Yesterday I got called by my dentist, my cat’s vet, an apartment I had emailed inquiring for an interview. All within 5 minutes of each other! Talk about anxiety overload.
I’ve calculated if it would pay off to build a house with four units on a piece of land that I already have. It would barely pay for itself after 30 years but let’s be honest, 30 years is when the first big renovations are in order. I’m not sure if the “landlords are rich leeches” - trope holds up outside expensive cities with inherited properties.
It really depends on the nature of the rental and your area. If instead of building a house you build 4 closely stacked duplexes and charged each one double what the mortgage would be you’d definitely make money, but you’d also be an extortionate leech. In my area someone built 4 nice duplexes on a double lot (probably around 1.5 acres) and is now renting them at $1800 each. The land was probably less than $55k and the cost of construction was likely less than $1 mil. At 5% interest on a 30 year loan their monthly payment would be $5,600, but they’re bringing in $14,400 per month.
$1800 for rent is an extortionate price in my area (it’s big city apartment rental prices, with a pool and gym), even after interest rates went up.
On the other hand, I knew a couple who were landlords for nearly 20 years. They rarely raised the rents and even in 2022 they were still charging <$1000 per month for a full house because that paid the costs and for them it was an investment, not a source of income.
They finally sold their rental homes and made about $70k over what they originally paid on each house. Doing the math that comes out to be a roughly 8.5% annual percentage return without counting the rent gained each month. That’s a fairly solid investment without being a sucky person.
I’m not sure what you used to calculate it, but it definitely isn’t only “expensive cities with inherited properties”… I did the math on the last house I rented: lived there for 8 years. It was a duplex in a city in a very cheap cost of living state. Just my rent alone for those 8 years more than covered what the entire duplex was purchased for 3 years prior to me moving in. That means if both sides were occupied, which it was for all but 1 month in the 8 years I was there, it’s paid for in full in 4 years. Even if you “have to renovate” in 30 years, hell even 15 years, you have 10 years of pure profit even after considering insurance and property taxes and probably even maintenence costs…
Maybe your area doesn’t have high demand for rentals or you under-valued your rent price, but there wouldn’t be so many people doing it if it wasn’t profitable.
“Landlords are rich leeches” is still true because the vast majority of property in the US is not owned by hard working people who are investing their earnings owning a handful of properties at most, but by property companies and hedge funds.
Being a landlord isn’t a way for someone who doesn’t have wealth to acquire it. It’s a way to park your existing wealth in quickly appreciating assets preferably purchased from other losers when they lose their asses and collect monthly rent too.
If on day one you have 700k and you purchase an existing property and in 30 days after you rent it out your property is still worth 700k and you are now ahead of the game in 30 days not 30 years.
If you purchased at a reasonable time a year later its worth 750 and you’ve collected 84k 1% of property value per month.
quickly appreciating assets preferably purchased from other losers when they lose their asses and collect monthly rent too.
I wouldn’t say quickly appreciating, though. It’s a fairly slow growth rate for someone with that kind of money. They diversify into real estate because it creates some tax protections (your costs) and it’s fairly stable. Like buying into a terrible small business, but one that magically won’t fail. The things that could cause total loss to real estate are usually handled in standard insurance, unlike a business that can just tank.
The thing is, as you and the other person said, it’s all about the big companies who own tons of real estate AND the big companies that manage rental properties.
Good luck getting 11% a year in the stock market. I think your stats include the pandemic and I don’t think we’ll see increases like that again, at least we can’t count on it.
11% has been a financial planning standard since time immemorial (ok, well, since after the great depression). If a hedge fund or other investment isn’t hitting 11%, you should be in S&P or NDQ which flattens to 10% over time… or “only” 6-7% after adjusting for inflation.
The last 30 years are considered “below average”. The market only grew 9.9%/year on average. Which apparently that 0.1% is a big deal for investors.
Here’s a fairly good breakdown on SOFI. Obviously, we’ll never know what the future holds, but 10% over time is the “bad return” that rich people talk about.
Pre-Chromium Edge wasn’t even that bad. Sure, the engine had its issues and there was probably a bit of Edge-specific JS on some websites, but I’m sure they would’ve eventually got there.
But seeing that even Microsoft abandoned making their own browser engine, it goes to show how complex it is to make one nowadays and with new web APIs/features coming out every few weeks it feels like, it’s almost impossible to keep up.
Maybe not this single one, but if there’s a running discourse that shows veganism is perfectly common and normal, more people are willing to become vegan. This is part of the nudges we humans are prone to.
Vegans aren’t doing this to feel special, stop projecting. We just want people to stop harming animals and the only way to do that is to keep talking about it. Of all the responses vegans get, this is the most annoying one to hear.
I find vegans tend to have less empathy for their fellow man than we meat-eaters have for animals. It comes across as smug (and let’s be honest, it’s less insulting to call them smug).
That is the most insane sentence I’ve read. Vegans aren’t slaughtering and eating you. What empathy do you have for animals you choose to exploit and kill for taste preference? Vegans want people to stop doing a bad thing, that doesn’t mean we don’t care about those people, but it does usually mean that we have to argue with them.
That is the most insane sentence I’ve read. Vegans aren’t slaughtering and eating you
Do you actually think you’ll change anyone’s mind by calling their well-conceived ethical frameworks “insane”? THIS is why you get the reputation of being smug. My life’s knowledge, my grasp of philosophy, it’s all worthless shit to you because I am morally convinced that it’s acceptable to kill and eat animals. It doesn’t matter why I’m convinced that (and I’ve learned the hard way it’s not worth anyone’s time to discuss the reasoning or the why’s). I am beneith you.
Calling vegans “smug” is nicer than calling them dehumanizing and ignorant.
What empathy do you have for animals you choose to exploit and kill for taste preference?
As I said in another comment, proselytizing zealous vegans like to strawman non-vegans as all sitting there with a piece of bloody steak on a fork saying “I know some poor cute fluffy animal died a painful death for this but I LOVE the taste of murder”. That’s not us. If you can’t see that, perhaps the first step in your recovery is to actually start to.
Vegans want people to stop doing a bad thing, that doesn’t mean we don’t care about those people, but it does usually mean that we have to argue with them.
As do I, and I have taken a lot of abuse from vegans over the years standing up to those bad things.
And more… That is Word. For. Word. what that guy on the subway says about my gay friends divorcing each other. Word. For. Bloody. Word.
I didnt call your ethical framework insane, I’m talking about your statement saying you have more empathy for animals than vegans have for you, which is beyond ridiculous to say. You literally strawmanned my argument, I didn’t appeal to cuteness or scary words. It’s a logical question that you just didnt answer. Taking ‘abuse’ from vegans… maybe we are just convinced its morally okay, or does being a victim not feel good to you? As for the last thing you said, I have literally no idea what you are talking about.
This meme really only makes sense in response to something. I’ve definitely heard many non-vegans complain that a vegan diet is restricting. Most of those people do only eat like 3 veggies ever.
That being said, it’s a meme, not a philosophical treatise.
Met my wife in highschool and got married right out of college. We are now pushing 40 and are still happy and content. We were lucky, we grew together and in similar ways, but we also just knew when we knew. We even had twins a few years back and even the stress of that didn’t destroy us.
We (hopefully) still have many years together and maybe things will break down, but, so far, neither of us regret marrying so young.
I am guessing this is mostly informed by your own experience, personally I feel the same, but I was a fucking moron at 24, certainly not ready for something like marriage or kids, hell I am 31 and I still don’t feel that way.
Others might feel otherwise or grow up faster, to better parents and that’s okay, no need to label people who do things different than you as weird imo.
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