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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]To understand how these things sell quick here is an actual example. My old realtor had a old rich Greek man (has cash business) who like to buy homes under a certain price point cheap.

My realtor had authorization to do on the spot cash offers in certain instances and the  man even gave her PA and a check book and she got 1 percent buyers commission. Deals as is cash and his lawyer does closing.

Pretty much the factor was land value. Any house prices at land value or less she wrote check on spot in a 20 mile radius in preset towns under certain price point. .She told me she would check every morning, at lunch time and at end of day 365 days a year. She often would get them pre listing or broker open house. She run as soon as listed or even heard a rumor. Many were her own listings.

Last i spoke to her in 2015 the deal was already 25 years old. She bought maybe 2-5 homes a year. He never tore a home done. Even crappiest smallest flooded out moldy cape his handiman fixed and rented no permits if possible. He is land value and rent roll. My math he is up to around 100 homes, mainly shoebox crap homes.

Folks like him set a floor on deals. He is the anti flipper anti hgtv man. One day his estate will unleash 100 Starter homes in poor conditions for one million each [/quote]

Very smart and low maintenance way of preserving and growing wealth. But why doesn't he leverage? Maybe he just got too much cash...[/quote]

Real estate is last great place to hide cash. Plus with closing costs and transfer taxes way cheaper to do cash. I sold my mothers house in an estate sale for $535k to a cash investor. I was shocked he owned a ton of business and said every six months buys a house around 500k to 600k cash as he builds up that much cash every six months and does not like stocks or bonds. [/quote]

The problem is real estate isn't mobile like stock/bonds are...localities are starting to hike property taxes, specifically targeting investors (they provide breaks to owner occupied homes, 1 per person).  There is a growing political bullseye being drawn on all real estate but especially rental/investment property, that makes me nervous.
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