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Chinese Are Buying Most USA Homes by California Kid
Started on: 07-24-2014 01:53 PM
Replies: 14 (287 views)
Last post by: jaskispyder on 07-25-2014 05:16 PM
California Kid
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Report this Post07-24-2014 01:53 PM Click Here to See the Profile for California KidSend a Private Message to California KidEdit/Delete MessageReply w/QuoteDirect Link to This Post
Now that the USA Government has run us all so deep in the hole, the Chinese are buying most of the homes at cheap Cash Prices:

http://money.cnn.com/2014/0...index.html?hpt=hp_t2
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jaskispyder
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Report this Post07-24-2014 02:09 PM Click Here to See the Profile for jaskispyderSend a Private Message to jaskispyderEdit/Delete MessageReply w/QuoteDirect Link to This Post
Hey, if they want to buy homes in Detroit... have at it, I say! Let them throw their money away
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2.5
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Report this Post07-24-2014 02:25 PM Click Here to See the Profile for 2.5Send a Private Message to 2.5Edit/Delete MessageReply w/QuoteDirect Link to This Post
"Chinese investors buy the properties cheap, have them refurbished and put back on the market as rentals. "
And we pay to rent them, thats a decision for each person who rents I guess.

Anyway.. no real speculation on what this means for our economy or real estate in the long run i suppose.
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California Kid
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Report this Post07-24-2014 02:44 PM Click Here to See the Profile for California KidSend a Private Message to California KidEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by 2.5:

"Chinese investors buy the properties cheap, have them refurbished and put back on the market as rentals. "
And we pay to rent them, thats a decision for each person who rents I guess.

Anyway.. no real speculation on what this means for our economy or real estate in the long run i suppose.


I guess there are a number of ways you could spin this, but it just doesn't sound good to me, all those rental monies are going to go into China, and not back into the US Economy. The fact that the majority of US Citizens can not afford to buy the properties at a cheap price is what troubles me (let alone pay cash for them).
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2.5
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Report this Post07-24-2014 03:10 PM Click Here to See the Profile for 2.5Send a Private Message to 2.5Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by California Kid:


I guess there are a number of ways you could spin this, but it just doesn't sound good to me, all those rental monies are going to go into China, and not back into the US Economy. The fact that the majority of US Citizens can not afford to buy the properties at a cheap price is what troubles me (let alone pay cash for them).


Good points.
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spark1
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Report this Post07-24-2014 03:40 PM Click Here to See the Profile for spark1Send a Private Message to spark1Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by California Kid:


I guess there are a number of ways you could spin this, but it just doesn't sound good to me, all those rental monies are going to go into China, and not back into the US Economy. The fact that the majority of US Citizens can not afford to buy the properties at a cheap price is what troubles me (let alone pay cash for them).


Exactly. The Chinese see the properties as great bargains while U.S. investors don't. Many around here can't qualify to buy a house so they rent. The Chinese form what we would call limited partnerships to buy homes and turn them into rentals. Usually they have a trusted front man to handle the investment properties. The newer neighborhood where we used to live (houses all built in 2008) is all rentals, mostly owned by Chinese investors.
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Report this Post07-24-2014 04:02 PM Click Here to See the Profile for 2.5Send a Private Message to 2.5Edit/Delete MessageReply w/QuoteDirect Link to This Post
The Chinese have the entrepreneurial spirit.
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Hudini
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Report this Post07-25-2014 12:33 AM Click Here to See the Profile for HudiniClick Here to Email HudiniSend a Private Message to HudiniEdit/Delete MessageReply w/QuoteDirect Link to This Post
Remember in the 80's when the Japanese were accused of buying all the commercial buildings? I guess we are a better investment than the home country? Makes you wonder why the money is flowing our way.
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PaulJK
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Report this Post07-25-2014 03:36 AM Click Here to See the Profile for PaulJKSend a Private Message to PaulJKEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by 2.5:

"Chinese investors buy the properties cheap, have them refurbished and put back on the market as rentals. "



Not from what i've seen. They typically buy (for example) a 3 bedroom 2 bathroom home. Rent each of the three bedrooms, section off and rent the living room, then section off and rent the garage as a room. Presto, live rent free and 4 rooms producing income.

There was a place I knew of in Alhambra owned by an elderly couple. They moved in with relatives and rented the house to a chinese couple. The couple rented each of the spare rooms and lived for free in one. The couple and their son (2 cars) lived in 1 room, a married couple (2 cars) in a second, a married couple (2 cars) in a third, and a married couple and daughter in a third. So the neighborhood that once had an elderly couple and 1 car now had 8 adults, 2 kids and 7 cars in the house. Made hell for parking on the street and this was just ONE HOUSE in the neighborhood.

Rumor has it that a chinese investor has 16 properties in Las Vegas. Rents each room by the night, "home motel". Say 2 bedroom / 2 bath condo with 3 beds in each room + the living room. Each bed is $10 per night. (Legal) Las vegas motels have an 84% occupancy rate, but who knows for this guy. 9 beds x $10 x 16 condos x .84 x 30 = $36, 288 per month. Who rents for $10 per night ? - thousands of new immigrants working as waiters, busboys, cooks, cleaners, ect.

Living in LA teaches you a few things, even if it's only what sad shape this country is in.

[This message has been edited by PaulJK (edited 07-25-2014).]

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PaulJK
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Report this Post07-25-2014 03:47 AM Click Here to See the Profile for PaulJKSend a Private Message to PaulJKEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by Hudini:

Makes you wonder why the money is flowing our way.



Money ISN'T flowing our way. Check the US government figures and you'll find out HUGE numbers of people from foreign countries making money here and sending back to the countries they came from ! It's scary how much money is earned in the US and sent back to Mexico. Not being biased, but this is just a plain simple fact.

Interesting reading:

http://www.dailymail.co.uk/...g-families-home.html

"Migrants working in the United States sent a staggering $120 billion back to their families last year, it was revealed today.

The amount of money being sent by migrants across the entire world reached $530 billion last year, making it a larger economy than Iran or Argentina, the data from the World Bank showed.
This worldwide figure has tripled in the last ten years and is now three times bigger than the total aid budgets given by countries around the world. It has sparked debate whether this so-called remittance money could be a viable alternative to relying on help from other governments.

In the United States last year, more than $120 billion was sent by workers to families abroad - making it the largest sender of remittances in the world. More than $23 billion went to Mexico, $13.45 billion to China, $10.84 billion to India and $10 billion to the Philippines, among other recipients."

Read more: http://www.dailymail.co.uk/...e.html#ixzz38Vz6mlZg
Follow us: @MailOnline on Twitter | DailyMail on Facebook

[This message has been edited by PaulJK (edited 07-25-2014).]

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no2pencil
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Report this Post07-25-2014 11:01 AM Click Here to See the Profile for no2pencilClick Here to Email no2pencilSend a Private Message to no2pencilEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by 2.5:

The Chinese have the entrepreneurial spirit.


meanwhile Americans bicker over $15 to flip a burger.
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Report this Post07-25-2014 04:36 PM Click Here to See the Profile for PaulJKSend a Private Message to PaulJKEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by spark1:


The Chinese see the properties as great bargains while U.S. investors don't.



Supposedly it also helps to get a green card if you have investment here (?)
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Report this Post07-25-2014 04:57 PM Click Here to See the Profile for PyrthianClick Here to Email PyrthianSend a Private Message to PyrthianEdit/Delete MessageReply w/QuoteDirect Link to This Post
secure the borders.
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82-T/A [At Work]
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Report this Post07-25-2014 05:10 PM Click Here to See the Profile for 82-T/A [At Work]Send a Private Message to 82-T/A [At Work]Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by California Kid:

Now that the USA Government has run us all so deep in the hole, the Chinese are buying most of the homes at cheap Cash Prices:

http://money.cnn.com/2014/0...index.html?hpt=hp_t2



Buying US homes is NOT a problem... that only means that the Chinese will be paying the local state property taxes for us.


Where it is BAD, is when they purchase commercial real-estate, like apartment complexes stuff like that.

The real problem is that China has been buying up all the low-income-housing in many of the major cities. That means they get a huge discount on taxes since they are providing low income housing, AND... the people living there are getting section 8 funding which goes directly to the landlord (China). So in cases like that, China is paying little to no tax, and collecting money DIRECTLY from the US government.

Even worse though, China is considered a 3rd world country which means that we give them money free and clear for land development... oh yes... you heard me right.

Our government is ****ed up...
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jaskispyder
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Report this Post07-25-2014 05:16 PM Click Here to See the Profile for jaskispyderSend a Private Message to jaskispyderEdit/Delete MessageReply w/QuoteDirect Link to This Post
So, we should close off our markets and only allow citizens to own commerical real estate? That would be adding more government regulation... hmmm

We need to bring jobs back to the US... good paying jobs...

 
quote
Originally posted by 82-T/A [At Work]:
Buying US homes is NOT a problem... that only means that the Chinese will be paying the local state property taxes for us.


Where it is BAD, is when they purchase commercial real-estate, like apartment complexes stuff like that.

The real problem is that China has been buying up all the low-income-housing in many of the major cities. That means they get a huge discount on taxes since they are providing low income housing, AND... the people living there are getting section 8 funding which goes directly to the landlord (China). So in cases like that, China is paying little to no tax, and collecting money DIRECTLY from the US government.

Even worse though, China is considered a 3rd world country which means that we give them money free and clear for land development... oh yes... you heard me right.

Our government is ****ed up...


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