Professor Kyle
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Truth. Real estate speculation is a huge part of what drives prices up. In my region (and probably many other places) people from away buy up properties as second homes/short term rentals with the idea that it's an investment. This makes home prices unaffordable for many who live & work here.
Anthony Lee @AnthonyLee
A house is a structure for shelter, not a reliable means to make money. People should buy a house to live in it, not to resell it in hopes of making a profit. If anything, this practice may be limiting options for shelter to those who truly need it. Housing prices cannot go up forever, folks.
09:09 PM - Mar 23, 2024
09:14 PM - Mar 23, 2024
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Kate ChinaKatWrites
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In response to Professor Kyle.
There’s a difference between being a predatory speculator and being a small land-holder. There is imho, a place for small holdings to retain wealth and generate income for the property owner. Owning is a lot of work. Renting has its place and can be done well for both sides.
09:24 PM - Mar 23, 2024
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Professor Kyle
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In response to Kate ChinaKatWrites.
That's true, but the people I'm talking about are mostly not big time speculators, yet collectively still drive up prices for the local residents. I know I couldn't afford a house here if not for lucking out after the housing bust in 2009 and finding our place foreclosed for $29K.
09:28 PM - Mar 23, 2024
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Kate ChinaKatWrites
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Where I’m going with it though is that ordinary people such as myself may invest in real estate, rather than stocks. I wouldn’t have made it as a single mom if I didn’t own a two family. I didn’t charge exorbitant rent. But it reduced my overall mortgage to what I could afford. Most of the time.
In response to Professor Kyle.
07:09 PM - Mar 26, 2024
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Professor Kyle
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In response to Kate ChinaKatWrites.
There's definitely an important role in the system for people like yourself. I've thought of doing the same and might if I had the funds to make it happen.
07:33 PM - Mar 26, 2024
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Kate ChinaKatWrites
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In response to Professor Kyle.
I worked with a lot of small investors like this for rent relief for their tenants during the acute stage of the pandemic. They were good landlords and worked with us. The properties were their retirement income. Some had 2-3 up to about 10. Nice nest egg for them and not horrible to their renters
03:34 PM - Mar 27, 2024
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