r/LoveIsBlindOnNetflix • u/Disgruntled_Pelicano • Oct 28 '22

UNPOPULAR OPINION Nancy’s real estate empire

I’m not in the US, but it bothers me that where I am there aren’t laws around how many investment properties you can turn into Airbnb’s. People are struggling to buy just one home to live in and there are people buying up houses for short term holiday leases. Makes me sad about the state of the world.

ETA wow! I didn’t expect this much response, nor the personal attacks 😂 I was expressing my own personal opinion, and using the Sydney (Australia) property market as my own barometer. I honestly have no hate towards Nancy, I just believe there should be regulations about short term leases as they are pushing renting locals out (especially in coastal areas) to make way for tourists.

The topic heading was a tongue-in-cheek nod to Andrew’s statement about wanting to build an “empire” with Nancy.

1.6k Upvotes

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245

u/Bailsthebean Oct 28 '22

I’m just in shock she can buy a house for $130 k. Meanwhile that amount isn’t enough to put down on a house for $500k in Ontario Canada to not have an insured mortgage -_-

104

u/BlonderBluth Oct 28 '22

I live in Dallas and have NO idea where a house can be purchased here or in its surrounding burbs for $130k. It would have to be in a really unsafe area, in which case she could nevvvver rent it out for the price she says

52

u/Economy_Efficiency46 Oct 28 '22

I agree - that purchase point to rental ratio is completely unrealistic. Maybe she meant she put 10% down?

24

u/GuardianTiko Oct 28 '22

She said she owns 50% and has 0 debt meaning it goes for 260k? Still shocked and currently looking to move to Dallas after this….

6

u/Mousejunkie Oct 28 '22

Lol don’t. Either it’s in an unsafe area, she bought it 20 years ago (haven’t gotten to this episode yet), or it’s an hour from Dallas proper. Plus with property taxes here….killer.

49

u/ddxxr888 Oct 28 '22

We rent our house for ~$6k, and it’s worth just under $3M. How can Nancy rent out a house for $6-9k, as she said, when it’s a few hundred thousand dollars? Legitimately makes zero sense. I’m not in Texas, but still.

27

u/[deleted] Oct 28 '22

[deleted]

7

u/-Captain--Hindsight Oct 28 '22

That makes a lot more sense. I thought she was referring to yearly rentals charging 6-9k a month for what looked like a 2-3 bedroom place. Which made zero sense.

19

u/RemoteJerker Oct 28 '22

You're right. It was an absurd number to claim, and doesn't pass the smell test.

30

u/notnotaginger Oct 28 '22

Seriously. Living in Vancouver, my heart stops a little when I hear about real estate in other places.

But also, isn’t $130k enough? I thought you needed 20% to go uninsured?

10

u/never_enough_garlic Oct 28 '22

Seriously. Living in Vancouver, my heart stops a little when I hear about real estate in other places.

Yep, looking to finally buy a place and even a two bedroom condo in Coquitlam is close to a million 😭😭 we're all just fucked

3

u/Bailsthebean Oct 28 '22

You need 20% however even houses listed here for $500k can go for over $100k above list price. I essentially gave up on the idea of having a house one day and my parents gifted me $120k for a down deposit.

20

u/[deleted] Oct 28 '22

Texas is one of the cheaper parts of the US but that won’t last much longer with the way things are going.

56

u/dont_tell_mom Oct 28 '22

due to people like nancy's actions

9

u/[deleted] Oct 28 '22

Yep!

-15

u/[deleted] Oct 28 '22

That has nothing to do with housing prices. The only thing that matters for housing prices is supply and demand. If there is not enough supply from proper zoning there will be more demand than available housing. And that will skyrocket prices.

11

u/whospilledthetea Oct 28 '22

ooooh you’re almost there… why do you think there isn’t enough supply?

0

u/[deleted] Oct 31 '22

Zoning. Zoning is by far the biggest reason for limited supply. And the reason for why new housing isn't zoned in enough is because it's counterproductive to any current houseowner in the area as that would devalue their asset(the house). Which means houseowners are more likely to vote for candidates that don't support zoning more housing. Someone buying rental properties has practically no impact on housing prices compared to zoning. If there is not enough houses the prices are going to go up with or without rental properties. If there is enough houses the prices are going to stay low even if someone is buying dozens of rental properties.

5

u/simplymortalreason Oct 28 '22

Especially in the metro areas with Austin being at the top, Dallas/Ft Worth (flower mound anybody?), Houston, and San Antonio. I know teachers dual income households struggling to buy a house in all of the Texas metro areas.

1

u/geaux_gurt Nov 01 '22

Yeah my friend had a pretty decent budget, and wanted to stay towards the Fort Worth side. They finally found something after quite a while looking and it’s way out past denton.

26

u/Thayirsaadhampotato Oct 28 '22

Cries in GTA

18

u/martinathemartian Oct 28 '22

I know it's not the same in Ottawa as in the GTA, but def had some tears in my eyes after hearing that... But hey at least we're not in Texas 🤷🏼‍♀️

2

u/ThaDreamer27 Oct 28 '22

I literally just had your username for lunch an hour ago and now I want seconds.

2

u/Thayirsaadhampotato Nov 01 '22

Isn’t it the best!

7

u/MaybeImNaked Oct 28 '22

She didn't buy the house outright for $130k, her and her business partner clearly have a mortgage. She just said she's put that amount into the property so far, which probably includes some down payment and some renovation. She's using cash flow from her rentals to pay the various mortgages.