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I'm joining the Super-Rich by house flipping & landlording.


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2013 Dec 13, 4:35am   1,924 views  9 comments

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http://www.alternet.org/economy/3-ways-super-rich-suck-wealth-out-rest-us

This is not a matter of productive people benefiting from their contributions to society. This is a relatively small number of people extracting massive amounts of money through the financial system for accomplishing almost nothing.

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1   Bellingham Bill   2013 Dec 13, 7:40am  

people are starting to begin to get it, maybe.

5-10 years, maybe things will start changing for the better wrt this part of the class war, LOL.

Too bad so many billionaires have a hard-on for Ayn Rand and not Henry George, LOL.

(Wait, that really didn't come out right.)

2   Dan8267   2013 Dec 13, 9:15am  

The facts are indisputable, the conclusion painful. The wealthiest people in the U.S. and around the world have used the stock market and the deregulated financial system to lay claim to the resources that should belong to all of us.

This is not a matter of productive people benefiting from their contributions to society. This is a relatively small number of people extracting massive amounts of money through the financial system for accomplishing almost nothing.

Exactly. Maybe he got this idea from reading our posts on PatNet. We've been saying this for years.

Still, at least the word is finally getting out.

3   Strategist   2013 Dec 13, 9:24am  

When the real estate and stock markets collapse as most of the bears here are expecting, they will end up giving back the resources to all of us.
Be happy.

4   mell   2013 Dec 13, 9:29am  

Bellingham Bill says

Too bad so many billionaires have a hard-on for Ayn Rand and not Henry George, LOL.

While probably all of those old and new 250 billionaires linked in that article have profited from overvaluations, a lot of them invented great products (go-pro etc.), so I can see why they would have a hard-on for Rand ;) The problem isn't with most of them, it is with the FIRE sector (aided by the Fed/government) which doesn't add much or any additional value to the economy and general wealth. And this article would not have seen the light of the world had the 2008 crisis not handled the way it was, instead you may have seen an article talking about how wealth disparity greatly reduced over the last 5 years.

5   New Renter   2013 Dec 13, 1:22pm  

Strategist says

When the real estate and stock markets collapse as most of the bears here are expecting, they will end up giving back the resources to all of us.

Be happy.

Well I'm bearish on your bearishness

6   thomaswong.1986   2013 Dec 13, 4:43pm  

Bellingham Bill says

people are starting to begin to get it, maybe.

5-10 years, maybe things will start changing for the better wrt this part of the class war, LOL.

Too bad so many billionaires have a hard-on for Ayn Rand and not Henry George, LOL.

(Wait, that really didn't come out right.)

OK.. and what did the Liberal govt of Clinton and Obama do... twist the system to create programs for the poor by increasing taxes, flood the economy with money and inflating home prices / rents.

Of all the political parties out there who wanted to help the so called poor.. they did a bang up job of making things worst.

7   New Renter   2013 Dec 15, 11:09am  

APOCALYPSEFUCKisShostikovitch says

It's not about the money. Landlording is about the fun of standing on the lawn with your dick hanging out and telling the whole world to blow you for doing fuck all besides lying to a bank to loan you money for a random shack.

So how many shacks DO you rent out?

8   Reality   2013 Dec 15, 11:37am  

The article is on Economic Rent Seeking through financial instruments. I doubt many billionaire got rich by flipping or renting out residential houses. Renting out is more of a widow-and-orphan income venue requiring a lot of time. Flipping is a lot of work and highly cycle-dependent.

Here's the basic math: residential real estate portfolios have typical returns of about 6% per year over long cycles. That means it takes 12 years to double. If you start as a millionaire, it would take 120 years to become a billionaire. Too damn long of a time. That also presumes that you don't spend any of the money and don't pay taxes. You are unlikely to last that long if you don't eat or pay taxes.

9   thomaswong.1986   2013 Dec 15, 12:27pm  

Reality says

Renting out is more of a widow-and-orphan income venue requiring a lot of time.

or those who want to work for own benefit.. no fault there ! Some folks want to be their own boss... away from the Rat Race of jobs/careers... if someone wants to make a living buying a renting .... and let them do so. The system allows for individuals to do so and compete with other landlords.

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