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Nation Of Landlords?

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Terrel L. Shields

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Arkansas

Randolph Kinney

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North Carolina
"It's a new landlord nation where everybody is renting out their basement. When somebody moves up they don't sell their old place, they rent it out to somebody else, and it's because they want to keep that 30-year mortgage for 30 years, and it's because they can easily find somebody on Airbnb who will take the place," Kelman said."

People that have favorable mortgages won't sell. They might add on. They might rent out. It too expensive to buy, incomes won't support it.
 

Restrain

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Jan 22, 2002
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Florida
My son lives in the Seattle area, rents out his basement. But not as bad as Vancouver, CA. They literally rent out basement and parts of homes as taxation makes single-family ownership and occupancy of larger homes financially void.
 

Evincere

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Dec 30, 2002
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Florida
We have always been a nation of landlords and tenants where landlords, thought to be in a superior position, are nevertheless, still tenants. The only difference is some choose 30 years leases, others 1 year.

From Anglo-Norman morgage, Middle French mortgage, from Old French mort gage (“death pledge”), after a translation of judicial Medieval Latin mortuum vadium or mortuum wadium, from mortuum + vadium or wadium, of Germanic (Frankish) origin, from a root *waddi, wadja. Compare gage and also wage.

So called because the deal dies either when the debt is paid or when payment fails
 
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A K

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Jul 31, 2013
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Maryland
I don't see a "crisis" or any reason to "freak out". I just think developers will come in and fill the demand if feasible.
 

Terrel L. Shields

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Arkansas
I just think developers will come in and fill the demand if feasible.
If...a frog had a pocket to carry a pistol in, wouldn't be afraid of snakes. In rural areas it can lead to sprawl. In urban areas, it leads to development of inappropriate sites. Cities will approve anything they think could increase the tax base. We had a little town here approve over 800 new lots in 2005. This was a town of about 2,200. So you are going to double the size of town? Well, one developer had 80 acres and plans for 120 plus homes near a power plant. With the planning approval he basically blackmailed the power plant to buy him out. The guy paid $8000/acre and sold for $14,000 an acre and it is still a cow pasture and will remain as a buffer as long as the plant exists. The next largest development is still sitting without roads or utilities other than electric. The third actually built a few houses before folding up. At least three developers met their Waterloo here in this tiny town. That same town is now set to approve a huge apartment complex between a railroad and a bunch of commercial buildings on the main highway, because the adjacent town rejected them. The builder is working with a poultry plant to make space for new hires that they intend to bring in from a work release program...gonna a bunch of real nice folks.

There is some development I can do without. Rural sprawl is by far the worst. As a local ecologist told me recently, "If we don't slow population growth, then all the open spaces will have to go sooner or later." America was colonized by Europe which had basically got to the point they couldn't feed themselves. Without bringing squash, beans, and potatoes back to Europe, there was going to have to be mass migration somewhere else. That migration was to the Americas....Now where do we go?
 

Amy Perkins

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Jul 20, 2003
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Certified Residential Appraiser
State
Tennessee
Prices are at an all time high, even before the crash and I had the hardest time finding active and pending listings. Where are all the people coming from all of a sudden? And the money, where is the money coming from?
 

Riick

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Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
America was colonized by Europe which had basically got to the point they couldn't feed themselves. Without bringing squash, beans, and potatoes back to Europe, there was going to have to be mass migration somewhere else. That migration was to the Americas....Now where do we go?
My favorite Hobby-Horse.
First we go to the Moon, or, the Lagrange points, and set up smallish habitats, or toe-holds, you might say.
Lots of Solar power, in enough density (watts per square foot) to make it economically viable.
Do some mining for metals & minerals, and probably, since there *is* water on the Moon, set-up self-sustaining farming (hydroponics).
From those starting points, we move to the asteroids, and start mining, and subsequently colonizing the asteroid belt.
Someone said, back in the days of the Sputnick & the Space-Race (c.1957) - Once you're out of Earth's gravity-well, you're half-way to anywhere. LINK

.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
Prices are at an all time high, even before the crash and I had the hardest time finding active and pending listings. Where are all the people coming from all of a sudden? And the money, where is the money coming from?
With mortgage rates where they are, it costs under $1700/month to carry a $500,000 mortgage.
Three percent cash, and the seller gives back 3% assist, buy $500K house with $15,000 cash down, or less.
Money??? "We don' need no stinkin' Money!... we got Mortgage.

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