RE: I talked with ahntoer guy today who owns four rentals free, and clear. His place is vacant, and he is having to do major cosmetics to get it to rent. This is the second house of his I have been to. Rents are at a point where it would make just as much sense for his renters to make him an offer to buy. His equity is dropping like a rock. His are well maintained properties, they just aren't pretty.He's working on getting those properties into a trust for his kids so he can sell them, with owner financing. The construction cost argument is a non starter for me. Just because we could build, sell for a profit, and go onto the next sucker doesn't mean that will continue without some adjustments. Houses in Tacoma have always been $50K, and may go below that in the next decade. All that new construction will look like low income housing by then. I know a guy who sold his Capital Hill properties to invest heavily in Tacoma before the spike in prices. We talked in 2003 about how much he regretted the move. In 2007 he sold what he could, but had to wait out the market. He still wasn't happy with the returns. What it came down to is that Tacoma has an element that has always been rough. Tacoma never gentrified, after 6PM. Rate this comment: 0 0

by Andrej 06:08:00 AM 2012.05.14