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spdrun
ParticipantBecause I feel better owning property. Property is real. Property is an actual possession. Property can be lived in, touched, worked on with my two hands. And I enjoy working with my hands more than working with my brain. I’m primitive that way.
Index funds are dependent on the management of Wall Street scum that I don’t personally know and don’t trust (see also: Madoff). I like the control of real estate. It makes me feel safe to own multiple roofs.
*I* pick the tenants.
*I* pick the property.
*I* decide how to fix the property.
*I* can always live in the property if worse comes to worse.It satisfies the selfish little kid in me to hoard physical possessions — kind of like the Kindergartener who wants all of the toys and woe to anyone who asks him to care and share.
Also, crashed property yields 8% or more, not 4-5%. In rents, not Monopoly money.
ParticipantFor example. If you had to surround yourself with political commentators from Fox news for 2 years working for 5 days 10 hours a day listening and copy writing those editorials from Rush Limbuargh. And in exchange he gave you one of his properties that yielded $50k/year…
I’d do it in a second. Maybe I could actually do some good in tempering and subtly altering the message in between Limbaugh and the talking head.
And then I’d use the $50k/yr to go to med school or law school, move to some town in upstate NY or West Virginia, and ACTUALLY have a hand in helping the people that Fox News claims to represent by providing low-cost medical or legal care.
ParticipantYou expect me to be insulted?
ParticipantI am not a perma bear. I’m a tempa-bear. I’m aware that things are cyclical, and that downturns are almost never permanent (in the US, places like Haiti are a different story).
ParticipantIf I had to work for some asshole for a year, and was GUARANTEED $50k for life after that, I’d do it. Are you suggesting a specific situation?
ParticipantHistorically, there has been a win-lose scenario every 10 years or so, so I expect to see a few more in my time on this planet. 1974, 1981, 1987, 1991, 2001, 2008, ???
The great thing about win-lose scenarios is that they don’t require brain power to take advantage of. Buying a foreclosed home, dragging any scum living there one, cleaning it up a bit, and advertising in on Craigslist are things that anyone with a HS diploma can do.
ParticipantPut it this way. This country has an economic crisis every decade or so. I’m mentally prepared for the next one, not afraid of it.
ParticipantWhy should I be “nice” — what has it given anyone?
ParticipantDifference being, I’m looking for a very small piece of the pie, so it’s easier to steal it from under people’s noses.
I’m not looking to get rich, just to have all of my basic living expenses (housing, utilities, health insurance, food, medical, maybe car) paid by ATMs on the hoof (aka tenants).
Literally, I’m looking for 50-75k per year that I have to do minimum work for and not be beholden to a 8-6 job for. Beyond that, I have no interest in property — it’s not a means of growth for me, just a means to assure a basic level of subsistence, because I’m not creative enough to think of any other way of doing this.
ParticipantI took advantage as much as I could at the time.
Next time, I can take greater advantage since I have more means to do so.
ParticipantI never said that USA makes nothing. I’m saying that workers at poorly managed companies with abusive unions (like Generic Morons) got burnt. All manufacturing didn’t disappear, just that which was inefficient.
As far as pain, no one ever said that you should make a $200,000+ investment without engaging your brain. Stupidity has a price. And next crisis, bet some of the rubes who are buying with 1-3% down are going to be crying again. Such is life when you jump without thinking.
ParticipantRight.
The problem was that people weren’t willing to overpay for poorly built McHovels in the middle of the Nevada desert. Nor for mediocre American goods built with overpaid labor that obstructed cost-saving automation measures.
Some people automate themselves out of a job. Others obstructed themselves out of work.
ParticipantPoint being the people who lost their jobs during the crash would have lost them anyway. A lot of barely profitable factories closed due to foreign competition and shitty American management, and would have gone into the crapper one way or another.
Or never had them in the first place if there wasn’t a bubble (if you’re talking about barely skilled navvies putting up hovels in the middle of the desert).
ParticipantThey lost their jobs either due to:
(a) globalization or innovation
(b) being in an industry that didn’t make economic sense: i.e. building homes out in Desertcrack, NVThe crisis didn’t affect jobs that were actually needed.
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