Bought super cheap in early 2020, refinanced almost immediately to make it even cheaper.
Then I found out I can rent the place out for more than my payment, so o basically couldn’t afford to live there since I get paid to not live there. So I’m renting it out now and it’s free real estate.
Bought another one basically immediately after the first was rented, the bank saw the balance sheet and said another loan is a no-brainer even at a higher rate. Lived in that one for a year, but now I’m renting it out too because again, it’s just better financial sense to do so.
Moved back in with my parents because buying a third house feels risky and I’m tired of moving.
The Mrs and I have agreed we’ll never buy and rent out an investment property, even if it makes financial sense.
To fight with other investors over someone else’s first home to boulster my own portfolio and then harvest other people’s wages because I had a higher initial deposit seems dirty to me.
I refuse to pull the ladder up behind me if and when we can buy our first home.
Wasn’t my idea at first either, but then its hard to say no to free money.
I agree the system is wrong and bad, but we are all living in it. I decided I’m not going to make choices against my own best interest. Hard to compete with people who play by fewer rules than you, so giving myself artificial rules would certainly limit my happiness/wellbeing/etc.
Anyways we all “harvest” money from others in some way or other, either directly or indirectly. Someone working at a restaurant harvests other peoples wages when they want a hamburger. The only way it’s different is that housing is scarce because you can’t build any more in most places where people want to live, but hamburgers are easily obtainable.
Being complicit in the system is what props it up. If everyone acted like my partner and I, there would be no housing crisis. Your “the system is broken so I might as well take advantage” mindset is the cornerstone of so much wrong in this planet. It’s why slavery existed, it’s why factory farming exists, it’s why child sweat shops still operate, it’s why global warming runs rampant. Your hamburger analogy also isn’t very applicable. A hamburger salesman provides me with a product that I choose to occasionally enjoy. If hamburgerlords suddenly bought up every hamburger and started scalping them, I’d go without hamburgers. Whereas you’ve used your wealth to scalp houses, something people can’t go without.
Class warfare I what you are describing. Keep drinking that propaganda. A few homes being purchased to be rented by what are basically poor people aren’t hurting the housing economy. A low level landlord is no where near the same as a billionaire. Billionaires should learn to reach into wood chippers as a hobby, but my god a landlord is not an automatic enemy of the average person.
Bought a fixer upper in June 2020 from a couple way in over their head. Zillow’s estimate puts me up 38% from my purchase but with everything Ive added/built/fixed, I think I could double the price if I wanted to sell it- cool house in a now popular neighborhood. Doing well, I guess.
Bought my house in 2019 before the market went crazy and then I refinanced when the interest rates went down to 2.2%. I still can’t believe how lucky I got.
Stole the place.
