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How do you deal with the thought of having to work for 40+ years and then when/if you retire, you're too old to do much? (lemmy.world)

submitted 9 months ago by return2ozma@lemmy.world to c/asklemmy@lemmy.world

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There has to be a better system than this.

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[-] bbkpr@lemmy.world 10 points 9 months ago* (last edited 9 months ago)

You're making passive income from disability, a pension system that no longer exists, and owning 3 houses you didn't pay for based off of programs no longer available to anyone starting out now. While collecting "market rate" rent (which conveniently always increases).

The disability, I'm fine with. My buddy had the same thing from the Marines and he more than earned the 100% rating, as I'm sure you and your wife did.

However, this whole thing where you're talking about with retiring off of passive income... that was a LOT of words to say:

I'm a landlord

I really wish you would have said this first, because your long winded story about houses and "passive income streams" gives me the impression that you know the house-related part all boils down to being a landlord, and I get the impression you buried that fact to obfuscate it. You're making money from other people's work, in the form of the rent they pay to you (minus a small fee to the property managers), while doing literally no work yourself, as you explicitly explained.

[-] HerbalGamer@sh.itjust.works 3 points 9 months ago

I hired on a property manager to act as landlord in my absence (since they’re in different states from where I currently live) and they take 10% of the monthly rent as their pay, which incentivizes them to keep tenants in the house, as they don’t get paid if it’s empty.

He's actually even more of a dick it turns out.

[-] KevonLooney@lemm.ee -1 points 9 months ago

The problem is not landlords, which have existed for thousands of years. The problem is that the first time homebuyer programs suck ass. They're like "only 3% down payment! But you have to pay extra PMI, so it's still expensive monthly."

If the government really wanted to subsidize housing, they would subsidize home construction workers and materials. Right now old construction workers have to retire due to age or become contractors. So there are a ton of crappy contractors who have no business sense and a lot of construction experience.

Imagine if you could go to school for free to build your own house! Land in the US is almost free outside of major cities. The expensive part is workers and materials.

[-] bbkpr@lemmy.world 3 points 9 months ago* (last edited 9 months ago)

Just because landlords have existed thousands of years doesn't make the situation right. There are lots of harmful things society has been doing or did for thousands of years. Feudalism isn't one of the high points of humanity, to say the least.

If he lived in his primary residence and did honest, productive work (Or hell, even just collect disability, pension, SS, every damn cent the government will give them, I'm all for that!) There would be 3 more houses that families could buy as primary residences (in an ideal world). Yes, I know there is nuance, PE firms like Black Rock and speculators will probably buy some of them up, etc. etc. so you don't need to "actually" me here, just work with me here on the ideal that those houses would be bought fair and square by primary residents.

Home prices would be lower if landlords weren't hoarding them, and 3% + PMI would be lower as a result. It's simple supply and demand, most kids learn about that in Jr. High School. And when certain people hoard supply, there is less supply to meet the demand, therefore higher prices on the demand side. They are sucking value out of society and not giving back or doing an hour of fair work. Providing housing for over-inflated prices without giving equity is not giving back, it's just taking. When landlords talk high and mightily about charging "fair rent prices," that's code for "as much as the market will let me exploit them."

It's easy to see everything as fair when you're out of touch on top of an ivory tower.

[-] Cowbee@lemmy.ml 0 points 9 months ago

"Kings are not a problem, they've lasted for thousands of years."

this post was submitted on 30 Jan 2024

317 points (95.4% liked)

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