Simply because something is different than you perceive it to be...

Just perceived as being done as cheap as possible.

Also, when it comes time to resell, how are they perceived as far as good value?

If you wanted to use an agent, it will typically come at no cost to you as the buyer (but in a round about way could be perceived that way) -- this is paid by the seller as part of the 6%. 

It is not about profit it is about perceived profit and that is what conservative investors seek.Personally I believe that fluctuating real estate markets makes using a property as a bank is higher risk due to market shifts wiping out your equity but others see high leverage as a higher risk.

People can't count on 50 year long careers with pensions anymore and real estate is their (perceived) ticket out of the mess their retirement plans are in.

I have a theory that the 20 guys doing this would yield a return of more than 20x deals, provided the credibility is perceived by the buyers.

When the current leases are up, you'd want to switch that to make the tenant pay for everything, or raise the rents according and market the property as water/sewer/garbage included (perceived savings).Here's a list of the triplexes that sold nearby within the last year (triplexes are rare, so generally you have to go back further than 6 months):1769 Oxford Way, Stockton, CA 95204 - $290k2008 Buena Vista Ave, Stockton, CA 95204 - $365k1302 Holt St, Stockton, CA 95203 - $255k2158 Monte Diablo Ave, Stockton, CA 95203 - $335k2619 W Acacia St, Stockton, CA 95203 - $225k2879 Pixie Dr, Stockton, CA 95203 - $325kNot all those triplexes are the same, but it just goes to show that this property is likely $25-50k overpriced, which is why it has been on the market for 81 days (anything that's priced rent would've sold much sooner).At $375k your PITI would be $2,010/mo and at $350k it would be $1,876/mo.

The problem with that is you don’t get as many calls from good tenants because they perceive that you are cheap for a reason.

The Real Estate holding company I am with is now looking at what to do next in response to what we perceive could be the adverse affect of this new law.