All Forum Posts by: David Dachtera

There's a sponsored ad in the forum feed immediately above the box to enter this reply ("BPSWAP - Morning Brew").

Perhaps paid ads like those would be an allowable way for folks to self-promote and have it appear in the forum feeds.

My $0.02 ...

@Elijah Williamson,

Lotta folks talking eviction already, but I didn't see where you said they were behind on the rent.

I'd ask about the new furniture and can they return or sell any of it to lower their monthly payment(s). Offer some "brotherly" (fatherly?) suggestions.

Maybe re-verify their employment status using the numbers they gave you as well as employers they may have provided or were listed in their credit report(s) (not always up to date, but another place to check). Verify the landlord(s) of their previous addresses, also, and that they match the contact info you received back then.

The old "too good to be true" thing is echoing in the back of my mind, as well. A young couple with kids and at least some savings should be able to get 3.5% down on government insured home loans. $11K (minus closing costs) down should get them into the $300K range if their credit and employment qualify.

That "super excited to move into the property and wanted to discuss staying long term" thing should maybe have been a red flag, also. Dunno ...

My $0.02 ...

The previous housing supply shortage was artificial - the banksters (who admitted on camera in a documentary that THEY caused the crash) increased demand through predatory lending. The actual demand for housing was proceeding apace until then.

Note also that I said "begins to catch up", not "catches up". Lowered pregnancy and birth rates during the pandemic will likely cause demand to flatten out a bit in 18 to 22 years or so. That will help, but we may still be playing catch-up at that point. The influx of European refugees from WW-III will have an impact, also.

As for things "screaming inflation", how many wrongs does it take to make a right? Again, big business is not hurting - it's wallowing in excess profits and STILL raising prices. That's the literal definition of "price gouging". There is also no economic or financial evidence to show that big business was hurting prior to the pandemic. Prices and profits were both spiraling upward out of control at that point. So, even THAT inflation, wasn't - it was and is price gouging, pure and simple.

Purely my opinion ...

The housing shortage is nowhere near resolution. We're probably looking at another 3 to 4 years - or more - before new construction begins to catch up with both the latent and future demand. This is based on what economists were saying some 12 years ago. Experience since then in the housing market has supported their conclusions. I see prices for both SFRs and rental properties continue to remain high and probably rise even more going forward. Likewise rents.

In the broader economy, what we are seeing is -NOT- inflation. Corporations are not hurting - they're showing record profits which continue to rise. Yet, they continue to raise prices and restrict supply even beyond the impact of the pandemic. It's -NOT- inflation - it's price gouging, pure and simple.

I can hear the comments now in boardrooms across the Country: "The government is going to force us to pay you more? Fine. We'll help you spend it!"

My $0.02 ...

The key point to consider about "Zestimate"s is in the word itself: it says Z-"estimate" ... it does NOT say Z-"appraisal".

It's  the 'best guess" the programmers can teach the software to make based on the data available to it at the time the web page loads into your browser.

@Scott Bidwell,

In addition to what the others have said, consider ...

You need income - some form of income. You have cash. The most lucrative use of cash tends to be money lending. Ask any banker.

So, you may want to rethink your current circumstance.

You may need to postpone your home acquisition until your situation poses fewer challenges. Your motivation and determination are admirable. They just don't carry much weight with lenders or anyone who may buy those notes from the originating lender. My suggestion for this would be either pay cash for your new home and deploy your remaining reserves to produce income, or postpone your home purchase for now.

Then, build a new business as a hard-money lender using your own resources. Use THAT income to finance your own home and/or investment / income properties.

My $0.02 ...

Let it go month-to-month, then send them a 30 day notice to vacate.

May prevent a few arguments ...

Just wondering if anyone has ever heard the phrase "living paycheck to paycheck". Throw a $300+ "monkey wrench" into that machine and stand back - make sure you're wearing your PPE (Personal Protective Equipment) when you do.

As Marina Loos posted, ...

"What she did with that benefit ... " SURVIVE!

"The two don't have to unite and be okay with each other" ... but, there's no law against it, either.

For "... enable this behavior", read: provide affordable housing.

We all "plan for (the) future". Fortune is often less than accommodating, to say the least. "Life" happens on its own schedule, no one else's.

It may be unwise to assume that because a person is in a specific occupation that they are at the top of the pay scale for that occupation. Certainly, the pandemic has been most revealing in that regard.

That said, I do agree that it's time for a parting of the ways. The new owner's business model is inconsistent with that of the previous owner. So, yes - change needs to be made. In the process, it might be wise to not inflict or aggravate the black eye the landlord persuasion has in the eyes of our customers (current and potential tenants), not to mention their government representatives at all levels.

My $0.02 ...

Given that we're currently in a housing shortage, I'm not expecting any major impacts outside of the financial and energy sectors.

New construction - where it's happening - may be curtailed a bit as a result. Existing housing will still be in increasing demand as new careers and new families are begun.

My $0.02 ...

I'd have to wonder why neither the title company nor your closing attorney caught the issue ...