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
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Maybe he rents those homes. I actually thought that was what he did but I see now maybe that's not the case.
Op, I say this with sincerity, I would like to meet your family friend and get advice from him. I want to start my real estate business this year and I want to get to a point I no longer need to work.
He's probably in debt (and there's nothing wrong with that if it's providing some kind of return). I've found that Era generally has a bad outlook on debt although if I was a Millennial with $80,000 in college loans I'd likely have a different view on it
You're 23, don't sell yourself out yet
You're 23, don't sell yourself out yet
I know there's nothing illegitimate about real estate business and landlording but I hate shit like this. Putting wealth in to property just attracts more wealth, a virtuous cycle for anyone who already has it, but one that gatekeeps the poorer in society from both owning affordable property and moreover just owning it themselves in the first place. If I could wave a magic wand I'd regulate and tax the fuck out of people like this. Make them invest in society instead of their own hoarding.
This. I really don't think this is anything to admire at all, particularly when affordable housing is so scarce.
America, where ye are judged by the amount of houses owned.
This is double ultra fucked, because it's keeping people from building equity in the first place and leaving people on the bubble to the whims of landlords. Small towns and neighborhoods are getting bought up by these small businessmen who don't have the equity to actually build anything on their own. Life is cheap and they own you.
This is double ultra fucked, because it's keeping people from building equity in the first place and leaving people on the bubble to the whims of landlords. Small towns and neighborhoods are getting bought up by these small businessmen who don't have the equity to actually build anything on their own. Life is cheap and they own you.
LOL, is he the outgoing type that wants to be apart of elite circles or something?
If that were me I would be totally happy just buying a nice home and then holing up inside my room. I'm an introvert who doesn't really want the company of other people often nor do I care to impress others in any way in regards to my social standing or accomplishments. I'd be perfectly happy being known as the lucky dude who inherited money and never leaves their house.
He basically wanted respect. Trust fund baby types are seen as a joke by a lot of people, and rightly so. He actually ended up being good at developing and is a big deal now. I don't think any of the people he hangs with these days know about his history, though.
I really need to start looking into real estate. I've never invested in anything other than ETFs but I've got friends my age who are starting to buy homes as investments and it seems like free money? I mean the rent covers the mortgage, its pretty hands off.
Probably wait till the next big crash, buying a house to rent/flip when there's a family crying on the street while packing their life into the back of a rental van feels a lot sweeter.
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Era: "Why are you comparing yourself to him you still have 20 years to buy 9 homes."
Me: "Why does anyone need 9 homes?"
Me: "Why does anyone need 9 homes?"
The housing market sucks and assholes owning an absurd number of homes isn't helping. There needs to be laws against that.
I doubt they "live" in 9 homes, but owning the property and renting them seems reasonable. And if that is the case, I'm not sure I'd call them "retired", just they are now a full time landlord.
You're 23 dude. You got time.
Everything compounds in life and if you stay on a good path, you'll be flying high by the time you're 30.
I bought my first home with my brother & sister when I was 25, bought another with my fiancee at 28. I'm already thinking about the next I'll be able to purchase with the equity and investments I've made.
Did I think any of that would be possible at 23? Hell nah.
Everything compounds in life and if you stay on a good path, you'll be flying high by the time you're 30.
I bought my first home with my brother & sister when I was 25, bought another with my fiancee at 28. I'm already thinking about the next I'll be able to purchase with the equity and investments I've made.
Did I think any of that would be possible at 23? Hell nah.
OP, 23 is probably not a reasonable age to expect to own a home for the vast majority of people, especially for individuals that don't have parents, siblings, or spouses to support the cost of buying. That hasn't been reasonable for most American adults for a long time -- doesn't stop the occasional exceptions, but those exceptions usually have a lot of support that the rest of us don't.
And there's probably a lot more to your family friend's story than the age and the number of homes they own. Probably a lot of generational wealth or very focused investing to grow up to that number or a combination of both. I'm not defending the fact that it's not fair, but the system that rewarded him was never fair to begin with and he played all his advantages and won out -- and that's a reality people like you and me will probably never live to know. Your family friend is lucky as hell and I hope they know and appreciate that.
I'd recommend not wasting your energy thinking about it too much and start playing whatever cards you have to go wherever you can, especially at your age.
And there's probably a lot more to your family friend's story than the age and the number of homes they own. Probably a lot of generational wealth or very focused investing to grow up to that number or a combination of both. I'm not defending the fact that it's not fair, but the system that rewarded him was never fair to begin with and he played all his advantages and won out -- and that's a reality people like you and me will probably never live to know. Your family friend is lucky as hell and I hope they know and appreciate that.
I'd recommend not wasting your energy thinking about it too much and start playing whatever cards you have to go wherever you can, especially at your age.
That is fucked either way but you're 23 and if you COULD afford a condo then either you'd be quite advanced/disciplined or you're actually existing multiple decades ago.
I was in my 30s when we bought our home and we only were able to do so because of generational wealth. My friends, let alone people in their early/mid 20s, are still struggling to get into the market. We are in a particularly expensive area, but regardless the disparities are just obviously so extreme. This model works for the minority and privileged people are able to leverage their wealth to carve out more while most people can't do fuck all.
I was in my 30s when we bought our home and we only were able to do so because of generational wealth. My friends, let alone people in their early/mid 20s, are still struggling to get into the market. We are in a particularly expensive area, but regardless the disparities are just obviously so extreme. This model works for the minority and privileged people are able to leverage their wealth to carve out more while most people can't do fuck all.
Important lesson I learned recently: while buying a house can be exhausting and soul crushing, buying a second house if you already own one seems to be surprisingly easy.
You'll get surpreme conditions and if you rent out you'll probably have more money at hand overall.
If all turns out well, we will be buying our first family house this summer and it is cruel to see, what conditions we are able to get, even though our shared income isn't bad at all. It will be tough financially, but I hope it will pay off in a few years...
You'll get surpreme conditions and if you rent out you'll probably have more money at hand overall.
If all turns out well, we will be buying our first family house this summer and it is cruel to see, what conditions we are able to get, even though our shared income isn't bad at all. It will be tough financially, but I hope it will pay off in a few years...
At 23 I was working as a driver and doing inventory for a chain of hot dog stands making $13/hr.
When I finished college I realized I didn't want to go into the field I studied and took an entry level position in IT working in a support call center for $12.50/hr. I was...25? I had no idea what I wanted to do with my life.
Now I'm 36 and a devops engineer. I work 100% remote, own a home and make good money. Don't compare yourself with others, let alone those 20+ years your senior.
When I finished college I realized I didn't want to go into the field I studied and took an entry level position in IT working in a support call center for $12.50/hr. I was...25? I had no idea what I wanted to do with my life.
Now I'm 36 and a devops engineer. I work 100% remote, own a home and make good money. Don't compare yourself with others, let alone those 20+ years your senior.