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Oh, didn't realize condo's weren't an option for those that want low maintenance.
If you don't mind spending more, they are. Not all condos are headache-free. My friend bought one, thought he got a great deal....it declined 50% and it's 10 years later and he's still not even back to the original price, let alone all the mortage and assoc. fees and inside repairs (lots of years of rent money there for same place).
The "arrogance" stems, I think, from the 18th century concept that only "real estate" is "real" property, and that everything else is unstable frippery and claptrap. Those who don't own real-estate can't possibly be members of the gentry. They're reduced to the transitory, disreputable rabble. Further, ownership of real-estate means having a stake in the community, in the municipality, in the nation. Those who don't own real estate - but who in principle could afford to - have something immature, insincere and puerile about them. They lack rootedness and respectability.
In feudal times, persons who were of the wrong ethnicity, religion, caste or demographic-group were outright prohibited from becoming landowners. To be "landed" meant quite literally to be socially superior. Perhaps we haven't advanced so much from feudal times?
In short, ownership = citizenship. Non-owners are like those residents of ancient Sparta or Athens who could perhaps have been wealthy, but who were not properly citizens, and therefore didn't partake in the polity.
30 years is a long time and unless you are in a position to buy in your very early 20's, 30 years puts you at retirement age. Though I agree its still better to own just due to quality of life issues over the course of that 30 years.
Quote:
Originally Posted by Brandon Hoffman
Fair enough, but in my market for a similar property the monthly rent is typically higher than the entire mortgage (PITI+PMI). After 30 years I own a house debt free and saved money every month. What does the renter have after 30 years? Who got hosed?
The "arrogance" stems, I think, from the 18th century concept that only "real estate" is "real" property, and that everything else is unstable frippery and claptrap. Those who don't own real-estate can't possibly be members of the gentry. They're reduced to the transitory, disreputable rabble. Further, ownership of real-estate means having a stake in the community, in the municipality, in the nation. Those who don't own real estate - but who in principle could afford to - have something immature, insincere and puerile about them. They lack rootedness and respectability.
In feudal times, persons who were of the wrong ethnicity, religion, caste or demographic-group were outright prohibited from becoming landowners. To be "landed" meant quite literally to be socially superior. Perhaps we haven't advanced so much from feudal times?
In short, ownership = citizenship. Non-owners are like those residents of ancient Sparta or Athens who could perhaps have been wealthy, but who were not properly citizens, and therefore didn't partake in the polity.
This, I think, is the crux of the "arrogance".
some of my real estate partners invest with the philosophy " we don't invest in anything we can't pee on "
The "arrogance" stems, I think, from the 18th century concept that only "real estate" is "real" property, and that everything else is unstable frippery and claptrap. Those who don't own real-estate can't possibly be members of the gentry. They're reduced to the transitory, disreputable rabble. Further, ownership of real-estate means having a stake in the community, in the municipality, in the nation. Those who don't own real estate - but who in principle could afford to - have something immature, insincere and puerile about them. They lack rootedness and respectability.
In feudal times, persons who were of the wrong ethnicity, religion, caste or demographic-group were outright prohibited from becoming landowners. To be "landed" meant quite literally to be socially superior. Perhaps we haven't advanced so much from feudal times?
In short, ownership = citizenship. Non-owners are like those residents of ancient Sparta or Athens who could perhaps have been wealthy, but who were not properly citizens, and therefore didn't partake in the polity.
This, I think, is the crux of the "arrogance".
Except in the US most of the "landed" are foreign "investors".
So you really don't believe the game of life is 0 sum do you? Regardless of how you slice it there will be a ruling class and a surf class. We have more class mobility in the USA but there is a pecking order and the playing field is not even.
Typically most home owners that are in a position to rent out space and turn a profit (ie make you eat what ever their costs are without worrying about the market biting them) are people that inherited the land, got lucky that they kept their job in the same area for 30 years and experienced a net appreciation in the area and did not get forclosed on from either job loss or medical issues.
The only way out of that paradigm is if you somehow have a bunch of cash saved and can exploit a true down turn (50-75%) and just clean up. Then you can afford to let a property sit vacant until you get the rent price you want because you paid so little for it in the first place.
The real estate game is antagonistic by its very nature.
Quote:
Originally Posted by ohio_peasant
The "arrogance" stems, I think, from the 18th century concept that only "real estate" is "real" property, and that everything else is unstable frippery and claptrap. Those who don't own real-estate can't possibly be members of the gentry. They're reduced to the transitory, disreputable rabble. Further, ownership of real-estate means having a stake in the community, in the municipality, in the nation. Those who don't own real estate - but who in principle could afford to - have something immature, insincere and puerile about them. They lack rootedness and respectability.
In feudal times, persons who were of the wrong ethnicity, religion, caste or demographic-group were outright prohibited from becoming landowners. To be "landed" meant quite literally to be socially superior. Perhaps we haven't advanced so much from feudal times?
In short, ownership = citizenship. Non-owners are like those residents of ancient Sparta or Athens who could perhaps have been wealthy, but who were not properly citizens, and therefore didn't partake in the polity.
Because foreign investors are not in the same job market/economy so based on everyone working and living in a given area 100k may be a lot for a house, but for some chineese guy that owns a slave labor mine he can buy the entire block because he is not dealing with the same constraints as the people in that area are.
Quote:
Originally Posted by chaseo1
Except in the US most of the "landed" are foreign "investors".
Not sure why "owners" are so arrogant. Who is going to pay for the roof if its leaking? Not me.... What about the fridge? Termite problem? Water main burst? Oh ok...
Yes, I the owner will use some of the rent money you pay me to keep my appreciating income producing asset maintained. Your rent money is GONE. You can only move to smaller apartments in inferior areas to stay ahead of rent increases.
Yes, I the owner will use some of the rent money you pay me to keep my appreciating income producing asset maintained. Your rent money is GONE. You can only move to smaller apartments in inferior areas to stay ahead of rent increases.
And this is one of the reasons it is best to own. Because you don't ever know when the rate in an apartment will go up which will make you move everywhere
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