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Rents in Concord are smokin


By iwog   Follow   Mon, 20 Feb 2012, 2:22pm PST   18,870 views   179 comments
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Finally put my 1br, 1ba house up on Craig's List on Friday.

By Friday evening I'd shown it once and had 5 appointments for Saturday.

By Saturday evening I had a commitment and today I had a signed lease for $1100 per month and a check in hand. They move in Wednesday.

Rentals are smoking right now!

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SFace   Tue, 21 Feb 2012, 6:45am PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 20

Just read the trascripts of an apartment REIT which looks into these things in detail to know what is going on in rents.

Here's a cut from Avalon Bay regarding rents

"We didn't comment on that yet, Rob, but I'll give you the information. In the fourth quarter, we made a conscious effort to focus on getting availability down and occupancy up. And as you probably saw, occupancy rate at about 96% for the fourth quarter. That's put us in a pretty good position entering 2012. And for the first 3 months of 2012, in essence, the first quarter, we've been sending out renewals between 6% and 7%. To give you some perspective, last year at the same time, we sent them out between 5% and 5.5%."

http://seekingalpha.com/article/338301-avalonbay-communities-ceo-discusses-q4-2011-results-earnings-call-transcript?part=qanda

bubblesitter   Tue, 21 Feb 2012, 6:52am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 21

edvard2 says

Man, I tell you what,
I put some money into stocks last year and the market is just smokin'!

Yeah, Stock market is smoking! I just double my 100K to 200K in just a year. I am glad that I do not have collect rent months after months. LOL.

toothfairy   Tue, 21 Feb 2012, 10:55am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 22

it's a good post. I'd like to know where the rental market is strong and where it sucks.

SFace   Tue, 21 Feb 2012, 10:58am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 23

bubblesitter says

Yeah, Stock market is smoking! I just double my 100K to 200K in just a year. I am glad that I do not have collect months after months.

Homeowners hold something like 50X more share than renters. (I know, there are other reason's behind it) But the general idea that renters hold shares while homeowner's can't is a myth.

Congrats on the return, nice job.

xenogear3   Tue, 21 Feb 2012, 11:05am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 24

SFace says

Homeowners hold something like 50X more share than renters.

Does that mean renters have no money to buy houses no matter what?

I heard S&P 500 was 1500 in year 2000. Now it is 1300.

It is $200 cheaper now :)

David9   Tue, 21 Feb 2012, 11:54am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 25

Yahoo! Congradulations. My rental in Dallas rented too.

(Yeah, I know, I bitch and complain because it's not a good time to buy yet.)

iwog   Tue, 21 Feb 2012, 11:59am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 26

Vicente says

I concur Iwog is clearly beating his chest here.

I concur too, but you can't blame me after the 5-year orgy of crash-o-mania in the Patrick RE section.

APOCALYPSEFUCKisShostikovitch   Tue, 21 Feb 2012, 12:23pm PST   Share   Quote   Permalink   Like (29)   Dislike     Comment 27

If you put enough arm into it, any dead cat will bounce, even appearing lively for a moment as it leaves the sidewalk.

When an entire industry is vested in making the dead cat appear convincingly vital, really anything can happen for a month or two.

When the whole federal government has thrown everything it and the Wall Street psychopaths can muster to keep the bubble inflated, the cat may even blink momentarily.

David9   Tue, 21 Feb 2012, 12:50pm PST   Share   Quote   Permalink   Like (2)   Dislike (1)     Comment 28

Simply Awesome ApocalypseFuck

JodyChunder   Tue, 21 Feb 2012, 1:25pm PST   Share   Quote   Permalink   Like (2)   Dislike (2)     Comment 29

Yes my rentals are smoking!!!! Investment property is out perforating ever other investment class. I am working on my second million while my brother who rents is losing his legs to sugar diabetes!

RentingForHalfTheCost   Tue, 21 Feb 2012, 1:29pm PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 30

edvard2 says

Man, I tell you what,

I put some money into stocks last year and the market is just smokin'!

My thoughts exactly. Houses grow old, while the companies I invest in actually make new stuff. After 20 years, owners will have 20 years of maintenance, 20 years of headaches, taxes, insurance, interest payments, etc. After 20 years I'll have my money back in my hands just from the dividend growth and don't even talk to me about appreciation. Housing is by far one of the worst ways to get rich. It can happen if you are lucky enough to start in a high interest rate environment and then benefit from the refi mania while the rates drop, or you happen to luck into a booming city. I don't count on luck for my future, just pure common sense, much more stable in the long run.

Good for you though IWOG. I hope you can stash away some cash for the hard times to come. You will need it, especially playing in Stockton. Your place might not be the same after some of the renters are done with it.

JodyChunder   Tue, 21 Feb 2012, 1:33pm PST   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 31

RentingForHalfTheCost says

My thoughts exactly. Houses grow old, while the companies I invest in actually make new stuff.

Yeah in CHINA by slaves! You must be so proud.

Houses don't grow old. You have to maintain them like anything else.

RentingForHalfTheCost   Tue, 21 Feb 2012, 1:34pm PST   Share   Quote   Permalink   Like (3)   Dislike     Comment 32

JodyChunder says

Yes my rentals are smoking!!!! Investment property is out perforating ever other investment class. I am working on my second million while my brother who rents is losing his legs to sugar diabetes!

Second million? When you get it, then you can buy a 1000sqft shack in Cupertino and still have just enough to send you kids to college and maybe take a vacation. Good luck, I'm rooting for you.

Seriously, though. Housing better than Apple? Better than Gold? Better than any form of bet against the US dollar? These last 3 years you pretty much couldn't go wrong in almost every investment category except housing. It is the pansy in the room.

RentingForHalfTheCost   Tue, 21 Feb 2012, 2:04pm PST   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 33

JodyChunder says

RentingForHalfTheCost says

My thoughts exactly. Houses grow old, while the companies I invest in actually make new stuff.

Yeah in CHINA by slaves! You must be so proud.

Houses don't grow old. You have to maintain them like anything else.

How does my shares in Apple, or P&G, or Chevron need any maintenance? They have all kicked housings ass and will continue to do so.

Not sure why you single out China. If it is another country thing, then take a drive around a new housing development. Chances are you will not see any citizens working on building the homes. With your logic, you should not like homes either.

JodyChunder   Tue, 21 Feb 2012, 2:34pm PST   Share   Quote   Permalink   Like (1)   Dislike (2)     Comment 34

It's not about 'another country thing." It's because American consumers and investors send a message to the world by way of Chinese manufacturing that human rights abuses are okay, as long as it is not our children or in our back yard and as long as there is wealth or wealth effect created. I used an IPAD that my daughter bought me for about two months until I spilled motor oil all over it. That is okay, because I always felt guilty for using it. Now I'm back on the 166 with a dial up my neighbor put me together in 1998 with US and Japanese parts.

I rent houses out. My renters are happy as clams. I give them free rent on their birthdays and also free spring water. I provide for my people.

edvard2   Wed, 22 Feb 2012, 12:08am PST   Share   Quote   Permalink   Like (1)   Dislike (2)     Comment 35

RentingForHalfTheCost says

My thoughts exactly. Houses grow old, while the companies I invest in actually make new stuff. After 20 years, owners will have 20 years of maintenance, 20 years of headaches, taxes, insurance, interest payments, etc.

I've mentioned this before. The stocks I invest in don't need light bulbs, paint, new hinges, foundations, roofs, HOA's, or carpet cleaning. As someone who grew up with parents who actually owned investment property, sure- it was fine for a few years. Fine until we had to clean up the nasty carpets left by renters for the umpteenth millionth time. Fine until we realized that usually the interior walls needed to be repainted every time someone moved out. Fine until we saw just how much a new roof actually costs. Fine until being called for the 10th time at midnight because something broke.

Did my parents do ok with their investments? Sure. We got a reliable addition to our incomes all during my childhood. But honestly, they would have done just as well and likely better had they stuck that money into stocks and investments. At the end of the day I can come home and watch TV or do whatever and not worry about carpet, paint, or renter issues. My money simply sits and gains value while I basically do nothing except maybe move some stuff around. But after all as repeatedly pointed out stocks outperform real estate anyway so this isn't really an argument to begin with.

tatupu70   Wed, 22 Feb 2012, 12:37am PST   Share   Quote   Permalink   Like (2)   Dislike (2)     Comment 36

edvard2 says

But after all as repeatedly pointed out stocks outperform real estate anyway so this isn't really an argument to begin with.

Yes---Nobody should buy a house thinking they will make money in captial appreciation.

Either buy to rent out or buy to live in.

bubblesitter   Sat, 25 Feb 2012, 1:10pm PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 37

@patrick,

I think there is bug in the like function. It is allowing me to do multiple likes on the same comment and increase the like count every time I click it. It should allow a user to like it one time only.

Patrick   Sun, 26 Feb 2012, 1:33am PST   Share   Quote   Permalink   Like (3)   Dislike     Comment 38

Thanks for telling me. Don't know what the problem might be yet. It limits me to one like.

Can you do two likes in a row, or is it that you do one, and then sometime later you see it's not greyed out anymore?

Patrick   Sun, 26 Feb 2012, 1:51am PST   Share   Quote   Permalink   Like (3)   Dislike (1)     Comment 39

Good idea. I will make an undo function, so you can change your mind about anything.

bubblesitter   Sun, 26 Feb 2012, 1:59am PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 40

@patrick,

I can't do it more then once in a row in one session but can do it at different times from different computers, and at different days from the same computer - seems random.

Patrick   Sun, 26 Feb 2012, 4:28am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 41

OK, I think I know what's wrong. Will take a bit of time to fix.

bubblesitter   Mon, 27 Feb 2012, 1:34am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 42

@patrick,

I just did it from work on this comment and did increase the count by 1 to total 12.

http://patrick.net/?p=1209134#comment-801034

Mick Russom   Mon, 27 Feb 2012, 1:37pm PST   Share   Quote   Permalink   Like (3)   Dislike (1)     Comment 43

iwog says

Rentals are smoking right now!

Question. Do you have kids? You realize that your kids and most of the next generation are going to be slaves to the rentier class. This rentier class simply had the capital to invest at some point, mostly by luck, considering about 90% of the people on the planet are unproductive. Those in the top 10% of net worth are not necessarily the 10% that are productive. Some are. Not many. Anyways.

Most people have wealth because of great amounts of luck or silver spoons. Its very rare to see anyone with money who actually works hard and smart. The fantasy in the USA is to win the lottery or live lavishly from unearned income. One of the very few ways to get ahead for those not in the elite class is to take massive risks. As I have children, I can't take risks, but psychopaths who took huge risks and happened to get lucky like to then turn around and watch people struggle to pay off their mortgage and then kick them to the curb when the last drop of blood comes from the rock. If was suddenly wealthy, I would move away from the rat race. Notice that the psychopaths go and buy investment properties in middle class or lower class areas and enjoy watching people struggle to make rent.

Anyways, our shared fantasies of becoming the rentier class and living lavishly while people slave away just to put a roof over their head is indeed the sickest pleasure. Rental income should be savagely taxed and there should be no deductions from second homes. In fact, having a second home should mean instant AMT - if you have enough money to be Scrooge McDuck with houses, you don't need "deductions."

Honestly, I hope there is a huge backlash for this.

How many people with great potential or kids with great potential die early of a stroke, their kids screwed because it take a dual income just to pay the rentier class their blood money and they become latch key kids deprived of supervision during their tender formative years.

This country sucks. Bad. Its gone from bad to worse and the middle class will disappear. Our ability to be innovative, good parents, give to the next generation is being destroyed in the name of what? Renting out moldy, asbestos ridden termite damaged dry rotted houses to struggling people so that the rentier class can sip martinis at the poolside.

Expect people who have to live like this under duress from the greedy bank or the rentier landlord to react violently as things get more and more difficult.

Mick Russom   Mon, 27 Feb 2012, 1:41pm PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 44

iwog says

I concur too, but you can't blame me after the 5-year orgy of crash-o-mania in the Patrick RE section.

Its nice to see people who took risks and got lucky rub it in to those who cant risk because they understand only how to get earned income (vs unearned) and at the same time the monetary system is punishing savers. Nice to see landlords, banks and inflation mocking the middle and lower classes after they slavishly work to make rent.

APOCALYPSEFUCKisShostikovitch   Mon, 27 Feb 2012, 2:10pm PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 45

Ike! Hear our prayers!

Mick Russom says

This country sucks. Bad. Its gone from bad to worse and the middle class will disappear. Our ability to be innovative, good parents, give to the next generation is being destroyed in the name of what? Renting out moldy, asbestos ridden termite damaged dry rotted houses to struggling people so that the rentier class can sip martinis at the poolside.

Expect people who have to live like this under duress from the greedy bank or the rentier landlord to react violently as things get more and more difficult.

iwog   Mon, 27 Feb 2012, 2:37pm PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 46

Mick Russom says

Question. Do you have kids? You realize that your kids and most of the next generation are going to be slaves to the rentier class. This rentier class simply had the capital to invest at some point, mostly by luck, considering about 90% of the people on the planet are unproductive. Those in the top 10% of net worth are not necessarily the 10% that are productive.

Yup, you're probably right. Don't blame me, I vote Democrat.

Show me a Republican who's a debt slave and I'll show you someone who asked to become one.

Mick Russom   Mon, 27 Feb 2012, 3:08pm PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 47

iwog says

Yup, you're probably right. Don't blame me, I vote Democrat.

Voting democrat doesn't make being a rentier right. If you are a true "liberal", set up your tenant for a rent to own scenario.

iwog   Mon, 27 Feb 2012, 3:14pm PST   Share   Quote   Permalink   Like (2)   Dislike (1)     Comment 48

Mick Russom says

Voting democrat doesn't make being a rentier right. If you are a true "liberal", set up your tenant for a rent to own scenario.

That's hardly the point. Only an idiot brings a housecat to a dog fight. The government sets the rules and you either play to win or you become one of the suckers. There isn't a third option.

I hate how badly this country has been wrecked by misguided free-market lunacy, but I have no intention of being a martyr. My money is going into real estate right now because it's my best hope of staying solvent over the remaining 30-40 years of my life. I'm sure I'll have to make different decisions down the road, but for right now it's California real property.

JodyChunder   Mon, 27 Feb 2012, 4:01pm PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 49

iwog says

I hate how badly this country has been wrecked by misguided free-market lunacy, but I have no intention of being a martyr. My money is going into real estate right now because it's my best hope of staying solvent over the remaining 30-40 years of my life. I'm sure I'll have to make different decisions down the road, but for right now it's California real property.

Brother IWOG speaks!

Mick Russom   Mon, 27 Feb 2012, 5:00pm PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 50

iwog says

I hate how badly this country has been wrecked by misguided free-market lunacy, but I have no intention of being a martyr.

So what's the point of posting every rent check you ever get here? You want approval for being a landlord?

Why not take a picture of the people who you are renting to and post it. Maybe we can make fun of their tattered clothes, worn shoes and plight.

Dear landlord
Please don’t put a price on my soul
My burden is heavy
My dreams are beyond control
When that steamboat whistle blows
I’m gonna give you all I got to give
And I do hope you receive it well
Dependin’ on the way you feel that you live

Dear landlord
Please heed these words that I speak
I know you’ve suffered much
But in this you are not so unique
All of us, at times, we might work too hard
To have it too fast and too much
And anyone can fill his life up
With things he can see but he just cannot touch

Dear landlord
Please don’t dismiss my case
I’m not about to argue
I’m not about to move to no other place
Now, each of us has his own special gift
And you know this was meant to be true
And if you don’t underestimate me
I won’t underestimate you

Bob Dylan

Mick Russom   Mon, 27 Feb 2012, 5:03pm PST   Share   Quote   Permalink   Like   Dislike     Comment 51

iwog says

My money is going into real estate right now because it's my best hope of staying solvent over the remaining 30-40 years of my life

You realize that someone with multiple properties talking about remaining solvent sounds really greedy right? There are people with kids without a house, and you run out and snapped up resources you don't need and rent them to those in need.

I wonder, when FedZilla illegally packages up all the distressed properties and sells them in bulk to investors to keep the prices of home artificially high and you benefit from this in the exact same way that the fraudster banksters do, what makes you different from them?

JodyChunder   Mon, 27 Feb 2012, 5:26pm PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 52

I confess, I understand why you hate land speculators. Land is something nobody made and everybody needs. Its value is something all of society added to to create, and is something everybody needs, and each member of society deserves as compensation for being excluded from all other locations.

If we as a people had enough collective brains, willpower and tribal kinship and could come together to recover what was rightfully our own common wealth, then there’d be no unearned profit to lure speculators. But we don't. We are mostly wary of or hate one another. Further, if government did not skew the playing field and distort prices upward with tax incentives and subsidies, then land would not be the asset that speculators would pour into. This includes AG land and the subsidies involved in that arena of RE.

For what it is worth, I give my tenants free Spring Water every rent day and free rent on the birthdays.

Mick Russom   Mon, 27 Feb 2012, 5:48pm PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 53

"New research suggests that the upper classes are more likely to behave dishonorably than those lower on the economic spectrum. The rich are more likely to cheat, steal, and even disobey traffic laws than those with less money and power (abstract). Curiously, in one experiment, Prius drivers also behaved badly, regardless of their wealth."

http://news.sciencemag.org/sciencenow/2012/02/shame-on-the-rich.html?ref=hp

The upper echelons of society steal our future.

The mass of men lead lives of quiet desperation. What is called resignation is confirmed desperation.

Most of the luxuries, and many of the so-called comforts of life, are not only not indispensable, but positive hindrances to the elevation of mankind.

JodyChunder   Mon, 27 Feb 2012, 5:55pm PST   Share   Quote   Permalink   Like   Dislike     Comment 54

Mick Russom says

What is called resignation is confirmed desperation.

Resignation is the font of all strength. Just as we resign ourselves to death and yet live, we must resign ourselves to the idea that renting from daddy Chunder in Victorville does not mean the end of the road.

Mick Russom   Mon, 27 Feb 2012, 6:17pm PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 55

JodyChunder says

renting from daddy Chunder in Victorville does not mean the end of the road

But some may want to get to the end of the road - it might have a finish line there.

I have seen those who work hard, save, and enjoy retirement without having rentier income from blood sweat and tears in the form of rent of the common man.

iwog   Mon, 27 Feb 2012, 10:17pm PST   Share   Quote   Permalink   Like   Dislike     Comment 56

Mick Russom says

So what's the point of posting every rent check you ever get here? You want approval for being a landlord?

I post every rent check I ever get here? Funny I thought this was a real estate forum where people talked about real estate. You think landlords keeping rents a secret is going to help people?

Mick Russom says

You realize that someone with multiple properties talking about remaining solvent sounds really greedy right? There are people with kids without a house, and you run out and snapped up resources you don't need and rent them to those in need

So you're a communist then? It's okay if you don't believe in private property, but you should at least be honest and acknowledge that communism is a failed economic system that can't possibly work.

The solution is progressive taxes and redistribution of wealth over decades. The solution IS NOT to whine about landlords taking all the houses.

Mick Russom   Tue, 28 Feb 2012, 12:39am PST   Share   Quote   Permalink   Like   Dislike     Comment 57

iwog says

It's okay if you don't believe in private property

No, but hoarding things and ursury have been regarded as unsavory since time began. Im nor surprised at hoarding gold, money, foodstuffs, but to hoard shelter. You see soup kitchens and homeless shelters, some good people with property trying to help, but to hoard property, not to offer rent to own, and to make a living off of other people strife seems too upsetting to me to be able to sleep at night.

Patrick   Tue, 28 Feb 2012, 1:14am PST   Share   Quote   Permalink   Like (3)   Dislike (1)     Comment 58

Now wait a minute here. Iwog is being a good Republican, and Republican Mick is attacking him for that?

My own opinion is split on landlords: they do actual work in screening tenants, maintaining property, and studying where best to allocate their capital. But the land ownership part is not productive.

Still, business considerations compel us to do what makes the most money under the current laws. So I'd blame the laws for making land ownership more profitable than it should be instead of blaming Iwog for taking advantage of it.

Kind of like Warren Buffett and taxes. Sure, he knows it is ridiculously unfair for him to pay only 15% in income tax when he's literally just about the richest guy on the planet. But is he going to just voluntarily pay more? No. That wouldn't be fair either, while the other billionaires also get away with 15%. Or 14% if you're Mitt Romney.

The real solution in both cases is to change our unjust laws.

freak80   Tue, 28 Feb 2012, 1:49am PST   Share   Quote   Permalink   Like   Dislike     Comment 59

Mick Russom says

Question. Do you have kids? You realize that your kids and most of the next generation are going to be slaves to the rentier class.

Mick Russom says

This country sucks. Bad. Its gone from bad to worse and the middle class will disappear. Our ability to be innovative, good parents, give to the next generation is being destroyed in the name of what? Renting out moldy, asbestos ridden termite damaged dry rotted houses to struggling people so that the rentier class can sip martinis at the poolside.

You don't have to live in California.

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