#home equity for cash

[globalmortgage]

6.8% Cap Rate In LA! + Hotel 101 + U.S. Mortgage Rates + Turning Home Equity Into Cash

The current CHIPS Act is creating many jobs in the U.S., and this gentrification is driving home prices in the Midwest, where chip manufacturers are building their facilities - each responsible for well over 10,000 new jobs. We just met a couple buying homes in a midwest town where Google has their data centres and Intel is building a semiconductor fab - in this popular midwest town, home prices have doubled in the last few years. 

[cashhomebuyersseattle]

Selling Your Seattle Home With No Equity? Marmot Buys Homes Has Solutions

Are you facing the challenge of selling your Seattle home with little to no equity? Marmot Buys Homes offers straightforward solutions designed just for you. They understand the difficulty of low equity sales, where proceeds might not cover your mortgage balance and traditional agents often lack motivation. Marmot starts with a personalized discussion, evaluates your property, and provides a fair offer, ensuring transparency every step. With no need for open houses or repairs, you can enjoy a stress-free selling experience. By partnering with Marmot, you'll get expert support and a chance to move forward smoothly. Discover how Marmot can help.

Understanding Home Equity

Home equity is fundamentally the portion of your home that you truly own, free and clear of any mortgage debt. It's like having a cozy corner in your house that's all yours. When you think about your home value, equity is the part that belongs solely to you, untouched by any loans or financial obligations. Understanding this equity definition means recognizing that it's the difference between your home's current market value and the remaining balance on your mortgage.

Imagine your home's value increasing over time, enhancing the equity you hold. It's an intimate connection between you and your property, a tangible asset growing alongside you. As you pay down your mortgage, your equity expands, offering potential financial flexibility and security.

Challenges of Low Equity Sales

Selling a home with little to no equity can throw up a host of challenges that might catch you off guard. You may find yourself worrying about covering closing costs or even breaking even. With low equity, the proceeds from your home selling might not be enough to pay off your mortgage, leaving you in a tight spot. You could feel trapped, unable to move forward with new opportunities because of financial constraints. Additionally, negotiating with potential buyers can be tricky, as they might push for lower prices, sensing your predicament. To top it off, traditional real estate agents may be less motivated to help, given the small commission. Maneuvering these hurdles requires careful planning and a keen sense of strategy.

How Marmot Buys Homes Works

When facing the challenges of selling a home with little to no equity, Marmot Buys Homes offers a straightforward solution that can ease your worries. The Marmot process starts with you reaching out and sharing your unique situation. They listen carefully, understanding the nuances of your home selling needs. Their team evaluates your property, considering all aspects to provide you with a fair offer. The beauty of the Marmot process is its simplicity and transparency—you're not left in the dark. Once you accept the offer, they handle the paperwork and logistics, allowing you to move forward without stress. This approach guarantees that your home selling journey is smooth and supportive, giving you peace of mind every step of the way.

Benefits of Choosing Marmot

Why choose Marmot when selling your Seattle home with no equity? Because Marmot understands your unique situation and offers a personalized approach that sets them apart. The Marmot advantages include a commitment to hassle-free transactions, guaranteeing you can move forward without unnecessary stress. They know the Seattle market inside out, and their expertise guarantees you get a fair offer, even without equity.

With Marmot, you won't face the usual headaches of open houses, repairs, or dealing with fickle buyers. Instead, you'll enjoy a streamlined process tailored to your needs. Marmot's goal is to make this change as smooth as possible, so you can focus on the future. Trusting Marmot means choosing a partner who genuinely cares about you and your home.

Steps to Sell Your Home

Although the process might seem intimidating, selling your home with no equity can be straightforward when you break it down into clear steps. Start by focusing on home staging to make your property more appealing. You don't need to spend a fortune; simple touches like decluttering and enhancing curb appeal can make a big difference. Next, develop a pricing strategy that reflects the market's reality. Overpricing could deter potential buyers, while underpricing might not cover your needs.

Here's a simple breakdown to get you started:

- **Home Staging**: Create a welcoming atmosphere with minimal changes.

- **Pricing Strategy**: Set a competitive price to attract buyers and cover costs.

- **Market Listing**: Present your home compellingly online and offline.

These steps can help you navigate the sale smoothly.

[you10tubesworld]

Use Your Rentals to Buy More Rentals with a HELOC or HELOAN

Welcome back, Rent To Retires! 🌟 In this exciting episode, Adam Schroeder sits down with Graham Parham from Highlands Mortgage to dive deep into the world of HELOCs (Home Equity Line of Credit) and HE Loans for investment properties. Learn how to leverage these financial tools to …

[investingdrone]

Buying A Second House Without Selling The First 2024

Thinking about buying a beach house or a mountain getaway? Buying a second House can be a great investment for many reasons. Maybe you want to spread out your investments in real estate, have a place to relax on vacation, or even rent it out and make some extra money. There can even be tax advantages! But buying a second House while still holding onto your first one can be tricky. This article…

[ftale23]

We set the standard for online mortgage lending

This is not an offer to enter into an agreement. This is not a commitment to make a loan. Not all customers will qualify. Information, rates and programs are subject to change without prior notice. All products are subject to credit and property approval. All approvals are subject to underwriting guidelines. Not all products are available in all states or for all dollar amounts. 

visit here for more: Home equity cash-out

[privamortgage]

Difference Between Home Equity Loan Vs. Mortgage Loan

Mortgage

 A home equity loan Understanding how a home equity loan and mortgage work and what differences they have can help you determine your options for mortgage financing

1. Purpose

2. Loan Type

3. Loan Term

4. Loan Amount

5. Tax Benefits

6. Risk

The Differences Between a Mortgage and Home Equity Loan

 A mortgage is usually used to buy a house, and a home equity loan is used to tap into a home’s equity for other purposes, like debt consolidation or home improvement, but they can serve other purposes too.

 For example, you can use a cash-out refinance or a first mortgage to tap into a home’s equity, and you can use a home equity loan as a part of your down payment when buying a house.

 So what are the major differences?

How to Qualify

Mortgage loans and home equity loans both have the same approval process. You complete a loan application and prove that you can afford the property. Typically you’ll provide the following:

· Paystubs for the last 30 days

· W-2s for the last 2 years

· Tax returns for the last 2 years if you’re self-employed

· Bank statements for the last 2 months

· Proof of employment

Final Thoughts

A home equity loan and mortgage are similar, yet different. They are both liens on your property but have different purposes and qualifying factors.

 If you’re buying a home, you’ll likely borrow a first mortgage, but as you build equity in the home, you may apply for a home equity loan to use the equity but keep the home. Either way, you’re borrowing against your home’s value. Make sure you can afford the payments and put the money to good use to make the most of your investment.

[parvej121]

Top Reasons to Refinance Your Mortgage

Refinancing a mortgage is a financial strategy that many homeowners consider at some point in their homeownership journey. Essentially, it involves replacing your existing mortgage with a new one, often on more favorable terms. Refinancing can be a powerful tool for managing your financial future, and there are several compelling reasons why homeowners choose to do it. In this blog post, we'll explore the top reasons to refinance your mortgage.

1. Lower Interest Rates

One of the most common reasons homeowners refinance their mortgages is to secure a lower interest rate. When interest rates drop below the rate on your current mortgage, it can be an excellent opportunity to refinance and reduce your monthly payments. Lower interest rates can save you thousands of dollars over the life of your loan, making it a financially savvy move. 2.Reduce Monthly Payments

If your current mortgage payments are straining your monthly budget, refinancing can help ease the burden. By extending the loan term or securing a lower interest rate, you can reduce your monthly payments, providing more breathing room for your finances. This can be especially beneficial during times of economic uncertainty or when facing unexpected expenses. 3.Shorten the Loan Term

Conversely, some homeowners choose to refinance to shorten the loan term. Switching from a 30-year to a 15-year mortgage, for example, can help you build equity faster and pay off your home sooner. While monthly payments may increase in this scenario, you'll save significantly on interest over the life of the loan.

For more information visit → https://learnwithvm.com/

[cashloanscanadainc]

Unlock the value of your home and get the funds you need! With flexible terms and low interest rates, our Home Equity Loans are a smart way to finance your next big project or investment.

[robertreich]

How Wall Street Priced You Out of a Home

Rent is skyrocketing and home buying is out of reach for millions. One big reason why? Wall Street.

Hedge funds and private equity firms have been buying up hundreds of thousands of homes that would otherwise be purchased by people. Wall Street’s appetite for housing ramped up after the 2008 financial crisis. As you’ll recall, the Street’s excessive greed created a housing bubble that burst. Millions of people lost their homes to foreclosure.

Did the Street learn a lesson? Of course not. It got bailed out. Then it began picking off the scraps of the housing market it had just destroyed, gobbling up foreclosed homes at fire-sale prices — which it then sold or rented for big profits.

Investor purchases hit their peak in 2022, accounting for around 28% of all home sales in America.

Home buyers frequently reported being outbid by cash offers made by investors. So called “iBuyers” used algorithms to instantly buy homes before offers could even be made by actual humans.

If the present trend continues, by 2030, Wall Street investors may control 40% of U.S. single-family rental homes.

Partly as a result, homeownership — a cornerstone of generational wealth and a big part of the American dream — is increasingly out of reach for a large number of Americans, especially young people.

Now, Wall Street’s feasting has slowed recently due to rising home prices — even the wolves of Wall Street are falling victim to sticker shock. But that hasn’t stopped them from specifically targeting more modestly priced homes — buying up a record share of the country’s most affordable homes at the end of 2023.

They’ve also been most active in bigger cities, particularly in the Sun Belt, which has become an increasingly expensive place to live. And they’re pointedly going after neighborhoods that are home to communities of color.

For example, in one diverse neighborhood in Charlotte, North Carolina, Wall Street-backed investors bought half of the homes that sold in 2021 and 2022. On a single block, investors bought every house but one, and turned them into rentals.

Folks, it’s a vicious cycle: First you’re outbid by investors, then you may be stuck renting from them at excessive prices that leave you with even less money to put up for a new home. Rinse. Repeat.

Now I want to be clear: This is just one part of the problem with housing in America. The lack of supply is considered the biggest reason why home prices and rents have soared — and are outpacing recent wage gains. But Wall Street sinking its teeth into whatever is left on the market is making the supply problem even worse.

So what can we do about this? Start by getting Wall Street out of our homes.

Democrats have introduced a bill in both houses of Congress to ban hedge funds and private equity firms from buying or owning single-family homes.

If signed into law, this could increase the supply of homes available to individual buyers — thereby making housing more affordable.

President Biden has also made it a priority to tackle the housing crisis, proposing billions in funding to increase the supply of homes and tax credits to help actual people buy them.

Now I have no delusions that any of this will be easy to get done. But these plans provide a roadmap of where the country could head — under the right leadership.

So many Americans I meet these days are cynical about the country. I understand their cynicism. But cynicism can be a self-fulfilling prophecy if it means giving up the fight.

The captains of American industry and Wall Street would like nothing better than for the rest of us to give up that fight, so they can take it all.

I say we keep fighting.

[globalmortgage]

6.8% Cap Rate In LA! + Hotel 101 + U.S. Mortgage Rates + Turning Home Equity Into Cash

GMG | Investor

[Super rare] Newly-constructed multi-family unit in Los Angeles with a 6.8% cap rate!

4 Units x 5 bedrooms + 5 bathrooms + attached garage (total 20 bedrooms!). Approximate Lot Size: 7,499 sq. ft. Year Built: 2024

The property will be delivered with a 5-year master lease with government-assisted transitional housing organization.

Located just 0.2 miles from the University of Southern California's Health Sciences Campus and offers easy commutes to Downtown Los Angeles, Mid-City, and the Westside.

The 2024 construction ensures no deferred maintenance and strong in-place income. The property will be delivered fully occupied through 2024-2029, providing investors with immediate stabilized cash flow greater than 6.8% cap rate on current income.

Projected Monthly Rent: Y1 $23,000; Y2 $23,690; Y3 $24,400; Y4 $25,132; Y5 $25,886

Contact me directly for detailed pricing and tailored financing options.

Hotel101

Last week, I hosted a webinar with Hotel101, a company offering the opportunity to invest in 'hotel' rooms  in the form of freehold condo titles and a share of the gross room revenues, with NO expenses or operational and maintenance responsibilities.

They are positioned as a 3-star hotel with 5-star amenities in super popular locations such as Niseko and Madrid. Owners also get free nights each year at the hotels! Watch the video to learn more, or contact us here!

U.S. Mortgage Rates

Last week saw the lowest mortgage rates in the past 15 months. The difference in year-on-year mortgage payments (Sep 2023 vs Sep 2024) is about $300 a month or $3,600 a year, all things equal.

The current CHIPS Act is creating many jobs in the U.S., and this gentrification is driving home prices in the Midwest, where chip manufacturers are building their facilities - each responsible for well over 10,000 new jobs. We just met a couple buying homes in a midwest town where Google has their data centres and Intel is building a semiconductor fab - in this popular midwest town, home prices have doubled in the last few years. 

Many of these skilled labourers will need to rent, and this theme is consistent throughout the U.S. It's never been a better time to be a landlord in the U.S. 

Our Foreign National mortgage rates are very low, and you qualify ONLY on rental income, not your personal income; super easy.

Bridging Loans

Using your home equity for cash has been a useful way to generate liquidity when you need it! Our clients use this for tuition, renovations, paying down high-interest debt, or personal investments! We offer these loans in Singapore, the U.S., the U.K., and Australia!

Happy Hunting!

www.gmg.asia

[cashhomebuyersseattle]

Foreclosure Help Seattle: Marmot Buys Homes Offers Relief and Resources

Facing foreclosure in Seattle can be intimidating, but Marmot Buys Homes is here to help. They offer compassionate solutions, focusing on empowering you to navigate the process smoothly. By providing cash offers, Marmot streamlines the sale, allowing for a quick and stress-free transaction. Open communication with lenders and early action are essential. Marmot's empathetic approach guarantees you feel supported and informed every step of the way. They aim to secure a fresh start for homeowners by reducing financial burden swiftly. Explore how their resources and guidance can lead to a more secure financial future.

Understanding Foreclosure in Seattle

Foreclosure is a challenging process that can affect many homeowners in Seattle, and understanding how it works is vital if you're facing this situation. When you first receive a foreclosure notice, it can feel overwhelming. But knowing your rights as a homeowner is essential. The foreclosure process typically begins after several missed mortgage payments, and it involves specific legal steps that lenders must follow. In Seattle, you have the right to receive proper notice and the opportunity to explore alternatives, like loan modifications, to prevent losing your home. It's important to act quickly and understand each stage of the process. By staying informed and seeking guidance, you can navigate this difficult time with more confidence and protect your rights as a homeowner.

Marmot Buys Homes Approach

Steering through foreclosure requires strategy, and the Marmot Buys Homes approach offers a lifeline for homeowners in Seattle. They understand the emotional turmoil you're going through and have crafted a compassionate solution. Marmot's mission is to create opportunities where you might see none. They've turned home buying into an art of empathy and efficiency, ensuring you face fewer hurdles in selling your home quickly.

With Marmot, you're not just another transaction; you're a valued individual. Their team listens, understands, and walks with you through every step. They're committed to making the home buying process straightforward, offering you relief from financial stress. This approach isn't just about buying homes; it's about providing a pathway to a fresh start.

Negotiating With Lenders

Maneuvering lender negotiations can be a homeowner's pivotal moment in the foreclosure process. It is crucial to approach this with confidence and clarity. Begin by establishing open lender communication, sharing your situation honestly. Lenders appreciate transparency and are often willing to explore loan modification options if they see your commitment.

Prepare yourself by gathering all necessary financial documents and understanding your loan terms. When you're ready, outline your proposal clearly, focusing on why a modification benefits both parties. Keep the conversation respectful and persistent, even if initial offers don't meet your needs. Remember, lenders generally prefer modification over foreclosure, as it is in their best interest too. Stay proactive, and don't hesitate to seek professional advice if negotiations become challenging.

Quick Home Sale Solutions

When faced with the pressure of an impending foreclosure, a quick home sale can be a lifeline. You're not alone in this; many have turned to Marmot Buys Homes for fast, reliable solutions. They understand your urgency and respond with cash offers, allowing you to bypass lengthy traditional sales processes. It's important to keep an eye on current market trends, as they can greatly impact your home's value and the speed of the sale. Marmot's team stays informed, ensuring you get a fair offer without delay. By choosing this route, you're taking control of your situation, freeing yourself from stress, and moving towards a fresh start. Trust in Marmot to handle the details and provide the relief you need.

Preventing Foreclosure Strategies

Steering through the threat of foreclosure requires proactive strategies that can help you regain control of your financial situation. Begin by seeking financial counseling to understand your options and create a plan. A counselor can help you navigate your mortgage terms and negotiate with your lender. Don't hesitate to tap into community resources. Local organizations often offer workshops and support to guide you through these tough times.

Additionally, communicate openly with your lender. They may offer solutions like loan modification or forbearance. It's essential to stay informed and take action early. By utilizing the available resources and support, you can work towards a more secure financial future and keep your home. Remember, you're not alone in this journey.

[sgiandubh]

So now Tony is listed as director at all of Cait‘s companies. What do you think about that?

Dear So Now Anon,

What a coincidence (not!) I just answered a very similar Anon sent to @bat-cat-reader, which I suppose is clear enough.

But to make it even clearer (if at all possible) and keeping in mind what I wrote in that post about Persons of Significant Control, let's check a couple of things, shall we? For all the three other companies C owns.

They probably split 50/50 already, which would explain the rather vague 'has significant influence or control'. Why?

Here is why:

The currently available Balance Sheet, covering the period until 31 December 2023 shows there is not much in there. Barely 100 shares (1£/share), about 59K £ assets and 11 K £ of debts. May I remind you a balance sheet covers the company's assets (available funds, including incoming funds), liabilities (debts) and shareholder equity (the company's net worth, which is roughly the result of subtracting liabilities from assets and dividing them by the number of shareholders). The net worth serves to describe what each and every one of those shareholders are entitled to, should the company be liquidated and all its debts paid off. In this case, the retained earnings, which is the figure quoted between brackets (11.292 £) means the company is in debt/in the red.

Now, this is very interesting, Anon. Albeit The Happy Couple ™ are now both appointed officers in this company (and T has been so since October 1st 2024), this company's designated PSC is ... Byron Benirras. And who is Byron Benirras' own designated sole PSC? A certain Caitriona Mary B. That is normal - serious 💷💷is indirectly involved, this time, as we know the bulk of her assets is placed there. Therefore, C has full control and sole ownership of Little Nugget Films, too, via Byron Benirras. Remember (ROFLMAO): a legal person (i.e. a company, in this context) has the same rights and the same obligations/duties as the natural (meaning 'real') person behind it (C).

Let's have a look at financials:

On 31.03.2023, the company's assets were about 2.500 £ only and its liabilities around 17K£. In debt/in the red, too. But a clear will to remain in firm control of things from C's side.

This appears to be a totally, carefully planned move, too - future plans, perhaps?

This company has not two, but three appointed officers, one of which is another specialized service company (perfectly legal, in the UK), in charge of all the secretarial work (perfectly legal, too):

Not one, but two PSCs. Same mechanism as for FMN Drinks UK (see above):

Such a nice, tidy, even split. Why? Heh, indeed: why? Unless...

Let's have a look at the company's balance sheet on 31 March 2023:

Unless you do acquire real estate using your own funds (a very easy cross check with another one of C's companies reveals the exclusive provenance of those funds - sssh!), no mortgage and no bank loan needed. Property that is legally defined as investment property, which means it cannot legally be a home, nor taxed as such:

[Source: https://prosperity-wealth.co.uk/news/before-you-buy-investment-property/]

Now remind me what real estate might have been bought anytime between 31 March 2022 and 31 March 2023 and valued at about 2.120.000 £?

You'd probably be correct to guess this one:

[ For a complete tour of the GLA Taj Mahal's legal intricacies: https://www.tumblr.com/sgiandubh/764266729372368897/anon-rebelde-detecto-un-nerviosismo-muy-revelador?source=share]

Let's have a second look and, surely enough...

Some simple maths?

2.292.567 (amounts falling due within one year, which covers the 31.03.2022 -31.03.2023 period) - 2.167.392 (net current liabilities) = 125.175 £ (cash at bank). Roger that. I think there is also a second investment property, bought before 31 March 2022 for 1.6 million pounds and shown as such (valued at cost first, then at its fair value, which is evaluated at 1.9 million pounds, in 2023 - a nice appreciation of the initial investment).

I hope this answers your question, Anon. And given the very long and very emotional day that ended (whew, already?) about four hours ago, I hope I didn't miss something or make any gross mistake. You know how some other Anons can be, don't you?

[besthomeequity]

What Do You Mean by Cash Out Home Equity?

Opting to cash out your home equity should be a strategically made decision grounded in a solid understanding of your financial health, goals, and the current housing market. Before you leap, consider consulting with a financial advisor, and scrutinize every angle to ascertain that this move aligns with your long-term financial plans.

[meret118]

A new report from Popular Democracy and the Institute for Policy Studies reveals how billionaire investors have become a major driver of the nationwide housing crisis. They summarize in their own words:

Billionaire-backed private equity firms worm their way into different segments of the housing market to extract ever-increasing rents and value from multi-family rental, single-family homes, and mobile home park communities.— Global billionaires purchase billions in U.S. real estate to diversify their asset holdings, driving the creation of luxury housing that functions as “safety deposit boxes in the sky.” Estimates of hidden wealth are as high as $36 trillion globally, with billions parked in U.S. land and housing markets. — Wealthy investors are acquiring property and holding units vacant, so that in many communities the number of vacant units greatly exceeds the number of unhoused people. Nationwide there are 16 million vacant homes: that is, 28 vacant homes for every unhoused person. — Billionaire investors are buying up a large segment of the short-term rental market, preventing local residents from living in these homes, in order to cash in on tourism. These are not small owners with one unit, but corporate owners with multiple properties. — Billionaire investors and corporate landlords are targeting communities of color and low-income residents, in particular, with rent increases, high rates of eviction, and unhealthy living conditions. What’s more, billionaire-owned private equity firms are investing in subsidized housing, enjoying tax breaks and public benefits, while raising rents and evicting low-income tenants from housing they are only required to keep affordable, temporarily.

. . .

Thirty-two percent is the magic threshold, according to research funded by the real estate listing company Zillow. When neighborhoods hit rent rates in excess of 32 percent of neighborhood income, homelessness explodes. And we’re seeing it play out right in front of us in cities across America because a handful of Wall Street billionaires are making a killing.

As the Zillow study notes:

“Across the country, the rent burden already exceeds the 32 percent [of median income] threshold in 100 of the 386 markets included in this analysis….”And wherever housing prices become more than three times annual income, homelessness stalks like the grim reaper.

That Zillow-funded study laid it out:

“This research demonstrates that the homeless population climbs faster when rent affordability — the share of income people spend on rent — crosses certain thresholds. In many areas beyond those thresholds, even modest rent increases can push thousands more Americans into homelessness.”This trend is massive.

. . .

As noted in a Wall Street Journal article titled “Meet Your New Landlord: Wall Street,” in just one suburb (Spring Hill) of Nashville:

“In all of Spring Hill, four firms … own nearly 700 houses … [which] amounts to about 5% of all the houses in town.”

This is the tiniest tip of the iceberg.

“On the first Tuesday of each month,” notes the Journal article about a similar phenomenon in Atlanta, investors “toted duffels stuffed with millions of dollars in cashier’s checks made out in various denominations so they wouldn’t have to interrupt their buying spree with trips to the bank…”

The same thing is happening in cities and suburbs all across America; agents for the billionaire investor goliaths use fine-tuned computer algorithms to sniff out houses they can turn into rental properties, making over-market and unbeatable cash bids often within minutes of a house hitting the market.

. . .

As the Bank of International Settlements summarized in a 2014 retrospective study of the years since the Reagan/Gingrich changes in banking and finance:

“We describe a Pareto frontier along which different levels of risk-taking map into different levels of welfare for the two parties, pitting Main Street against Wall Street. … We also show that financial innovation, asymmetric compensation schemes, concentration in the banking system, and bailout expectations enable or encourage greater risk-taking and allocate greater surplus to Wall Street at the expense of Main Street

.”It’s a fancy way of saying that billionaire-owned big banks and hedge funds have made trillions on housing while you and your community are becoming destitute.

. . .

Turns out it was Blackstone Group, now the world’s largest real estate investor run by a major Trump supporter. At the time they were buying $150 million worth of American houses every week, trying to spend over $10 billion. And that’s just a drop in the overall bucket.

As that new study from Popular Democracy and the Institute for Policy Studies found:

“[Billionaire Stephen Schwarzman’s] Blackstone is the largest corporate landlord in the world, with a vast and diversified real estate portfolio. It owns more than 300,000 residential units across the U.S., has $1 trillion in global assets, and nearly doubled its profits in 2021. “Blackstone owns 149,000 multi-family apartment units; 63,000 single-family homes; 70 mobile home parks with 13,000 lots through their subsidiary Treehouse Communities; and student housing, through American Campus Communities (144,300 beds in 205 properties as of 2022). Blackstone recently acquired 95,000 units of subsidized housing.”

In 2018, corporations and the billionaires that own or run them bought 1 out of every 10 homes sold in America, according to Dezember, noting that:

“Between 2006 and 2016, when the homeownership rate fell to its lowest level in fifty years, the number of renters grew by about a quarter.”

And it’s gotten worse every year since then.

. . .

Warren Buffett, KKR, and The Carlyle Group have all jumped into residential real estate, along with hundreds of smaller investment groups, and the National Home Rental Council has emerged as the industry’s premiere lobbying group, working to block rent control legislation and other efforts to control the industry.

As John Husing, the owner of Economics and Politics Inc., told The Tennessean newspaper:

“What you have are neighborhoods that are essentially unregulated apartment houses. It could be disastrous for the city.”

As Zillow found:

“The areas that are most vulnerable to rising rents, unaffordability, and poverty hold 15 percent of the U.S. population — and 47 percent of people experiencing homelessness.”

. . .

The loss of affordable homes also locks otherwise middle class families out of the traditional way wealth is accumulated — through home ownership: over 61% of all American middle-income family wealth is their home’s equity.

And as families are priced out of ownership and forced to rent, they become more vulnerable to homelessness.

Housing is one of the primary essentials of life. Nobody in America should be without it, and for society to work, housing costs must track incomes in a way that makes housing both available and affordable.

Singapore, Denmark, New Zealand, and parts of Canada have all put limits on billionaire, corporate, and foreign investment in housing, recognizing families’ residences as essential to life rather than purely a commodity. Multiple other countries are having that debate or moving to take similar actions as you read these words.

To address the housing shortage and bring down prices for renters and homeowners alike, the Harris campaign’s plan calls for a historic expansion of the Low-Income Housing Tax Credit (LIHTC) and the first-ever tax incentive for homebuilders who build starter homes sold to first-time homebuyers. Building upon the Biden-Harris administration’s proposed $20 billion innovation fund, the campaign proposes a $40 billion fund that would support local innovations in housing supply solutions, catalyze innovative methods of construction financing, and empower developers and homebuilders to design and build affordable homes.

To cut red tape and bring down housing costs, the plan calls for streamlining permitting processes and reviews, including for transit-oriented development and conversions. The agenda also proposes making certain federal lands eligible to be repurposed for affordable housing development. Collectively, these policy proposals seek to create 3 million homes in the next four years.

The campaign plan cites the Biden-Harris administration’s ongoing actions to support the lowest-income renters, including its actions to expand rental assistance for veterans and other low-income renters, increase housing supply for people experiencing homelessness, enforce fair housing laws, and hold corporate landlords accountable.

Building upon these commitments, the Harris agenda calls upon Congress to pass the “Stop Predatory Investing Act,” which would remove key tax benefits for major investors who acquire large numbers of single-family rental homes (see Memo, 7/17/23), and the “Preventing the Algorithmic Facilitation of Rental Housing Cartels Act,” which would crack down on algorithmic rent-setting software that enables price-fixing among corporate landlords.

To make homeownership attainable, Vice President Harris’s proposal would provide up to $25,000 in downpayment assistance for first-time homebuyers who have paid their rent on time for two years. First-generation homeowners – those whose parents did not own homes – would receive more generous assistance.

Vice President Harris’s economic agenda also includes proposals to lower grocery costs, lower the costs of prescription drugs and relieve medical debt, and cut taxes for workers and families with children. The plan would restore the American Rescue Plan’s expanded Child Tax Credit, which provided up to $3,600 per child for low- and middle-income families for one year before it expired in 2022, and would enact a new $6,000 tax credit for families in the first year after their child is born. These measures to reduce expenses and boost household income would also improve housing security for low-income families, who often face impossible tradeoffs between paying rent and affording food, medical care, and other basic needs.

-----

Sorry for the length, but I thought this was really important.

[copperbadge]

I was reading your buying a home tag because I am in the process of buying my first home and just like. How do you not feel every second you are about to make some huge mistake??? I have found something I think I really like but it was way faster than everyone I know who owns a house has said they found something and I don’t know how to tell if I am settling or if I will regret it!

Oh, I mean, I absolutely felt like I was about to make a huge mistake the whole entire time. I just had to do it anyway in the knowledge that my anxiety ramps up about anything uncertain and I have to ignore my brain in favor of the facts.

I know I'm a bit late replying to this, but if you found something you like, take it. You'll just compare everything else you see to the thing you like and the odds of regret are pretty high. The only caveat to that is make sure that you get a good thorough home inspection and you listen to any red flags that pop up (that's the "in favor of the facts" part).

I went for a home with "good bones but bad skin" -- it was an older build and hadn't been renovated, had ugly kitchen cabinets and terrible paint, in part because I knew I wouldn't be able to afford a home that had been renovated more recently. I am actually glad I did; I have friends who bought "flipped" homes and while most of them have still been happy with their purchase, even having to invest extra to fix shit the flippers did shoddily, I do know one or two people who ended up with absolute nightmares. I'd love to renovate my place, but I'd need to save pretty significant cash -- but the only way to do that was to be an owner instead of a renter so that I had equity.

Like yeah I just dropped almost ten grand on a new HVAC and some plumbing repairs, but I was five years into the home and both were things I had already intended to do when I bought. Once that's all paid off I'm going to start putting feelers out about having the kitchen redone and start saving/investing for that.

So, I guess my advice is, acknowledge that you're afraid you're making a mistake, be realistic about seeing any signs you're making a mistake, but also remind yourself that anxiety is designed to keep us safe from getting eaten by tigers, and so we tend to overreact to ambiguity. You'll do great! Good luck to ya.