Re: Doomsday rich style
Posted: Sun 18 Jun 2017, 08:55:08
dolanbaker wrote:The article quoted in the original post at the start of this thread, real fantasy stuff!
But the reality is that the wealthy are buying up land & property everywhere and pulling the prices above what the average manual worker can ever afford to pay for property.
But a renter pays the entire cost of the property including property taxes and insurance so if the wealthy investor has paid too much for it they won't earn a profit.
The margin comes from the wealthy paying cash at a foreclosure sale both avoiding a mortgage with it's interest cost and buying it a a deep discount.
Current banking practices are making it unusually difficult for young people to buy but I expect that to change back with market fluctuations and political shakeups.
Currently in the USA 75 percent of married couples age 60 to 65 own their homes and thirty percent have the mortgage paid off.