Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Ty Whitman

Ty Whitman has started 6 posts and replied 18 times.

Post: What are your thoughts on this "conspiracy theory"?

Ty WhitmanPosted
  • Jacksonville, FL
  • Posts 20
  • Votes 9
Originally posted by @Rick K.:

@Ty Whitman
I don't think you need a conspiracy theory... The US added 20% more available dollars in 2020 and that money has to go somewhere.

Agreed, and that's kind of my point. If that money has gone to "the top 1%", are they then rolling it into real estate? 

People talk about everyone moving out of California and New York, but someone still has to buy their homes when they move.  I sold two homes in California this year, and they sold like hotcakes.... one went under contract in a day and the other in one week. One sold to a family.  The other sold to someone who said they were buying it for their mom, but then no one moved in for 6 months. A company came in and did some renovations, and now it is a rental property.  

And although this doesn't directly effect a buyer, I wonder how the bank reserve rate being dropped from an already, insultingly low 20% down to 0 at the very beginning of this COVID "crisis" might play into things.

Post: What are your thoughts on this "conspiracy theory"?

Ty WhitmanPosted
  • Jacksonville, FL
  • Posts 20
  • Votes 9

It's been a bit of a surprise to me that, in spite of what I thought was a huge bubble last year, both real estate and stocks all kept rising.  Once COVID hit, I was sure that would prick the bubble and start the downturn, but both markets only seemed to take off.  I'm not sure our stock or real estate markets would have continued to climb without trillions being printed by the fed.   I'm left in this place where I don't trust the stock market as an investment, and I don't even like just holding cash with all the money printing and inflation. Real estate is where I'm comfortable, but I'm worried about a huge downturn, even though I feel like my particular market will be somewhat resistant to one as compared to other markets.

I was listening to a podcast the other day that was talking about foreign and wealthy investors buying up real estate in the USA, as well as "dirty" money being "laundered" through real estate.  This text link below was basically the gist of the podcast.  Here are some excerpts:

"All-cash transactions have come to account for a quarter of all residential real estate purchases, “totaling hundreds of billions of dollars nationwide,” the Financial Crimes Enforcement Network – the financial crimes unit of the federal Treasury Department, also known as FinCEN – noted in a 2017 news"

also from the article:

“It reminds me of Moldova after the fall of the Soviet Union: oligarchs running wild, stashing their gains in buildings,” James Wright, an attorney and former Treasury Department bank examiner, told me. He now helps foreign governments combat money laundering. “Back then, you’d walk down the street, and people would say, ‘That building is a washing machine.’ Everyone knew it. Today, America is not that different.”

I've done a small amount of research into the topics talked about, as well as how FinCEN operates, and it's interesting.

So my thought that I'd be curious to hear your opinions on:  What are the chances that "those in the know" are "laundering and stashing" money into real estate due to knowledge of a massive impending economic collapse, and that is essentially what has kept this market propped up as long as it has into this COVID crisis?


Post: Are hedge funds still major competition?

Ty WhitmanPosted
  • Jacksonville, FL
  • Posts 20
  • Votes 9

If this comes off as an odd post, I apologize, but it's something I am really curious about .... When I was investing in Jacksonville, Florida about 7 years ago, my main competition seemed to be hedge funds in the area. I'm actually in a weird place right now where I'm afraid to hold cash due to all the FEDS money printing and inflation, but I'm also afraid to invest in the stock market because I think it's in a huge bubble, and I'm afraid to invest in real estate because I think we are at a peak, and there still seems to be a buying frenzy going on.  In these strange times, I'm wondering where the uber wealthy are putting their money.  So I'm curious, for those of you out there actively making offers right now, are you finding hedge funds as a major source of competition in your market, or do you know if they are actively investing much at all?  I can't seem to find reliable info myself online, so I figured I would ask some of those with "boots on the ground".  I would appreciate any comments.

Post: Renters Insurance

Ty WhitmanPosted
  • Jacksonville, FL
  • Posts 20
  • Votes 9

Thank you everyone for your input.... good points and something I will seriously consider doing.

Post: Renters Insurance

Ty WhitmanPosted
  • Jacksonville, FL
  • Posts 20
  • Votes 9

I'm getting ready to rent out my first few rental homes and have been on the fence with the subject of requiring renters to get renters insurance.  It seems like many leases I have looked at require it, but I fear that forcing it on tenants may scare some otherwise good people away.  I also try to put myself in the tenants shoes and I kind of think it feels like an unnecessary demand, when I am already saying "no pets", "no smoking", "no persons in the rental not on the lease", "no parking on the lawn", etc....  


I would really appreciate some of your opinions on the subject.

Post: Realty Trac Thoughts?

Ty WhitmanPosted
  • Jacksonville, FL
  • Posts 20
  • Votes 9

Thanks, Shiloe!  I appreciate the insight.

Post: Realty Trac Thoughts?

Ty WhitmanPosted
  • Jacksonville, FL
  • Posts 20
  • Votes 9

I see the Realty Trac homes pop up all the time on Trulia.  I'm looking for any help I can get on finding deals in my market, so I thought about signing up for the "free" trial but yelp has a ton of horror stories.  I understand that a lot of people who go on yelp only do so when they are upset about a service, so I thought I'd ask for opinions here from people who may have tried it.  Do you think it is worthwhile?  Is the info they supply current, useful, and easily compiled?  Is it info you couldn't easily find somewhere else?  I'd greatly appreciate your insights.

Post: Jacksonville Real Estate Investors - October Meetup

Ty WhitmanPosted
  • Jacksonville, FL
  • Posts 20
  • Votes 9

For anyone familiar with the area, that's "Sneakers" sports bar and grill.  Right now we plan on meeting in the outside covered area.

Post: Jacksonville Meetup This Wednesday!!

Ty WhitmanPosted
  • Jacksonville, FL
  • Posts 20
  • Votes 9

awesome!  Thanks for putting this together Erik!  I will be there.