Hey fam, its a slow night, I cant sleep even though I have to sub a class, at the school filled with mexicans in about 5 hours.
I wanna get your opinion on something.
In the texas land lord article, thread people did their normal kiveching, about boomer scumm parascite rent seeking slumlord class, who deserve to suffer, for making it so you cant buy a house.
I would like to thank poster
@George Lucas for making the very good point that most single family homes are owned by the people that live in them, almost 90 percent, landlords that do own single family rentals tend to max out at 8. and the number for company owned single family homes is slanted because it includes stock of devloper homes before they are sold.
I inherited the house i grew up in, and because I m autist sentimental faggot, who doesnt wish to live in his home town I kept it. Its rented, I barrowed on it, and the tenant pays the note.
I got started doing property maintence working with a friend from jr high. His grandpa and grandma did nothing but work, and when they werent working they were being landlords and were able to build a nice portfolio of rentals. This are in rather none white not nice areas.
I learned his grandma finally passed away at like the age of 1000 or something. and hes waiting for his inheritance check. Bare in mind back in like 2010 his grandparents bought him and his brother a house for about 70K. He lived there a while and then he moved out of town, only to boomrange back in, and get a loan, and buy his own house. The one his grandma bought for him was rented out.
To me it seems he should just take the paid off house and live in it. But he dont want that he just wants his check.
Working in maintence I see owners die, and the kids fuck it up, or I see the owner get old and say "fuck it I m cashing out" fuck I ve see people buy the 70K property see it go to 140K in like 4 years and say "oh i ll take my profit now, only for it to go up even more"
So what I m gonna throw at you guys is this, The property ladder. It take decades to get a income producing property paid off, and sure I can see how a power couple could snow ball having a paid off property pay for the next property that pays for the next property, but I real life I alway just see people get fucked.
So if you boomer shit parents bought a house in the fucking 1970s for 20K lived in it, didnt do a reverse mortage and left it to their kids to live in....well no I know has done that but me and I dont fucking live there.
So why are the fucking negative feelings, the boomers did leave you their shitty house, or they left you like 5 shitty houses, and rather than take the asset they are just going to fucking sell it and start from zero again.
what are your guys thoughts?