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Old 09-12-2007, 09:22 AM
 
Location: Heartland Florida
9,324 posts, read 23,812,928 times
Reputation: 4901

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I was talking to an investor who bought the home across the street from me, he's a Venezuelan who seems to have no clue what's going on. My Spanish is limited, but he does not seem to understand that you cannot "OWN" property in the United States, you lease it from the Government. He thinks that if you have no mortgage you pay nothing. What is wrong with these people?
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Old 09-12-2007, 09:50 AM
 
2,143 posts, read 7,200,634 times
Reputation: 1141
Quote:
Originally Posted by tallrick View Post
I was talking to an investor who bought the home across the street from me, he's a Venezuelan who seems to have no clue what's going on. My Spanish is limited, but he does not seem to understand that you cannot "OWN" property in the United States, you lease it from the Government. He thinks that if you have no mortgage you pay nothing. What is wrong with these people?
I guess he'll learn pretty quickly, won't he. In about 2 months, when he gets the bill, lol.
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Old 09-13-2007, 12:00 AM
 
Location: Vero Beach, Fl
2,949 posts, read 12,184,753 times
Reputation: 2075
We pay taxes to the city/county NOT the federal government. Your property is yours when you paid off the mortgage.
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Old 09-13-2007, 12:31 AM
 
Location: Steilacoom, WA by way of East Tennessee
1,049 posts, read 3,609,610 times
Reputation: 700
Quote:
Originally Posted by jhlcomp View Post
We pay taxes to the city/county NOT the federal government. Your property is yours when you paid off the mortgage.
The original poster did not say federal Govt, just Govt. And if you think that you OWN your property, see how long you can keep it if you don't pay the tax man....hello renter.
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Old 09-13-2007, 05:40 AM
 
2,143 posts, read 7,200,634 times
Reputation: 1141
Quote:
Originally Posted by jhlcomp View Post
We pay taxes to the city/county NOT the federal government. Your property is yours when you paid off the mortgage.
I think it was sort of tongue in cheek.
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Old 09-13-2007, 07:44 AM
 
7,901 posts, read 8,902,502 times
Reputation: 3192
Property rights are like a bundle of sticks.

If you own the property in "fee simple", you hold most of the sticks, but not all. You have the stick of Possession, the stick of Right to Transfer, the stick of Right to Exclude others, the +2 Stick of Quiet Enjoyment, etc. Hold enough sticks, and you "own" the property. Lease the property and you let the Lessee borrow some of your sticks for a while.

You will never hold all the sticks. You can't have the Unlicensed Nuclear Reactor Stick, or maybe not the Bada Bing Stick, depending on where you live, or the Marijuana Farm Stick. You might not have the Paint My Fence Whatever Damn Color I Want Stick, because you gave it to the Homeowner's Association. And the Government always has one or more Pay Me Some Tax Sticks.

Also, it seems a strange coincidence to me that people who complain the most about property rights usually understand them the least.
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Old 09-13-2007, 08:24 AM
 
Location: Florida
272 posts, read 1,407,539 times
Reputation: 157
Quote:
Originally Posted by Strel View Post
Property rights are like a bundle of sticks.

If you own the property in "fee simple", you hold most of the sticks, but not all. You have the stick of Possession, the stick of Right to Transfer, the stick of Right to Exclude others, the +2 Stick of Quiet Enjoyment, etc. Hold enough sticks, and you "own" the property. Lease the property and you let the Lessee borrow some of your sticks for a while.

You will never hold all the sticks. You can't have the Unlicensed Nuclear Reactor Stick, or maybe not the Bada Bing Stick, depending on where you live, or the Marijuana Farm Stick. You might not have the Paint My Fence Whatever Damn Color I Want Stick, because you gave it to the Homeowner's Association. And the Government always has one or more Pay Me Some Tax Sticks.

Also, it seems a strange coincidence to me that people who complain the most about property rights usually understand them the least.
Don't forget the Eminent Domain stick. You know, when a developer thinks your land would be a great spot for his new strip mall and the county thinks his new strip mall would be great for the community. Bye-bye house, hello tacky strip mall.
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Old 09-13-2007, 09:22 AM
 
7,901 posts, read 8,902,502 times
Reputation: 3192
Quote:
Originally Posted by deckardc View Post
Don't forget the Eminent Domain stick. You know, when a developer thinks your land would be a great spot for his new strip mall and the county thinks his new strip mall would be great for the community. Bye-bye house, hello tacky strip mall.

With the market how it is now, it might be a good thing to have your residential property taken in eminent domain. Guaranteed buyer LOL.
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Old 09-13-2007, 10:12 AM
 
36 posts, read 125,116 times
Reputation: 16
Quote:
Originally Posted by Strel View Post
Property rights are like a bundle of sticks.

If you own the property in "fee simple", you hold most of the sticks, but not all. You have the stick of Possession, the stick of Right to Transfer, the stick of Right to Exclude others, the +2 Stick of Quiet Enjoyment, etc. Hold enough sticks, and you "own" the property. Lease the property and you let the Lessee borrow some of your sticks for a while.

You will never hold all the sticks. You can't have the Unlicensed Nuclear Reactor Stick, or maybe not the Bada Bing Stick, depending on where you live, or the Marijuana Farm Stick. You might not have the Paint My Fence Whatever Damn Color I Want Stick, because you gave it to the Homeowner's Association. And the Government always has one or more Pay Me Some Tax Sticks.

Also, it seems a strange coincidence to me that people who complain the most about property rights usually understand them the least.
Excellent!
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Old 09-13-2007, 10:25 AM
 
Location: Jax
8,204 posts, read 32,232,767 times
Reputation: 3397
Quote:
Originally Posted by tallrick View Post
I was talking to an investor who bought the home across the street from me, he's a Venezuelan who seems to have no clue what's going on. My Spanish is limited, but he does not seem to understand that you cannot "OWN" property in the United States, you lease it from the Government. He thinks that if you have no mortgage you pay nothing. What is wrong with these people?
The man can have a dream, can't he?

Don't worry, he'll "wake up" soon enough .
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