaced it with a wood heater and cut firewood. And we felt very blessed to finally own a home. A lot of young folks I know today just wouldn't live under such conditions. If I may ask What was the purchase price? What was your income at the time of purchase? Not saying they don’t exist but small/1,100sqft houses that are in decent/safe’ish neighborhoods are quite uncommon when speaking broadly in 2023
Last edited by AU7MM08; 09/13/23 08:39 AM.
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Re: Investors Acquire Up to 76% of Atlanta Houses...
[Re: Irishguy]
#3977877
09/13/23 08:53 AM
09/13/23 08:53 AM
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Joined: Jul 2010
Posts: 9,557 B'ham
Goatkiller
14 point
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14 point
Joined: Jul 2010
Posts: 9,557
B'ham
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Achieving the status of Slumlord is nothing new and certainly nothing new in Birmingham.
The problem is ultimately this is a cash flow only business. The property never appreciates in value much if at all. So while you might be getting checks from the government think about this... your house went up in value right or wrong over the last several years. That crappy property they own in the hood didn't move much. If you believe you don't lose money until you sell the property that might not seem like such a big deal but it is a bad investment.
There is no free ride. Some people make money in that business but not knowing anything about Irish's neighbors other than what was posted on this thread they won't come out ahead. The ones that come out ahead in that game would be the ones that leave the house every morning with a truck full of tools and come back at dark dirty and tired.
No government employees were harmed in the making of this mess.
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Re: Investors Acquire Up to 76% of Atlanta Houses...
[Re: Irishguy]
#3977880
09/13/23 08:54 AM
09/13/23 08:54 AM
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Joined: Mar 2008
Posts: 26,186 Prattville, Alabama
Skullworks
Freak of Nature
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Freak of Nature
Joined: Mar 2008
Posts: 26,186
Prattville, Alabama
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The house next door to us sold earlier this year for $155K. It is about 1100/1200 SF with 1-1/2 baths and 3 bedrooms. 1960s build. Safe neighborhood. The entire inside was redone by the realtor after the last tenant.
"I'm not near as critical about how big they are as I once was. Smiles are more important now! We will grow more deer." Jimmy G.
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Re: Investors Acquire Up to 76% of Atlanta Houses...
[Re: Skullworks]
#3977884
09/13/23 08:59 AM
09/13/23 08:59 AM
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Joined: Apr 2000
Posts: 12,222 34°25'49.80"N 86°55'46.99"...
gman
Booner
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Booner
Joined: Apr 2000
Posts: 12,222
34°25'49.80"N 86°55'46.99"...
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The house next door to us sold earlier this year for $155K. It is about 1100/1200 SF with 1-1/2 baths and 3 bedrooms. 1960s build. Safe neighborhood. The entire inside was redone by the realtor after the last tenant. Yep, have a friend that just bought a 70yo, 2br, 1 bath 1100sf house for $150k. Good neighborhood. Put another $20k in it. Idk if they'll get it back?
The harder I practice, the luckier I get.
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Re: Investors Acquire Up to 76% of Atlanta Houses...
[Re: Skullworks]
#3977888
09/13/23 09:13 AM
09/13/23 09:13 AM
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Joined: Nov 2011
Posts: 2,177 Alabama
bama_earl
8 point
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8 point
Joined: Nov 2011
Posts: 2,177
Alabama
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The house next door to us sold earlier this year for $155K. It is about 1100/1200 SF with 1-1/2 baths and 3 bedrooms. 1960s build. Safe neighborhood. The entire inside was redone by the realtor after the last tenant. I would think a young couple who graduated from college or studied for a trade could afford this home no problem. One of the biggest issues with the under 25 year old crowd is expectations. They want a standard of living they cannot afford. Many of us started in a single wide trailer with a new born baby and one vehicle.
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Re: Investors Acquire Up to 76% of Atlanta Houses...
[Re: bama_earl]
#3977926
09/13/23 10:24 AM
09/13/23 10:24 AM
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Joined: Mar 2008
Posts: 26,186 Prattville, Alabama
Skullworks
Freak of Nature
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Freak of Nature
Joined: Mar 2008
Posts: 26,186
Prattville, Alabama
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The house next door to us sold earlier this year for $155K. It is about 1100/1200 SF with 1-1/2 baths and 3 bedrooms. 1960s build. Safe neighborhood. The entire inside was redone by the realtor after the last tenant. I would think a young couple who graduated from college or studied for a trade could afford this home no problem. One of the biggest issues with the under 25 year old crowd is expectations. They want a standard of living they cannot afford. Many of us started in a single wide trailer with a new born baby and one vehicle. It's an older couple that has one of them mother living with them. They bought it to get our of Montgomery.
"I'm not near as critical about how big they are as I once was. Smiles are more important now! We will grow more deer." Jimmy G.
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Re: Investors Acquire Up to 76% of Atlanta Houses...
[Re: Goatkiller]
#3977968
09/13/23 11:19 AM
09/13/23 11:19 AM
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Joined: Nov 2008
Posts: 10,554 Alabama
whack-n-stack
Booner
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Booner
Joined: Nov 2008
Posts: 10,554
Alabama
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Achieving the status of Slumlord is nothing new and certainly nothing new in Birmingham.
The problem is ultimately this is a cash flow only business. The property never appreciates in value much if at all. So while you might be getting checks from the government think about this... your house went up in value right or wrong over the last several years. That crappy property they own in the hood didn't move much. If you believe you don't lose money until you sell the property that might not seem like such a big deal but it is a bad investment.
There is no free ride. Some people make money in that business but not knowing anything about Irish's neighbors other than what was posted on this thread they won't come out ahead. The ones that come out ahead in that game would be the ones that leave the house every morning with a truck full of tools and come back at dark dirty and tired. Lots of truth to that. Section 8 tenants are also typically the worse.
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Re: Investors Acquire Up to 76% of Atlanta Houses...
[Re: bama_earl]
#3978014
09/13/23 12:25 PM
09/13/23 12:25 PM
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Joined: Nov 2003
Posts: 8,075 north Alabama
biglmbass
14 point
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14 point
Joined: Nov 2003
Posts: 8,075
north Alabama
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The house next door to us sold earlier this year for $155K. It is about 1100/1200 SF with 1-1/2 baths and 3 bedrooms. 1960s build. Safe neighborhood. The entire inside was redone by the realtor after the last tenant. I would think a young couple who graduated from college or studied for a trade could afford this home no problem. One of the biggest issues with the under 25 year old crowd is expectations. They want a standard of living they cannot afford. Many of us started in a single wide trailer with a new born baby and one vehicle. As an example, I ran into an old friend yesterday & asked about his kids. His boys are 29 & 31 & living together in Huntsville. Both have professional type jobs & want to move out & each get houses. Gotta be in HSV though, versus something cheaper in Athens, Decatur, Priceville, or Hartselle. Say buy something modest in Decatur, live there for 5-8 years, then move to Madison or Hsv into bigger/nicer house. Nope, neither of 'em can see doing that. All other options are trash in their opinion.
The left lane is for the the purpose of moving the flow of traffic forward regardless of the speed limit. If your impeding the flow of traffic get your ass in the right lane. It's really that simple...
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Re: Investors Acquire Up to 76% of Atlanta Houses...
[Re: Irishguy]
#3978057
09/13/23 01:12 PM
09/13/23 01:12 PM
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Joined: Apr 2013
Posts: 4,675 Alabama
Rmart30
10 point
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10 point
Joined: Apr 2013
Posts: 4,675
Alabama
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I was in a hunting club with someone who did the same on smaller scale. He owned about 12 section 8 houses in west end. Said he got his check every month and he was happy with it.
Ethical behavior is doing the right thing when no one else is watching - even when doing the wrong thing is legal. Aldo Leopold .. (except when it comes to trailer tags)
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Re: Investors Acquire Up to 76% of Atlanta Houses...
[Re: Irishguy]
#3978146
09/13/23 04:10 PM
09/13/23 04:10 PM
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Joined: Dec 2013
Posts: 11,410 Prattville
Dkhargroves
Booner
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Booner
Joined: Dec 2013
Posts: 11,410
Prattville
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Sounds like I need to get into the section 8 market
There is 2 different high fence. 1 small and one big! Mine was free range in the big pen and was not a breeder buck. Why does it have to be twisted around??
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