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A family friend is retired and 9 own homes and he's not even 50, I can't even afford a condo!
- Thread starter HomokHarcos
- Start date
Yup. So much can pop up. It's far from hands off. Just paying someone to mow the lawn every week is might cost you a few hundred a month. You gotta go shovel the walkway when it snows. Plumbing emergency at 3am. You either gotta go over there and fix it yourself or call a plumber. It can be pretty challenging for an individual.
Being angry with someone for owning nine homes doesn't have to be rooted in envy. By hoarding those homes, the friend is preventing less fortunate folks from owning their homes, keeping them locked into a permanent underclass.
The rich get richer, the poor get poorer.
This would be true if the housing supply was sufficient enough but aren't many places low on places to rent and on places to buy, ie the issue is they are not building enough houses?
People shouldn't be allowed to own more than 1 house.
...The housing supply being insufficient makes that less true rather than more true?
What the fuck...?
...The housing supply being insufficient makes that less true rather than more true?
What the fuck...?
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I'm guessing the person is saying that there needs to be a balance between places to rent and places to buy.
Buying your own place isn't something that you always want to do but there are a lot of cases where you want to live on a rent.
People who rent can't afford to buy right away, Take away rental availability and you create homelessness.
The fix to this system would have to be highly coordinated, on top of mortgage loans people would have to be able to have even less than 5% down.
Shouldn't be comparing yourself to someone who owns 9 homes. Even owning 1 home is an anomaly for most, regardless of age.
Yeah, some variation of this is what I'm feeling. All the posts like, "Don't compare yourself with the older guy," "You'll get there eventually man," That's the dream," are actually the opposite of what I take away from sentiments like OPs when I hear them discussed.
Lol, came into this thread expecting OP to be about the same age.
What kind of comparison is this?
What kind of comparison is this?
If anyone wants to be where he is at, having 25 years goes a long way to making that a reality. My advice is stay in the parents house, learn to code, save every single penny, and buy that first property cash.
This is in the UK, but more likely than not, actions like this prevent renters from becoming homeowners, for a variety of reasons: https://www.independent.co.uk/news/...nward-neil-o-brien-conseratives-a8414736.html
^thats a conservative think tank btw
That's way better than 9 properties, but it's still an extremely privileged position to be in and you're turning housing into commodity investment. Where that falls in your morality is ultimately up to you, of course.
Don't feel bad OP. I lived with my parents until I was 26 and at that time I was also a new father and making just $11/hour. My wife back then was making $8/hour.
Fast forward 11 years and I now own a home and combined me and the wife make over $60/hour.
My point? A lot can change by the time your the age of your family friend.
Fast forward 11 years and I now own a home and combined me and the wife make over $60/hour.
My point? A lot can change by the time your the age of your family friend.
Funny, in my country it is the renters responsibility because they need to care of the home like if it was their own.
If it's any comfort, it's not terribly uncommon for tenants to buyout their landlords when it comes to single family housing. It's a win-win scenario especially right now at the peak of the housing market with most landlords having bought years ago when prices were cheaper.
I have bigger issues with Air BnB properties especially in non-resort type areas.
I have bigger issues with Air BnB properties especially in non-resort type areas.
Unfortunate. Property maintenance should always be the landlords job, Here it's illegal to require it as part of a lease. Even if the landlord gets some separate agreement with the tenant, bylaw still always goes after the landlord.
This has been my experience as well. I live on Long Island.
If I ever rented where I didn't have to mow, shovel, etc... there was usually a maintenance fee tacked into the rent.
My in-laws own a condo in a 55-up community and they also have this same fee.
I can't even buy a house even though I've a pretty damn good salary in The Netherlands, because there are barely any available houses. The few available houses left are being bought left and right by investors (to rent them for astronomically high prices) or by couples who also get financial help from their families.
Thanks, incompetent as hell government.
Thanks, incompetent as hell government.
So are you required to provide your own mower? your own gas? If there's a flower bed there do you have to weed that too to maintain property values for the landlord? Do you buy the ladder when its time to clean the gutters? If you live in a house long enough does painting become your responsibility too?
The fact of the matter is that for too long landlords were abusing tenants and constantly expanding what they considered to be 'basic upkeep'. The courts were not amused by those games and now they're responsible for everything.
I'm 32 and I have no idea how I will be able to afford property. I'll probably need to get married in order to do so.
People buying a ton of places and then making money on top of the mortgage they're paying sucks. I can SORTA get behind someone investing in another property and renting it out for the cost of their mortgage but even that is probably rarely done.
People buying a ton of places and then making money on top of the mortgage they're paying sucks. I can SORTA get behind someone investing in another property and renting it out for the cost of their mortgage but even that is probably rarely done.
Everything expect the painting yes. There is a list of things for which the renter is responsible. The owner is not even allowed to enter the garden to mow the lawn unless with explicit agreement of the renter. Those conditions would also be present in social housing as well.
Renting out at cost makes zero sense though. The owner would literally be losing money month to month.
Nobody gets anything at cost. It's just not sustainable.
My friends all hit "middle class" in their 20's. It took me to 38. I'm 44 now and my wife and I are doing VERY well for ourselves compared to where we were in our 20's, but we're still behind our immediate peer group. For example, we just sold our first home for $270,000 and we were thrilled because we were expecting 240,000 when we began the journey. My buddy just sold his 2nd home for $680,000 (and they sold it themselves, so no commission). I would say that my friends' successes are inspiring and not a source of envy.
What country are you in? Im not sure what rukes are in my province in Canada. I think renters may be on the hook for lawn maintenance but im not sure.
I'm all seriousness there are threads on ERA where discussion is to be had on investing.
User Banned (2 Weeks): Inflammatory Commentary, Trolling
He played the game, he's winning.
Life needs winners and losers, that's just how it is.
Lol no, life doesn't need anyone to own 9 homes. It happens because of inequality.
Re: housing shortages, etc- are the 'buying 2 or more dwellings over time for those who have the motivation/ability to invest in order to build wealth' folks more of a problem than the 'pension funds/foreign investors' folks? Is the ire for the bulk of the ills in housing availability/affordability as it relates to existing housing, pointed in the right direction here?
Gonna be frank here.
Owning a bunch of properties can be a lot of work. But i don't really think it's a crowning achievement. Latching things like success onto what someone owns seems like a destructive thing to do to your self. I'm guilty of it at times. If you're single OP, realize that you're in the perfect situation to build the life you want for yourself. You have to answer to no one but you.
That's awesome.
Owning a bunch of properties can be a lot of work. But i don't really think it's a crowning achievement. Latching things like success onto what someone owns seems like a destructive thing to do to your self. I'm guilty of it at times. If you're single OP, realize that you're in the perfect situation to build the life you want for yourself. You have to answer to no one but you.
That's awesome.
He doesn't like live in them. He rents them out. He's landlord.
He's a real estate investor. It's why he's able to retire early. He lives off rental income.
You've been a real adult for like 2 years, he's been at that for 30 years.
You can't compare yourself to other people, he is probably also the scum of the earth by being a landlord.
You can't compare yourself to other people, he is probably also the scum of the earth by being a landlord.
This isn't a positive. Landlords buy places up with cash and/or have very low monthly mortgage payments and charge tenants double what the house is worth to live there.
This is almost word for word one of the symptoms for anti-social personality disorder in the DSM-V.