Signed a sales agreement today to people whose names sounded familiar. Pulled them up quick on state criminal state records just out of curiosity. Sure enough, long histories of all sorts of criminal nonsense. I as a landlord would not take these people, although some of you folks would based on gut feelings and crystal ball forecasts. Anyway, guess who’s financing it?? FHA backed mortgage!! Haha. Oh well. I’m curious, is FHA backed mortgages like the Section 8 welfare program for banks? Banks loan to fringe deadbeats and try to collect as much as they can with pre-built in government bailouts? How does FHA really work? Anyway, as Ken says, future inventory. This house will be destroyed in no time. No wonder there are no tenants or houses available with people like this getting funding. --24.152.xxx.xx

Future inventory is correct.You will be telling us in 2 years it is on the foreclosure list.I havent even enertained a FHA offer since covid began,the market is too strong here to need to stoop that far down for a buyer. --74.77.xx.xx

This is a B house in a D town, I’ll take it. I heard in the grapevine around here 250-300k houses going FHA. I’m guessing the crash will be catastrophic. --24.152.xxx.xx

The FHA delinquency rates are fairly high. But hey its funded by taxpayers so let everyone play. Yeah right. --99.33.xx.xxx

Given that it takes a few months to go through the foreclosure, losing that small of a down payment may be cheaper than renting for the same period. --209.205.xxx.xx

Mike- a few months to go through foreclosure? In NY it can take years especially if the owner knows how to work the system.Here the owner gets 90 days just as a warning before the process even starts --74.77.xx.xx

Deadbeats can have it made the most. Free food, clothes, utilities, phones, housing, rides, internet, ect.. --73.19.xxx.xx

Drugs are a strange bedfellow. --107.147.xx.xx

--184.4.xx.x

Basically, FHA buys the paper that the bank originated. Same with USDA, Fannie, Freddie, etc. Another Communist scheme. --149.76.xxx.x

So basically, it’s welfare for the banks. That’s kind of what I figured. The bank makes a couple bucks, originating loan and then sells it off to the government who doesn’t care if it performs or not. --174.240.xxx.xxx

--149.76.xxx.x

Due to what Sisco? Inflation eating away the value of it over that time.? --24.152.xxx.xx

In NYS they just put in legislation to give tenants first right of refusal buying your single-family to 4 family. Disasterous! --67.60.xx.xxx

Mapleleaf- easy enough to deal with ,show me the legislation and we will figure a way to deal with it.usually they say you have to give 60 or 90 days notice to the tenant,ok when they move in they are given the notice and they sign off on it,who cares if i sell it 5 years later they were notified and signed off already. I will buy houses with no notice and use it to squeeze the seller, i dont even care if title has a problem with it,i will have them write the title policy with that as an exception --74.77.xx.xx

I am convinced that banks and insurance companies run the economy, the government only regulates it --50.96.xx.xxx

Look at seat belt laws. Insurance driven. I always wear one, but it should not be the government making me do it so the insurance company can save some money. --107.147.xx.xx

Of course corporations control most things in this country. Hard to deny that from March 2020- current day. “How much is the fine?” Will be a necessary question at times while operating your businesses going forward. --174.240.xxx.xx