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My wife and I were just talking about this instead of a vacation home. Well, sort of both in one. I don’t want to mess with full-time landlording, especially in NYC where renters feel entitled to my property and the laws back them. We’re considering a rental home in a vacation spot so we can enjoy it and profit from the place.
Yes, I bought one from my father albeit at a huge discount. He couldn’t handle the property anymore, so I had to renovate and evict the pathetic renters he had in there.Used the equity and assets to leverage the bank to give me another loan for another rental property. I have my own private home as well in Brooklyn. Luckily I bought the 2nd rental property right before prices started to skyrocket 5 years ago.
All properties are worth all a million or more. Not selling, leaving it to my kids. Can always pull out some equity if I feel like it to buy a vacation home.
You should be ashamed of yourself. Why don't you just rent something in the free market that you actually can afford. What nobody talks about is the fact that I can't find a decent one bedroom in a good area for under $3k. That is because something like 20% of new units are being rented at below market rates. If we put all these below-market units on the free market, the overall price would fall.
Does anyone share these views?
No, because if I didn’t apply, somebody else would. Hate the game, not the player.
Yes, I bought one from my father albeit at a huge discount. He couldn’t handle the property anymore, so I had to renovate and evict the pathetic renters he had in there.Used the equity and assets to leverage the bank to give me another loan for another rental property. I have my own private home as well in Brooklyn. Luckily I bought the 2nd rental property right before prices started to skyrocket 5 years ago.
All properties are worth all a million or more. Not selling, leaving it to my kids. Can always pull out some equity if I feel like it to buy a vacation home.
More power to you
I dont have the patience to be a LL
Cool that its working in your favor
That generational wealth. I gave Reps.
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
No everyone dreams of owning. I have no desire to own, I like to pick up and move when I want. I've gotten to have many great experiences not only in different neighborhoods, boro's, cities, but also states. You couldn't give me a free house to live in, don't want it and don't need it.
My patience has been wearing thin for a few years now but thankfully I have good renters at the moment. Any problems that arise, you just gotta chuck it up to the cost of doing business in this city. I’m a hands on landlord and do everything by the book, with my lawyer on speed dial. I learned from my fathers mistakes, he should write a book, “how NOT to be a good landlord, no Do’s just Don’ts”
No everyone dreams of owning. I have no desire to own, I like to pick up and move when I want. I've gotten to have many great experiences not only in different neighborhoods, boro's, cities, but also states. You couldn't give me a free house to live in, don't want it and don't need it.
If I didn’t have any children, I would most likely want the same. But I’m getting old and so are the kids, tuition is expensive.
There will always be a balance of renters and owners. They need each other
I am far from ashamed. I just don't get it with this negativity towards affordable housing. If half of these posters complaining about it were offered a 45th floor unit in a luxury hi-rise with downtown views, they'd snatch it up in a heartbeat, I don't care what anyone says. Not *everyone* who applies to these things are *gaming* the system.
Sure there are a few bad apples; there's bad apples everywhere.
Anyway, I give myself a deadline of 7 more years. I'm 28 going on 29 now, and by 35 I should have a little over $100,000 saved up if I follow my saving plan. (Pretty much put up $1,000 a month.) There's no way in Hell I would be able to save that kind of money going *market rate.* Why would I waste more money going *market rate* and triple the time it would take to save money? That doesn't sound smart.
Alternatively I can just live at home and then get accused of having a *free ride*
So is this how it goes?
Live at home with parents - moocher.
Rent in affordable housing - moocher.
Rent market rate - stupid.
Own a home - Profit???
There's just no winning here, huh? I don't know much about homeownership, but in 7 years I will hopefully have gained enough knowledge as well as the budget to own something as modest as it will be and finally relinquish the affordable apartment to the next person in line... just to get some of you people to S T F U.
Jesus Christ.
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