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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
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.
We gotta stop looking at things individually and more systemically. These landlords are the lowest hanging fruit here. We need bigger changes like I mentioned above.
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.
Yep I had no idea it was based on this https://www.marketwatch.com/story/i...-about-tomorrow-when-can-i-retire-11621991357
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.
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.
But hatred of hoarded, unearned (all extreme wealth is unearned) wealth is a virtue.
It's just like an house. Same financing as a house. You just have HOA fees for maintenance on top of mortgage.
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?
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.
Ya know, I've always thought about adding real estate to my investments, but after reading this... Maybe it just makes sense to stick to the index funds.
I guess the argument for rentals would be that it's a constant source of income when the markets are down but man, it's a lot of work and that's not a huge ROI.
That's a stretch. Not all real estate investments are rooted in greed.
Chasing down games that are worth a couple of hundred at most is funny to me. Instead of hunting games and consoles that are actually rare. A friend of mine has a collection worth over 100k. Barely anything in the collection is from the past three decades.
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.
I ultimately agree with you that in a fantasy-land scenario that doesn't exist today, where everyone gets a fair shake to own property equally regardless of personal financial factors, capitalist motivations of individuals, current laws and so on...would be great. But no, we live within the reality of today, and to fault those who are working that system, typically without malice, to fulfill their personal life goals is odd to me I guess.
I know.
Imagine not being able to eat caviar and truffles every day.
There are a few people here that are landlords. I don't believe they are not welcome.
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.
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.
Dense housing, single family or otherwise, doesn't work without public transportation and services in the first place. These systems are systematically underfunded, and the mid-sized cities which should theoretically take up the slack from larger ones have less prioritization for new infrastructure. Technocratic solutions don't seem to be terribly popular either, consider Pittsburgh's Bill Peduto.
Of course, the beneficiaries of this massive funding dichotomy in America are the low-density, high-income areas which just jacks up the system even more.
Of course, the beneficiaries of this massive funding dichotomy in America are the low-density, high-income areas which just jacks up the system even more.
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OP you're… literally half his age and barely started your adult journey. If your goal is to own property then work toward it. It doesn't happen overnight.
I'm sure your dad's friend didn't have anything crazy going on at 23 either.
Startups don't pay less than big companies by default. The best offer I ever got in my career was from a startup.
I'm sure your dad's friend didn't have anything crazy going on at 23 either.
Startups don't pay less than big companies by default. The best offer I ever got in my career was from a startup.
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.
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.
We are hoping to be able to keep our current home which is much closer to where our offices are so that we can use it if/when we need to be back in the office. There is also a chance we will rent out one of our rooms to a family member is contemplating a job in the city which would give her a nice place to stay at a much lower cost than if she rented an apartment.
In the long run, it would also be nice to pass down to our kids.
Wow, thats good to know. I grew up in rentals as a kid but always thought the renter had to take care of it. Im in Ontario.
Lol at the people pearl clenching and saying *era will come for ME!!!* when they say they own another property or plan to, the person OP compared himself to has 9.... he is straight up a shit person. 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. Man people really are champagne socialists when it comes to any progressive laws/tax that might effect them even the tiniest bit, or hell will never effect them but everyone thinks they are a temporary embarrassed millionaire.
Yea, he's renting them all out except 1 (where he lives). He's also bought most of them in areas that are developing I believe so it's a "low risk" investment in his mind.
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.