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Housing prices are pretty high in cities. But you can buy your own piece of land in a more rural setting and build a small cottage yourself, maybe a 2 bdrm, 1 bath home. I believe this is possible for less than $100k at the right location. Start with a used cheap RV or mobile home if you have to.
Because the only way to escape an exploitative system is to become an exploiter...
Well this is gross. Its extremely had to buy ONE property, to exist in, if you dont have Bank of Mom and Dad to rely on.
I know people like this. They truly believe like they are doing society a favor by buying up houses and renting them out. The disconnect from reality is wild.
It's a little better than corporate real estate vultures though. If you think about it, these small landlords and renters are more alike than the people at Blackrock buying up all this shit.
How does the second tenant pay their mortgage? One apartment's rent should not be enough to cover the mortgage of four (or five - including the one they live in). My guess is that they only payed all the mortgages for these four properties and this is about the mortgage of the apartment they live in.
The cheat code to a stress-free life is to own lots of real estate to being with.
Oh, some rents are getting crazy and the buildings were purchased 10-20 years ago so the mortgage isn’t that high. It’s all a scam.
Of course they mean their own personal mortgage. The mortgage of the property they rent out is already covered by the tenant.
Fresh Fruit for Rotting Vegetables track #4
I mean why not?
How is this legal.
How is it legal that people buy property and rent to those who want to rent instead of buy? My question to you is why wouldn't it be legal?
Pretty much been covered by others already.
In principle it’s fine and it fulfills a market need… not everyone wants to buy. But in practice, under-regulation in a market where many people want to buy but can’t exacerbates wealth inequality by reducing the available housing and driving up home costs. This in turn drives up rental costs. It’s a nasty cycle.
Absolutely, a problem that is improved by increasing housing supply (thus lowering costs). We need more government investment in building homes and to remove barriers that prevent or slow homes from being built. Simply outlawing rentals, as OP suggests, would do the opposite, it would take out a huge chunk of people who are building homes, drastically lowering supply and exploding housing prices.
There are definitely alternatives, where there is more tax incentive to own one home that you live in, and increasing penalties for holding more properties, especially for a long period of time and especially if they are in areas of high housing demand.
OP isn't directly suggesting making rentals illegal; in fact it's a bit vague what specific practice they're blaming. My best guess is that they generally don't feel laws should allow/incentivize owning so many housing properties, especially if one is not personally doing anything to earn money from them.
A responsible landlord is "doing" arrangements for property maintenance and handling all tax and other legal requirements, and my hard feelings are towards slumlords who let dwellings become unsafe, or property flippers who kick all the renters out and build new dwellings to sell to more wealthy buyers.
But also, isn't the hate for landlords equally applicable to banks and other financial institutions that hold mortgages? They really are earning money by no other responsibility than having the capital available at the start.
The solution is for the state to guarantee that everyone must have a place to live. Shelter is a human necessity, it should not be conditional.
Are you envisioning the government being a major landlord, like in Singapore? It seems to work really well for that country, but Americans seem uncomfortable with the idea of government housing.
those who want to rent instead of buy?
Who actually wants to spend 1/3 of their paycheck on something every month and not own it?
It dawned on my that my wife and I pay 30k a year to live in our house. I made 65k last year, the most I've ever made and the amount I told myself in Highschool that if I could get a job making that I'd be set. Feels like I'm still bussing tables at fucking Texas Roadhouse.
For context, im in tech and she's in the arts. Combined we're at about 110k a year. Wild that that feels like just scraping by.
Biggest plusses people argue in favor is not having to maintain the property yourself and being able to move much more easily. If you are one of the people who would prefer to buy, I highly recommend you do so. Maintaining your own stuff is quite nice, as it lets you keep it up to the quality you desire.
Lmao this guy thinks landlords maintain the property.
Great, you can move more easily to another overpriced unmaintained property. You will own nothing and you will be happy about it.
My exact thoughts. Never had anything in my apartments maintained by the landlord, always had to maintain everything myself at my own expense. And despite maintaining it for them, they still keep our deposits when we try to leave.
Keep our deposits, jack up rent despite doing nothing for us, and when they sell to a new landlord you have rich freaks coming into your home while you’re eating your lunch in your kitchen to stare at you and inspect the place to decide if they want to purchase you or not.
Never had anything in my apartments maintained by the landlord, always had to maintain everything myself at my own expense.
When is the last time you bought a furnace, a water heater, or a new roof for a property you rent? Ever?
It isn't that the owner isn't maintaining it, it is that they aren't maintaining it do the standard you would prefer. And that absolutely is an issue. And it is one of the primary benefits of no longer paying a landlord and instead buying a property and maintaining it to your own standards. You will almost certainly end up with a maintenance standard you like as you will be the one dictating and implementing it.
A basic standard includes a ceiling that isn’t caving in, a foundation that isn’t sinking causing the windows to pull the wall above them apart, but either way the landlord won’t address it and I’d never have the money to correctly address it myself. In those instances it feels less like my personal standard isn’t being met but rather the basics and fundamentals aren’t being maintained.
I would love to own though. If I were ever in a position to own and afford maintenance I would feel safer.
I apologize by the way if I write in a confusing way, or have a hard time communicating my point, I have trouble with that. Owning is preferable in my opinion, property and privacy are power and a form of independence I long for.