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whowasonCRACK2 t1_j6omu9w wrote

This shit sucks. Housing is for humans, not your portfolio.

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Dangerous-Ad9208 t1_j6oojfv wrote

Quit your bitching. He’s not saying this to promote rental properties, he’s just giving advices to future homeowners so that they don’t have a shitty house on their hands, especially their dream house because they bought from the wrong flipper. Ain’t nothing wrong with that.

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whowasonCRACK2 t1_j6oyl7z wrote

Yes the content of this specific post is geared towards buying flipped houses, but you would need to be brain dead to not realize this knowledge only comes from a lifetime of parasitic middle-manning the real estate industry.

r/rva when a landlord does anything: “🤬 get a real job”

When it’s a house flipper: “noo! That’s just a precious mom and pop housing provider”

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Kindly_Boysenberry_7 OP t1_j6pfy2a wrote

No. 1: Have not been in real estate a lifetime. Only 15+ years. Before that I was a corporate lawyer.

No. 2: Not sure what "parasitic middle-manning the real estate industry" means. Sounds.....bad.

Some flippers are good. Some flippers are bad. They are selling updated homes to willing buyers. I've got no problem with that.

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Kindly_Boysenberry_7 OP t1_j6oocrx wrote

Well, flips actually put housing that oftentimes "real" buyers couldn't buy back into the housing inventory. Or put old, dated inventory that no one is buying - because again, they only want "DONE!" - back into the active inventory. So I don't view what flippers do as a bad thing. When I don't think it's good is when first time buyers - or any buyers, really - get sucked into a badly done flip that turns into an unexpected money pit for them.

ETA: Sometimes properties will not qualify for financing for a "regular" buyer, so unless an investor comes in and updates the home, it just sits there and rots. Examples = non-functional heating systems, damaged roofs, etc.

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The_Cawing_Chemist t1_j6or81o wrote

Alright so if property can’t be used as an investment source anymore, what do people do? End up with a non-diversified portfolio and all their assets tied into the stock market? Can land still be used as an asset or is that off limits too? Can I own any tangible asset or am I just fucked if the market isn’t doing well?

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Kindly_Boysenberry_7 OP t1_j6ouxv4 wrote

I'm happy for people to invest in real property. I am just disgusted by the people who are buying up real estate to use as short term rentals (STRs), knowing they are flaunting the law. The law exists to balance the interests of homeowners who want to make additional money vs. the needs of the community.

If you live in a triplex and decide to operate the two other units as Airbnbs - that's legal under the City law and fine with me, so long as you register your units and pay the fees. If you have a garage apartment on your property and you want to make that an Airbnb, again, fine with me, it's legal under the law so long as you register with the City.

However, what is NOT COOL with me is for people to buy homes or multifamily buildings in the City, NOT live in them, and turn them into Airbnbs.

Want to buy real estate as an investment and use it as a year-round-rental? That's perfectly fine. I think investors who don't have real estate as part of their portfolio are making a mistake. But I also think the public policy of restricting Airbnbs in order to ensure there is enough affordable and available housing for real people, residents of this City, is the right approach. And it infuriates me that people are blatantly ignoring the law and then screaming about "my rights!"

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The_Cawing_Chemist t1_j6owgyj wrote

Is Richmond enough of a tourist destination for a significant amount of inventory to be gobbled up by those greedy STR investors?

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Kindly_Boysenberry_7 OP t1_j6oyxlr wrote

Yes. We have a problem Airbnb in my neighborhood. Turns out the owner is an out-of-town investor who owns 23 PROPERTIES in the City. That's one dude. Many of the properties are in what I consider the first time buyer price range. How do you feel about someone coming into the City and taking 20+ properties out of inventory for either homebuyers or year-round tenants?

Remember, before the huge rise in STRs over the last three years, most investor-owned properties would have been "normal" rentals.

ETA: Spelling

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