this post was submitted on 29 May 2024
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Don't be mean. I promise to do my best to judge that fairly.
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I read the post title as "assigned landlord at birth" for a moment, and I was like, yeah that is probably true for most people with money.
Now to restore cosmic balance: bitch fuck bitch fuck.
I've looked into property management when a duplex near me went up for sale. Your assessment is not wrong. There are many laws and regulations (at least in the USA) around buying rental properties that make it incredibly difficult for new people to get into landlording under the guise of making it harder on landlords. In reality its just a bunch of financial hoops and burdens that established landlords can easily step over but prevents others from becoming landlords.
I if wanted to buy that duplex, I'd have to put like 40% down just to break even and absorb the risk.
I mean, I can't say I'm against measures that discourage more people from joining the leech class like that.
That 40% down would also reduce the rate at which established landlords can expand. For 40% down, $1m can finance $2.5m of property. For 20% down, it can finance $5m. For 10% down, it can finance $10m. And that money could be used to bid on more residences or to bid higher on the same number of residences.
See, that kind of ambiguous abbreviation is the exact reason why I made a t-shirt with "ACAB - Assigned Cute At Birth" with the ACAB in the non-binary colors for a friend.
I tried to figure out the acronym before I read the post and landed on "Assigned Llama At Birth".
Boy, was I wrong.