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I've been paying into Social Security since age 12 and had as many as 3 part time jobs going to college at the same time... the main one working in a auto parts and restoration business... had not connection to the business other that as a customer myself... at 13 I took my savings for $1000 and bought a basket case 1929 Model A Ford and put it together... every nut and bolt and painted the car myself... sold it for $7,500
The second house I bought cost 60k and I put down 12k... $6,800 came from the sale of my 1968 Z-28 Camaro that re-did and the rest from savings...
Seems every time I bought property... I would also sell a car I had restored.
My problem buying Real Estate is I was never a good candidate for a loan... I had downpayment money... the issue was I only had part time jobs and eventhough I was a super saver... the ratios said I did not make enough because my mortgage ratio was always pushing 45 to 50% of earnings...
Of course buying a home with a mortgage provided an interest rate deduction and converting my first home to a rental also provided income that lenders discounted to almost nothing...
That's because we don't want to live in a third world environment.
Thanks to middle-down class warfare, poor renters are kept poor by forcing them to live in an uaffordable first world environment in which they are prevented from buying homes they can afford, which in turn prevents them from escaping rent inflation and from stabilizing their housng costs long-term, from building home equity through principal reduction and through appreciation, from ever being free of monthly rent or mortgage payments, and in most cases from ever being able to retire.
Did you know anyone who lived there? My dad lived there when it was first built.
I did not know anyone who lived there but some friends in my neighorhood (who went to other schools) knew a guy who lived there with his parents; I met him a few times but didn't know him.
I've been paying into Social Security since age 12 and had as many as 3 part time jobs going to college at the same time... the main one working in a auto parts and restoration business... had not connection to the business other that as a customer myself... at 13 I took my savings for $1000 and bought a basket case 1929 Model A Ford and put it together... every nut and bolt and painted the car myself... sold it for $7,500
The second house I bought cost 60k and I put down 12k... $6,800 came from the sale of my 1968 Z-28 Camaro that re-did and the rest from savings...
Seems every time I bought property... I would also sell a car I had restored.
My problem buying Real Estate is I was never a good candidate for a loan... I had downpayment money... the issue was I only had part time jobs and eventhough I was a super saver... the ratios said I did not make enough because my mortgage ratio was always pushing 45 to 50% of earnings...
Of course buying a home with a mortgage provided an interest rate deduction and converting my first home to a rental also provided income that lenders discounted to almost nothing...
Well good for you! That was quite a project. I've never seen a Chilton's for a Model A but I imagine you must have had some docs to work with.
Not being a good candidate for a loan definitely made you more creative and resourceful. In the early '70s real estate wasn't even on my radar.
I know a guy who started in high school fixing up pinball machines; he'd buy one cheap, fix it up, and place it in a bar. Then he'd roll the profits into another machine. Lather, rinse, repeat. Ended up with several arcades and added video games as that sector emerged. Worth seven figures, all cash, one quarter at a time.
Well good for you! That was quite a project. I've never seen a Chilton's for a Model A but I imagine you must have had some docs to work with.
Not being a good candidate for a loan definitely made you more creative and resourceful. In the early '70s real estate wasn't even on my radar.
I know a guy who started in high school fixing up pinball machines; he'd buy one cheap, fix it up, and place it in a bar. Then he'd roll the profits into another machine. Lather, rinse, repeat. Ended up with several arcades and added video games as that sector emerged. Worth seven figures, all cash, one quarter at a time.
It was the 80's before I was old enough to buy my first Real Estate... unlike a lot of my friends I decided to jump in with what I could afford and worked my way up from there...
Often I'm asked if my parents gave me property or money and they are always surprised when the answer is no to both... the family actually thought I was making a mistake and if anything tried to persuade me otherwise.
The Model A Ford club is an excellent resource... plus joining the Model A Ford club at 13 provided lots of eager members to give pointers to the kid... and today... I am still the kid.
The only ways I know to take control of rents is to become an owner, find a job that provides housing, qualify for housing assistance or live in a rent controlled area...
SF Bay Area rentals are in demand and prices asked just floor me... I seldom raise rents except when someone moves... low turnover with problems works for me.
Thanks to middle-down class warfare, poor renters are kept poor by forcing them to live in an uaffordable first world environment in which they are prevented from buying homes they can afford, which in turn prevents them from escaping rent inflation and from stabilizing their housng costs long-term, from building home equity through principal reduction and through appreciation, from ever being free of monthly rent or mortgage payments, and in most cases from ever being able to retire.
Yup, because the reason you're poor couldn't possibly be because of a lack of skills or motivation to better oneself. It MUST be because you are being forced to rent. Because everyone knows that the cost of owning NEVER increases, and all owned property appreciates through the stratosphere, making every homeowner a gazillionaire that can retire at age 30.
Yup, because the reason you're poor couldn't possibly be because of a lack of skills or motivation to better oneself. It MUST be because you are being forced to rent. Because everyone knows that the cost of owning NEVER increases, and all owned property appreciates through the stratosphere, making every homeowner a gazillionaire that can retire at age 30.
I have a skill, I need a sane live/work environment and more space to make it profitable. You have no idea how depressing this house is with an angry abusive drunk and the endless fight-filled soap opera here. (His previous girlfriend is in jail now for violating a restraining order he placed on her after a history of fighting.) I was raised by drunks and druggies so I have issues. I try to go upstairs and/or use the kitchen only when he is out of the house, or at nght. Since he rarely gets out of the house when I'm home, I can go for weeks without using the kitchen during normal daytime hours.
Of course the cost of owning increases but rarely faster than the cost of renting, and never faster in the long run. I do not expect appreciation from owning a home; I do expect a stabilization of costs (no more continual rent inflation). regard owning a home a DEFENSIVE strategy to mitigate costs, not to amass wealth through appreciation.
Renting might even work well for me if I had enough space to take advantage of home office deducton.
I have a skill, I need a sane live/work environment and more space to make it profitable. You have no idea how depressing this house is with an angry abusive drunk and the endless fight-filled soap opera here. (His previous girlfriend is in jail now for violating a restraining order he placed on her after a history of fighting.) I was raised by drunks and druggies so I have issues. I try to go upstairs and/or use the kitchen only when he is out of the house, or at nght. Since he rarely gets out of the house when I'm home, I can go for weeks without using the kitchen during normal daytime hours.
Of course the cost of owning increases but rarely faster than the cost of renting, and never faster in the long run. I do not expect appreciation from owning a home; I do expect a stabilization of costs (no more continual rent inflation). regard owning a home a DEFENSIVE strategy to mitigate costs, not to amass wealth through appreciation.
Renting might even work well for me if I had enough space to take advantage of home office deducton.
I know how depressing that is. It sounds identical to the situation I was in right out of college. Right down to the fight-filled roommate situation - the guy in the room next to mine broke his off the hinges when his girlfriend locked him out.
The difference is that this was 30 years ago, and I decided THEN to get out of there. You "need", you have "issues", yet you never do anything to change your situation other than complain on CD.
As for your claim that rent costs increase faster than owning, can you share your stats on that?
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