• OceanSoap@lemmy.ml
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    1 year ago

    Small-scale landlords also usually have full time jobs and use rent to supplement their income. Not every landlord is just rolling in cash.

    • CafecitoHippo@lemm.ee
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      1 year ago

      I work at a credit union where we deal with a lot of smaller investors and many of them have properties where they aren’t breaking even on a cash flow basis. But they are using the losses to lower their taxable income while building equity elsewhere. They are (from tenants I’ve heard from) good landlords. Lately we’ve been dealing with a lot of realtors that are buying up properties and that just doesn’t sit well with me so I’m looking to change careers and get more into C&I and CRE rather than SFR investments. Being able to cash out 7.25 weeks of accrued vacation time I haven’t been able to take too is a big plus.

    • nanoUFO@sh.itjust.works
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      1 year ago

      In a lot of places if you own any land you are a millionaire, it’s coming to the point that if you own a condo you are a millionaire.

      • SwingingKoala@discuss.tchncs.de
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        1 year ago

        So? Anybody who works their entire life and can save a few hundred bucks per month can be a milliionaire. You make it sound like those working people are you enemies.

        • nte@discuss.tchncs.de
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          1 year ago

          It’s true that “few hundred bucks” is enough to reach one million. But it is not for anybody. Let’s take 999 bucks, which is the maximum of “few hundred.”

          If you were to save 999 bucks and didn’t consider any interest or investments, it would take you approximately 84 years to accumulate one million dollars.

          However, it’s important to consider interest when planning for financial growth. Let’s assume an interest rate of 2%. Even with this interest, it would still take around 49 years to reach one million, and you’d also need to account for the impact of inflation, which can erode the value of your money over time.

          To achieve your financial goals more efficiently, you might need a higher interest rate or explore investment opportunities where your money can work for you, such as becoming a landlord…

        • I Cast Fist@programming.dev
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          1 year ago

          A few hundred per month. Let’s do some math. Let’s say you work and earn some form of income for 35 years, or 420 months. If you save 500 every month, you’ll have a grand total of 210.000. That’s 790k off of a million. Even at 1k per month, you’re still less than halfway into being a millionaire.

          You need to have a consistent salary of over 2.380/month (28.5k/year) to accrue a total of 1 million during those 35 years. So, supposing you earn 5k a month (60k/year), and can put half of that into savings, yes, you can “become a millionaire” by the time you’re retiring.

            • Rodeo@lemmy.ca
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              1 year ago

              Please explain how to turn $210k into $1m with interest alone. I’ll even be generous and say you can take an additional 35 years of time to grow said interest.

            • nanoUFO@sh.itjust.works
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              1 year ago

              Your comment what so intellectual and full of information I was about to save up 10 million+ dollars and own a cheap 3 story apartment complex. I now drain the legal maximum amount of money out of my tenants. Thanks! I can now buy that 2 million dollar house I was eyeing

            • I Cast Fist@programming.dev
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              1 year ago

              Ah yes, tell me more about how everyone has an extra 2.500 lying around every month which they don’t need to spend at all, which they could just leave in a savings account and never ever have to deal with unexpected, unpleasant, expensive surprises.

        • nanoUFO@sh.itjust.works
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          1 year ago

          Yeah I’m going to slave a large part of my entire life so I can own a house, so I can then rent it it in 50+ years. I’m sure by the time you save a million dollars the houses will be worth 3 million. They are already pushing 1.5 million in major cities.

          • SwingingKoala@discuss.tchncs.de
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            1 year ago

            I’d rather slave to own a house than to survive, but I don’t because I’m self employed and work for myself. Each their own. However, it’s good that you’re aware of inflation, maybe you can use the fruits of your slavery to do something against it.

            • nanoUFO@sh.itjust.works
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              1 year ago

              Yes because everyone wants to finally own a house when they pushing their late 60’s that was always the dream. Okay cool story it’s funny how you manage to twist everything everyone says but actually contribute almost nothing intellectually to the conversation. You would think someone so knowledgeable and moral like you would share their strats instead of being dismissive and ant intellectual. But hey maybe you have inherited wealth and your “job” is checking in on your building managers once a week. Each their own.

              • SwingingKoala@discuss.tchncs.de
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                1 year ago

                Lol, you’re the one twisting everything I say. I say “people can do X” you answer with “I don’t wanna do X”. You don’t have to do what other people can do, I’m not suggesting you do what others can do. I get it, you sound angry and bitter, probably because you see no perspective for yourself. As somebody who has been sober for more than six years I’ve seen a lot of people who feel attacked when simply shown that different lives exist. I feel you.

                • nanoUFO@sh.itjust.works
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                  1 year ago

                  No you don’t say people can do X you make passive aggressive remarks on how people don’t know how to invest (you never really give an intelligent response beyond this). More passive remark, I don’t even know what “no perspective for yourself” means is that supposed to be no future but you realized it was too aggressive even for you so you changed it and now it makes no sense. I have no idea what your sober comment is in the context of. I don’t feel you, you never say anything of substance and feel you can just deflect with passive aggressive insults.

        • Crazypartypony@lemmy.world
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          1 year ago

          I think this is the most privileged comment I’ve read since I got to Lemmy. Congratulations on being incredibly sheltered and out of touch. /s

          • SwingingKoala@discuss.tchncs.de
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            1 year ago

            Lol, knowing what some people can do is privilege? That’s some khmer rouge level ideology, you’re delusional. Also I’ve lived long enough in abject poverty that I think you should fuck off.

    • dangblingus@lemmy.dbzer0.com
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      1 year ago

      Being a landlord, making money off of the hard work of other people, and still having enough time to have a full time job “on the side” means you don’t need to be a landlord because it obviously isn’t an important job that you have to dedicate time and attention to.

    • TheDoctorDonna@lemmy.world
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      1 year ago

      Choosing to use a basic human right as a form of income is scummy. All landlords are scum, whether they are rich or not.

      • huge_clock@lemmy.world
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        1 year ago

        People need a place to stay and not everyone has piles of cash for a down payment. Vote for the change you want, but in this system we need rentals.

        • TheActualDevil@sffa.community
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          1 year ago

          There should be options for people to rent. Personally, I don’t want to own a house any time soon. That’s a lot more maintenance and repairs I’m responsible for that I don’t want. BUT, the reason it costs so much for people to purchase houses in the first place are because too many people are purchasing multiple properties as an investment, creating an artificial housing shortage. There now aren’t enough houses available for the amount of people who want to buy them, so the price skyrockets. Down payments are typically a percentage of the overall cost. Overall cost goes down, the pile of cash you need to begin is a lot smaller.