Wow, you're the smartest person on here.He played the game, he's winning.
Life needs winners and losers, that's just how it is.
Wow, you're the smartest person on here.He played the game, he's winning.
Life needs winners and losers, that's just how it is.
So landlords shouldn't exists?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.
Goddamn... now I'm very curious about the demographics of Era.
His post was a joke, but this place has an odd number of these types, and a side of people who believe it's realistic to hope to own 9 homes by 50.
Fair enough, I will concede that this guy owning all those rental properties isn't the worst thing imaginable. But I do think the market should be regulated so people who plan to actually live in a house should have dibs over an investor.So landlords shouldn't exists?
I'm pretty well versed on the US housing market. The issue right now is we've constrained supply for more than a decade now. Moreover, NIMBYism and preference for Single Family Housing has made the issue worse. On top of that, corporations are buying housing en masse.
When Wall Street Is Your Landlord
With help from the federal government, institutional investors became major players in the rental market. They promised to return profits to their investors and convenience to their tenants. Investors are happy. Tenants are not.www.theatlantic.com
I think those are bigger fish to fry than one person landlords.
And yes, along with that we need decent public housing--the US used to build really good public housing when there was a shortfall in the early 20th century. Neoliberalism killed that and we got the neglected housing projects of today that have a terrible reputation.
As long as most housing is controlled by private interests, this will continue.
It's just like an house. Same financing as a house. You just have HOA fees for maintenance on top of mortgage.How does one even begin to own a condo? Wouldn't you need like $100k lying around?
Lets say this person with 9 houses makes $300-400/mo on each property (I rent out a 1br condo and all-in, this is roughly what I net, and I don't have a mortgage on it) Is $2700-3600/mo, extreme wealth? This is taking into account the equity they have in those properties, but the market could change at any time, as history has shown. Especially considering the person wants to retire, thus potentially having no main income to supplement...that's what you'd consider a 'really' rich guy?But hatred of hoarded, unearned (all extreme wealth is unearned) wealth is a virtue.
Lets say this person with 9 houses makes $300-400/mo on each property (I rent out a 1br condo and all-in, this is roughly what I net, and I don't have a mortgage on it) Is $2700-3600/mo, extreme wealth? This is taking into account the equity they have in those properties, but the market could change at any time, as history has shown. Especially considering the person wants to retire, thus potentially having no main income to supplement...that's what you'd consider a 'really' rich guy?
Lets say this person with 9 houses makes $300-400/mo on each property (I rent out a 1br condo and all-in, this is roughly what I net, and I don't have a mortgage on it) Is $2700-3600/mo, extreme wealth? This is taking into account the equity they have in those properties, but the market could change at any time, as history has shown. Especially considering the person wants to retire, thus potentially having no main income to supplement...that's what you'd consider a 'really' rich guy?
That's a stretch. Not all real estate investments are rooted in greed.
Working within current reality, what do you mean? If a person is not in a position/doesn't want to own a home and rents instead, would it be better if they were profited on by a larger company/the government? What does the overall investment value 'millions!' mean in the context of actively being a landlord? Sure, your borrowing ability goes up due to the rising equity, and you can sell the property at some point and maybe make some cash depending on your liabilities (in which case you wouldn't be getting the rental income anymore) It's one or the other.If you are able to profit off of 9 or more families, regardless of what the numbers are (as it varies from region to region / country to country), that is really rich, yes. It also means your assets will be in the millions of US dollars. You don't have to reap any more wealth at that point. You can retire immediately.
I'm 49, my wife is 34, we have 4 kids and $2.3 million saved. I earn $300k a year but 'lose a lot of sleep worrying about tomorrow' - when can I retire?
There are a few people here that are landlords. I don't believe they are not welcome.ERA makes me realize my days here are numbered.
Today I am a normal family man with 1 small home. When I eventually buy my 2nd home and rent each out when I'm not using it I'll become 'scum of the Earth'.
It's a systematic issue. People might see guys like the one described as the op as scummy. But what we're really looking at is a fundamentally broken system that promotes inequality and preys upon the poor.ERA makes me realize my days here are numbered.
Today I am a normal family man with 1 small home. When I eventually buy my 2nd home and rent each out when I'm not using it I'll become 'scum of the Earth'.
There are a few people here that are landlords. I don't believe they are not welcome.
Yea know a dude that owns 4 homes now and he's 27... And according to him he will probably be buying a new home every two years.
He works in tech, but it surprised me that he's actually working at a startup instead of a higher paying job right now. I still don't get it how he did it (or if it's all a massive gamble) but yea... the houses were nice, at least 2 of the ones I was in.
I'm also in Canada. What province are you in? In Ontario the Residential Tenancy's act explicitly lays the responsibility for all those things on the home owner. Same for local bylaws on grass length. AFAIK most if not all provinces have similar laws but most tenants don't know their rights and landlords still have a lot of soft power to force a tenant to do the work.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 in a similar position to you. We are currently buying a second property to move into as our primary home (ie. where the kids will be going to school) that is much closer to much of my spouse's family, although unfortunately further away from mine.Part of my post is in jest. Just reading this thread I know there are probably quite a few in situations like mine who don't view someone owning a couple of homes poorly.
Part of my plan is also to hopefully pass one of them down to my daughter when she needs it.
Not that it will definitely happen. This is one of those things I hope to be able to do someday.
I'm also in Canada. What province are you in? In Ontario the Residential Tenancy's act explicitly lays the responsibility for all those things on the home owner. Same for local bylaws on grass length. AFAIK most if not all provinces have similar laws but most tenants don't know their rights and landlords still have a lot of soft power to force a tenant to do the work.
Yea know a dude that owns 4 homes now and he's 27... And according to him he will probably be buying a new home every two years.
He works in tech, but it surprised me that he's actually working at a startup instead of a higher paying job right now. I still don't get it how he did it (or if it's all a massive gamble) but yea... the houses were nice, at least 2 of the ones I was in.
Just a comment on the investment part, some people are extremely limited in what/how they can invest due to independence policies and property is one of the few options we have. Not that we intend to buy several properties as an investment, but we do plan to hold onto our second property rather than selling and renting.Plus yes you are making a conscious decision to put your investment into property when others are struggling to afford to buy/rent, small individuals who own 2-3 are not the main problem but you are still contributing to it, and yes we can try to solve multiple issues at once with the housing crisis, stop with the tired one or nothing argument.