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Risking money on maintaining their assets. What are YOU doing to earn landlords' wealth?
??? ???
For 13 years I rented from a retired landlord who, in retirement, was renting out a former primary residence. (i.e. owned two homes, moved to the vacation home in retirement, kept former primary residence as a rental in order to pass it on to heirs with a six-figure step-up in tax basis.)
In a college town with perpetual rental demand and NIMBY-restricted supply.
For 13 years I rented from a retired landlord who, in retirement, was renting out a former primary residence. (i.e. owned two homes, moved to the vacation home in retirement, kept former primary residence as a rental in order to pass it on to heirs with a six-figure step-up in tax basis.)
In a college town with perpetual rental demand and NIMBY-restricted supply.
Where's the risk there?
You're welcome to buy your own home and start renting it out. Then you can start collecting some of that easy, risk-free money.
I agree but first the bottom and middle need to learn what wealth is. Income can be produced from different sources. Poor and middle class believe high income is wealth without considering the source of that income, that's only part of the puzzle and politicians have taken advantage of that lack of understanding. If you get high income the excess money can be used to build wealth, politicians want you to believe that it's excess and should be taken from you.
As for taxes, Government raids W2 income the most making it even harder for a W2 worker to build wealth, then the government points and blames corporations when government also has their hands in the cookie jar. Government takes the people hard earn money before they even get it. Yes, small amounts from each pay and people don't pay attention. Strange how government thinks they know what other people can live on yet here the government is, 18 trillion in debt. Politicians claim the people need their more money yet government always is the biggest takers.
If government would learn to function within the means the people can pay then we wouldn't have this problem but why would they, they view the people's money as their money, the people's money as their piggy bank to be raided.
Government wouldn't need to keep raising taxes if they could function as we the people are expected to function... that is "within our means and budget"... but they put rhetoric out there so supporters would support higher taxes. People who think we should pay higher taxes are idiots. Government will just keep coming back for more. Anyone who thinks it's ok because it's the other guy doesn't have a clue and soon they will be center target, already are, government is just sneakier about it.
Wealth is derived from assets, therefore, the poor are inherently at a disadvantage in building wealth, because the non-poor - and especially the wealthy - can outbid the poor in acquiring assets.
You're welcome to buy your own home and start renting it out. Then you can start collecting some of that easy, risk-free money.
As I was just saying...
Wealth is derived from assets, therefore, the poor are inherently at a disadvantage in building wealth, because the non-poor - and especially the wealthy - can outbid the poor in acquiring assets.
Poor people are NOT welcome to buy their own home and start renting it out, because the non-poor bid up prices out of reach of the poor.
Specifically, in this college town, the rentals were bought by landlords and by wealthy parents, especially wealthy parents of multiple children headed to college. Poor people had zero opportunity to get in on that action.
Wealth is derived from assets, therefore, the poor are inherently at a disadvantage in building wealth, because the non-poor - and especially the wealthy - can outbid the poor in acquiring assets.
Poor people are NOT welcome to buy their own home and start renting it out, because the non-poor bid up prices out of reach of the poor.
Specifically, in this college town, the rentals were bought by landlords and by wealthy parents, especially wealthy parents of multiple children headed to college. Poor people had zero opportunity to get in on that action.
Then take out a mortgage like most renters do. You don't have to be wealthy to take out a loan.
The number of poor people taking out acquisition mortgages is very close to zero.
Yes, I do. In fact, a friend of mine now has three rent houses which are all mortgaged.
He started from dirt poor. He saved a few thousand dollars for mortgage fees and a down payment, all while working a bottom feeder job and practically living out of his car. But he made it happen.
You see, that's often the difference between the haves and the have nots. The haves will do whatever it takes to get ahead and make their dreams happen. While the have nots will just sit around and come up with excuses as to why they can't get ahead.
Yes, I do. In fact, a friend of mine now has three rent houses which are all mortgaged.
He started from dirt poor. He saved a few thousand dollars for mortgage fees and a down payment, all while working a bottom feeder job and practically living out of his car. But he made it happen.
You see, that's often the difference between the haves and the have nots. The haves will do whatever it takes to get ahead and make their dreams happen. While the have nots will just sit around and come up with excuses as to why they can't get ahead.
If he were really poor, his ratios would not have qualified him for a mortgage unless he paid close to zero for the property. Possible, but unlikely in most areas.
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