So Many empty and Trashed Rentals....

[mcb39]

It is almost like an epidemic this year. Have only had a few clients with full and happy rentals. The morale of this country is in the dumps.

[ILLMAS]

I still remember when folks became millionaires from day to night by buying and selling real estate, hey I still remember banker, real estate agents, mortgage broker made their money too.

[jainen]

>>empty and trashed rentals<<

Don't be absurd! You can't lose money in real estate because the population keeps growing and they aren't ,making any more land.

[TAXMAN]

I saw a report where IRS allowed a rental at less than maket value to a relative because TP didn't want it to sit empty or trashed. Rental before dep had a positive cash flow. I wonder what the response from the agent was?

[joanmcq]

Reminds me of when I was looking at repos and one didn't have a lockbox, so the agent & I went around to the back. The sliding glass door was smashed in so, we went in and I saw a foot sticking out of a bedroom on the floor. He was just, come on, let's get out NOW. Still don't know if it was someone sleeping in there or dead.

[mcb39]

>>empty and trashed rentals<<

Don't be absurd! You can't lose money in real estate because the population keeps growing and they aren't ,making any more land.

Come on, Jainen. Don't be so negative for a change. We don't all live in California and we do all know that they aren't making any more land. However, an empty or trashed duplex on a city lot in the Midwest has little value because there are no buyers. Some of my clients have spent thousands this year on repairs, unpaid utility bills, etc on abandoned and/or empty rentals. I am putting a 192 sf addition onto my office, not because it is economically wise at the moment, but because I can and will use the space. That does not necessarily mean that our property is going to be worth more at this time. We own more property than would be possible for the average man to own in CA. That doesn't change the fact that the economy and morale of this country is severely depressed. I see it every day in the time well spent with my clients.

[jainen]

>>Don't be so negative<<

I have to back off--apparently sarcasm doesn't play very well this time of year.

Since the California real estate boom was so intense, the bust here rivals anywhere else in the country. And our mild winter has attracted more than our share of homeless squatters in the vacant houses.

[Catherine]

As friends of mine elsewhere have stated, we need a special sarcasm FONT. Then we'd all know. But you're right -- it does not come through very well in print for the most part.

(A *sarcasm* or *dripping sarcasm* appended to the text would help, but is cumbersome.)

[Bart]

I have to back off--apparently sarcasm doesn't play very well this time of year.

I have always assumed that anything Jainen posted was sarcastic.

[joanmcq]

I'm in CA, I knew he was being sarcastic....

[HaroldinGeorgia]

I've had two long-time clients this year with rentals that have been trashed; they are in undesirable neighborhoods, they can't sell them since there is no market for them (there are 100 more just like them for sale), and they just took them off the market. What can you do with these?

Can you just take them off the return, until/unless they sell them, and then recapture depreciation, etc? Since they didn't advertise them for rent, I don't see leaving them on the return with no rental income.

Any opinions will be appreciated.

[Eric]

As friends of mine elsewhere have stated, we need a special sarcasm FONT.

There's always Comic Sans (haha)