'It's a huge problem' Memphis area buyers, realtors warn that outside investors continue to be an

[SheltieLover]

https://www.localmemphis.com/article/news/local/memphis-area-buyers-realtors-complain-outside-investors-issue-home-sales-expensive-rentals/522-51fb7e76-2f80-4d03-b392-c9e4f3e9ae83

Realtors are urging homeowner associations to crack down on what they argue is limiting available homes for local families—turning homes into expensive rentals.

MEMPHIS, Tennessee — According to the Shelby County Assessor's Office, in the past two years, outside investment groups with no stake in Shelby County bought up more than 7,000 single-family homes.

Area realtors said that's limiting the number of homes available, driving up rental prices and putting homeownership further out of reach for more people.

More at link.

Infuriating! This should not be allowed imo. These people badger me daily to sell.

[multigraincracker]

1. When the rich and businesses get richer, it trickles down

to higher rents on the Middle Class and Poor.

We have the best government money can buy.

[SheltieLover]

6. Right!

Rents are said to have risen ~30% in the past year!

This needs to stop!

[Indykatie]

2. These Rental Investors Are a BIG Problem Across the Country

I own 2 rental homes in Indianapolis, have had the same tenants 10+ years and have no interest in selling the properties. Unfortunately I get 5-10 calls a week from investors wanting to buy the properties. The majority of the interest is for the cheaper home in a Black neighborhood. Did I say I also get offers via post cards and letters? The calls on my cell phone number are the worst though. I stopped picking up any unidentified phone numbers because of these predatory a-holes.

[SheltieLover]

5. They are a scourage!

I live within a reasonable drive to Ford's new Blue Oval City in TN.

My home has supposedly doubled in value in the 3.5 yrs I've owned it, due to the announced Ford plant & these dirtbag investors grabbing property.

So when they call, I tell them "Sure, I'll sell. $500k, 'as-is', firm."

That puts them off for a couple of days & thdy call again.

[multigraincracker]

7. Better raise it to $750,000 now.

Got to keep up with the rates, and tell them if they don't buy it in the next few weeks, it's going up again.

[SheltieLover]

8. Lol. I'll go for a cool mil.

No way could I ethically sell to these shitbags!

Not much $, but I sleep well. 👍

[multigraincracker]

9. Never met a happy rich person.

They need more.

[SheltieLover]

10. Yup. Always. Like a disease it seems. An all-consuming one, seemingly.

[Pobeka]

3. 60 minutes covered this about a month ago.

Here's the irony. 60 minutes was interviewing a Canadian firm that was investing in rental homes in the USA.

A couple of weeks ago, I remember a headline that Canada was outlawing foreign investors from buying homes in Canada to use as rental properties.
---

USA -- we're number 1! (At screwing ourselves...)

[SheltieLover]

4. Good for Canada!

Yup, #1 at screwing nonwealthy Americans for sure.

Should NOT be allowed imo! 🤬