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Maybe if they stopped keeping up with everything (payments and upkeep) then a surge of foreclosures and distressed properties could hit the market I guess
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There’s no existing inventory and very little new construction. Theoretically if a bunch of boomers die and have to sell their homes, there will be much more inventory so the supply and demand would even out a bit and bring prices down a little.
Lot of times estates just have to sell the homes for whatever they can get, and keeping it in the family isn’t always an option.
sneakaprince
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He ain't lying.... My pops lives in Cleveland. Lord forbid he passes anytime soon I have no use for a single family home out that way. His crib is fully paid for.
At best I'd fix it up and flip. At worst I'd highest cash offer as is.
It sounds ****ed up but that happens way more than you think. Especially when the inherited home is states away.
Come to think of it my man's inherited 3 rentals in buffalo like a year ago. He been back and forth out there for the last year getting them ready for the market.
Death sucks man love your ppl while you got em.
At best I'd fix it up and flip. At worst I'd highest cash offer as is.
It sounds ****ed up but that happens way more than you think. Especially when the inherited home is states away.
Come to think of it my man's inherited 3 rentals in buffalo like a year ago. He been back and forth out there for the last year getting them ready for the market.
Death sucks man love your ppl while you got em.
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Happened in leimert park. Folks passed and the white body, black trim flippers bought everything up
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Ahh ok that makes sense
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One of my uncles was VP for abbott technologies. Had a massive heart attack in his late 50s and died without a will. His ex wife and my grandma split all his assets... my grandma didnt finish the 5th grade... so she asked my dad to help her square everything away. Sold his million dollar home in Chicago, all his Cartiers and Rollies and Muellers and minks... carss....In the end she gave like 250k to her church and bought 5 or 6 of the crappy homes on the block she grew up to rent out to ppl in need... well when she died my dad didnt know what to do. Hard to be a property manager/landlord on top of a full time job. Especially when the properties are ~400 miles away. He ended up giving 2 away to my ****head uncles but the others are jus sitting
Funny part is she paid between 25-40k a peice and now theyre all worth 100k+ (canton, ohio)
Funny part is she paid between 25-40k a peice and now theyre all worth 100k+ (canton, ohio)
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As a teacher I often hate myself for being part of the problem but curriculum needs to be centered around life skills. We need to teach wills, taxes, savings, credit, etc.
I was lucky that my moms had all her affairs in order because snake *** family members always try to lay claim to what’s not theirs.
I was lucky that my moms had all her affairs in order because snake *** family members always try to lay claim to what’s not theirs.
sneakaprince
Supporter
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**** that curriculum bro be the change.
I was teaching 4 years ago and (actually got into real estate while teaching) and I always tried to put my students on game.
One of my students and I are actually still really close and he stays hitting me about crypto and real estate. He bought his first house last year and is set on buying an investment property this year (I told him he should've went the multi fam route first but he has a wife and kids now and didn't want to put them in an uncomfortable situation).
Talk to your people about a trust if you can. My stepmom died recently after a couple years of battling Alzheimer's and Parkinson's. My pops is gonna have to go through probate court even though she had a will.
**** looks like it will be 6 months to a year at minimum before the smoke clears. A trust could've resolved a lot of this **** without getting courts involved, but you only know what you know.
All my cribs are being left to my trust with very specific instructions regarding who is in charge and how the assets are be handled.
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Cool teachers. 
One of my teachers put me onto two jobs in highschool. I’d go gut houses he was flipping with him on weekends and he got me a job at the u of m doing some basic drafting with CAD.
One of my teachers put me onto two jobs in highschool. I’d go gut houses he was flipping with him on weekends and he got me a job at the u of m doing some basic drafting with CAD.
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That's dope. I was into real estate as I started teaching so I never took to teaching lol.
One of old my most recent graduated kid runs a resell IG page after we connected because of shoes. I told him to stop chasing looking fresh and profit off it. A former student who is now 30 and a former NTer, is making millions in flipping and development now.
I still get written up and get stale evaluations but the kids ask to be in my class and other teachers ask me for pointers on classroom management. I make sure to get the lesson out but most days I'm asking them about their likes, interests etc. I give them the fafsa cheat codes, how to do taxes thru turbo tax. What to expect in college,. How they can make money now.
My discord goes off and they ask about video games and I put them on to the whole resell discord life. And like clockwork, admin pops in as I'm typing this lol
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There was a nice 6 bedroom house I was going to get instead of my 3 bedroom townhouse/condo but it's just me and my wife and it looked haunted. Unless you're the royal tenenbaums no one needs this much space.
s0lefunk
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- May 31, 2007
Any experience with fluctuations in escrow payments? Been in our house for a year now, first-time homeowners. Recently got a letter from the mortgage company saying they overestimated our property taxes so lowered our escrow payments (and effectively our mortgage) by $250 going forward.
Now I’m worried it will go back up
Now I’m worried it will go back up
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As it should. Low interest rates during COVID accelerated the problem. Real estate became an "investment" for venture capitals and hedge funds
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Nah that’s real talk tho…They ruined the world for us, only right we pay it forward to gen z.
from boomers buying homes for themselves and THEN forcing the “credit score” for eligibility to buy a home, to going to college for Pennie’s on the dollar to raising tuition when it comes to our turn..
And then tell us to “work harder”..
Move yuh bumboclaat 🗣
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What you saying is great but most sue with no kids, estranged or when you pass the kids WILL sell it at an estate sale pricing.
Not every body wants to be a owner of a 100 year old home.
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Anybody in CA have any reservations of doing rentals due to the laws being so “renter” friendly?
Considering putting all my chips together to cop another place but you can get royally ****ed with bad renters in CA/LA county
Considering putting all my chips together to cop another place but you can get royally ****ed with bad renters in CA/LA county
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- Nov 5, 2012
idk but my agent been telling me the place to cop is in Big Bear for rentals
When I level up again I def want to have a second property to rent out. but it's freakin crazy out here especially since it's just me I aint got a partner with a second income and I'm not making great money or anything
But if someone could answer this that'd be cool
I'll ask my agent if anything
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The big money grab right now is halfway homes/assisted living conversions.
I had a couple properties precovid but after a tenant cost us 10-12k in loss rent, legal fees and stress…we sold.
My advice would be get it rented to section 8. Renters are under strict rules and you get paid the majority of rent like clockwork from the gov. When ours moved, and more USC student were renting is when we caught the most stress and repairs.
I had a couple properties precovid but after a tenant cost us 10-12k in loss rent, legal fees and stress…we sold.
My advice would be get it rented to section 8. Renters are under strict rules and you get paid the majority of rent like clockwork from the gov. When ours moved, and more USC student were renting is when we caught the most stress and repairs.
sneakaprince
Supporter
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- Apr 29, 2007
I feel your pain brother I got two evictions this month. Each will easily cost me a couple grand in both legal fees and rehabs.
One dude was an inherited tenant that hoarded so much crap. It's gonna be a slow burn but we will steer that ship back on course.
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Prices in big bear have shot up crazy from what I remember seeing several years ago. But with the popularity of air bnb, I can see why.
Nightly Prices in big bear from Dec-February are crazy. I feel like the majority of your rental/cash would come from those 3 months
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Oof. Stay positive.
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Rates goin up
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my condo is from the 80s
