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Forum Post: Good or Bad: Retired teacher bought small apartments.....

Posted 5 years ago on April 11, 2013, 11:53 a.m. EST by PerfectCast3 (-36)
This content is user submitted and not an official statement

and is now a multi-millionaire. Not a huge multi millionaire, but if he sold everything, he would have about $4-5 million. The cash flow from his units is about $100-150,000/year.

In libertarian socialism or big socialism, that success story could not have occured.

Is this a good story or bad story?



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[-] 1 points by elf3 (3900) 5 years ago

Please watch Real Estate for Ransom on you tube and you will see why we have a Feudalistic economy THIS IS BAD - also here, the renter paid that state worker's salary with their labor, and now they are paying for the property tax on the property via their rent while the landlord only pays a capital gains rate. Hmm summers off, inflated pay rates and retirement, benefits out the whazooo - not saying they never worked hard in that state job but they probably had it more cushy than those in the private sector without a union.

Kill all the landlords - I won't be crying about it.

[-] 1 points by DebtNEUTRALITYpetition (647) 5 years ago

You just told an economic "pyramid" success story. On top of that, rent prices are dictated by mortgage prices and housing demand. The result is eventually, rent prices rise and rise and become such a huge cash cow to the owners while leaving the renters to survive month to month.

[-] 2 points by PerfectCast3 (-36) 5 years ago

What should a special ed teacher have done differently?

[-] 1 points by DebtNEUTRALITYpetition (647) 5 years ago

I don't have enough details about the story. Generally speaking, not charging top dollar once their investment had paid off.

[-] 1 points by PerfectCast3 (-36) 5 years ago

Rents have escalated, no question about it. He admits to it. The mortgages arent paid off, rising rents help pay off the mortgage.

[-] 1 points by DebtNEUTRALITYpetition (647) 5 years ago

At face value I believe you, yet I wonder if there was ever any equity taken out as cash.

[-] 1 points by GirlFriday (17435) 5 years ago

It's a non-issue story.

[-] -1 points by OTP (-203) from Tampa, FL 5 years ago

Looking back on things, anyone with half a brain could have made money in the real estate boom.

[-] -1 points by freewriterguy2 (3) 5 years ago

its bad because it still feeds corporatism and heres why: you have a lot of people at the bottom doing the actual labor to generate the wealth and only 1 man at the top who benefits. Until we develop a system where we all benefit from our individual labors we will find our self in the same pyramid scheme system that will eventually fall. (speaking of us the majority). Id like to see a system where it becomes illegal to rent without giving full credit of the payments made towards an apartment or home as transferrable equity to the next place of residence. Its time we sustain the true labors who build our economy instead of a few greedy snakes at the head.

[-] 1 points by DebtNEUTRALITYpetition (647) 5 years ago

I used the word pyramid in my response above without seeing your comment until just now. I also agree that renters get screwed over by not getting any type of income deduction tax credit, even if that credit were simply put into a "trust" towards the purchase of either a condo or a home.

[-] 1 points by PerfectCast3 (-36) 5 years ago

He was a special ed high school teacher, saved his money, bought real estate with his savings and now enjoys his retirement at 62.

I dont see that as bad, but you do. Interesting.

[-] 0 points by RwOrn (-290) from Berkeley, CA 5 years ago

what he did was a good thing. by investing is earned money he provided an income for himself.

[-] 0 points by redandbluestripedpill (333) 5 years ago

Leaving out the cost of rent, the wages renters earn and the cost of living makes this a weird thread.

[-] 1 points by DebtNEUTRALITYpetition (647) 5 years ago

I agree.