By What Age Should Someone Own/Have Bought a House?
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Massive inflation, lack of affordable housing and persistent encroaching poverty are all the hallmarks of a banana republic.
BTW.......If you care to check you will see that annual median incomes have been basically flat for the last 20 years. While rents food ulils and home prices skyrocketed to the moon.
Venezuela here we come. Once a country reaches a certain tipping point it becomes a failed state.....a banana republic. The key features of which are perpetual poverty & corrupt government.
BTW.......If you care to check you will see that annual median incomes have been basically flat for the last 20 years. While rents food ulils and home prices skyrocketed to the moon.
Venezuela here we come. Once a country reaches a certain tipping point it becomes a failed state.....a banana republic. The key features of which are perpetual poverty & corrupt government.
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CV5, you say, "Venezuela here we come." I think you've got it backwards, they are coming here!!!!!!!!!!!!!:
In Record Numbers, Venezuelans Risk a Deadly Trek to Reach the U.S. Border
In Record Numbers, Venezuelans Risk a Deadly Trek to the U.S. Border - The New York Times (nytimes.com)
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Real estate is a great way to build wealth. Most people take out a 30 year mortgage, but if you got a 15 year mortgage, it would only cost a few hundred more per month. Once you pay off the first home, buy another using the first as collateral. Rent the first home out and double up on payments on the second. It will be paid off in 7 years or less. Do it a third time and triple payments and in 3 years you will own another home. In less than 30 years you can own 3 homes in the time most get one.
I know this isn't feasible for everyone. But generational wealth can be grown in relatively few generations.
I know this isn't feasible for everyone. But generational wealth can be grown in relatively few generations.
Just depends upon what we have available....I can borrow tools....materials are the thing....and I work fast....I feel slow because I'm an old man at 56....but I'm going to make sure that things are really right and last a really really long time. Newer paints, primers, caulk, glues and etc. Things they didn't have back then.
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Being a landlord and renting to others is a risky business nowadays. Many renters refuse to pay rent, refuse to leave, squat, and with government protection they demand to live rent free. If you do manage to spend '$thousands$ to evict them, the freeloaders will trash/destroy the residence.
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Should be at least 7%....minimum annual return on investment. Whether EBITA or not is a matter of market forces. But expenses are usually the thing that gets most people.
Half of the properties usually sit empty at any given time because of turnover and repairs after the renter moves out.
Usually trim work and water heaters and leaky sinks....sometimes electrical work or windows need fixing. New closet doors and of course painting every time. Carpets also....some states have regulations concerning carpets.
I used to do some side work for a real estate agent who also rented some houses. I've seen some nightmare scenarios. Fixed them right up too. He wasn't upset with any of the repairs....they were always figured into the rent. (Easy enough to get in the Nashville area)
Rent is all inclusive of taxes. Renter pays for everything else...including things they damage. If they plug up the drain and can't get it fixed....they pay the plumber. (Especially when it's a mix of grease and brillo pad)
Water heaters....ok....landlord pays. Same thing with air conditioning/heat. Tenants pay the gas and electric bills and water, sewer, and trash. Not keeping heat, water, sewer, and trash current and on are grounds for eviction. And the tenants have to keep the lawn mowed. Any fines for the yard are on the tenants.
Renting is not all it's cracked up to be. Vetting the renters is NOT cut and dried.
Half of the properties usually sit empty at any given time because of turnover and repairs after the renter moves out.
Usually trim work and water heaters and leaky sinks....sometimes electrical work or windows need fixing. New closet doors and of course painting every time. Carpets also....some states have regulations concerning carpets.
I used to do some side work for a real estate agent who also rented some houses. I've seen some nightmare scenarios. Fixed them right up too. He wasn't upset with any of the repairs....they were always figured into the rent. (Easy enough to get in the Nashville area)
Rent is all inclusive of taxes. Renter pays for everything else...including things they damage. If they plug up the drain and can't get it fixed....they pay the plumber. (Especially when it's a mix of grease and brillo pad)
Water heaters....ok....landlord pays. Same thing with air conditioning/heat. Tenants pay the gas and electric bills and water, sewer, and trash. Not keeping heat, water, sewer, and trash current and on are grounds for eviction. And the tenants have to keep the lawn mowed. Any fines for the yard are on the tenants.
Renting is not all it's cracked up to be. Vetting the renters is NOT cut and dried.
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