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Is there a rental house shortage?


sandhiller
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1 hour ago, AKwelder said:

We have the added problem that the pot industry is trying to find places to put their cash, so they are buying homes.  Flipping, rentals, and who knows

 

When you want to buy a house it’s hard to compete with a guy with a suitcase full of used 20’s

  Can a person really do that anymore?  I know back prior to 1980 people would use greenbacks to buy everything from tractors to pickup trucks and so forth.  But then the IRS clamped down on cash transactions to the point where no one on the selling end wanted to be caught with even a 1,000 dollars in cash on a transaction.  I suppose that a buyer could opt to pay the last 10 or 20 percent in cash under the table to seal a deal but in a short while that sets a pattern that the guy with a substantially lower "legit" offer always walks away with the property.  

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38 minutes ago, 766 Man said:

  The whole thing is out of whack and prices will trend down in the future to reflect affordability.  There are maybe a handful of people who could afford a 400,000 dollar house based on salary around where I live.  In the past when I saw a modest new house go up the question would be who died?  In other words the builder inherited some money to build a home that they otherwise could not afford.  

Here is to hoping the free market will figure it out.  Someone will innovate or find a cheaper way to do it, but to some extent materials cost what they cost.  Concrete, lumber, plumbing, electrical, HVAC systems.  And then there is labor, and even just the cost to get the contractor and his employees to the site everyday is expensive....

I wish I had an answer because I think there is a giant hole in the construction market.

 

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22 minutes ago, Mudfly said:

Here is to hoping the free market will figure it out.  Someone will innovate or find a cheaper way to do it, but to some extent materials cost what they cost.  Concrete, lumber, plumbing, electrical, HVAC systems.  And then there is labor, and even just the cost to get the contractor and his employees to the site everyday is expensive....

I wish I had an answer because I think there is a giant hole in the construction market.

 

  I am surprised that injection molding is not farther along in terms of home construction than what it is.  Build a home from putting together a kit not unlike a Revelle model kit.  

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2 hours ago, 766 Man said:

  Can a person really do that anymore?  I know back prior to 1980 people would use greenbacks to buy everything from tractors to pickup trucks and so forth.  But then the IRS clamped down on cash transactions to the point where no one on the selling end wanted to be caught with even a 1,000 dollars in cash on a transaction.  I suppose that a buyer could opt to pay the last 10 or 20 percent in cash under the table to seal a deal but in a short while that sets a pattern that the guy with a substantially lower "legit" offer always walks away with the property.  

When I bought this last '19 F250 I tried paying in cash. 

Dealer said he would only take $9995 in cash and the rest had to be a check. 

Something about a cash transaction over $10K and he would have to fill out some PIA paperwork. 

OK, paid like he asked and all payment methods  listed on the purchase agreement, above board.

Deposited the cash to cover the check when I got home. 

You got me thinking so I called my bank.

They said large transactions go on a report to used by the bank. 

If something looks suspicious like a lot of cash deposits from someone who normally doesn't do it may bring a red flag and it could be reported to some gov agency

Otherwise it will just stay internal. 

Sadly I don't foresee getting rid of large sums of cash becoming a problem for me😪

But then they haven't found DB Cooper's loot yet so there is still hope😂

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20 minutes ago, sandhiller said:

When I bought this last '19 F250 I tried paying in cash. 

Dealer said he would only take $9995 in cash and the rest had to be a check. 

Something about a cash transaction over $10K and he would have to fill out some PIA paperwork. 

OK, paid like he asked and all payment methods  listed on the purchase agreement, above board.

Deposited the cash to cover the check when I got home. 

You got me thinking so I called my bank.

They said large transactions go on a report to used by the bank. 

If something looks suspicious like a lot of cash deposits from someone who normally doesn't do it may bring a red flag and it could be reported to some gov agency

Otherwise it will just stay internal. 

Sadly I don't foresee getting rid of large sums of cash becoming a problem for me😪

But then they haven't found DB Cooper's loot yet so there is still hope😂

  It does not have to look suspicious like in drug money.  It just has to look like somebody is making an effort to avoid reporting income that can be taxed by your state and the Feds.  I just do not hear about big cash being used in a purchase around here and there are plenty of farmers who like to throw their weight around in terms of dictating a transaction.  Are people just not running their mouth about taking 10,000 dollars cash to make a purchase or are they just not doing it.  I'd put cash on the second.

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On 6/28/2022 at 6:36 AM, augercreek said:

Here the city only allows just so many rentals. So, if you are above the quota you're out of luck.

Another reason not to live in MN?

I would put into the Contract, which you do need, that I have a right, quarterly, to come to the property and inspect it, and they must allow you access.

If they won't let you in, then they are in violation of the Contract and eviction proceedings would commence.

Protect yourself with a good Contract so the Courts can help you, if needed.

Video tape the condition of the inside and outside of the house prior to the rental.

The courts want proof of condition before they moved in.

If you are renting then do it right and in your favor, not in favor of a dead beat renter.

If you have a queezy feeling about a renter, then don't rent to them.

Your house, your right.

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5 minutes ago, 766 Man said:

  It does not have to look suspicious like in drug money.  It just has to look like somebody is making an effort to avoid reporting income that can be taxed by your state and the Feds.  I just do not hear about big cash being used in a purchase around here and there are plenty of farmers who like to throw their weight around in terms of dictating a transaction.  Are people just not running their mouth about taking 10,000 dollars cash to make a purchase or are they just not doing it.  I'd put cash on the second.

You make some good points. 

Guess cash is not as common as it used to be. 

Isn't it the Amish or Hutterites that still deal with cash? 

My situation was uncommon one for me and doubt I will be dealing with it again. Sure was nothing to try and hide money from the Gov. There was a paper trail the whole way if I get questioned on it. 

Some may take this subject and the move away from cash and  towards digitalizing money as a means of controlling a population. I am not versed in that either. 

Only reason I brought it up was it was the first time I had anyone ever refuse cash. 

Back under my rock as the rest of the world speeds on past...................................

 

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24 minutes ago, 766 Man said:

  It does not have to look suspicious like in drug money.  It just has to look like somebody is making an effort to avoid reporting income that can be taxed by your state and the Feds.  I just do not hear about big cash being used in a purchase around here and there are plenty of farmers who like to throw their weight around in terms of dictating a transaction.  Are people just not running their mouth about taking 10,000 dollars cash to make a purchase or are they just not doing it.  I'd put cash on the second.

Dealing with over ten grand in cash is a hassle, mostly because nobody does it anymore so they assume if you do it’s because of illegal activity. In several states they can claim civil forfeiture on large amounts of cash without ever charging you with a crime. This is most commonly seen in airports because the X-ray finds it. The process to fight the forfeiture is difficult and expensive, especially when they just took the money you could have used to fight with! I still use cash on several types of purchases, but bigger purchases are simple to use a bank transfer instead.

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On 6/28/2022 at 9:19 AM, lorenzo said:

When I was 18 I was offered a resident managers position of a 14 Plex apartment building near the UNL campus in lincoln. I knew the owner.  All i had to do was fix stuff, scoop snow, mow  the little front lawn, let people in when they lock themselves out , collect rent ect….

(Rent free for me).

All college kids usually moving in and out every six months. Nothing but problems constantly. 

Rented to a Nebr football player whom I’m sure you’ve heard of but I will not mention. He had an underage girl friend with a new born. 
 

2AM one morning , snowing and cold, someones banging on my door. Heres this cute little girl holding a baby, both crying, stark naked begging to come in. He had beat her up and locked her out. I called the police for her, she got a protection order, he kicked in the door a week later, i called the police again, he tore the screen out and busted a window , i called the police. Stuff like this went on and on and on .

oh did i mention him being a fu:/king football player for Nebraska? 
In other words you can rob gas stations and commit all kinds of crimes without any Consequences.

when we finally evicted him he stayed three more months and when he finally moved out we found refrigerator wide-open with ketchup and mustard squirted all over the inside of it , we found the sinks running ,the toilet valve broke ,and running ,the toilet seat broke ,pizza smeared on the walls ,feces and urine in the carpet ,broken glass in the carpet ,holes in the drywall ,the oven on broil and all four burners on high, the dishwasher door was hyperextended, both window screens torn up, and there was nothing we could do about it. 

 

Thats just one of hundreds of stories, One night I came home on my motorcycle and I used to shut the engine off and come coasting in so I wouldn’t bother anyone. I witnessed a man carrying a stereo running from the third-floor apartment number 14 he was dragging the speakers by the wires. I threw the kickstand down and took off after him as he fled the building crossing a busy four-lane street. I was right on his heels as I heard cars screeching to miss us because neither of us even looked. 
I caught up with him behind a McDonald’s restaurant about two blocks away he swung the stereo at me I ducked and it hit the owner of the stereo in the head Who was right behind me  and knocked him out. I got him down on the ground and literally kicked the **** out of him. I stomped  so hard on the back of his leg that I heard the bones snap. By now police are coming from about six different directions. The owner of the stereo was in his bedroom listening to music talking on the phone with his door open when the guy just reached in and grabbed his stereo . When the ambulance came he had went into a diabetic coma so they hauled him off in the first ambulance and hauled the thief off in the second ambulance who by the way had three warrants for his arrest. Police officer’s said I did the community a favor. I only put up with that place for three years the free rent was not worth the trouble and to this day that is the reason I have never owned any rental property.

It took you two blocks to catch up to a guy carrying a stereo and dragging speakers behind? 😂😂 

 

All in good fun my guy

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1 hour ago, sandhiller said:

You make some good points. 

Guess cash is not as common as it used to be. 

Isn't it the Amish or Hutterites that still deal with cash? 

My situation was uncommon one for me and doubt I will be dealing with it again. Sure was nothing to try and hide money from the Gov. There was a paper trail the whole way if I get questioned on it. 

Some may take this subject and the move away from cash and  towards digitalizing money as a means of controlling a population. I am not versed in that either. 

Only reason I brought it up was it was the first time I had anyone ever refuse cash. 

Back under my rock as the rest of the world speeds on past...................................

 

Any transaction  in cash over $10,000 as in $10,000.01 requires filling  a CTR or currency transaction  report with Uncle Sam.  The dealer probably just didnt want to be a part of a ctr.  We deal with Western  Union at my day job and have to test on the basic regulations once per year.  I believe the whole ctr thing is to prevent money laundering aka moving money from illegal  activities. 

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1 hour ago, brewcrew said:

In several states they can claim civil forfeiture on large amounts of cash without ever charging you with a crime. This is most commonly seen in airports because the X-ray finds it.

Steve Lehto, who does the Lehto's Law channel on YouTube  has done many videos on how law enforcement abuses your rights through the use of Civil Asset Forfeiture, and the Institute for Justice has had some success in getting the money, and/or property seized by law enforcement, back to the rightful owners.

As I have said, "If YOU have something that a member of law enforcement wants, they WILL find a way to make it theirs".

These "red flag" laws are just another method used by law enforcement to get around the Second Amendment, and steal YOUR property.

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1 hour ago, Fasttommy said:

It took you two blocks to catch up to a guy carrying a stereo and dragging speakers behind? 😂😂 

 

All in good fun my guy

Its hard to catch up wearing cowboy boots  but they sure did  a number on the back of his calf.

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A farmer dealing with the horsey people selling hay by the bale bought a new tractor for cash.  He made the deal they ordered tractor, he delivered the bag full of money to dealer every week. Being a 3 store dealer they might of taken a bit more than $9999 a week. But anyway it is not a real secret in the area that he deals in cash.

 

On the pot growers, friend sold 200 acres his sister shared and wanted her money out of.  The buyer is a chiropractor and was selling Caly legal medical/weed products. But banks cannot legally take said drug money.  So I asked friend how many suitcases did it take. He laughed but said wire transfer. An no sympathy if his sister is broke again, she has hers now. 

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All over the place rentals are hard to come by. Lot has to do with tenants tearing stuff up. Lot of times a landlord can't get damages because the now former tenant has nothing. Then add in some to the rules forced on the property owners regarding electrical, plumbing and even in house/apartment sprinklers. Many are priced right out the market. That's one of the big problems I read about in CA. Then other areas regulate how much of a rent increase a landlord can demand in a year and it doesn't matter what inflation or government mandated updates had to be done. In CA they say some landlords have closed up apartment buildings and walked away from them leaving the city or county to seize them for taxes. Often the cost of renovations and or demolition really sticks it to the local government. Even cheap apartments in rural areas run 1000 or more a month. Lot of folks in our area renting are on rent assistance which makes it difficult at best to evict them. Then the state government can't figure out why no one wants to build or own rental properties.

 

Rick

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My day job is managing 120 low-rent apartments, and I've been at this game for a decade. Rest assured, there is most certainly a shortage of rental properties in this area. The company I work for covers several counties in N. Central Arkansas, and it's not just confined to my local area, either. I mostly blame it on the influx of people from other states (California, New York, etc) that come here in search of a lower cost of living and buy up anything and everything they can for stupid money. Those who had rental homes are selling them to these people, since there's a lot less headache being a seller vs. a landlord. I have people in the office daily who need a place to live now because their landlords aren't renewing the leases and are selling the homes. I can't blame them. Of course, there's also the issue of finding "good" tenants; too many now won't pay their rent and tear up jack when they're forced to leave. And as @oldtanker said, you can't get anything out of them because they don't have anything in the first place. It's worse for the private home owners, because the legal fees and repairs all come from their pockets. On the other hand, it's causing a lot of good people to be out on the street or on someone's couch because they can't find anywhere to go. Sad, in my opinion. 

Mac

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Idk. When I had my business, I had accounts in two banks. I did not want to pay wire fees and didn't want to wait for checks, etc. I regularly withdrew >$10k in cash, counted it, brought it one block away, and deposited it. The first time I did that, they wanted my ID. I told them I wasn't going to jump through hoops to give them the honor of holding and investing my cash. After that they just took my cash. Actually, sometimes I deposited it at the ATM.

Of course, this is banking and not purchasing.

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On 6/29/2022 at 3:00 PM, hobbyfarm said:

Any transaction  in cash over $10,000 as in $10,000.01 requires filling  a CTR or currency transaction  report with Uncle Sam.  The dealer probably just didnt want to be a part of a ctr.  We deal with Western  Union at my day job and have to test on the basic regulations once per year.  I believe the whole ctr thing is to prevent money laundering aka moving money from illegal  activities. 

https://www.nytimes.com/2014/10/26/us/law-lets-irs-seize-accounts-on-suspicion-no-crime-required.html

Depositing less than 10,000 is apparently not a good idea either.  And, as of Jan 1 2022, any transaction above $600 on paypal or venmo results in a 1099 being issued. So if you sell on EBAY, you best be paying income tax on that money.

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9 hours ago, KWRB said:

Idk. When I had my business, I had accounts in two banks. I did not want to pay wire fees and didn't want to wait for checks, etc. I regularly withdrew >$10k in cash, counted it, brought it one block away, and deposited it. The first time I did that, they wanted my ID. I told them I wasn't going to jump through hoops to give them the honor of holding and investing my cash. After that they just took my cash. Actually, sometimes I deposited it at the ATM.

Of course, this is banking and not purchasing.

When was that? This whole thing of investigating large cash transactions is relatively new.

Used to be $5000 was the limit, as I recall. Probably too many to investigate so they raised the limit.

The convenience of electronic money has won out. "Cash only" types can rail against it all they want, but they're a dying breed.

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2 hours ago, Matt Kirsch said:

When was that? This whole thing of investigating large cash transactions is relatively new.

Used to be $5000 was the limit, as I recall. Probably too many to investigate so they raised the limit.

The convenience of electronic money has won out. "Cash only" types can rail against it all they want, but they're a dying breed.

A year ago.

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3 hours ago, Matt Kirsch said:

When was that? This whole thing of investigating large cash transactions is relatively new.

Used to be $5000 was the limit, as I recall. Probably too many to investigate so they raised the limit.

The convenience of electronic money has won out. "Cash only" types can rail against it all they want, but they're a dying breed.

Not necessarily. 

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