Kind of surprised to see that it’s been really low for the past 10 years:
This is in terms of dollars, not individual loans. There’s a big difference in the ARM share across different loan sizes:
You’re a poker player, you were always going to have to pay cash.
False. I was pre-approved at one point.
I’m having a hard time reconciling above with this:
What is the distinction between a condo and an apartment?
An apartment building is a single deed, one lot. You can buy it in one transaction. Each condo is individually owned, a deed for each unit. It takes many transactions to buy all the condos in a building.
So you could have two identical buildings that have, let’s say, 10 units. In one building the 10 units have separate deeds with multiple owners and in the other, all 10 are owned by the same person with one deed.
They’re both multifamily housing, but you want to treat them differently? And you want to treat they guy who owns all 10 units better?
They are already treated differently. They already have very different rules.
The problem I’m trying to solve is the conversion of the limited supply of owner-occupied homes (the American dream!) to rentals. Because supply can’t expand, corporations can push rents up to essentially all of the person’s income (much like student loans have done).
Apartment buildings are not the problem. Building more apartments buildings is fine. It increases supply. Converting single family homes from owner occupied to rentals and never building more single family homes makes regular people worse off and the richest richer.
Also I’m not treating the individual owners worse until they are renting out TWO properties. At which point they can handle some pain.
This is that they’re doing, 100% and it’s going to happen faster than people realize. I’m thinking maybe 5 years, if not faster, before they corner enough of the market to do it in the areas they’re after - desirable locations near population centers with a concentration of millennial and Gen Z white collar workers.
Being a millennial or Gen Z is like living through a real life horror show one step at a time as late stage capitalism wrecks us.
I’d be interested in seeing more data on this. If this article from 2020 is accurate, the NYC rental market is incredibly fragmented. The biggest landlord in NYC has less than 14,000 units, which is less than 1% of the more than 2 million rental units in the city. If you start narrowing things down to, say, modern units in desirable neighborhoods, doubtless you will see some higher shares. But I would be surprised if any on company had even 10% of those units. I have no idea how things might look in other cities, though.
I think you’re going to see it targeting single family homes in suburbs or whatever neighborhoods middle class and upper middle class families move to in cities. Maybe Astoria or Brooklyn Heights in NYC? Just guessing though.
But if they become rich enough to buy all TEN units (and do whatever legal stuff is required to put it all under one title), then the pain goes away.
I’m not saying your plan is bad. I really haven’t through it. However it does seem like it does have some issues (which may not be all that bad).
We refinanced to a 15 year at 2.25 % last year. Our mortgage went from $275 a piece to $350 a piece. You could buy a house in a lot of places in the country.
People live in flyover county. I promise it’s ok.
I bought a house purely on my winnings as a poker player. With a mortgage and everything
I mean, in theory, but in reality it’s going to cap my potential pretty heavily in terms of earning (though obviously offset by a lower cost of living), and flyover country presents a lot of threats to myself and my girlfriend’s happiness. For starters, womens rights in flyover country are gone/about to be gone.
Poker games in OK / TX > Philly AINEC
Well, it looks like she wants to be near her upcoming grandchild. So, she’ll be staying in the northeast. Perhaps renting a home in suburban Philly.
Guess retirement is not going to happen the way she’d want it to. From a selfish perspective, this is good since it lightens the travel burden by keeping everybody in my family close.
Wow is that common? I got rejected everywhere in Australia just because I had significant cashflows from betting sites despite having an actual regular job.
Yeah my earning potential in Texas would be huge, but then I’ve got to move to a state attacking women’s rights. My girlfriend would hate that. Otherwise, Austin or Houston would be in play.
I’m not sure, my realtor hooked me up with a mortgage guy and he said it was no problem. I just had to support my claimed income with tax filings.
The whole country is about to be attacking womens rights in 2 years.