max225 wrote: ↑Fri Dec 16, 2022 10:44 am
ChrisoftheNorth wrote: ↑Fri Dec 16, 2022 10:40 am
That's assuming you had it. These people are way in the red with no savings or income other than social security. I thought that didn't pay anything, but I guess it's enough to cruise around the world forever when supplementing CCs?
I like owning real estate, but when it's cheap. My house is worth $500k tops and I probably only have ~$150k in it and the mortgage is cheaper than a studio apt rent downtown Traverse City. If I were where you are, I'd feel very differently. I honestly don't even know how people afford it out there. My BIL is buying their 4th condo in Huntington Beach for "just another $800k" to rent month to month. He's our age, spent MILLIONS (this $800k puts them near $4M invested by my counts) buying real estate around the city and I have zero idea where the money comes from. He owns a "business" selling shit on Amazon so he must have some sort of tax or PPP scam going on like your buddy.
And I have to hear about how poor we are and they offer to fly us out to visit all the time because they know we don't make that much. No, we make plenty, we just don't spend that much. $1k to fly to CA to be talked down to and made to feel poor isn't my idea of money well spent. What the fuck.
Yea there are a lot of people heavily “invested” in the RE. Market … almost everyone I know owns multiple housing units as “investments” to rent out to the poors. I hate it, just like I hate used car sales or car sAles in general. I refuse to prey on the poors…
Most rentals don’t make Jack shit post interest taxes repairs and expenses. The only way people “made money” is through that rapid fake appreciation from 2015-22. But that’s come to an end…
Matter of fact if anyone tells me they “invest” in real estate I find them to be on the same level as drug dealers as far as social standing in my book.
/rantout
Yes, my realtor buddy (same guy who bought the F30) is all in on the house game and has tried to talk us into rentals on multiple times and he and his wife seemed legit astonished when I told them that I didn't want to get involved because it artificially raises prices and basically fucks over poors. God forbid you give more fucks about trying to make the world an OK place versus making a ton of money.
Funny thing is, much like Chris's bro-in-law, the laughs are up for all of these 'investors'. This dude and his wife bought a mountain house a year ago in peak
for like $700K and it's probably worth $400K now, it was the perfect storm, they looked at a couple dozen mountain places, kept getting outbid and the budget kept climbing. Now they're incurring constant maintenance costs, huge headaches with airBNB, and heavily under water on the property.
They also bought a slumlord kinda dumpy rental property in Charlotte in 2020 and I imagine that is now sitting at what they paid at best, all for the beauty of breaking even each month on rent income versus mortgage and having to deal with renting to poor immigrant families who could probably buy the place if all of these dumbasses weren't snatching up any shit hole out there that's under $300K.
The dude has made a millski+ in the past three years slingin' houses though, so they will be fine. His wife is also a mid tier manager at Lowe's corporate and gets paid rather well.