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Posted on 5/16/24 at 8:06 am to Gravitiger
quote:
Don't know about Texas, but that wouldn't be legal in many states.
Typical CCR amendment banning leases requires grandfathering in existing owners, but bans for everyone that buys in going forward.
We are grandfathering in existing rentals and 10% cap going forward.
Posted on 5/16/24 at 8:06 am to Dawgfanman
quote:
What do you want the average person to do about it?
I’m sure there are things that can be done at the local level to make it harder for a single entity to buy/build an entire SFR subdivision
solely for investment purposes if people simply cared enough to say they don’t want this in their communities.
This post was edited on 5/16/24 at 8:09 am
Posted on 5/16/24 at 8:10 am to yaboidarrell
quote:
for example
That was a terrible example cause its owned by an Individual
This melt about BlackRock owning ALL the sfrs is insane
Posted on 5/16/24 at 8:11 am to ItNeverRains
quote:
ready for a REIT to start buying up what it can and renting to migrants subsidized by the taxpayers.
I’m sure our Republican politicians are going to put a stop to that.
Right? Right?
Posted on 5/16/24 at 8:12 am to yaboidarrell
Individuals are moving but don't want to let go of their low IR, so they rent their home instead of selling
I'm considering doing it
I'm considering doing it
Posted on 5/16/24 at 8:12 am to Tiger Ryno
quote:
Only way to stop this shite is through legislation. It's not a good thing for society.
I’m conflicted but I agree.
Short term rentals and corporate ownership of homes have a place in the market, but they need to be reeled in. I hate municipalities infringing on the free market, but that’s just the truth in my view.
Posted on 5/16/24 at 8:30 am to Buck Dancer
There is another option as well.
Some people are rent arbitraging homes. They qualify and rent a home then sublease to someone who doesn’t qualify at a higher lease rate.
Some people are rent arbitraging homes. They qualify and rent a home then sublease to someone who doesn’t qualify at a higher lease rate.
Posted on 5/16/24 at 8:35 am to GetCocky11
quote:
I see DR Horton shitboxes being built and going for no less than $450,000. It's fricked.
The fact that this country is still allowing DR Horton to operate within its borders is disgusting. My house is a DR Horton home and it's been here for 11 years, and ive had 3 MAJOR issues including two roof leaks, excessive settling and two seperate instances of cheap plumbing busting (the repair guy showed me the original materials and said that was unbelievable).
Now, I'm starting to get cracks and more settling issues just so I had an engineer come do an inspection and found out that they used wood that does not meet spec for my joists.
Posted on 5/16/24 at 8:36 am to SoonerK
quote:Typically would be required to grandfather in all existing owners, not just those currently renting.
We are grandfathering in existing rentals and 10% cap going forward.
I don't think a percentage cap is legal (at least not in any of the state I practiced in). Also not sure why you would want to put a percentage on it, when you can just ban it altogether.
Hopefully you all have an attorney drafting the amendment and helping you push it through?
This post was edited on 5/16/24 at 8:40 am
Posted on 5/16/24 at 8:38 am to Ebridg3
quote:
The fact that this country is still allowing DR Horton to operate within its borders is disgusting. My house is a DR Horton home and it's been here for 11 years, and ive had 3 MAJOR issues including two roof leaks, excessive settling and two seperate instances of cheap plumbing busting (the repair guy showed me the original materials and said that was unbelievable).
Now, I'm starting to get cracks and more settling issues just so I had an engineer come do an inspection and found out that they used wood that does not meet spec for my joists.
I toured some new build DR Horton homes recently. Aside from the fact that the workers took pisses in the non-operable toilets and left the piss there, the homes just screamed cheap.
The sellers were relying on bells and whistles like keyless entry to get you to sign.
Posted on 5/16/24 at 8:38 am to yaboidarrell
If the house OP posted is considered upper middle class, I might actually be an OT Baller. Thought I’ve been faking it this whole time.
Posted on 5/16/24 at 8:40 am to yaboidarrell
This doesn’t seem uncommon to me in DFW.
Low rates and if you can afford to rent your first house why not?
Low rates and if you can afford to rent your first house why not?
Posted on 5/16/24 at 8:40 am to yaboidarrell
quote:
Homes in upper middle class neighborhoods going up for rent
I wonder if “you’ll own nothing and be happy” is starting to sink in yet?
Posted on 5/16/24 at 8:41 am to yaboidarrell
It’s because the price to buy doesn’t make sense for a lot of people.
That house sold for $305k back in 2019 when they probably would have got a 3.5% rate. Their principal and interest payment would only be about $1200 a month.
That same house they tried to sell for $500k with maybe a 6.5% would be $3100 for principal and interest. It’s insane
That house sold for $305k back in 2019 when they probably would have got a 3.5% rate. Their principal and interest payment would only be about $1200 a month.
That same house they tried to sell for $500k with maybe a 6.5% would be $3100 for principal and interest. It’s insane
Posted on 5/16/24 at 8:47 am to Salmon
quote:
Individuals are moving but don't want to let go of their low IR, so they rent their home instead of selling I'm considering doing it
Well and we should be able to distinguish between someone like you and a corp buying up huge chunks of homes.
Posted on 5/16/24 at 8:51 am to yaboidarrell
Friends house in Austin dropped from 460 to 400, it’s happening
Posted on 5/16/24 at 8:51 am to BluegrassBelle
Raise at my 3rd job oughta cover that. No food or electrics, but I'll be livin' in a nice house
Posted on 5/16/24 at 9:02 am to GetCocky11
These tract homes going up in the exurbs are a disgrace. A plumber told me he repaired a shower/tub in a new build recently and found fast food bags and soft drink cans under the tub. 
Posted on 5/16/24 at 9:04 am to SoonerK
quote:
I know HOA's aren't popular with a lot of people, but my neighborhood's HOA is changing the covenants to limit rental homes at 10% of the total houses and ban short-term rentals. We are right about 10% now and I have no doubt if we don't do something they would be 20+% in a few years.
Most of the renters would have higher incomes than your average homeowner in order to afford high rent payments..Imagine wanting your neighborhood filled with neglected property vs ones being taken care of by real estate companies or management companies
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