1 00:00:04,879 --> 00:00:07,160 Speaker 1: What's going on. Thank you so much for listening to 2 00:00:07,200 --> 00:00:09,640 this podcast. It is heard live every day from noon 3 00:00:09,679 --> 00:00:12,480 to three on WBT Radio in Charlotte. And if you 4 00:00:12,560 --> 00:00:16,719 want exclusive content like invitations to events, the weekly live stream, 5 00:00:16,760 --> 00:00:19,239 my daily show prep with all the links, become a patron, 6 00:00:19,320 --> 00:00:22,640 go to vpeteclendershow dot com. Make sure you hit the 7 00:00:22,640 --> 00:00:25,160 subscribe button. Get every episode for free right to your 8 00:00:25,160 --> 00:00:27,719 smartphone or tablet. And again, thank you so much for 9 00:00:27,760 --> 00:00:31,679 your support. End of the last hour, talking about the 10 00:00:31,839 --> 00:00:36,719 legislation moving through the General Assembly of North Carolina looking 11 00:00:36,759 --> 00:00:40,079 to rein in some of the practices that have turned 12 00:00:40,079 --> 00:00:46,560 abusive by some hoas and management companies. This ties into 13 00:00:47,159 --> 00:00:52,679 the next topic here, Institutional investors are not the villains 14 00:00:52,880 --> 00:00:57,000 of America's housing market. It's a piece by Caleb Pettitt 15 00:00:57,399 --> 00:01:02,159 at National Review. Okay, before I read the highlights of 16 00:01:02,200 --> 00:01:07,319 this piece, I got a message here from Cindy. It's 17 00:01:07,319 --> 00:01:10,760 a peak tweet and Cindy says the job of the 18 00:01:11,000 --> 00:01:15,079 HOA is to help maintain property values by upholding the 19 00:01:15,200 --> 00:01:18,840 laws and buy laws of property management. I completely agree 20 00:01:18,840 --> 00:01:21,519 that is what hoas are supposed to do. That's why 21 00:01:21,560 --> 00:01:27,079 you have the HOA is to keep the guy from 22 00:01:27,120 --> 00:01:31,560 putting seventeen broken down vehicles on his front lawn and 23 00:01:31,680 --> 00:01:34,560 driving down property values for all of the neighbors. Right. 24 00:01:34,599 --> 00:01:42,840 That's That's the classic example of why hoas exist. And 25 00:01:43,000 --> 00:01:45,640 I agree with that. I understand that. And if you 26 00:01:45,640 --> 00:01:47,840 don't want to I'm not advocating that you have to 27 00:01:47,840 --> 00:01:49,599 live in an HOA. If you don't want to live 28 00:01:49,640 --> 00:01:51,560 in an HOA and you want to have all the 29 00:01:51,560 --> 00:01:54,280 seventeen cars on your front lawn that none of them 30 00:01:54,519 --> 00:01:59,400 are operable, then you can go find some property, go 31 00:01:59,519 --> 00:02:02,159 live in a part of town that doesn't have hoa's right. 32 00:02:03,920 --> 00:02:08,960 That's that. Cindy is exactly right, that's the intent. However, 33 00:02:10,360 --> 00:02:21,599 that is a subjective and overly broad theory versus how 34 00:02:21,639 --> 00:02:26,639 it is applied. Right, because I can be on an 35 00:02:26,759 --> 00:02:28,680 HOA board and Cindy could be, and she's got more 36 00:02:28,680 --> 00:02:30,840 I'm going to finish her tweet, but we can both 37 00:02:30,879 --> 00:02:34,639 be on an HOA board and things that I don't 38 00:02:34,639 --> 00:02:39,599 care about, like what color are your shutters? Right, Things 39 00:02:39,639 --> 00:02:41,599 like that that I don't care about that I don't 40 00:02:41,639 --> 00:02:47,319 believe actually lower the property value of neighbors. But Cindy 41 00:02:47,400 --> 00:02:52,599 may or vice versa. Right, And what I've learned in 42 00:02:52,719 --> 00:02:56,120 dealing with the HOA stuff for the last now almost 43 00:02:56,159 --> 00:03:01,199 three years, is that there are different things that trip 44 00:03:01,319 --> 00:03:06,159 people's triggers. You know. For some people it's, oh, my gosh, 45 00:03:06,159 --> 00:03:09,560 I can see your garbage cans, and that's against the rules. 46 00:03:10,599 --> 00:03:13,319 We have a rule in our HOA that you can't 47 00:03:13,479 --> 00:03:18,680 have your garbage cans visible from the street or from 48 00:03:19,120 --> 00:03:23,120 a neighbor's property. So if I look out my window 49 00:03:23,800 --> 00:03:25,879 and you have your trash cans in the back of 50 00:03:25,879 --> 00:03:28,759 your house up against the back of your house and 51 00:03:28,800 --> 00:03:33,080 I can see them, that's not allowed. So you have 52 00:03:33,159 --> 00:03:36,639 to either put the trash cans in your garage, which 53 00:03:36,800 --> 00:03:39,039 on days like today when it's a you know, two 54 00:03:39,080 --> 00:03:43,080 hundred degrees and let's say you happen to have just 55 00:03:43,159 --> 00:03:48,639 recently adopted a new cat as we have now, we 56 00:03:48,759 --> 00:03:52,000 are not big fans of keeping those garbage cans in 57 00:03:52,039 --> 00:03:57,479 our garage just cooking away and stinking up the garage, right, 58 00:03:59,479 --> 00:04:05,240 Or you can spend the money to build a garbage 59 00:04:05,280 --> 00:04:09,039 can corral that's on the side of the house, and 60 00:04:09,080 --> 00:04:12,039 that then has all sorts of rules and regulations about 61 00:04:12,199 --> 00:04:15,759 how it has to you know, be painted to certain 62 00:04:15,840 --> 00:04:19,759 colors that go with the exterior of the house. And 63 00:04:19,839 --> 00:04:21,800 it has to be on a paverer bed, it has 64 00:04:21,839 --> 00:04:23,279 to be attached to the house. So there are all 65 00:04:23,319 --> 00:04:26,879 these rules, which of course drive up the cost. So 66 00:04:27,199 --> 00:04:30,399 we can't just move them outside. We can't hide them 67 00:04:30,439 --> 00:04:33,279 in the backyard. We have to screen them from anybody 68 00:04:33,319 --> 00:04:38,560 seeing them from any property, right, and that that gets expensive. 69 00:04:40,000 --> 00:04:42,839 And then if you put it outside and you've got 70 00:04:42,839 --> 00:04:44,759 it like around the back or something, Now, how do 71 00:04:44,839 --> 00:04:46,720 you how do you get the cans to the curb. 72 00:04:46,759 --> 00:04:48,959 You're gonna have to walk them down the grass and 73 00:04:49,040 --> 00:04:53,480 in the rain with a soggy lawn. That becomes you know, 74 00:04:53,639 --> 00:04:59,000 difficult to do, tears up your lawn. So then you 75 00:04:59,079 --> 00:05:02,480 got to put in a walking path. Then you've got 76 00:05:02,519 --> 00:05:05,759 to get approval for that. There's additional costs, right, all 77 00:05:06,000 --> 00:05:09,439 just to keep your garbage in a can, which is 78 00:05:09,480 --> 00:05:14,000 like this idea that we don't generate garbage in my neighborhood. Anyway, 79 00:05:14,160 --> 00:05:16,199 this is not an issue that trips my trigger. I'm 80 00:05:16,199 --> 00:05:19,000 just noting, like this is the ramifications of the policy. 81 00:05:19,519 --> 00:05:23,879 And so, but some people they really really hate the 82 00:05:23,920 --> 00:05:26,920 site of garbage cans and they will call and complain 83 00:05:26,959 --> 00:05:29,560 about any garbage can that's out too long on the 84 00:05:29,680 --> 00:05:32,959 curb and they can see the can from there from 85 00:05:33,000 --> 00:05:37,040 their window or anything like that. For other people, it's 86 00:05:37,480 --> 00:05:41,600 cars parking on the street. For other people, it's cars 87 00:05:41,639 --> 00:05:45,560 parking in the driveway when the car doesn't fit all 88 00:05:45,600 --> 00:05:48,160 the way in the driveway because they built the driveways 89 00:05:48,199 --> 00:05:51,079 too short. So now you have a big truck, you 90 00:05:51,120 --> 00:05:53,360 try to park it in your driveway, it hangs out 91 00:05:53,360 --> 00:05:56,920 onto the sidewalk, and now you get to complain about that. 92 00:05:56,959 --> 00:05:58,839 So you can't park in the garage because it's too 93 00:05:58,879 --> 00:06:02,319 big of a vehicle or whatever. Maybe you have three vehicles. 94 00:06:02,720 --> 00:06:04,680 Can't park it in the garage, can't park it on 95 00:06:04,720 --> 00:06:07,519 the street, can't park it in the driveway without somebody 96 00:06:07,519 --> 00:06:11,360 complaining about it. Right, So some of these, some of 97 00:06:11,360 --> 00:06:14,759 the these things all fall under that same banner of 98 00:06:14,879 --> 00:06:18,720 protecting property values. Right because to listen to the people 99 00:06:18,800 --> 00:06:22,560 the anti garbage can viewing people, they're like that, you 100 00:06:22,600 --> 00:06:26,079 know that drives down property values. I disagree. I think 101 00:06:26,120 --> 00:06:28,560 seeing people's garbage cans on the side of their homes 102 00:06:28,920 --> 00:06:32,680 does not actually drive down property values. I do not 103 00:06:32,759 --> 00:06:36,600 believe that's the case anyway, But I agree with Cindy's 104 00:06:36,600 --> 00:06:39,079 point that that's the purpose. That is absolutely the purpose. 105 00:06:40,439 --> 00:06:42,639 She goes honest say, I have served on HOA boards 106 00:06:42,680 --> 00:06:45,519 for years and the bottom line is homeowners will eventually 107 00:06:45,560 --> 00:06:50,879 comply before things escalate in paying fines the biggest problem. 108 00:06:51,199 --> 00:06:53,839 And I agree with that too. Most homeowners do comply. 109 00:06:55,120 --> 00:06:58,160 The case that I mentioned in the last hour, the 110 00:06:58,480 --> 00:07:01,120 homeowners were not even aware, they were never told, and 111 00:07:01,160 --> 00:07:04,720 their HOA was then making money. They were getting a 112 00:07:04,800 --> 00:07:08,959 cut off of the fines and the violations and stuff, 113 00:07:08,959 --> 00:07:12,160 and the property management company was getting a revenue off 114 00:07:12,160 --> 00:07:16,839 of that. And that's a perverse incentive that needs to 115 00:07:16,839 --> 00:07:21,839 be eliminated. You shouldn't make money by nailing your neighbors, 116 00:07:22,120 --> 00:07:26,959 you know. The biggest problem, she says, and the reason 117 00:07:27,040 --> 00:07:29,800 we have to have hoas is we have allowed rental 118 00:07:29,839 --> 00:07:33,120 companies to buy properties who do not maintain them well, 119 00:07:33,160 --> 00:07:35,240 and the renter is not obligated to take care of 120 00:07:35,279 --> 00:07:37,839 the property. We have to communicate with the owner, who 121 00:07:37,920 --> 00:07:40,319 could be in Texas or by the time they respond 122 00:07:40,360 --> 00:07:43,079 to the violation, it could be months down the road. Meanwhile, 123 00:07:43,079 --> 00:07:45,040 the house looks like garbage and it starts to bring 124 00:07:45,079 --> 00:07:47,399 down the home values in the neighborhood, so you can 125 00:07:47,519 --> 00:07:50,680 just find them out the wazoo. But they don't care. 126 00:07:52,040 --> 00:07:54,560 So here's one thing. Yeah, here's one thing you could do. 127 00:07:55,399 --> 00:07:59,879 I don't know what your bylaws state, but ours says 128 00:08:00,079 --> 00:08:04,600 that the HOA can actually go and do maintenance on 129 00:08:04,680 --> 00:08:09,079 a property. So if somebody's not mowing their yard, like 130 00:08:09,160 --> 00:08:12,879 we could actually send in a crew mow the yard 131 00:08:13,079 --> 00:08:16,600 and then bill you for it and then shut down 132 00:08:16,639 --> 00:08:20,160 all of your keyfob access to all of the amenities, 133 00:08:20,319 --> 00:08:22,399 to the pool, to everything else, Like you don't get 134 00:08:22,439 --> 00:08:29,439 access to anything until you pay off the debt. Now, 135 00:08:29,480 --> 00:08:34,399 and maybe the companies don't care, but at least you're 136 00:08:34,679 --> 00:08:37,200 mowing the yard. You're throwing that on the bill, and 137 00:08:37,240 --> 00:08:39,679 then eventually when they do have to settle at some point, 138 00:08:40,639 --> 00:08:44,159 then you can you can get your money back. It's 139 00:08:44,159 --> 00:08:46,759 not ideal, don't get me wrong, but yeah, and I 140 00:08:46,759 --> 00:08:49,000 don't know, I don't know how else you address that. 141 00:08:50,679 --> 00:08:54,279 But again, this is the challenge whenever you're trying to 142 00:08:54,279 --> 00:08:56,080 write a policy, is like you're trying to get at 143 00:08:56,080 --> 00:08:59,879 these abuses, and there are abuses, but it's a fair point. 144 00:09:00,840 --> 00:09:03,240 You know, stories are powerful They help us make sense 145 00:09:03,240 --> 00:09:06,679 of things, to understand experiences. Stories connect us to the 146 00:09:06,720 --> 00:09:09,840 people of our past while transcending generations. They help us 147 00:09:09,879 --> 00:09:12,960 process the meaning of life and our stories are told 148 00:09:13,000 --> 00:09:17,120 through images and videos. Preserve your stories with Creative Video 149 00:09:17,320 --> 00:09:20,399 started in nineteen ninety seven and Minhill, North Carolina. It 150 00:09:20,519 --> 00:09:24,000 was the first company to provide this valuable service, converting images, 151 00:09:24,200 --> 00:09:28,240 photos and videos into high quality produced slide shows, videos 152 00:09:28,240 --> 00:09:31,919 and albums. The trusted, talented and dedicated team at Creative 153 00:09:31,960 --> 00:09:34,039 Video will go over all of the details with you 154 00:09:34,159 --> 00:09:38,000 to create a perfect project. Satisfaction guaranteed. Drop them off 155 00:09:38,039 --> 00:09:39,759 in person or mail them. They'll be ready in a 156 00:09:39,759 --> 00:09:42,720 week or two. Memorial videos for your loved ones, videos 157 00:09:42,759 --> 00:09:47,600 for rehearsal, dinners, weddings, graduations, Christmas, family vacations, birthdays, or 158 00:09:47,720 --> 00:09:51,480 just your family stories all told through images. That's what 159 00:09:51,519 --> 00:09:55,000 your photos and videos are. They are your life told 160 00:09:55,039 --> 00:09:57,559 through the eyes of everyone around you and all who 161 00:09:57,600 --> 00:09:59,799 came before you, and they will tell others to come 162 00:10:00,080 --> 00:10:04,240 who you are. Visit creative video dot com. Here's a 163 00:10:04,279 --> 00:10:09,200 peatmeal from Greg. I just paid three hundred and nine 164 00:10:09,240 --> 00:10:12,279 dollars and ninety five cents to leave my HOA. I'm 165 00:10:12,320 --> 00:10:15,120 selling a condo and moving on. Somebody told me once 166 00:10:15,240 --> 00:10:19,120 quote you live in an HOA neighborhood, move the view 167 00:10:19,159 --> 00:10:23,919 will be much nicer. Yeah. And look, I have no 168 00:10:24,039 --> 00:10:27,919 experience with like the condo or multifamily HOA stuff that 169 00:10:28,879 --> 00:10:31,080 I think that's a different kind of a beast because 170 00:10:31,120 --> 00:10:36,120 you've got shared walls and roofs and you know, HVAC systems, 171 00:10:36,279 --> 00:10:41,080 like all of that stuff is ooh, it's a whole 172 00:10:41,120 --> 00:10:46,120 different animal. Let me see here. This is from Tim 173 00:10:46,879 --> 00:10:50,240 who says a few years ago in a development down 174 00:10:50,240 --> 00:10:53,559 the street and HOA dispute resulted in three people from 175 00:10:53,600 --> 00:10:57,480 three different houses getting killed all over some trees not 176 00:10:57,559 --> 00:11:02,879 being trimmed to the hoa's wishes. Good lord, that's what 177 00:11:02,919 --> 00:11:09,320 I mean. These are political positions and like you, you 178 00:11:09,440 --> 00:11:12,799 got to try to problem solve this stuff. And some people, 179 00:11:13,559 --> 00:11:17,279 just like in any political entity, they get a little 180 00:11:17,279 --> 00:11:19,440 bit of power and it goes right to their heads. 181 00:11:19,440 --> 00:11:21,320 Some people, you give them a whistle and they've never 182 00:11:21,360 --> 00:11:23,799 had a whistle, and now they have a whistle, and man, 183 00:11:23,879 --> 00:11:28,919 they love to blow it, you know. Dean, Welcome to 184 00:11:28,960 --> 00:11:31,399 the program. Hello Dean, Hi Pete. 185 00:11:31,440 --> 00:11:34,960 Speaker 2: Hello, I've just been listening to you, you know, list 186 00:11:35,039 --> 00:11:38,679 all the issues and problems, and it's absolutely true. It's 187 00:11:38,759 --> 00:11:45,120 a totally flawed organization. Hoas were set up by developers, 188 00:11:45,720 --> 00:11:48,480 and the developers made sure that when they wrote them 189 00:11:48,559 --> 00:11:51,799 up the first time that it covered gave them one 190 00:11:51,840 --> 00:11:55,240 hundred percent of the power. And once they fill the 191 00:11:55,279 --> 00:11:58,519 development and made all their money and have no other 192 00:11:58,600 --> 00:12:01,960 invested interest in it, they just pass that same document 193 00:12:02,480 --> 00:12:07,120 over to all the homeowners and somehow expect them to 194 00:12:07,159 --> 00:12:13,039 make it democratic when the whole document isn't democratic. And 195 00:12:12,559 --> 00:12:16,159 where I find the big flaw is this that the 196 00:12:16,279 --> 00:12:20,600 management companies and attorneys and all that. If you say, look, 197 00:12:20,759 --> 00:12:24,399 instead of like forty five pages of HOA documents, let's 198 00:12:24,399 --> 00:12:27,720 write five pages and make it simple, because it's going 199 00:12:27,799 --> 00:12:32,600 to be administrated by people regardless they say, oh no, no, no, 200 00:12:32,679 --> 00:12:35,720 you need sixty seven percent of the vote. This is 201 00:12:35,759 --> 00:12:38,000 going to cost you, you know, more money than you 202 00:12:38,039 --> 00:12:41,559 could imagine. Nobody's going to agree to it. So you know, 203 00:12:41,639 --> 00:12:45,360 the problem gets perpetuated with a bunch of volunteers, as 204 00:12:45,360 --> 00:12:49,799 you say, running the running the prison and changing every 205 00:12:49,840 --> 00:12:52,919 three years to boot make it worse. I don't know, 206 00:12:52,960 --> 00:12:58,360 that's how that's my experience with hi's you just got 207 00:12:58,440 --> 00:13:01,720 ignore them and have thing. Do you know that if 208 00:13:02,000 --> 00:13:05,679 violations you can collect, if they haven't paid their dues, 209 00:13:05,720 --> 00:13:07,879 you can put a lian on their house. But actually 210 00:13:08,000 --> 00:13:13,039 violations aren't collectible. You can't lean a property for a violation. 211 00:13:13,279 --> 00:13:15,840 So theoretically they can just sort of add up and 212 00:13:16,399 --> 00:13:19,559 you can ignore them and not have to deal with 213 00:13:19,600 --> 00:13:21,000 it until you sell. 214 00:13:21,080 --> 00:13:23,799 Speaker 1: Until you sell, yeah, but. 215 00:13:23,919 --> 00:13:27,120 Speaker 2: And then it becomes you know, then it becomes a negotiation. 216 00:13:27,679 --> 00:13:33,720 So so you know, I mean, it's just it's it's 217 00:13:33,799 --> 00:13:37,120 sad because you know, people live in a community or 218 00:13:37,159 --> 00:13:40,360 they all they all have one house, one vote, and 219 00:13:40,440 --> 00:13:42,799 you think they would all want to live together. But 220 00:13:42,879 --> 00:13:47,960 it's just like you know, starting like the government, as 221 00:13:48,000 --> 00:13:50,919 long as you have Republicans and Democrats, you can make 222 00:13:50,960 --> 00:13:53,399 sure that, boy, there's never going to be an agreement. 223 00:13:54,679 --> 00:13:56,519 Speaker 1: You lost me on the last part. It's like, if 224 00:13:56,559 --> 00:14:01,120 you're managing your HOA for the best interest of the community, 225 00:14:01,120 --> 00:14:04,399 and you're engaging with them and doing you know, communications 226 00:14:04,440 --> 00:14:09,720 with homeowners and explaining stuff and full transparency, then most 227 00:14:09,720 --> 00:14:12,039 of the time a lot of these issues get settled 228 00:14:12,320 --> 00:14:13,919 pretty quickly. That's been myselt. 229 00:14:13,960 --> 00:14:19,120 Speaker 2: But you're administrating an ambiguous document that gives you the lattitude. 230 00:14:19,240 --> 00:14:22,200 Just like what you said. If the president comes in 231 00:14:22,240 --> 00:14:25,240 and he hates Rosebushes because it reminds him of his 232 00:14:25,360 --> 00:14:29,519 former wife, he you know, he has the power to 233 00:14:29,639 --> 00:14:33,919 administrate that. There's architectural committees, you know, sort of really 234 00:14:33,919 --> 00:14:36,759 at the core of all the dictatorship and power. 235 00:14:36,879 --> 00:14:39,879 Speaker 1: Well, but that's why you end up with the large documents, though, Dean, 236 00:14:40,000 --> 00:14:43,200 is because people try to they try to limit that 237 00:14:43,279 --> 00:14:47,039 kind of subjectivity, so they spell everything out and they 238 00:14:47,039 --> 00:14:49,519 make it so tightly regulated that you end up with 239 00:14:49,559 --> 00:14:52,759 the you know, the eighty page document. It's yeah, I mean, 240 00:14:52,759 --> 00:14:56,000 that's just sort of the nature of the application. I 241 00:14:56,000 --> 00:14:58,960 appreciate the call. I mean, these are again, every HOA 242 00:14:59,120 --> 00:15:01,360 is different, and it's going to and the direction and 243 00:15:01,399 --> 00:15:03,879 the actions are dictated by the people that volunteer, which 244 00:15:03,919 --> 00:15:08,200 is why I say, good competent people need to volunteer 245 00:15:08,320 --> 00:15:12,600 for these positions in local government and your hoas and 246 00:15:12,600 --> 00:15:16,399 your civic organizations, otherwise they will become governed and led 247 00:15:16,440 --> 00:15:19,759 by bad incompetent people. All Right, if you're listening to 248 00:15:19,799 --> 00:15:21,279 this show, you know, I try to keep up with 249 00:15:21,320 --> 00:15:23,440 all sorts of current events, and I know you do too, 250 00:15:23,639 --> 00:15:26,120 and you've probably heard me say get your news from 251 00:15:26,240 --> 00:15:30,799 multiple sources. Why Well, because it's how you detect media bias, 252 00:15:30,840 --> 00:15:33,399 which is why I've been so impressed with ground News. 253 00:15:33,759 --> 00:15:37,159 It's an app and it's a website, and it combines 254 00:15:37,240 --> 00:15:39,279 news from around the world in one place, so you 255 00:15:39,320 --> 00:15:42,720 can compare coverage and verify information. You can check it 256 00:15:42,720 --> 00:15:47,279 out at check dot ground, dot news slash pete. I 257 00:15:47,320 --> 00:15:50,200 put the link in the podcast description too. I started 258 00:15:50,279 --> 00:15:52,960 using ground News a few months ago and more recently 259 00:15:53,159 --> 00:15:55,159 chose to work with them as an affiliate because it 260 00:15:55,200 --> 00:15:59,039 lets me see clearly how stories get covered and by whom. 261 00:15:59,279 --> 00:16:02,279 The blind spot feature shows you which stories get ignored 262 00:16:02,320 --> 00:16:05,240 by the left and the right. See for yourself check 263 00:16:05,320 --> 00:16:09,799 dot ground, dot news slash pete. Subscribe through that link 264 00:16:09,879 --> 00:16:12,759 and you'll get fifteen percent off any subscription. I use 265 00:16:12,799 --> 00:16:15,919 the Vantage plan to get unlimited access to every feature. 266 00:16:16,120 --> 00:16:18,879 Your subscription then not only helps my podcast, but it 267 00:16:18,919 --> 00:16:22,080 also supports ground News as they make the media landscape 268 00:16:22,120 --> 00:16:26,799 more transparent. Melissa, It's a Pete tweet. Melissa tweets at 269 00:16:26,840 --> 00:16:31,639 me um. You can take the used cat litter and 270 00:16:31,799 --> 00:16:35,440 bury it under mulch around your shrubs and plants. It 271 00:16:35,600 --> 00:16:38,720 keeps deer and snakes away. It breaks down over time. 272 00:16:39,759 --> 00:16:43,879 Wait are you talking about like when I'm cleaning out 273 00:16:43,919 --> 00:16:46,519 the litter box, like doing the big clean, or you 274 00:16:46,639 --> 00:16:49,000 saying like, after I scoop it, I need to take 275 00:16:49,000 --> 00:16:52,159 the cat pooh and pee and bury that around my 276 00:16:52,240 --> 00:16:56,759 house in the shrubbery because that's gonna stink. I don't 277 00:16:56,759 --> 00:16:58,960 know if I'm gonna do that. No, I'm I'm like 278 00:16:59,000 --> 00:17:01,759 one hundred percent certain not going to do that, although 279 00:17:01,799 --> 00:17:05,559 there is this neighbor that I know I'm kidding Or 280 00:17:05,640 --> 00:17:07,519 is it just like the litter you just dumped the 281 00:17:07,519 --> 00:17:11,079 litter because after a while, you know, you got to 282 00:17:11,279 --> 00:17:15,319 change out all the litter. So I don't know, but 283 00:17:15,400 --> 00:17:18,440 I've not heard that keeping away snakes though, that's a 284 00:17:18,480 --> 00:17:21,039 good We do have them in our neighborhood. So and 285 00:17:21,079 --> 00:17:23,960 everything is a copperhead, that is what I've learned. Also, 286 00:17:24,799 --> 00:17:32,119 every snake is a copperhead snake. In Charlotte, Melissa also 287 00:17:32,119 --> 00:17:34,599 says I was on the HOA board for a minute. 288 00:17:35,039 --> 00:17:39,240 No Roberts rules, no order whatsoever, complete chaos and idiocy. 289 00:17:40,000 --> 00:17:44,160 I quit I will tell you that's the first thing 290 00:17:44,200 --> 00:17:47,880 that I did. The first thing I did was I 291 00:17:47,880 --> 00:17:51,960 implemented Robert's rules of order to run the meetings because 292 00:17:51,960 --> 00:17:54,960 I had been to the meetings and I was like, 293 00:17:55,440 --> 00:17:59,319 this is insanity. These meetings are taking, you know, two 294 00:17:59,319 --> 00:18:03,559 to three hours. Everybody is like arguing about stuff that 295 00:18:03,680 --> 00:18:06,640 is not germane. It's not relevant to what we're supposed 296 00:18:06,680 --> 00:18:10,119 to be doing here. And you know, people are arguing 297 00:18:10,160 --> 00:18:12,440 with each other and all of this other stuff. And 298 00:18:12,559 --> 00:18:16,599 like there was they had a sign and it said 299 00:18:16,759 --> 00:18:21,559 el moo e l m O. Okay, it was like 300 00:18:21,599 --> 00:18:23,680 a you know, it's like a printed out piece of paper. 301 00:18:23,759 --> 00:18:28,359 It's just big letters E l m O. And they 302 00:18:28,400 --> 00:18:30,759 handed them out to everybody. So we all got one 303 00:18:30,759 --> 00:18:34,440 of these sheets and we were supposed to hold it 304 00:18:34,559 --> 00:18:41,599 up when basically somebody's talking too long and so why 305 00:18:41,720 --> 00:18:46,680 elm Well, it's it stood for enough, Let's move on. 306 00:18:47,960 --> 00:18:49,799 So I said we should just have an Elmo doll, Like, 307 00:18:49,839 --> 00:18:52,000 if we're gonna go Lord of the Flies were like, 308 00:18:52,079 --> 00:18:54,359 I have the conk, you know, if we're gonna do that, 309 00:18:54,599 --> 00:18:58,640 then just have like an Elmo doll. But and that's 310 00:18:58,640 --> 00:19:01,039 the thing, like and whenever anybody arguing with somebody, they 311 00:19:01,079 --> 00:19:02,960 would just hold it up when the other person was 312 00:19:03,359 --> 00:19:06,960 responding to them. It's just it didn't work. So yeah, 313 00:19:07,000 --> 00:19:10,039 so I was like, we're doing Robert's rules here, like, oh, 314 00:19:10,160 --> 00:19:12,119 I don't know how it works. Like, okay, it's fine, 315 00:19:12,519 --> 00:19:16,039 I'll show you how it works. And after you know, 316 00:19:16,240 --> 00:19:18,759 a couple of meetings, a couple months go by, people 317 00:19:18,799 --> 00:19:21,000 now understand how it rolls, and we're out of there 318 00:19:21,039 --> 00:19:25,880 in less than ninety minutes. So yeah, that's that's what 319 00:19:25,920 --> 00:19:30,680 I mean, Like, you have to treat these things with 320 00:19:30,759 --> 00:19:33,920 the you know, with the mechanisms that exist in order 321 00:19:33,960 --> 00:19:37,440 to make them function. All right, So let me get 322 00:19:37,440 --> 00:19:40,400 to this piece by Caleb Pettitt National Review dot com. 323 00:19:40,799 --> 00:19:44,759 Home ownership is increasingly becoming out of reach for Americans. Federal, state, 324 00:19:44,799 --> 00:19:47,519 and local lawmakers have turned their attention to targeting large 325 00:19:47,559 --> 00:19:50,759 institutional investors in the single family rental market over the 326 00:19:50,799 --> 00:19:54,880 past decade. People are worried that these institutional investors are 327 00:19:54,960 --> 00:19:58,119 raising rents and making it more difficult for families to 328 00:19:58,119 --> 00:20:01,400 buy a home. Those a pose those to institutional real 329 00:20:01,519 --> 00:20:05,759 estate investors have pushed for restrictions or outright bans on 330 00:20:06,039 --> 00:20:11,279 single family rentals or sfrs by institutional investors, but he 331 00:20:11,319 --> 00:20:15,799 says most of these purchases are actually made by small investors. 332 00:20:16,720 --> 00:20:21,200 Approximately sixty percent of metropolitan rental home investor purchases are 333 00:20:21,240 --> 00:20:25,279 made by investors who have ten or fewer houses, while 334 00:20:25,319 --> 00:20:29,079 investors who own one thousand or more homes never make 335 00:20:29,200 --> 00:20:31,039 up more than about two and a half percent of 336 00:20:31,079 --> 00:20:34,160 home purchases, and they rarely exceed one and a half 337 00:20:34,240 --> 00:20:38,920 percent of home purchases. America's housing market is not dominated 338 00:20:39,000 --> 00:20:45,559 by large corporations. In other words, also institutional SFR investors 339 00:20:46,119 --> 00:20:50,680 improve and increase the supply of housing because these large 340 00:20:50,720 --> 00:20:54,880 institutional housing investment companies, which were rare before the two 341 00:20:54,920 --> 00:20:59,240 thousand and eight housing crisis. After eight, Fannie May held 342 00:20:59,279 --> 00:21:02,440 a large nonnumber of foreclosed houses and needed to remove 343 00:21:02,480 --> 00:21:06,119 them from its portfolio. In twenty twelve, the government passed 344 00:21:06,160 --> 00:21:10,200 the Real Estate Owned to Rental Initiative to help Fanny 345 00:21:10,240 --> 00:21:15,079 May sell off foreclosed houses in bulk. Once Fanny May 346 00:21:15,160 --> 00:21:19,720 sold off most of those foreclosed houses, institutional investors needed 347 00:21:19,720 --> 00:21:23,160 ways to expand the number of houses they owned. Today. 348 00:21:23,440 --> 00:21:26,960 They employed two methods. They purchase and renovate individual homes 349 00:21:27,480 --> 00:21:30,680 or more and more. They're just partnering with the developers 350 00:21:30,880 --> 00:21:35,880 to build entirely new communities. And he says both methods 351 00:21:35,880 --> 00:21:38,400 are good for the housing market because they increase the 352 00:21:38,480 --> 00:21:43,160 supply of homes. You want more affordable homes, have more homes. 353 00:21:43,880 --> 00:21:46,559 Here's a great idea. How about making an escape to 354 00:21:46,640 --> 00:21:50,119 a really special and secluded getaway in western North Carolina. 355 00:21:50,240 --> 00:21:52,400 Just a quick drive up the mountain and Cabins of 356 00:21:52,400 --> 00:21:56,799 Asheville is your connection. 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It's the perfect balance of seclusion 366 00:22:23,640 --> 00:22:28,160 and proximity to all the local attractions, with hot tubs, fireplaces, 367 00:22:28,240 --> 00:22:32,400 air conditioning, smart TVs, Wi Fi, grills, outdoor tables and 368 00:22:32,480 --> 00:22:36,799 your own private covered porch. Choose from thirteen cabins, six cottages, 369 00:22:36,880 --> 00:22:40,839 two villas and a great lodge with eleven king sized bedrooms. 370 00:22:41,000 --> 00:22:44,200 Cabins of Ashville has the ideal spot for you for 371 00:22:44,319 --> 00:22:48,039 any occasion and they have pet friendly accommodations. Call or 372 00:22:48,119 --> 00:22:51,440 text eight two eight three six seven seventy sixty eight 373 00:22:51,759 --> 00:22:53,880 or check out all there is to offer at cabins 374 00:22:53,920 --> 00:22:57,440 offashville dot com and make memories that'll last a lifetime. 375 00:22:58,079 --> 00:23:02,440 Single family rentals as single family rentals that are owned 376 00:23:02,440 --> 00:23:05,960 by what are called institutional investors. Those are the big ones, 377 00:23:06,000 --> 00:23:09,440 the big corporate entities. Did you know that those institutional 378 00:23:09,480 --> 00:23:14,720 investors by existing houses to rent, and then usually on average, 379 00:23:14,759 --> 00:23:18,160 before they list the house, they make anywhere from on 380 00:23:18,279 --> 00:23:23,039 average fifteen to thirty nine thousand dollars worth of renovations 381 00:23:23,039 --> 00:23:28,119 and improvements to the homes, whereas new homeowners spend about 382 00:23:28,160 --> 00:23:34,119 six grand when they move in, so they improve the properties. Also, 383 00:23:34,400 --> 00:23:38,839 institutional investors actually lower rents by increasing the supply of 384 00:23:39,000 --> 00:23:46,039 rental housing. Research published by NYU professor Joshua Coven shows 385 00:23:46,240 --> 00:23:50,000 that institutional investors are responsible for both an expansion in 386 00:23:50,200 --> 00:23:55,079 housing supply and decreases in rent in the American single 387 00:23:55,119 --> 00:24:00,359 family rental market. For example, the city of Austin, I 388 00:24:00,440 --> 00:24:03,440 believe we talked about this a couple of months ago 389 00:24:05,160 --> 00:24:10,319 when this report came out that Austin, Texas had gone 390 00:24:10,359 --> 00:24:12,960 on this like building spree. They were like build board 391 00:24:13,000 --> 00:24:16,240 houses everywhere and all this stuff, and lo and behold, 392 00:24:17,000 --> 00:24:21,000 the rental supply increased fourteen percent and the median rent 393 00:24:21,559 --> 00:24:27,720 fell by four hundred bucks a month. More housing supply 394 00:24:28,599 --> 00:24:34,799 reduces the rental costs, right, because now people can move 395 00:24:34,839 --> 00:24:37,319 around and landlords are going to have to offer deals 396 00:24:37,599 --> 00:24:42,000 when you have a limited supply. And the I think 397 00:24:42,039 --> 00:24:45,960 the sort of the textbook case in this is Ashville. 398 00:24:46,119 --> 00:24:50,440 They hate any kind of development of new housing. There's 399 00:24:50,480 --> 00:24:54,440 some of that sentiment here too. Oh another apartment building 400 00:24:54,519 --> 00:24:58,640 going up? Okay, so what would you prefer? But because 401 00:24:58,680 --> 00:25:03,079 like the growth is happening, So where would you prefer 402 00:25:03,119 --> 00:25:06,359 that happen? How would you prefer that occur? More single 403 00:25:06,400 --> 00:25:08,960 family homes to be built? Okay? That takes a lot 404 00:25:09,000 --> 00:25:13,759 more space than the rentals or the apartment buildings. See 405 00:25:13,759 --> 00:25:16,119 I am an all of the above kind of guy 406 00:25:16,160 --> 00:25:18,519 on this stuff. I don't want to see stuff banned. 407 00:25:18,559 --> 00:25:20,160 I don't want you. I don't want the ban on 408 00:25:20,319 --> 00:25:23,440 by cul de sac, neighborhoods. Those are important for different buyers. 409 00:25:24,400 --> 00:25:27,119 All of the above. Some people would like to rent 410 00:25:27,119 --> 00:25:29,279 homes and will be good renters. And here's the other 411 00:25:29,319 --> 00:25:34,079 thing too. I thought for years that you know that 412 00:25:34,160 --> 00:25:37,640 you you got to have a house, and that you know, 413 00:25:37,720 --> 00:25:41,319 builds generational wealth and all of that, but that's not 414 00:25:41,480 --> 00:25:46,640 actually the case for every person in every situation, especially 415 00:25:46,640 --> 00:25:49,599 with you know, the cost of housing so high that 416 00:25:51,240 --> 00:25:54,319 your mortgage, your housing costs. When you own your home, 417 00:25:54,839 --> 00:26:01,680 that mortgage is your floor. That's your The housing price 418 00:26:01,960 --> 00:26:04,079 or the cost of maintaining that house is above and 419 00:26:04,119 --> 00:26:07,240 beyond just the mortgage. Anything goes wrong with that, you know, 420 00:26:07,720 --> 00:26:11,480 hvac repairs, roof replacement, whatever, all of that is above 421 00:26:11,519 --> 00:26:14,680 and beyond the mortgage. That's the floor. You rent an apartment, 422 00:26:14,799 --> 00:26:17,880 that's the ceiling. You're not going to pay anything more 423 00:26:18,200 --> 00:26:21,640 for that housing than what you're charged with the monthly rent, 424 00:26:21,920 --> 00:26:27,519 and sometimes that's better for people. Institutional investors also do 425 00:26:27,640 --> 00:26:30,400 not appear to have a significant impact on home ownership rates. 426 00:26:30,799 --> 00:26:33,920 Get this, The American home ownership rate peaked in two 427 00:26:33,960 --> 00:26:38,400 thousand and five and then steadily declined as the subprime 428 00:26:38,519 --> 00:26:44,039 mortgage housing bubble popped. Since twenty fifteen, homeowners so for 429 00:26:44,079 --> 00:26:47,519 the next decade. Since twenty fifteen, though home ownership rates 430 00:26:47,759 --> 00:26:51,079 have steadily grown to the point where they now exceed 431 00:26:52,079 --> 00:26:57,160 the pre nineteen ninety five average, we do have a 432 00:26:57,240 --> 00:27:01,200 good number, a good percentage of ownership. Much of the 433 00:27:01,200 --> 00:27:03,960 recent shift away the home ownership can be attributed to 434 00:27:04,079 --> 00:27:09,799 increased regulation following the eight financial crisis. Since then, mortgage 435 00:27:09,880 --> 00:27:12,400 lending has been more heavily regulated, which has caused the 436 00:27:12,440 --> 00:27:16,839 average FICO score of borrowers at mortgage originations to increase. 437 00:27:17,240 --> 00:27:20,279 To actually solve the problem of high rents and housing affordability, 438 00:27:20,599 --> 00:27:24,960 the mortgage market should be deregulated to facilitate more home building, 439 00:27:25,240 --> 00:27:28,960 and zoning laws should be rolled back to make building easier. 440 00:27:29,039 --> 00:27:32,759 And I completely agree. All right, that'll do it for 441 00:27:32,839 --> 00:27:35,480 this episode. Thank you so much for listening. I could 442 00:27:35,519 --> 00:27:37,759 not do the show without your support and the support 443 00:27:37,759 --> 00:27:40,640 of the businesses that advertise on the podcast, so if 444 00:27:40,680 --> 00:27:42,680 you'd like, please support them too and tell them you 445 00:27:42,759 --> 00:27:44,839 heard it here. You can also become a patron at 446 00:27:44,839 --> 00:27:48,920 my Patreon page or go to dpetecleanershow dot com. Again, 447 00:27:49,160 --> 00:27:51,680 thank you so much for listening, and don't break anything 448 00:27:51,680 --> 00:27:56,279 while I'm gone.