I joined reddit on the tailwind, so it was all echo chamber, we hate newcomers, gatekeeping, automod frenzy, too many rulebreakers, too many rules, etc I could be wrong, but thats what I imagine it used to be like.
Being a landlord is a deliberate choice to make money through other people’s work.
It’s welfare for the rich.
That’s not to say you, or any specific landlord, is evil. It’s just an evil thing to do. If you don’t live in the house, you have no business owning it.
Unfortunately the same could be said of the stock market. When it comes to financial planning for retirement or longer financial stability, one can choose between real estate or the stock market (among other choices).
I think the real issue with property ownership is having some reasonable limits and regulations. 1) no foreign investments in certain home types, 2) a cap/limit on the properties owned by any individuals (or LLCs they are associated with), and most importantly a complete ban on corporations owning residential properties.
Sure we could transition into removing real estate as an investment vehicle, but unfortunately I really can’t see a realistic path to this.
Unfortunately the same could be said of the stock market
You seem to think I wouldn’t agree there, too. Yes, the same could and is rightfully said about the stock market.
When it comes to financial planning for retirement or longer financial stability, one can choose between real estate or the stock market (among other choices).
And that is an indicator of a poorly planned economy.
I think the real issue with property ownership is having some reasonable limits and regulations. 1) no foreign investments in certain home types, 2) a cap/limit on the properties owned by any individuals (or LLCs they are associated with), and most importantly a complete ban on corporations owning residential properties.
I mostly agree, but I’d go even further. A single law:
It is illegal to own a home one does not occupy for more than 9 months of the year; or any holding wherein others are employed to work for a wage
Sure we could transition into removing real estate as an investment vehicle, but unfortunately I really can’t see a realistic path to this.
Right above! You may call that unrealistic, but the only wrinkles are rich bastards being upset they can no longer leech. I don’t believe that worthy of consideration.
And honestly, today I agree with you (although I think there is some merit in a rental system as some people prefer to rent). I haven’t bought a property for 15 years and I see what the younger generation is going through. If I knew then what I know now, I would not have purchased rentals. But at the time the real estate market was much different. Hell there were decent properties for sale for 70k back then.
Honestly? I went into it as an investment, from a capital appreciation stand point I have done very well. I’ve mentioned in another post that I basically charge minimum rent (30% below market). When I had kids I thought the properties would provide decent income for the kids so it would supplement what they earn in the long term. But then one of my children ended up with a life long disability. My properties are in a condo/town house community close to many amenities. It’s very possible they may end up living in one of the properties while the other parts for their expenses. If I had wanted to get out I would have done so last year. But as it turns out I may actually need the properties to ensure my kid doesn’t end up as a disabled homeless person. So at the end of the day, I’m not interested in making money off the properties, I just cover expenses. It’s probably who I’ve had the same tenants for 12 years. I literally don’t even remember their names.
some people prefer to rent
Utter bullshit. The only reason people rent instead of buying is because prices are too damn high.
And prices are too damn high because of landlords. If you are both problem and solution, your job needn’t exist.
If I knew then what I know now, I would not have purchased rentals. But at the time the real estate market was much different.
It was exactly the same, only cheaper. And it was the flood of landlords buying when it was cheap that led to prices getting higher.
People like you are the reason this problem exists.
If I knew then what I know now, I would not have purchased rentals.
You at least deserve credit for admitting this.
There are many European families that I know in Canada that are financially able to buy but choose to rent.
