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Florida Homeowners Call It Quits: Selling Hurricane-Damaged Homes to “Quick Buy” & “As Is” Vultures
(lakelandgazette.info)
The system is working as intended.
this post was submitted on 16 Nov 2024
99 points (100.0% liked)
Housing Bubble 2: Return of the Ugly
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At some point we have to wonder if we are undergoing the second "tragedy of the commons" modern variety type....
now you can't even own private property, got to rent it!
I'm curious as to why you buy these homes? Is it to buy land that can be sold at a profit later? Is it to rebuild the houses and sell for profit?
Short term might work, but it seem like incredibly high risk long term. What am I missing?
Since this is investment companies, they probably do the numbers and come up with a price that is so low they are sure they can flip it for more than that. The current owners maybe can't afford repairs and are financially/emotionally desperate and in a bad negotiating position.
Probably these companies are making terrible offers to as many people as they can. I don't live in Florida, but I've gotten letters that I assume are from companies like this trying to start a discussion about selling, I guess they are fishing with a very broad net for people willing to accept very low prices.
They better hope Aquaman is in the market for some new places
This is awful for people affected, but we do sort of keep ignoring the fact that Florida isn't forever. Do we want people to keep building their castles in the swamp? I wish it was the gubment buying them out and prohibiting residential zoning in some of these places, but here we are. Our country's disdain for the public good has left our collective asses exposed to the whims of the almighty market.
Global climate change and rising sea levels were predicted more than 100 years ago, and specific warnings for low-lying areas like Florida have been given by scientists for decades.
But people, especially the 'pull yourself by you bootstraps' and 'no gubmint handouts' people, have conveniently believed politicians of a specific party and chose to invest in buying this property.
Why should these people be bailed out now? Why should they be rescued rather than the socioeconomically disadvantaged?
Who is funding these "vultures"?
You know those ads in most money articles? The ones where you can own fractions of real estate? Well, it’s that and many other venture funds.
If you own a house now, good for you. Enjoy while you can until they change the laws to benefit businesses and penalize single home owners. The system is working as structured.
Enjoy while you can until they change the laws to benefit businesses and penalize single home owners.
my man/woman.... US tax code is already providing sufficient tax advantage esp at institutional level for this. Trump's last round of tax reforms was merely a cherry and we are about to get more of this shit.
This combined with overall favourable tax treatment of legal entities, anyone with capital is in better position to buy and rent, then you our sorry asses buying today.
being a working pedon is literally being boxed into exploitation and most people can't even point at the perp... amazing system.
I don't trust anyone who spells favorable with a 'u' when it comes to US anything, let alone tax code.
You don't need to trust anything, IRC is posted online for anyone who cares to read it.
Also, preferential treatment of real estate investments is pretty commonly know fact in the US.
A simple example is something like a REIT, which are an investment vehicle used to own a lot of mutli family properties within US. These can be listed on an exchange too
This is just one example;)
~~Vulture~~ “Venture” Capitalists.
That is just balancing back to reality. A lot of houses down there should not have been built there in the first place.