Aug 23

Bold highlights are mine:

https://www.zillow.com/research/zillow-weekly-market-report-27151/

 

Previous Zillow research found that this recession’s wave of layoffs disproportionately affected renters, and now the unemployed are having even more trouble paying their bills. The National Multifamily Housing Council’s rent payment tracker showed a two-percentage point increase in the share of renters who had not paid August rent as of August 13, compared to the same time in 2019. While many renters are currently covered by eviction moratoria, very few can expect rent forgiveness or extensions on the same scale, or structured similarly, to the forbearance policies that have protected homeowners. Consequently, many renters are moving out and looking for other shelter when unable to pay rent. Millions of young adults, predominantly 18-25 year-olds, moved back in with their parents or grandparents this spring. And as detailed above, many of the most financially secure renters in the Millennial generation are taking advantage of low mortgage rates to jump into homeownership. 

Aug 07

I encourage everyone to download and read the following published research paper

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3641859

“Our research shows that in order to keep rental housing affordable and sustainable for low-income families, lawmakers have to walk a fine line in determining what will benefit the tenant and what may ultimately be detrimental to them,” Shen said. “On the surface, strict landlord regulation sounds good for tenants, but our paper points out, the solution isn’t that simple. The research suggests that conventional thinking on the issue of more regulation may have the opposite effect on tenants.”

“Though advocating for tenant rights seems noble and the right thing to do, the resulting consequences could have a devastating impact on this vulnerable population,” Shen said.

“Our research indicates that if landlords aren’t allowed to evict, rent will likely increase to compensate for their losses. The housing supply would diminish, though the demand would still exist. These landlords may choose alternative investments if owning property is no longer feasible. A reduced housing supply would mean less competition, which would drive up the cost of rent for everyone.

Apr 21

The Minnesota congresswoman’s proposal to cancel rents and mortgages during the coronavirus pandemic is both wildly impractical and constitutionally dubious.

And this is why we need to work together as an industry.

Small landlords are often independent and segmented, allowing us ot fall victim to these things.

What can you do? Join a real estate investor group, in fact join a few of them.

Apr 17

In a funny/sad story, strippers are pushing as hard or harder for member benefits as our industry:

Strip clubs and lobbyists sue for stimulus dollars  – CNN

Feb 25

On its surface the article is about homelessness in Seattle, but it outlines many of the challenges we will face in coming years such as rent control and programs favoring public housing over private.

https://www.city-journal.org/seattle-homelessness

You may ask, for example, what is wrong with supporting public housing?  
Public housing would be great if it provided housing to those who are often “unrentable” in the private market such as those with serial evictions, recent or serious criminal convictions, addiction issues, poor housekeepers, sex offenders, etc. 

Yet public housing screening policies often exclude those difficult to house populations, while directly completing with private sector owners, taking the best tenants due to their incentivized rents.  So we are ultimately competing with our own tax dollars working against us. 

Feb 20

An amazing story of the lead up to the housing bubble

http://www.workingre.com/interview-appraiser-who-brought-down-countrywide/

Among the many firms and individuals who acted irresponsibly, and maybe criminally, perhaps none did so with such flair and recklessness as Countrywide Financial.  Before its rescue-sale to Bank of America (BOA), Countrywide was the largest mortgage lender in the United States.

Dec 03

From Rebecca Knox at Brew City REI Club

********Brew City: If you are concerned about the MPS referendum suggesting a SIGNIFICANT PROPERTY TAX INCREASE 64-128% and want to relay your thoughts on this, the LAST MEETING with the task force will be at 5:30 p.m. at Bradley Tech High School, 700 S. 4th St, Dec. 10.
********

All of the meetings will be open to the public. The panel is expected to make a recommendation to the school board in December 🤨😲 This is the last meeting they are having.

We spoke to District 4 elected MPS board member, Annie Woodward and she said there are a lot of agendas going on and encourages everyone to share their opinions.

The current conversation across our industry is Evictions.

What will happen to tenants who are already near failing, when tax bills force widespread rent increases?

What will happen when rental owners, who are already operating on slim margins, cannot find tenants that can pay the increased rents that mirror the increased taxes.

What will happen to homeowners who are barely keeping up with expenses today?

If property taxes double, which is the mean predicted increase, Milwaukee, and Milwaukee alone, could easily see a foreclosure/failure rate comparable to 2008.

Owners in the rest of the metro will be unaffected, making rentals and homes there more valuable and desirable, furthering the exodus from, and the decline of, the City of Milwaukee.

The Journal reported just two weeks ago of the harm caused by 28% of City workers leaving the city for the burbs.

Nov 30

In 2006

Everyone: “The market is high, aren’t you going to sell and make a killing?

Me: “Nope, don’t know where I would put the money if I did sell.

In 2009

Everyone: “Wow! you must have lost a lot of money due to the real estate crash!

Me: “Nope, I did not sell, I’m not selling, occupancy rates are the highest I’ve seen and rents are going up.

If you are in this for appreciation or flipping, the fluctuations in real estate values directly impact you. If you are a buy and hold owner, then the market does not impact you as much.

My buddies who sold out in 06, 07 and thought they made a killing, lost a lot when the stock market corrected, plus paid taxes on the sales. Those of us that stayed in the rental game did okay.

Property values and rental returns do not move in unison.

In forty years I’ve seen the worst housing markets being the best rental markets, as long as you bought right and financed right. In 05 and 06, when anyone who could fog a mirror was given a mortgage, we saw double digit vacancy rates.

So strong housing markets can actually be bad for the rental market.

Nov 29

From the Milwaukee Journal :

A new report from RENTCafe found that West Allis registered a 14.6% increase in average rent rates from just one year ago.

Per RentCafe, Milwaukee saw a 4% increase. Their report for WI is at:

https://www.rentcafe.com/blog/rental-market/local-rent-reports/wisconsin-rent-report-october-2019/

4% for Milwaukee sounds about right. 14.6% for West Allis is surprising.

But if the proposed MPS budget goes through with its expected 64-134% property tax increase, then I expect that Milwaukee rents will skyrocket, all the while profitability will decrease.

Oct 19

YahooGroups is shutting down.   There will be limited email access allowed after 10/28/2019.  It appears on 12/14/19 everything gets deleted.

https://www.engadget.com/2019/10/16/yahoo-groups-to-shut-down/

https://mjtsai.com/blog/2019/10/16/yahoo-groups-shutting-down/

I run the ApartmentAssoc@YahooGroups and WiRentalCoalition as well as a group for our board of directors AASEWAdvisors.

Our lists are valuable enough that I did not want to let them die.  I wanted to share with you my findings as I feel the same about your list.

Replacement choices are Google Groups,  a FaceBook Group or Groups.io.  Smart people recommended the latter.  My subscribers all hated the FB idea. After much reading and research, Groups.io was my choice as well. 

https://lifehacker.com/how-to-save-and-migrate-your-yahoo-groups-data-before-i-1839172243

Group.io costs $110 for an annual premium subscription.  You need the premium annual subscription to import your Yahoo archives. Attachments are not imported. If you just want to manually import users you can do a one month premium for $10.  

Info on Group.io import (no attachments):
https://groups.io/static/transfer

To download the full data via Yahoo – At least that is the thought.  I started this two days ago and am still waiting they say it can take a month.

https://help.yahoo.com/kb/download-data-privacy-dashboard-sln28671.html

Third party tools:
http://www.personalgroupware.com  (I use a Mac, so this is unavailable for me to try, but highly recommended)

http://yahoogroupedia.pbworks.com/w/page/93006447/Chrome%20Application%20To%20Download%20Messages A Chrome Extension, but the result file is not 100% what I expected.  No attachments

https://www.jefftk.com/p/archiving-yahoo-groups a Python script

A lot of work, but the ApartmentAssoc list has been a passion of mine since it was 20 people on AOL in 1995.

Tim Ballering
Tim@ApartmentsMilwaukee.com

UPDATE: The Python script produces much better results than the Chrome extension once you get the dependencies correct. The output is one JSON file per email. These can fairly easily be parsed into any format you need.

preload preload preload