Posted on 12/13/2024 4:24:51 AM PST by RomanSoldier19
Wall Street firms buying or developing single-family homes are betting billions of dollars on people like Adrianne Harlow.
(Excerpt) Read more at msn.com ...
You will own nothing and like it.
I loathe the elites behaviors and attitudes.
We got ourselves out of the Great depression last time because 85% of all people in the U.S. had experience with farming. People today can’t put oil in their Teslas. I just see how we are going to get out of this. Drilling for oil would help because we need cold hard cash. Not digital hopes and dreams bs. Mind the asteroid field. I’m from California originally and so I know what is coming. California is basically Aztec Empire 2.0 with some chinamen thrown in. Good luck getting to Mars with that. We are in a very deep hole. Good luck to President Trump i hope he and Elon will surprise my very realistic self.
2. State and federal housing laws are an enormous risk for landlords even under the best of circumstances.
The open-borders Globalists are destroying Western Society - all over the world - they have the hive mind, it seems
And the people piss away any chance to save up for a down payment on their own house by renting a house, so they will end up renting for the rest of their life.
This crap should be stopped yesterday. Single family residential homes and the economy around them are not financial products for financial firms.
Not around here.
Some tenants say they prefer the lifestyle and convenience of renting, even though they lose a key pathway to building equity and generational wealth.
Enjoy your balcony and communal pool while you can. You’ll have not much to show for it 20 years from now.
For instance, instead of troubleshooting pesky maintenance issues, they just call their landlord.
Yeah, changing an air filter, cleaning the lint trap is so challenging. Heaven forbid you have a dripping faucet or dried caulk.
I don’t know why companies are obsessed with turning neighborhoods into rental properties.
A realtor friend gets calls all the time from companies wanting to buy whole neighborhoods.
He tells them the neighborhood will become a ghetto.
They say they have property managers.
My friend tells them tenants have guns to shoot the property managers.
It’s a bad bet. When Trump starts selling federal land by the millions of acres there’ll be plenty of supply. And with prefab and modular homes, you can plop a house on it in a week.
Yes finding where to put the oil is tricky on a Tesla, almost as hard as finding the radiator cap on a VW bug. :)
Class warriors hardest hit!
The depression was caused by hyper speculative investing on margin.
The advent of electricity meant anyone creating device to plug in the wall could be a lifetime investment.
Many of them did NOT succeed.
The basics for long term investing are the same as they have been for 100 years.
Lessons:
Getting a house and keeping it for awhile.
The first 100k is the tough part.
Don’t get greedy.
in the future, if you have a low social score, they will not rent to you
In the city next door to my rural county, they are building enough apartment buildings to support a doubling of the population. Is anyone else seeing that in their areas?
Exactly, this has bothered me for a long time. One small example is the house next door to me was a modest little starter home that the owner had been renting out and then he decided to sell. Not to a nice little family, but to “flippers.” They take all the modestly priced houses and upgrade them then ask for an amount that’s out of reach to a lot of people.
And the people piss away any chance to save up for a down payment on their own house by renting a house, so they will end up renting for the rest of their life.
__________________________________________________________
When I was a young man and just starting out I rented a house and later an apartment. I was married and had not finished college yet, actually had just started going to school at night. Money was very tight, impossible to buy a house then but I started saving for a down payment and in a few years, even while I was still in school we were able to purchase a new home. It was a very modest home but it was ours.
We eventually traded up to a nicer home. I get it, that is the American dream, or at least used to be the American dream.
We raised our kids in relative luxury. We had two cars until the first kid could drive and then had three. When the kids wrecked their cars we got them replacements. They had Air conditioning, Cable TV, and good food and travel.
After they left home they wanted all those things and they all rented for a while. I have one girl who after getting a divorce is still renting, she doesn’t want the responsibility of maintaining a house.
After 25 years we ended up getting a divorce. She got everything. Divorce court is not fair to men. She got the house, 10 years of maintenance and a lump sum. I got one of the cars and my clothes.
I rented an apartment. All my savings went to her so I could not get a down payment together for a while. Even paying rent I was able to save a little and was able to eventually get enough for a small down payment.
After a few years in my home with a new spouse who was willing to live frugally we were able to purchase a small home for a rental property. We had to finance it but truly the income paid for it. We bought several properties over the years after the crash in 2008 we decided to never invest in the stok market again and put our money in to rental properties. They can be a real pain in the neck, some years you don’t make any money because you have to rehab etc. Most years however they really do well for us. We now have 8 properties the we collect rent on. Everything we own is paid for, in fact after the first home we were able to pay cash for all the others.
We now live in two homes, one in Kentucky and one in South West Florida. Our rent prices are a little below the market, our tenants love us and the homes they call home. We provide a valuable service to the community by proving affordable housing to people who are mostly single and low income with kids to take care of. The properties have all increased in value about three times since we paid for them and when we feel too old to manage them we will either hire a maintenance company or sell out for a couple million dollars of which there will be substantial capital gains taxes.
There are some people for a variety of reasons who will never be able to manage their money well enough to own a home. There are some people who will never be responsible enough to care for a home. People like me whether they have one home to rent or a hundred do provide a needed service to the community.
For those who can manage their money rental property can be a VERY WONDERFUL investment for the future. We have retired well although I have never been a highly paid employee.
I learned this lesson while still in my 40’s from a friend of mine in of group of photographers I was a part of. After several years of him having better equipment than me and my knowing that he was a hourly employee living an a very modest home in a very modest neighborhood, I asked how he could afford all his gear, did he not have kids? He had kids and confided to me that he was actually a millionaire, he owned 8 homes in the neighborhood he lived in. He explained to me the great tax advantages of renting homes to people and the great income it provided to him. He inspired me. We have inspired only one of our 9 children to do the same and he is now a millionaire.
Don’t look down your nose at landlords, they provide a service that a segment of society needs and don’t pass up the opportunity to be a landlord to provide for your retirement.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.