Florida building collapse, bipartisan deal on infrastructure, CDC extends eviction moratorium, a REIT that looks like a get-rich-slow scheme, buying more than one second home.
In Today's News
Miami-Dade Building Collapse Kills 1, 51 Unaccounted For
Dozens of rescuers in Surfside, Florida, are searching for survivors today after an apartment building partially collapsed, killing at least one person and leaving about 51 accounted for, authorities told Fox News.
The Millionacres takeaway: This is an ocean-view building with two-bedroom apartments recently listed for sale at $600,000 to $700,000. How did this happen? Was it built to code? Who made sure it was? How can more of this be prevented? It's too soon for investigators to say, but the answers may well have real estate ramifications that go beyond this single tragedy.
Biden, Senators Get $579 Billion Bipartisan Infrastructure Deal
President Joe Biden said today he's reached a tentative deal with a group of Democratic and Republican senators on a bipartisan, $579 billion five-year infrastructure plan that would fulfill one of his top priorities, Bloomberg reports [subscription required].
The Millionacres takeaway: This deal doesn't include a lot of the "human infrastructure" spending that the administration wants -- they said that will take a different tack. But it does look like a long-promised spend on hard-asset infrastructure -- bridges, roads, airports, etc. -- may now occur. That's the stuff that sustains and empowers real estate investment of all kinds.
CDC Prolongs Eviction Moratorium by a Month
The U.S. Centers for Disease Control and Prevention (CDC) is extending its eviction moratorium by one month, meaning that it will now last through July. "Keeping people in their homes and out of crowded or congregate settings -- like homeless shelters -- by preventing evictions is a key step in helping to stop the spread of COVID-19," the CDC says in this report from The Hill.
The Millionacres takeaway: This can once again gets kicked down the road, and it's one full of problems for owners of rental property who depend on rental income. The evictions ban also has been repeatedly contested in court, with mixed results. The drama here continues.
Today on Millionacres
Is Camden Property Trust a Millionaire-Maker REIT?
With that enriching potential in mind, our Matthew DiLallo takes a look at whether apartment REIT (real estate investment trust) Camden Properties Trust (NYSE: CPT) can turn a relatively small investment into a $1 million future payday.
The Millionacres takeaway: Matthew explains how this company's strategies and properties present an opportunity to get rich slow -- which is still a very good thing.
Can You Have More Than 1 Second Home?
Despite the word "second," you may be able to consider a third, fourth, or fifth home as a "second home" for tax or financing purposes, as long as it meets the appropriate criteria.
The Millionacres takeaway: Our Matt Frankel, an experienced investor in just these sorts of things, lays out some tax and borrowing considerations for those thinking of plunking down some coin of their own on a new residential/rental property or two.