Sorry, 1994 is not 2010. Your rant/lecture is pointing at the wrong person. I bought a fixer myself and did a lot of DIY projects on it. I do think outside the box. But my outside the box thinking is different than your outside the box thinking. If I was old enough and had $50k in 1998, I could have made a few millions by 2000. There are opportunities everywhere, not just in RE. The kind of opportunity you had in 1994 is not available to everyone. You just happened to be in the right place at the right time. But you failed to jump on that opportunity. BTW, you compared near bottom of the last cycle to the near top of this cycle. There’s nothing interesting about that. You don’t even need to have a very special property in a special area either. Here’s a tract home for you, I know how much you love to rail on tract homes: http://www.sdlookup.com/MLS-090068736-481_Santa_Dominga_Solana_Beach_CA_92075 Something like this probably sold in 1994 for around $300k too.
[quote=bearishgurl]Yes, active income and passive income are both incomes. However, active income can be fleeting and out of one’s control. Properly planned passive income is always there.[/quote]
[quote=bearishgurl]In my mind, wealth has almost NOTHING to do with income and everything to do with assets.[/quote]
So, is income has NOTHING to do with wealth or does it have EVERYTHING to do with wealth? Passive or active, they’re both INCOME. What do you mean active income is fleeting? You need to have/had active income to build enough asset to grow your passive income.
[quote=bearishgurl]In most cases, this is true, AN, but many tens of thousands of property owners in CA inherited valuable propery and are living in it on a relatively low income and oftentimes on government assistance or SS. Many of these heirs never went to college and some never worked. Because they own free and clear, they could be considered to have a high net worth. As long as Prop 13 stays on the books the way it is written, this phenomenon will remain.[/quote]
Did you read my statement? how did that house got bought in the first place? Be it by their parents or grand parents? Don’t they need income to buy that?
