[quote=livinincali][quote=equalizer]
A Blackrock investor would say that they are doing what needs to be done in 0% rate environment. It is a very interesting asset class, possibly better than lumber. If they are too successful, they may outbid first time buyers with 100% cash and possibly overpay creating resentment from people who are losing out of the American dream?[/quote]
The question is how long does it take for a CA style legislator to pass even more tenant protections.I have a feeling that it might really suck to be a landlord in the state if a hedge fund rental group does anything that is viewed as “unfair”.[/quote]
Obviously, they will have RE law firms chained to their ankle in every state they do biz in. So far, it does not appear that they have purchased any residential properties in CA but they may in the future.
If they even provide ONE BK, SS or foreclosed upon (due to “cash out”) scumbag with shot credit an oppty to rent a nice rehabbed home, they are providing a “community service” above and beyond the call of duty, IMHO. This is after these “poor, unfortunate” families got to “reaffirm” their luxury vehicles in BK and keep their flat screens, boats, $3000 beds, designer furniture, etc, all bought with *phony* home equity that the rest of us are now paying for in the form of vanished equity.
The only reason this group has any security deposit at all is because they squatted so long while waiting for their SS to close (or be foreclosed upon) all the while fully employed while claiming to be “indigent with no assets” to their stiffed lender (to get them to agree to accept an ultralow SS offer or “pretend” to be interested in a “modification”).
I frankly don’t think these opportunists deserve to rent a nice place anywhere and I personally wouldn’t rent to them. I would be afraid that after the calculated stunts they pulled with their mtg lender(s), they would quickly stiff me on rent and then try to sue me for injury on the premises or something like that after I hung a 3-day notice. As far as I’m concerned, they can live in the least desirable areas, parents’ back bdrms (IF they’ll have them) and/or in mobile homes until their credit completely recovers.
The vast majority of these losers got “used” to a life they could never afford at any time in their lives (due to loose credit) and will never be able to afford again. They just can’t “envision” themselves living a lower “lifestyle” than their former credit-fueled one and will be attracted to the “new,” clean homes that Blackstone will remodel for lease.
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