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COVID-19 relief moving slowly, multifamily market not near normalcy, local governments target Airbnb over taxes, the Manhattan market, and learning to love a W.P. Carey downgrade.
In Today's News
The Wall Street Journal reports [subscription required] that overwhelmed state and local authorities are grappling with how to allocate $25 billion in federal rental relief, leaving many tenants and landlords waiting weeks or months for their share.
The Millionacres takeaway: This reality is unsettling to the millions of renters and landlords alike who were hoping for some quick relief as they struggle to make ends meet in these early days of what we hope is recovery from the coronavirus plague.
Multifamily real estate in the U.S. took an unambiguously positive step in the first quarter, but it gave indicators that a path to recovery won't be the same as a return to normalcy, Bisnow reports.
The Millionacres takeaway: This roundup of reports and analysis from multiple sources builds the case that a new normal will be emerging, but there's no certainty what it will look like for landlords across the country.
Several tourism-dependent cities in South Carolina have sued a number of short-term rental companies, alleging the businesses failed to pay accommodation and business taxes to local governments in recent years.
The Millionacres takeaway: The Charleston Post & Courier newspaper notes that in its annual report, Airbnb (NASDAQ: ABNB) said it didn't believe it was responsible for collecting such levies. There are other cases like this around the country, and short-term rental owners themselves should watch them. The taxman may turn his attention to you, too, especially if Airbnb and the other big companies win their deep-pocketed battles.
Today on Millionacres
The Millionacres takeaway: Our Maurie Backman writes that real estate investors looking to add Manhattan properties to their portfolios may have an opportunity to score some heavy discounts -- but should recognize that the city may have a pretty prolonged recovery ahead.
Bank of America (NYSE: BAC) recently downgraded net lease real estate investment trust (REIT) W.P. Carey (NYSE: WPC) from "buy" to "underperform." Our Reuben Gregg Brewer says that although there's some validity to the decision, when you dig into the story a little bit, it's really a "bad news is good news" type of thing.
The Millionacres takeaway: This piece provides a deeper understanding of what's happening at the widely held REIT, applying a look at the numbers that can also serve as a guide for assessing the financials for other publicly held REITs, too.
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