Airbnb Foreclosure BOMB Explodes

Airbnb Foreclosure BOMB Explodes
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[@monsteraetc]

I’m not usually a petty person, but recently had to move out of a rental due to both of us getting laid off over the span of 6 months. We had an early termination clause, executed it properly, paid the rent/termination fees due, had the property professionally deep cleaned, and had the yard professionally mowed/edged/cleaned the day before inspection. We are Gen X Medical/Military couple with no kids…so there was NO damage to the house. The “representative” the investor landlord sent even wrote a hand-write note attesting the same (since she showed up without any sort of checkout sheet). They kept $2000 of our deposit, on bogus “damage” (like “damaged blinds”…when the house has no blinds) and it’s not worth it to chase them in court (and they know this). I hope they go bankrupt.

[@KippinCollars]

Small claims is easy and $2000 should fall under that. Even if you lose, you make their life a pain in the ass.

[@monsteraetc]

@@KippinCollarsUnfortunately, MY time is worth more than that.

[@KippinCollars]

@@monsteraetc so is theirs. You re-schedule as much as you can so it wrecks their work schedule. Then, send letters to every other tenant in the building to do the same if their deposit is docked. The point is that cheating like this will cost them dearly.

[@jaredresendes797]

@@monsteraetcdon’t roll over for them!

[@nadjadavidson411]

@@KippinCollarsI was going to suggest the same. I sat on the other side of the table and had a tenant who wasn’t paying their rent. As soon as the small claims invitation arrived, I got the check. If the tenant has good documentation of the state of the property and the written confirmation that there was no damage, I would file a small claims suit right away.

[@Landstalker1999]

I have ZERO sympathy for failing airbnb investors. They were absolutely selfish bunch of people who only cared about money and didnt care about the neighbors' well being.

[@shanerogers9386]

They should at very least pay a significant monthly protection fee to operate in people’s neighborhoods. They have single handedly lowered the quality of live for people living there and they have increased they taxes on insurance people have to pays.

[@CaptCrunch106]

I attempted to use AirBnB once to rent a place in TN for my elderly mother to stay at during a hurricane that hit her hometown in NC a few years back. Her home and neighborhood was underwater for a few days! We read all the positive reviews and the terms of the contract on an Airbnb listing… put down $5000 on a place for her to stay… when she showed up a few hours later and had rats, roaches, spiders n webs inside the house and realized it was not as the pictures and descriptions indicated and no one was coming to do anything about these issues I had her leave… I refused to keep my elderly mother in a property in that condition and ended up getting her a hotel with on-site management. AirBnB and the property owner/manager refused to address our grievances and provide a remedy or refund of our money. They kept every single penny without remorse and the dirt bag owner probably continues to rip people off with his deceptive property listings to this day. After that awful experience I will never ever conduct business with any other outfit like Airbnb ever again… I’ll just go to a brick n mortar management company or hotel when available.

[@joshuathomas4934]

Yeah it’s disgusting. Most people don’t see it that way though. Sadly. Single family dwellings are such a hot investment now. Everyone wants in on contributing to sky rocketing the prices of homes and making money while sacrificing their own communities well being while really believing it’s an honest way to make money.

[@Joshuatree7746]

Travis rented out his home and currently renting somewhere else. He's a real estate investor. Regardless if its an Airbnb the property is still an investment. What about him? LOL. Wow... the hypocrisy of some on this channel is mind boggling.

[@Landstalker1999]

@@Joshuatree7746 Is he an Airbnb investor? No. So what's your point exactly?

[@irfaankalamadeen9823]

This is the HELOC period.. Someone i know just took out a 30 year $100k adjustable rate HELOC starting at 9.5%, his initial deposit in 2021 was 40k so and has a fancy 3% mortgage. There is no records to track these second mortgages but I personally know multiple folks who recently bought with 3% rates and are tapping equity to do repairs, buy boats, cars and vacations...oh and pay off cc debt racked up in the last few years. This crash will be about a decade long and its 100% already started.

[@ytSuns26]

Funny somehow debt isn’t considered an addiction.

[@MBB9394]

Sorry your associates are so naive or shallow or-what is the right term? HELOCs for the reasons you stated. I knew someone who got a facelift during the crazy “liar’s loan period before the last financial crisis. You think people would learn, but they did not, apparently.

[@irfaankalamadeen9823]

@@MBB9394 yep its hard for some to learn when then systems are so seductive and toxic. There should be better regulations because if left up to people to be responsible adults alot are not capable. The facelift story is wild but i totally see it happening.

[@irfaankalamadeen9823]

@@ytSuns26 Totally an addiction. I just witnessed a couple celebtating the fact they got a 100k HELOC which is a second mortgage with expensive champagne. True addiction to the point where they are celebtating going deeper in debt on the same property.

[@michaelanderson9914]

Money does not buy happiness. It buys freedom which makes happiness easier to achieve.

[@bpb5541]

Aren't you talking about the constitution? Money has nothing to do with rights... money can buy politiicans that can make laws that degrade rights. Money gives you freedom to escape and move to somewhere were rights are still valued. I think that is what you meant.

[@michaelanderson9914]

@@bpb5541correct. I believe politicians and government can only violate peoples rights. They can't take them away or degrade them.

[@bpb5541]

@@michaelanderson9914 rich folks have choices that the poor do not.

[@pablo81778]

Long before there are mass foreclosures, we will see large amounts of property tax defaults. Higher insurance and property taxes will do to real estate what ARMs did to homeowners back 15 plus years ago. Tax defaults will really start this new housing crash and foreclosures will come later. And, it is impossible for the governments to bailout these types of defaults.

[@bunsguns8222]

Hmm, how many people are paying their own taxes and have a mortgage?

[@joshuathomas4934]

I’m surprised we haven’t seen more property tax defaults. The values cannot keep rising. They just can’t. Not unless people start making a lot more money. And with the country being flooded with dirt cheap labor and people being replaced with AI. This is going to be a very very interesting situation. The interest rates cannot go down before we hit major job losses. The fed knows this. And I believe they will stick with it. As it’s the only option. If they lower interest rates. Our economy will implode.

[@jaredresendes797]

@@joshuathomas4934the major job losses are around the corner

[@CaptainCaveman1170]

I don't know, the money printer has bailed out much more than most people expected.

[@brianmatthews4149]

So true.

[@centralscrutinizer76]

I'm in north Florida, Airbnb owners are trying to sell out ,the money is all gone. Panic in 3,2,1 boom!

[@networth00]

what city?

[@bpb5541]

@@centralscrutinizer76 and no one saw this coming, why?

[@shanerogers9386]

The bubble is so much bigger this time and it’s driven all by levels of speculation that make 2006 looks like a lemonade stand. And the sketchy financing has just been rebranded.

[@aprilgentile5438]

Exactly !!! the Sketchy finance was rebranded its a lot worse this time around.

[@aprilgentile5438]

Tons of liar loans & people renting out rooms in homes zoned for single family.. even building illegal studio apartments in garages it’s sickening.

[@shanerogers9386]

@@aprilgentile5438 don’t forget appraisal fraud at levels never seen before. I know flippers and investors who are using balloon loans and have SFH carved up into 4 plexes all over Broward and Palm beach county.

[@CaptainCaveman1170]

Of course that's what happened. No one went to jail after the GFC, so you have to be REALLY naïve to think that they all found Jesus and got scare straight. They simply found new ways to get around the new rules. Shadow lending was probably the most egregious way.

[@privateprivate4882]

Yes it’s totally different than GFC this time ..super bubble and just wait the sketchy financing will be along very soon.. I already see marketing from my local credit union offering zero down payment mortgage ..this hot mess just getting started 😂

[@aprilvalente5131]

Melody you got it right!!! Grow and Enjoy your garden it’s the best Joy ever💜from the 🍀👍🤪

[@BradKittelTTH]

No one talks about the Texas real estate collapse of 198-s that wiped out 90% of value, unwound over lack of financing when interest rates were 10% APR or more. He who has the credit lines, games the system, gets all the assets at firesale prices over banking access. So sad to watch the few get sacked for their attempt to create affordable housing as there is no pad for price collapse. Creating new housing communities with portable houses, not trailers, perhaps there is a way to share the ground rather than become homeless as the Baby Boomers hit the streets to die. Subdivisions will turn into slums.

[@Matt_K]

Two thirds of DNN So yesterday George Gammon (Rebel Capitalist) was discussing his budy's report how real estate also became globally intertwined. I wonder how many foreign investors will need to sell to bring whatever cash back to their home country.

[@thedot66]

Irving is awful. They probably thought the casino was going to be built there. If that happens its many years away

[@JScottHamilton]

It's also one of the two major clusters of corporate headquarters with the Las Colinas planned community. The other major cluster is Plano/Frisco, with outliers of Texas Instruments in Richardson and AT&T in the CBD. I would wonder if the Irving's RE market going soft would have anything to do with corporate layoffs, often starting with personnel from the headquarters locations.

[@lukewarme9121]

The White House needs to be foreclosed on ASAP.

[@realestatemindset]

LOL I wish we could trust our officials. It is pretty sad stuff.

[@bpb5541]

Not just the whitehouse... congress and the treasury too. Presidents don't really have that much impact. What does, are rich companies that own congress.

[@BradKittelTTH]

I bought houses in those days for $7,000 and sold them within a decade for $135,000 each, far short of their higher price later, esp now. Now they would cost $450,000. If that leverage is ripped out from under them for lack of refinancing at low rates. Boom.... Bust cycle happens again. 600 builders in Austin when it started, 60 after the bloodbath of subcontractors who never got paid. So sad but great time to buy all you can at the bottom, fix it up, and make millions as the rich now control so well. They will get too big and fall. Shills will have to run and hide.

[@zipporaid]

Section 8 people arent happy being beholden to the govt, sure i guess... Yet here i am beholden to the corporate machine thatll throw me to the streets to make a quarterly report look nice

[@enthused7591]

Gotta diversify your skills or really make sure you're indispensable at your skill. Right now isn't an anomaly, every 10-15 years we get a recession, and corporations have no choice but to adjust the level of labor they employ to the level of demand for what they're selling, it's really like 1st grade math level of simplicity. Letting go of employees only "makes the quarterly report" look good if revenues are falling sharply due to the destruction of demand, which again, happens every 10-15 years. I know a lot of people are incorrectly assuming it's corporate greed, but it was actually socialist congressional spending that caused this in its entirety. Anyone with a shred of understanding of economics has seen this coming since 2021, just like a couple million people saw 2008 coming all the way back in 2006.

[@joeashbubemma]

Wouldn't you still be on the streets if that "evil corporate machine", didn't provide a job/loan? It amazes me how people refuse to take accountability for their own lives. They create this boogey man "evil corporation", yet will gladly suck on their teet because they couldn't incorporate themselves. CORPORATION: "a legal entity that is separate and distinct from its owners." Take OWNERSHIP of your life, create your own legal entity. If you won't "feed yourself", then I don't see how it's right to condemn the hand that feeds YOU.

[@zipporaid]

@@enthused7591 this is wild that you're just like "here's the facts that it isn't greed" when the corporations tell the truth on their reports and all say they're pushing the limits of what they can charge consumers. Socialist spending 😂.

[@michaelcushing3526]

I stayed in a bunch of Florida Airbnbs while house hunting during the past year. Almost all of the hosts pleaded with me to give them 5-star reviews.

[@Miranda3730]

Yes, the hosts are super desperate for the 5 stars. They get super offended and whine and complain on their hosts groups when the guest leaves a 4 star! it's pathetic!

[@joanhage5952]

Great show, thank you

[@bpb5541]

Wait until those folks have to fire sell !!!!

[@richardb4787]

We have a house rented with VRBO and the neighborhood owners association is threatening to shut us down unless we rent a minimum of six months.

[@chetmyers7041]

If there is an HOA they have every right to do so. Get the heck out now before the legal proceedings begin. CASH OUT NOW.

[@anicca8957]

Good.

[@mattm9961]

Good

[@CaptainCaveman1170]

Never thought I'd side with an HOA.

[@Tamrushka]

I was bidding on a Forclosure auction , I was outbid, it sold for 145,530 , turns out a Realtor bought it and listed it for 189,900 !!! In Lapeer , Michigan / Realty Executives!!

[@kennethkirklin6959]

Shoulda bought it

[@shanerogers9386]

Again, the entire market is driven by flippers and investors

[@CaptainCaveman1170]

@@shanerogers9386 Yep, the MLS isn't showing half of the transactions going on in the shadows. There are MANY places in California where is the inventory is so low that it is statistically impossible for so many thousands o people to have zero major life events.

[@jackjohnson9449]

Good analogy Melody, "what do you mean, you have been giving me the candy for years,"

[@estherpalafox6604]

Thank you thank you for not letting us being alone in this process we are listening 😢😮❤❤❤👍🙏🏼🙏🏼🙏🏼🙏🏼

[@The_Laid_Off_Life]

900 properties that is not verifiable anywhere........ something smells

[@Steven_Will]

Right? I think they got played by a ticktocker pretending to be important 😂😂😂

[@tobyk5149]

which hotel in Irving has the ladies outside? Asking for a friend.

[@kennethkirklin6959]

Lol

[@user-qb8qm4mp5n]

Home insurance is more of an issue rn. My neighbor is having trouble renewing her homeowner's policy. She can get insurance it's just the options are not there. Insurance companies are removing themselves, and for the companies that do offer it the price is through the roof. Seriously, I would not buy a home in California. All it takes is one dual-income earner to lose their job or their pay gets cut, and it's just a matter of time for the financial spiral. If in retirement your only income is social security, you will not own a home in California, because all the costs of homeownership are going up, and they never go down. My case in point is you think $2,000/year is normal for property taxes--and it probably is, not saying it isn't. The home insurance on my home 25 years ago and the policy included cost replacement was $1,000/year. Rising costs are nudging people out of homeownership. When I see these Millennials in my former real estate office buying $600,000 homes like they were candy, I'm over here smh because only 13% of the population in the U.S. make a bare minimum six figures or above. This brings us back to dual income, and it only takes one to lose their job or income. Although I did see a news blurb where lenders are offering mortgage loans with more than 2 people for qualifying, i.e., friend groups buying a home together. The residential real estate industry has gotten very complicated. You guys are doing a great job educating the layperson! 👍

[@briancutsinger]

Thank you Travis and Melody, I appreciate your data and personal perspectives!🌞 Have you ever thought about doing a Twitter Spaces to allow multiple speakers from your communities to ask and answer questions? Twitter allows for a back and forth dialogue where KZbin is usually a one way conversation. Either way you guys are crushing it. Keep up the great work guys and thanks again!🌞

[@cindykedzierski2415]

Many people did not do their homework. They did not purchase with enough equity.

[@RMM919]

If folks put 50% down, think the bank gives them credit for that when things go bad? They still get foreclosed. Best to put as little down as possible and keep your cash handy in case things go bad. Those are the folks who survive bad times without having to give back their home. Id rather $100k in my bank account than $100k in equity.

[@REWatchman]

Great video! I saw that tweet as well and interested to see the story develop further

[@allencoffland1685]

haven't been following R.E. that closely, but out here in small city flyover country, I noticed 3 multi-family properties (one 4-plex and two subdivided SFRs) just came up on my search, and that isn't something i've noticed for the past year or so.

[@deborahilyia1125]

I love Melody for telling the truth! Thank you!

[@enthused7591]

The short sales come first, that's what happened in 07 and what will happen this time. In most markets in the US, prices have been completely stagnant since October of 2022, there's been 1-2% price growth at the most on paper. Most people wouldn't ever consider paying anywhere near what these 2022-2024 buyers paid. Short sales are going to flood the market, STILL nobody will be interested in those 5% discounts, and then foreclosures will follow in the millions.

[@privateprivate4882]

I agree on the short sell on the way..they are not easy to negotiate for anyone not familiar with process..going to be a hot mess 😢

[@soniasbooks]

Starting to see it.

[@Jamezry]

I recently started looking at land in my area thinking "I will just build my house myself" ( which I honestly would love to do) but was shocked at the prices for just land. I found land that was marked up 100% from it's sale price in 2023! How do they justify that?!

[@johgndavis8159]

They call it inflation

[@thedot66]

I know a 19 y/o kid buying up land and jacking up price and reselling. Hes making bank

[@brianmatthews4149]

About 158.00 sf.all depends on fees county and school.

[@soniasbooks]

If people will pay it…

[@GingersnapsRealtor]

My two favorite people!! Love when you guys collab 🎉

[@SirCarlosMusicBMI]

🎉🎉🎉 For the algorithm 👍👍👍👍👍👍👍👍 Thank you brother Travis, Carlos

[@prettyridesmedia]

Melody is bonkers!!! Love the info

[@mufakkas9731]

Perfect. For me as a quant, your information is phenomenally useful for explanations and early insights. Need to replay, but that just means im not studying something i already know.

[@user-os3qm3nb2k]

When comps drop then people cant get their re-fi's and snowball effect like 2008

[@cscott0722]

Local real appraiser here, great information and love your show!

[@kimtruesdale712]

Love to see you and Melody. Bonkers!

[@geewan]

data center - are they empty or just full of HDs ie servers ... can't control what we can't control.. Be responsible!

[@nadjadavidson411]

I attend local networking events. A mortgage broker was telling us that pretty much nobody brings money to the closing table. It’ll be 2008 all over again.

[@realestatemindset]

Thank you for the boots on the ground intel!

[@jonmurphy776]

Insurance companies are raising premiums to cover their losses on real estate investments! D’oh 😂

[@bpb5541]

I am sure that has something to do with it but really they are increasing the prices becasue of inflation. Insurance for a house is for the rebuilding of the structure. If prices to do that have gone up massively... so will the insurance to cover it. No what we really need is a massive crash to get these lofty prices in everything back down to earth.

[@lockup6104]

Mahalo to you and Melody. Power stream 🤙🏽🌴🇺🇸🍍👍🏽

[@samanthasnider5513]

Thanks for all you guys do! Love Melody!

[@EricCrawford777]

Great information and conversation.

[@prashanthb6521]

Datacenters being empty is bonkers for an IT guy like me. I thought cloud was in demand.

[@kennethkirklin6959]

Its just like the hospitals during the Cerveza sickness..all empty..

[@jamisonmunn9215]

Vacancies are through the roof and rents aren't dropping fast enough. Home prices are dropping but not nearly enough.

[@RMM919]

Only way prices drop is if supply is increased and that can't happen until rates come down allowing builders to borrow the cost of construction. This market is locked for the next 2 years period. Tax policy in these locales need to be reformed as rates were set when values were considerably lower. Hazard insurance is another story, thats going to keep going through the roof until insurers make up the losses of severe conditions that destroyed cities like hurricane and fire. Tell the feds to stop playing with the weather to deal with the hurricanes, and the FCC to shutdown wifi as that overlapping radiation is killing the trees turning the west into a tinderbox.

[@thedot66]

Ive got a garden and a paid off house. Life is good

[@ConstructionHoney]

The real American dream

[@crushingthepyramid1641]

Great info guys!!!!!!!!!!!

[@Pl-qq4yl]

Speaking of insurance , few of my neighbors simply do not have insurance in California , their homes are paid for and they really could not pay the increases we have seen. Now State farm or Farmers are getting out of our State and no one gives anything.

[@tomkarnes69]

Every stream is end of the world and beyond, when are we going to get a nice day out

[@raymond_sycamore]

Thank you Melody!

[@user-fu1by4yd7h]

Thanks for everything you do God bless you

[@keambiyoung6133]

Thank you for being so honest!

[@realestatemindset]

Thank you and I hope you gained value!

[@609collector]

There are people on instagram who tell people to use FHA loans to buy properties. Then live there for 1 year and rent it out and do it again.

[@nolo3]

Hell of a discussion!

[@sieng8]

Another great video. Thank you both

[@syrleneclarke1299]

I smile . As in England the government did this and it worked. These homes/houses was for the unaffordable people that was poor, single parents with kids etc. and they are still doing it. My family were renting but it was affordable. Now we brought that home as a discount. They helped us. The government here are bleeding the poor dry. It's sad. Thanks again for your info

[@Realtors4CreativeFinance]

First of all I love you guys and all the local information you share! Secondly I also love Pace Morby and the Subto community. I am a Realtor of 12 years and know for a fact that what Pace is doing is not fraud. I would be ecstatic to see you guys do a show with Pace Morby! Keep reaching out to him and get him on the show❤

[@hannahlynne5522]

I live in a destination town in New England (rural)....during the last 2 years, people sold their homes, and a high percentage of those are now Airbnb's. Two years later, I am seeing some of these back on the market. The area is saturated with Airbnb's.

[@networth00]

Every market is saturated with airbnb.

[@johnlangley6449]

Sixteen tons and what to get another day older and deeper in debt I own my soul to the company store do do do….😮

[@Thyalwaysseek]

Hey Melody most of our problems today are actually caused by people who don't sit down and deeply contemplate their existence.

[@johnlangley6449]

Chairman Mao said be happy with your in misery 😢

[@scottycooper8303]

Several “Short Sale” homes have popped up in my area!!!

[@taurus1647]

Which city?

[@networth00]

what area?

[@scottycooper8303]

@@networth00 southwest tennessee. Munford & atoka area. I’m a realtor and have been doing my best to keep a close eye on it. This market is ridiculous for sure.

[@scottycooper8303]

@@taurus1647 southwest tennessee. Munford & atoka area. I’m a realtor and have been doing my best to keep a close eye on it. This market is ridiculous for sure

[@networth00]

@@scottycooper8303 I'm from close to there. Who would have thought those prices would go sky high.

[@deborahilyia1125]

Melody is a good soul and always tells her truth!

[@joelsnyder8177]

She said their could be a chance the government could own the property and rent them to us, the question i have do you think it matters who becomes president would change that out come ? I believe in a free market less government is better

[@deep6301]

THE GREAT TAKING

[@Steven_Will]

I could see it under Biden. Not sure about Trump

[@soniasbooks]

That’s not actual foreclosures, it’s people who are 30+ days late on their payment. Potential foreclosures over the next few years. Still, says something about the direction of the market and the economy.

[@user-sf4dq3vn4g]

Wait til Buyer Agent Commission is gone from MLS in a month, demand will really go to zero

[@Annajsee]

My exact thought

[@joeashbubemma]

Hold on, are you saying that RA's drive the market? Demand is demand, the MARKET will figure out a way to streamline transactions, with or without RA's. We are seeing this within the automotive industry as well, the MIDDLE MAN is slowly being phased out. AI/robotics will eliminate the rudimentary inefficiencies in markets. Buyers and sellers are fed up with paying commissions to glorified used car salesman.

[@soniasbooks]

@@joeashbubemmaAI is still nowhere near smart enough for that.

[@katydid2877]

@@joeashbubemma I used a flat fee broker in 2021. Cost me $3K for listings, sign in the yard, photographer, and closing. It’s not that complicated.

[@jermon983]

Also, sellers having to bring cash to their own closings. Just to help finalize their sale of their homes.

[@TheDankrista]

Help me out. If a home is on market 150 days, did you offer 20% below a recent appraisal or how did you know you were getting it so far below market value?

[@stick7646]

I'm not seeing anywhere near 900 houses for sale period, nevermind 900 foreclosures in Irving. The prices are not below market. Foreclosures haven't been the deal they used to be for years.

[@qj8933]

Non judicial States can go to Foreclosure sale in roughly 10-12 weeks after referal barring no state specific pre fc notices. Please know everyone the gloves came off awhile ago and Foreclosures are only increasing. The FHA is still soft in offering Partial Claims over and over again but once someone reaches 30% of their original principal balance in PC's no more....and the only help the lender will offer you is a Mod to a higher interest rate equating to a higher P&I payment.

[@InvincibleExtremes]

everyone complaining about housing prices but nobody wants to pick up a hammer and actually do the hard work to build their dream home or make honest money. everyone is tired of watching people skim off the top and not pay the workers their due.

[@realestatemindset]

You know I really really agree with you OVERALL. BUT we don't have to be those kinds of people. Dude think of all the people who are still asleep. Think of all the people who are already to far gone on debt. The bad stuff has NOT happened yet in their eyes but it will.

[@Pl-qq4yl]

Nice to see you Travis after a while, my two cents: real estate is a cycle and always will be unless there is a change in our economic system,

[@veerenchithriki2803]

Amazing from the heart Melody and travis We love you

[@realestatemindset]

Thank you! I hope you building our purchase power and finding ways to review local data!

[@veerenchithriki2803]

Yes travis I knew 2008 was a bubble and 2024 is much bigger If you are going to be in Jacksonville let me know I have done hud air b nb and regular rentals

[@dustinhartlyn]

Thanks!

[@samanthasnider5513]

I wonder if that’s a build to rent neighborhood OR a small builder in an area where a company was preparing to build a facility and then changed their mind. There’s a lot of that happening too.

[@divinediva6320]

The investors are trying to sell apartment buildings that are half empty!!!!

[@JScottHamilton]

Not only can you not trust the government, you *shouldn't* trust the government for all the obvious reasons. The principle of _caveat emptor_ still applies. So it's up to you guys to keep the buyers well informed so that they can beware. I'm also wondering when you have a cluster like this in Irving that shows up all of a sudden, could it be from private equity who own a bundle of properties deciding to go jingle keys?

[@JScottHamilton]

On a related note to Melody's thesis of county ownership. This has been done for years in Pittsburgh/Allegheny County for distressed and abandoned properties. Some properties are held by the Pittsburgh's non-profit URA, and others are eligible for the the county's Vacant Property Recovery Program (VPRP) when the properties have back taxes and often clouded titles.

[@realestatemindset]

100% it could be and probably is.

[@anthonybanks2092]

Spicy melody, i love it! 😂😂

[@j_flo]

We’re in the squatting phase. Bail and buy 2.0. 🇺🇸🦅

[@shanerogers9386]

@@j_flo flippers and investors hoarding hoarding homes and creating the bubble has created homelessness and squatting. Fix the root of this issue

[@Esala888]

That is too funny!!

[@irfaankalamadeen9823]

Dont buy a house in an election year Travis. Especially this election and at these price to income ratios.

[@4Marktk]

absolutely bonkers y'all

[@Steverz32]

ABSOLUTELY BONKERS 👍

[@privateprivate4882]

Here comes the jingle keys 🔑..this market is unstable..going to be epic collapse..rate cuts will not save this level of volatility..the prices are the problem and the negative equity for anyone who purchased during bubble is just getting started..if u need to sell get the price right the first time ..don’t let ur listing go stale because u get low ball offers after house sits..the foreclosures Melody mentions in Texas might be from somebody who has orders for BPO in that area..just a guess. Great video tonight ..Melody is 💯 spot on 🇺🇸❤️🙏

[@lawrencesmith9059]

In china the local governments are not able to buy enough houses to paper it over, same thing here. Debt is fine if you use it to create value, but that is not the same as borrowing too much money to consume

[@G-Anon-oz2lb]

Let’s go bonkers!

[@tobyk5149]

Lets go Brandon!

[@stevenshorten6184]

I don't think the market even can crash anymore. Blackstone has 65 billion dollars just waiting to scoop up distressed properties and foreclosed properties. Foreign investors are going to continue to buy the real estate here because it's safer than their own countries.

[@bpb5541]

Just wait... we haven't seen nothing yet.

[@colemanjr]

hey, there guys, I know you two are mostly in single-family homes, but if you have ANY info on this Realpage problem it would be greatly appreciated. I trust you two more in this whole Real Estate situation than anyone else in the industry.

[@charlesrocks]

Holy Bonkers Bros

[@tcboes]

This is what Nick G has been warning about, the local market damage that will occur if these corporate owners dump multiple houses at once priced to move, or foreclosed.

[@RMM919]

If people dont own, they should be licking their lips and happy hedge funds were building 300 and 400 units at a time and then are happy to walk away. When that kinda of inventory hits the market, prices will go through the floor giving first times a chance they havent had in a decade. Folks that are already on probably wont be hurt by that as they werent going anywhere in the first place. 5 years from now they'll be right back to where they were? I can't wait for the bottom to fall out so new money can come in.

[@tcboes]

@RMM919 agreed. But the underwater owners will be in severe pain for a long while.

[@RMM919]

@@tcboes i believe that pain is all psychological? If they're already on, they werent going anywhere anyway. The gain or loss is only realized when you sell. No sale, no pain; folks just dont like the feeling of being upside down.

[@networth00]

So, prices go back to normal?

[@CrashBr0]

I can't wait to buy from the Government. Waiting sucks.

[@nicweethee]

11:50 where Melody spoke about non traditional products like seller finance is what artificially propped up this market and unfortunately those individuals who basically got a property for next to nothing down and aren’t cash flow positive anymore because they can’t rent it out for the amount to cover the money they owe the seller, well they will just walk away and the seller will reinherit the property along with the issues of possibly having to evict the tenant or if it is vacant they will likely have to rehab the property to sell it and break even. I highly doubt they will break even with the precipitous decline in preowned because I just bought one and already lost 40k in equity in the last 3 months and it seems to be continuing. The real problem I see exacerbating the downturn in the market is the novice investors who did these seller finance deals and are not performing aren’t paying their property taxes and so the seller who will get the property back after the buyer defaults may owe the back taxes in order to get their property back.

[@michaelmatusa11]

If potential home buyers can keep their powder dry for a year or two they will have a great opportunity to buy for a good price. Just like after the GFC.

[@eliot5220]

Did I hear Travis say he was thinking about investing in a house for $300,000?

[@sheilasamuel123s5]

Can you please do a deep dive into subject 2 with the person you mention.

[@pearl-n-pink]

Can you talk more about the empty data center bubble? My husband employer still planning to open more data center and he is working on these projects and teling me his team are growing and hiring. It is in AI platform space. Is it going to burst soon and lose his job?

[@johnlangley6449]

PT Barnum said a sucker born every second 😅

[@cuzmariosaidso]

900 is how much compared to “normal” sorry I’m just uneducated on the topic thank you ❤

[@jorgecasamiquela1186]

You are Bonkers Kid 😮

[@kkiissssiikk]

Some inventory goes to programs for low income, i think. Yes, Melody is right because we all broke. But then people pay mortgage, instead doing bad choices and less investors hoarding houses. I bided on a house, which sold 30k over asking. Then i saw it as inventory in low income program website as available (without investors competition). Idk if it’s a glitch, an example home or how it is right now.

[@jermon983]

If you're going to talk with someone about subject-to. Pace is the last guy you should have this conversation with.