4 ms·
My old landlord was a couple who owned 11 houses, 10 of which they rented out. Over the couple of years we lived there, we discovered they weren't even all tha
by ksaj 5y ago
My old landlord was a couple who owned 11 houses, 10 of which they rented out.
Over the couple of years we lived there, we discovered they weren't even all that rich... but they sure will be. They own the house they live in, and rent out their other houses. It started with them renting out a house to help pay their mortgage, and then they found ways to accumulate mortgages for more homes.
Clever but I suspect they were stressed out pretty big time, too. If any one of them failed, it would collapse in full domino style. But if it works (and it surely will), they retire fully owning 11 properties in their name, for whatever they might want to do with them.
- m_ke 5y agoMy landlord also owns 11 multi family buildings. He bought them in the early 2000s, in a rapidly gentrifying neighborhood on the Brooklyn waterfront, for 100-200k each. Each building is now worth 2-5million and he charges 2,800-4,000 per unit (in 6-8 unit buildings) for rent. He told me that he’ll never sell and will keep using leverage to buy up more buildings. My grandmother’a brother bough 2 buildings in the same neighborhood in the early 90s for even less and had them fully paid off by 2000. Each one was making him 20k a month before he sold them for >3 million to developers who will come in and jack up rents by 50-100% on the old people that have been living there the past 15-20 years.