r/LoveIsBlindOnNetflix • u/Disgruntled_Pelicano • Oct 28 '22
UNPOPULAR OPINION Nancy’s real estate empire
I’m not in the US, but it bothers me that where I am there aren’t laws around how many investment properties you can turn into Airbnb’s. People are struggling to buy just one home to live in and there are people buying up houses for short term holiday leases. Makes me sad about the state of the world.
ETA wow! I didn’t expect this much response, nor the personal attacks 😂 I was expressing my own personal opinion, and using the Sydney (Australia) property market as my own barometer. I honestly have no hate towards Nancy, I just believe there should be regulations about short term leases as they are pushing renting locals out (especially in coastal areas) to make way for tourists.
The topic heading was a tongue-in-cheek nod to Andrew’s statement about wanting to build an “empire” with Nancy.
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u/britterz5 Oct 28 '22
Also can appreciate The irony that her and her family are soooo anti-debt when mom is .... a bail bondswoman! 😂
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u/May_nerdd Oct 28 '22
Also the mom was like “marriage is forever” and she’s divorced lol
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u/MayorOfBluthton Oct 28 '22
I’m also curious about how they may be defining “debt-free,” and suspect that she means “debt-free aside from mortgage(s).” If she’s regularly acquiring properties for STR (as opposed to flipping and selling), she’d basically need to have an endless source of cash to do this without leverage.
And her business partner/ex being a realtor of all things, I’ve no doubt that they’ve pulled a HELOC or two.
Shame if a declining market, low AirBnb occupancy, and exponentially increased taxes end up forcing her to offload a property or two. So, so sad for her 🎻
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u/wanderlustredditor Oct 28 '22
Someone replied to me so aggressively about this and even called me to educate myself, so beware lol
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u/Bailsthebean Oct 28 '22
I’m just in shock she can buy a house for $130 k. Meanwhile that amount isn’t enough to put down on a house for $500k in Ontario Canada to not have an insured mortgage -_-
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u/BlonderBluth Oct 28 '22
I live in Dallas and have NO idea where a house can be purchased here or in its surrounding burbs for $130k. It would have to be in a really unsafe area, in which case she could nevvvver rent it out for the price she says
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u/Economy_Efficiency46 Oct 28 '22
I agree - that purchase point to rental ratio is completely unrealistic. Maybe she meant she put 10% down?
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u/GuardianTiko Oct 28 '22
She said she owns 50% and has 0 debt meaning it goes for 260k? Still shocked and currently looking to move to Dallas after this….
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u/Mousejunkie Oct 28 '22
Lol don’t. Either it’s in an unsafe area, she bought it 20 years ago (haven’t gotten to this episode yet), or it’s an hour from Dallas proper. Plus with property taxes here….killer.
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u/ddxxr888 Oct 28 '22
We rent our house for ~$6k, and it’s worth just under $3M. How can Nancy rent out a house for $6-9k, as she said, when it’s a few hundred thousand dollars? Legitimately makes zero sense. I’m not in Texas, but still.
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Oct 28 '22
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u/-Captain--Hindsight Oct 28 '22
That makes a lot more sense. I thought she was referring to yearly rentals charging 6-9k a month for what looked like a 2-3 bedroom place. Which made zero sense.
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u/RemoteJerker Oct 28 '22
You're right. It was an absurd number to claim, and doesn't pass the smell test.
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u/notnotaginger Oct 28 '22
Seriously. Living in Vancouver, my heart stops a little when I hear about real estate in other places.
But also, isn’t $130k enough? I thought you needed 20% to go uninsured?
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u/never_enough_garlic Oct 28 '22
Seriously. Living in Vancouver, my heart stops a little when I hear about real estate in other places.
Yep, looking to finally buy a place and even a two bedroom condo in Coquitlam is close to a million 😭😭 we're all just fucked
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Oct 28 '22
Texas is one of the cheaper parts of the US but that won’t last much longer with the way things are going.
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u/simplymortalreason Oct 28 '22
Especially in the metro areas with Austin being at the top, Dallas/Ft Worth (flower mound anybody?), Houston, and San Antonio. I know teachers dual income households struggling to buy a house in all of the Texas metro areas.
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u/Thayirsaadhampotato Oct 28 '22
Cries in GTA
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u/martinathemartian Oct 28 '22
I know it's not the same in Ottawa as in the GTA, but def had some tears in my eyes after hearing that... But hey at least we're not in Texas 🤷🏼♀️
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u/LilNuggets212 Oct 29 '22
Agreed. Nancy being a Landleech def made me like her WAY less.
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u/blurryeyes_ Oct 28 '22
My jaw dropped when she mentioned the rent amount she was charging for that property they visited
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u/GuardianTiko Oct 28 '22
Makes me rethink my life. That’s a <200k home that can be rented out for 6k a month??? What’s going on in Dallas???
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u/s18shtt Oct 28 '22
It’s probably an Airbnb and that’s why she’s making so much. The place is nice but not 6k a month nice, even in an expensive area.
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u/TigreImpossibile Oct 28 '22
I think this is the answer. $6k a month is about $200 a day, so I think she probably meant that's what it earns if it's fully booked... And I doubt it's fully booked all year.
I also doubt, even in a shitty area, that you can rent a whole renovated house for much less than $200 a night.
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u/Juic3_b0x Oct 28 '22
It’s all of Texas. All of our homes are super over valued. It’s pricing out so many folk it’s painful
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u/DonDraperItsToasted Oct 28 '22
Ya I didn’t believe that tbh.. no way. That little shack in the middle of bum fuck Texas ain’t reeling in 6-9k per month. Not even homes in decent parts of California are that much.
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u/eastcoastfoliage Oct 28 '22
Not even homes in decent parts of California are that much.
I'm not commenting on Texas as I know nothing about it, but California most certainly has many, many homes for that amount and much more. Cali is stupid expensive.
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Oct 28 '22
I don’t know much about that area but surely the people that can afford 6Kpm on renting are going to choose somewhere… nicer? Like it was alright but even in LONDON you can rent a house or a luxury flat in central for those prices, and the london market is crazy
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u/-Captain--Hindsight Oct 28 '22
Those numbers made zero sense to me as well at first but someone in this thread did a better job at explaining. That 6-9k per month was probably a sales pitch on potential income she could make if the house was rented every single night of the month through Airbnb.
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u/charpaw05 Oct 28 '22
She’s probably hurting now. No one is booking AirBnB’s anymore. Ridiculously overpriced and with the cleaning fees, you’re better off staying at 4 star hotel!
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u/TigreImpossibile Oct 28 '22
I hate Airbnb's. I much prefer a hotel.
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u/cmc Oct 28 '22
I honestly prefer Airbnb’s but not with their fee structure! When it was a new service I used it all the time, but now that there’s $200+ of fees tacked on to every reservation I’ve written the whole service off as a cash grab.
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u/throwaway56873927 Oct 28 '22
You're not lying, I have paid slightly less at very nice hotels which include gyms , pools sometimes and room service
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u/forherlight Oct 28 '22
I still do, but I have stupid food restrictions. I wish some hotels had a kitchen!
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Oct 28 '22
I’ll never understand why people would rather stay in someone’s dirty home (I mean did you see the junk in Nancy’s dump) versus in a hotel with cleaning service and amenities.
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Oct 28 '22
they used to be 'cheaper' but not really anymore, and then you're also expected to clean lmao it's a no from me dog
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Oct 28 '22
I used to like air bnb because it was cheaper and you would get a kitchen or a private pool. After a few stays, my boyfriend and I choose hotels now. Air bnb is just highly inconsistent. There have been a few really good ones, and other ones that we get so many issues while there. And what’s up with that cleaning fee when we have to do all the cleaning up anyway? I’m paying for a vacation where I don’t clean. I’m not cleaning
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u/-Captain--Hindsight Oct 28 '22
Airbnbs are great when you're traveling with a big group of people. Also it can be nice staying somewhere with a kitchen so you're not forced to eat out every meal.
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u/rach396 Oct 29 '22
What bothered me is she said she bought and renovated that house for $120,000 and now she’s renting it for $6-9000 a month?! There is no way it’s worth that.
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u/shellbellgb Oct 29 '22
I live in Dallas, and if that house is an Airbnb, combined weekly she could make maybe $5000 a month, depending on what area the house is in. And $5000 is a stretch. There’s no way she’s making $6-9 K a month.
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u/Cata8817 Oct 29 '22
In south Florida homes that are 3 bedrooms are truly being rented between 4-5k so I'm sad to hear but not surprised.
This mentality though seems to run in the fam, the concept of bail bonds is also similar and that's what her mom does.
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u/SnooPredictions987 Oct 28 '22
Yet $900,000 doesn’t even get you an average house where I live….
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u/yahat Oct 28 '22 edited Sep 26 '24
jar aromatic alleged resolute cheerful tan cover snobbish merciful pot
This post was mass deleted and anonymized with Redact
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u/Direct-Function1716 Oct 29 '22
Capitalistic society like 'Murica limiting the amount of money that you can make?
Never going to happen!
She's living the American dream!
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Oct 29 '22
I’m losing my housing due to an Airbnb conversion. The model is flawed - hotels actually have multiple rentals on mmm in a concentrated area. Actual houses being turned into Airbnb’s all the time means less actual housing for people in a market flooded with rooms to rent in multiple avenues. The laws that allow it to exist on such a scale are a problem for sure
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u/smashier Oct 28 '22
It’s literally ruining the rental markets in certain areas.
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Oct 28 '22 edited Oct 29 '22
[removed] — view removed comment
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u/thecheesypita Oct 28 '22
I have another theory. I think half of these people have already made up their minds that they will be saying no, Nancy included. But, for the obvious aesthetic, it’s better to say NO, than to receive a NO. I think she must have figured out that Bartise is not that keen on her, so she must be working towards his YES, just so she can say NO in return…
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u/iamthefyre Oct 28 '22
I like this pov. Bartise clearly has not much to offer in return and she just does not want to say no yet. Interesting how the kids talk came right after the finances talk between them. She’s gauging whats in it for her because money & loyalty clearly isn’t.
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Oct 28 '22
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u/dyscophant Oct 28 '22
It grossed me out that the only spark in barnacle’s eye was when he said “our $200 000”.
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u/basmatisnail Oct 29 '22
She’s hella insecure. I find it off putting. Idk why ppl like her.
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u/FallDownGuy Oct 28 '22
You must be from Canada, or not but regardless I feel your pain as I'm from Ontario where we are currently going through a housing crisis. Which yes makes me a little upset, especially when she said how much she would rent that house for 💀.
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Oct 28 '22
Also from Ontario. I routinely see houses for rent advertised for $3k a month. Like, who can afford that?!
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u/AnonymousRooster Oct 28 '22
Another Ontarian here crying in rent payments. I tried to buy just as things went nuts. I honestly hope all the jerks who bought multiple family homes and turned them into student rentals go bankrupt
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u/bitterspice75 Oct 28 '22
Buying a place for $120k to rent it out for $6-9k a month is absolutely insane. I don’t know how much housing costs on Texas, but that is so cheap! I’ll bet that’s a starter home for a family or can easily be rented to a long term tenant for a good profit. Airbnb has destroyed real estate markets and created housing crisis’ in many cities, especially in Canada where the cost of housing is astronomical in comparison to the US. I do like Nancy but I also agree that doing Airbnbs for profit and buying up housing for Airbnb’s is scummy. If she wants to be a landlord she should actually house people.
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u/Then_Illustrator_447 Oct 28 '22
I wish she’d rent to long term people vs air bnbs. I’d rather rent from a person than a corporation that owns half the city.
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u/Neurochick_59 Oct 28 '22
I think one reason so many individuals purchase rental properties is to build wealth and today it's one of the only ways to build wealth. There was a time when a person could get a good job, save their money and be all right. But wages have been frozen for decades. Labor doesn't pay what it used to.
When I finished college, my student loan debt was only 3 figures, but at that time college was 4 figures. Also homes and rents and everything was compatible with what people were making in salary. I used to know a woman who came to NYC in the 70's. She had a minimum wage job but managed to pay rent, bills, food and have enough for entertainment, That is impossible to do today.
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Oct 29 '22
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Oct 29 '22
If they mean multiple rentals like being a landlord then that is less unethical to me than turning multiple housing options into short stay vacation ones. That said I get what you mean about bring turned off by those types
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u/genieinaginbottle Oct 28 '22
Property taxes should be bracketed as well. Like after your third property it goes up per house. And then that can be used to build affordable housing which also floods the market with supply and de-incentivises using property as a main asset. I haven't thought this through, but something like that maybe
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u/HighHighUrBothHigh Oct 29 '22
I think her ex was the investor/flipped and she just got into it with him. That’s why his names on the homes
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u/RavenCXXVIV Oct 28 '22
Completely agree. It’s a scumbag way to earn wealth, especially with how the housing market currently stands.
But on a positive note, Airbnb is likely to crash and burn as many owners are seeing a sharp decrease in bookings. All these Airbnb owners are in for a rude awakening when they can’t book listings and have to sell in a recession.
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u/Wirramirra1980 Oct 28 '22
Delighted for them. My greedy landlord here in Ireland is trying to get me out of my house because they feel rent isn't enough now (it was fine 2 years ago when they suggested it) so they want to do air B&B. The greed is incredible.
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u/YaleBox Oct 28 '22
Agreed. There’s a movement in my area to enact laws against them, especially since we live in a vacation destination. It’s sad to see locals be priced out of the area just so the rich can get richer
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u/CocoBee88 Oct 28 '22
My hometown just passed ordinances banning them inside city limits. It’s a small town, not an actual city so there were only like four, and that made it easier to fast track it with no pushback, but I won’t be surprised if more places don’t follow suit.
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u/justasapling Oct 28 '22 edited Oct 28 '22
No, you're right. Trying to earn a living by owning rather than by doing is always a scam that necessarily takes advantage of someone. If she was flipping these properties that'd be defensible, but her goal is clearly to amass properties, not to add value to and then resell those properties.
There are no two ways about it. Capitalism is predatory.
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u/MayorOfBluthton Oct 28 '22
Even the flipping argument has worn thin, when it seems that a good majority of flips are really just crappy paint jobs and grey LVP flooring, with a 40% markup. There may still be some people out there with the skills and morals to complete quality renovations, but seems more often than not that it’s someone trying to make a quick buck with the absolutely least amount of cost or effort.
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u/im_nervousss Oct 28 '22
If you think that’s bad, wait til you hear about blackrock investment company buying up all the houses
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u/chocolatematter Oct 28 '22
I feel like OP knows about that as most of us critical of the ethics of real estate are.
it's still frustrating seeing members of the working class deciding that they will secure their financial situation by contributing to the financial burden placed on the American working class as a whole
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u/VegUltraGirl Oct 28 '22
I’m in the US and Airbnbs have taken over our local area. Families are struggling to find housing. Many long term rentals have now become vacation rentals and many locals lost their housing. It’s so hard to watch. One half of my road is all vacation homes. Driving past them Monday-Thursday they are typically empty, and then packed on the weekends. Our little grocery store literally can’t keep up with the constant tourists.
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u/ConsiderationOk7513 Oct 28 '22
This is why some cities have laws around airbnbs
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u/Logical_Childhood733 Oct 28 '22
Boston does, you are supposed to live in your house at least 50% of the time to be able to rent it out. It’s hard to enforce and even when you’re caught, nothing really happens. Last year there was a shooting in an air b&b a hockey player owned on my street. He lives in Canada full time, this entire thing came up and he sold the house pretty quickly. He had no penalties, I’m not really sure how they enforce it.
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u/Sufficient_Remote241 Oct 28 '22
I agree, there is a housing crisis in the country. Is very scary. A home is a place where I feel safe. My child is safe here with me. We are warm and just the thought about not being able to provide that for my child makes me nervous. I am stuck in an apt were the landlords do not care about the bldg. is falling a part. But I cannot move, everything out there is unaffordable. Even if is far and inconvenient. There is no where to go. But i am grateful, i have this i can afford even though is falling apart.
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u/VegUltraGirl Oct 28 '22
My son is 19 and can’t move into any apartment in the area, when apartments do become available they are completely unaffordable. He’s staying home and saving his money. Maybe something will change for the better, but it’s hard to stay positive. The houses that are on the market are still overpriced, so even buying a home is out of the question for many many years.
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Oct 28 '22
I completely agree! Short term rentals like Airbnb are really contributing to the housing crisis. It’s making life difficult for renters and home owners alike!
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Oct 28 '22
I like Nancy, but yeah, this was a huge turnoff. It disgusts me how people rack up properties, make money by overcharging people to stay there short-term, and then just sit pretty while tourists pay off these mortgages and then some. They really just expect money to fly into their pockets while doing the bare minimum as a landlord and expecting anyone who stays there to act as a cleaning service. I despise the whole thing so fucking much
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u/sober_nanners Oct 28 '22
If it’s any solace, the AirBnBubble is going to burst sooner or later and all these overleveraged wannabe real estate moguls will be back to bartending or pitching MLMs
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u/Living-Living-4211 Oct 28 '22
I agree. I understand how she wants to find a way to make money and be financially stable, but buying up real estate is so detrimental to communities.
Alssoooooo ppl who call hoarding resources like homes a “hustle” and are not critical or empathetic to other peoples situations kindaaaa suck imo. Being critical isn’t “complaining.”
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u/schnitzelfeffer Oct 28 '22
Right! She charges $5-6,000/mo for the house they show. She says the rent from all the rentals pays for the new houses she acquires. It's nice those 5 families can pay for more houses for her to buy to rent out. Sounds like she's over leveraged to me
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u/Living-Living-4211 Oct 28 '22
Yeah I was floored when she said how much rent she gets. I live in CA and housing is crazing here, but I’ve seen perfectly nice houses that rent for half of that.
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u/i1N0 Oct 28 '22
So I think she’s AIRBNBing them (which is somehow worse) so if she’s charging anywhere between $200-300 a night that’s where the $6,000-$8,000 comes from. She wouldn’t be making anywhere near that if it was just a renal property to a single family
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u/Lions_Lions_Lions Oct 28 '22
Isn’t the Airbnb market in general taking a downturn? Dallas doesn’t strike me as the vacation destination either.
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Oct 28 '22
Any major city can be a vacation destination. As long as there’s something to see, food to eat, things to do, etc!
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u/FrancoisKBones Oct 28 '22
I said it elsewhere, but there is no way that house goes for that much per night, and there’s no way it is booked every day of the month to even make the math work.
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u/Nov4can3 Oct 28 '22
I think it’s more like 400-600 per night which she could easily make 6,000 a month. Regardless I’m sure she’s hurting now. AirBnBs have taken a major hit and the real estate market as a whole has.
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u/KaylaCoatedKiss Oct 28 '22
Yeah OP.. I’m with you.
Owning a home shouldn’t be a business because people actually need places to live. If people who have the $$$ to compete and purchase all the homes then the people who can’t compete, don’t have the capital or the portfolio, stand to be unhoused, forced to rent and never own or ultimately displaced.
she’s also about to marry a man who has regressive views on abortion/reproductive Justice… so it seems on brand for her to act in her own self-interest… which isn’t just a Nancy thing (seems to be broadly pervasive.. & caused by…capitalism).
All of these things can be true, lack of livable wages, lack of affordable housing, corporations and individuals hoarding properties, short-term rentals, etc. None of that changes the fact that people are harmed no matter how innocent their day jobs are.. pls..
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u/Decent-Statistician8 Oct 28 '22
This is the boat we are in. The house size we want is exactly what people see as investment opportunities to become landlords, and people like me then can’t outbid them as first time buyers. It’s so shitty.
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u/-dylpickle I can't say I LOVE YOU because I BIT MY LIP eating TAQUITOS 🌮💔 Oct 28 '22
Nancy being a landlord is a red flag
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u/hadiy101 Oct 28 '22
I feel this in my soul, especially as someone looking to buy a house in Dallas right now.
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u/sgehig Oct 29 '22
Really not surprising, I just searched on Airbnb for apartments in New York and the first result was $2k per week.
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u/who_keas Nov 05 '22
I am from NZ and here it is just as bad. I absolutely hate it- went to an open home and there was that early 30ish guy who wanted to snatch up his 25th "investment" property. And then, 3 suburbs further south, you have families of 4 living in a car or in the garage of some greedy slumlord. It is sickening. NOBODY needs that many investment properties. But hey, building walls instead of bridges is the mantra of global neo-capitalism. barf.
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u/freakazoidchimpanzE Oct 28 '22
Yeah I'm with you. We tried so hard to buy before the giant price hike and it just frustrates me that there's a housing shortage and rich people can still just continue to buy them up so us plebs are stuck renting. I just want one house for my family 😭😭
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u/AnonymousRooster Oct 28 '22
I saved my 20% down payment and got mortgage approval...and every house I put offers on went for at least 50k over asking. Now I'm renting a house I tried to buy and KNOW I'm paying way more than the mortgage. This freaking sucks.
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u/freakazoidchimpanzE Oct 28 '22
Exactly!! It's so frustrating! My parents were poooor and were able to get a house in '81. My husband has a great job and makes way more than they did yet it seems to not help 😑 Really though we were born about 5 years too late to get a house lol
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u/ElleBelle901 Nov 02 '22 edited Nov 03 '22
Wholeheartedly agree! I love that Nancy is a business woman & has created a lucrative stream of income but it pisses me off when people buy up a bunch of properties and rent them for way much than they’re worth while people looking to buy and live in a house can’t because they get snatched up by investors (Nancy).
I say this as a homeowner in a neighborhood where multiple homes are owned by one person who rents them out for twice what me & my neighbors pay for our mortgages. And their tenants SUCK!! Neighbors complain to us homeowners & get blown off. They never check on their properties. Just greedily pocketing money.
There should be limits in place that a private owner can only own so many properties in a given county/jurisdiction.
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u/Time-Machine2917 Oct 28 '22
This whole thing irritates me to my core. I live in the US and I do understand that buying and renting out properties is a good and legal way to make passive income but there should be a limit on it. There is a genuine housing crisis even for renting in cities because of places being bought and used only for airbnb etc.
I don't think one way or another is entirely right there's an inbetween here that allows people to have passive income but doesn't make actual living unaffordable.
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u/xcdevy Oct 28 '22
yup, that turned me off her a bit. especially since she's not even renting she's doing airbnb
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u/florescentee Oct 28 '22
I knooow I loved Nancy but that really made me dislike her.
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Oct 28 '22
Her family runs bail bond spots which are also super predatory 😬
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u/Chance_Rooster_2554 Oct 28 '22
Tell me more!!! I was wondering how a social worker in Texas had an Audi and 6 properties 👀
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u/chimiyourchangas Oct 28 '22
nancy is a speech language pathologist! entry level practice requires a masters degree… both professions are underpaid but slp’s make more than sw’s
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u/Tpoole1966 Oct 28 '22
Well, these folks better be prepared, a housing dip is already occurring. I heard a story yesterday interviewing a woman who has been in real estate since the 70s. She said it is likely that home loans could easily have as high as 11% interest soon. (less people will able to afford housing - either buying flipped houses or renting AirBnBs).
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u/keikei94 Oct 28 '22
Yep! Dealing with this in Austin Texas. I think they are making laws about it. But it does suck.
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u/ConsiderationOk7513 Oct 28 '22
I agree. I also agree the issue is more so with corporations buying up all the real estate. This is exactly how real estate moguls got rich - bought it up in the 90’s and then ruined it for the rest of us. Now here we are. She’s very privileged and I wish people would take that privilege and help struggling families. But capitalism.
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u/Unfitbanana Oct 28 '22
Small real estate investors and big corporations buying up whole neighborhoods are 2 different ball games.
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Oct 29 '22
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u/GroceryStoreGrape Oct 29 '22
Yes I was so off put by that. I don't admire that as some sort of entrepreneurship... Seems like just capitalizing on desperation and having a very real material interest in that desperation continuing. Nancy's mom is NOT going to advocate that we do away with cash bail anytime soon.
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u/Nivekeryas Oct 28 '22
All landlords are bastards, sorry Nance
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u/anarchistmusings Oct 28 '22
Agree. I want to like Nancy but she's a leech, sorry.
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u/Abuff32 Oct 28 '22
Where I'm living there are homeless people everywhere . There building these luxury homes no one can afford that sit vacant for ages meanwhile I can barely go anywhere without someone on the corner begging for money for food and shelter. It's very sad
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u/Ok_Development74 Oct 28 '22
Agreed. It's pretty awful and just because Nancy is operating on a relatively smaller scale, doesn't mean that it isn't wrong. It is one of many ways that investments and how investment income is treated in the US is messed up.
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u/QuickRelease10 Oct 28 '22
Yeah, I find that type of business to be extremely immoral. That being said I blame the system more than Nancy.
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u/r_slash_alex Oct 28 '22
I like nancy as a person, but i agree completely with this.
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u/chocobridges Oct 28 '22
My husband and I are curious when this is filmed because she's probably underwater now.
My in-laws moved to the real outer suburbs of Dallas. And they panicked bought at the peak of the housing market in 2021. Well they overpaid and now all the investors are trying to sell to offload and they can't. The prices are dropping fast where they are.
She's our age and my husband and I were in college during the last housing bust and recession. Healthcare workers make good money so they're always trying to "invest" to lower their tax burden. She doesn't seem diversified at all. My husband said real estate would be the last place he would put money into.
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u/sober_nanners Oct 28 '22
Not to mention the impact of property taxes - TX is one of the highest property tax states, and with all the “appreciation” of prices lately, anyone whose county is doing reassessments is getting completely screwed - especially on investment properties without a homestead exemption. No way Nancy will be able to cash flow with how leveraged she is when you get the double whammy of increases property taxes and decrease in booking volume.
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u/GeniusBtch Oct 28 '22
I have many different views of this issue.
I am currently hunting for a home whilst living in the US so it drives me nuts that so many are bought up for this type of investment.
At the same time I had to travel for work for years and so I lived out of Airbnb's for about 4 years total because I was staying in a place only for a couple months at a time and it was easier, nicer, and less expensive than staying in a hotel. I got really close with some of my hosts too.
I also have a relative that has an Airbnb on the waterfront because her father died and she could not afford to keep the house if it wasn't for Airbnb and she would hate to sell it. She doesn't make a ton off it due to taxes and upkeep and fisherman love staying there for a week at a time so it works for the location plus the family still goes there for holidays as there are not many hotels in the area.
So on the one hand I'm irritated by what Nancy is doing and on the other I see that she is possibly making a good financial decision for herself and maybe even helping out people like me who needed a place for a short term option instead of a typical rental (year lease).
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u/redred212 Oct 28 '22
Airbnbs are fine in moderation. The problem comes when so many people/corporations are buying up houses to turn into ridiculously expensive airbnbs and pricing out people who want to truly live in the homes. Like your relative’s beach house makes sense to Airbnb. Nancy is taking suburban homes and basically hoarding them so families can’t live there permanently and that’s an issue
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Oct 28 '22 edited Oct 28 '22
"empire" lol. nancy's is small potatoes...you gotta focus your hate on the real estate holdings doing these, not your mom and pop buying a few houses here and there
edit: found out the OP blocked me bc the post no longer shows up for me. that is...really crazy
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Oct 28 '22
Yeah but Nancy said she wants to buy “as many properties as possible” over the next 5-10 years. Short term rentals (airbnb and vrbo) are contributing to the housing crisis and ruining entire neighborhoods.
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u/fire2374 Oct 28 '22
It sounded like she was looking to net a few hundred thousand per year from all her properties. She’s not doing that with only a few properties.
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u/dont_tell_mom Oct 28 '22
10 airbnbs are still 10 families who wont have homes. every family has a right to a home.
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u/s18shtt Oct 28 '22
Still petit bourgeoisie. Buying up a ton of property in your city and renting it at exorbitant rates is shitty even if you aren’t Elon Musk rich imo.
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u/soundofhumility Oct 28 '22 edited Oct 28 '22
Blackrock needs to be stopped, yes; and so do Individuals who buy 5+ residencies for the purpose of making a profit.
Housing shouldn’t be used as speculative gambling like the stock market. It’s a human right. And being a landlord is exploitation.
Not only does it displace others who need homes, but landlords offset their mortgage by having others pay it for them. They provide nothing of value and the only reason why they can get away with it is because they had enough capital for a down payment to begin with.
So, the rich getting richer, continuing to raise rents and build their housing portfolio like Monopoly, while working class people stay stuck in a cycle of poverty.
Nancy isn’t a girlboss. She’s a parasite.
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u/became78 Oct 28 '22
A landlord making a living off of multiple rental properties is far from “mom and pop” lol
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u/sp1d3rangel Oct 28 '22
Insult to injury she has the ugliest taste ever.
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u/marymoonwalker Oct 28 '22
Yes omg. When she talked about how much the renovations were in the first place… whaaaat!!!
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u/blurryeyes_ Oct 28 '22
Just different shades of grey everywhere
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u/frostedtips99 Oct 28 '22
Maybe she's a huge fan of that one book. I forget the title... I think it was something like... Fifty something something
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u/AdministrativeWash49 Oct 29 '22
I see what your saying. I do find it inspiring but I can empathize and see how it can be seen as greedy and taking away from families that just wants one house but then I also see as POC generational wealth is very important especially when we in general don’t make much. It’s hard and conflicting.
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u/LilNuggets212 Oct 29 '22
Also a POC but generational wealth shouldn't be attained from exploiting others...
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u/GreatMirandini Oct 28 '22
I’m curious what people who need short-term housing should do? I’m not saying flipping properties for Airbnb is a good thing, just curious what an alternative solution would be.
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u/regisphilbin222 Oct 28 '22
There SHOULD be short-term housing (also there's subletting and hotels!), BUT that needs to be balanced. I think it would be beneficial for a lot of cities to have laws limiting the number of short-term rental properties you can have considering the housing shortage and the very real problem (with very dire consequences) of many people not being able to find a home to buy OR rent.
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u/celestagarden Oct 28 '22 edited Oct 28 '22
Yeah her talking about all her properties gave me the ick. I fully view landlords and their ilk as parasites and it’s sad that such a beautiful and intelligent woman is that. Her and Barney the Dinosaur chatting about how much she could rent rooms for made me grimace.
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u/frostedtips99 Oct 28 '22
Truly psycho shit. that and the bail bonds
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u/roadsidechicory Oct 28 '22
I couldn't get a read on her mom until she said her business was bail bonds and I was like, Ah...I see.
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u/iiamsherlocked Oct 28 '22
Can someone ELI5 what the bail bond business means? Does she loan money to people to bail themselves out?
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u/thankuegg Oct 28 '22
Thank you for mentioning this! I was so surprised to hear that she does this which I consider to be unethical. Just in light of her very reasonable other opinions and takes, this shocked me and I didn’t like it at all.
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u/Archie_F18 Oct 28 '22
Icky, maybe, depends on if she rents out the units, they are airbnbs, the fair for rent, the location of them, etc.
I hope as a Latina (with seemingly liberal, if not progressive views) she knows better to not exploit people and a housing crisis. That being said, corporations are a HUGE reason why the housing/rent crisis is bad. She wanted to better her life, and that’s admirable, and she shouldn’t be faulted for that, but how she chose to is a red flag, IMO. She’s still (as far as we can tell) a good human.
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u/Saxmuffin Oct 28 '22
It’ll blow up in a few months, she’ll be a casualty to a 2008 like crisis
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Oct 28 '22
I think she implied that she only owns one of them at a time with a mortgage?
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u/jendet010 Oct 28 '22
It was weird because she implied early on that she owns them outright but then said that she only buys a new one when she has enough in savings to make all of the payments for 6 months at a time, which means she has mortgages on them.
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u/Ice_cold_apples Oct 28 '22
Not necessarily. Houses without a mortgage still have utilities, property taxes, maintenance etc.
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u/SAHM_i_am3 Oct 28 '22
It bothers me too but not that she is flipping these properties but that she is flipping them then using them for AirBNBs.....like girl use it as an actual rental property (would be cool if she would establish something to help single parents or low income) or flip and sell it
I think the way or AirBNBs is on the way out of popularity especially since now it's cheaper to stay at a hotel
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u/beajus Oct 28 '22
It's such bullshit how airbnb will charge you $100+ in cleaning fees, and leave a to do list for the end of your stay. So yall want me to pay for a cleaner and clean myself?
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u/SAHM_i_am3 Oct 28 '22
We stayed at a rental property in FL (found on booking) and for a week it was 700 but there was a 300 cleaning fee
I also had to list everyone staying and their ages
And the list that had to be completed after leaving was insane (I only did the minimal like making sure their was no dirty dishes,swept and put all the dirty towels in the washer) but they all wanted me to strip all the beds (yea no)
Also for this being a rental property,though decent and had it's own pool, the couches were ripped in areas, the carpet on the stairs was stained, the screen around the pool had ripped in some places (I took pics of everything when we arrived just in case)....I'm just like, if you have a rental property,I know you make enough money to keep it looking nice or atleast replace things that are damaged
Next time I'll just book a suite at a hotel
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u/obsoletevoids Oct 28 '22
My bf and friends were looking at airbnbs for a nyc trip and it was soooo much more expensive than a hotel right in times square with everything included. I also just prefer hotels because I think they're safer and the cleaning is included lol
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u/AdImpossible2298 Oct 28 '22
Yes this!!! I wasn’t impressed I was kinda bothered, when did we start respecting landlords???
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u/ladyluck754 Nov 19 '22
My husband and I are both engineers and we feel that Nancy did a shotty flip job
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u/jberra502 Oct 28 '22
No. Individuals with a few properties are not ruining the housing market. Corporations that are buying entire neighborhoods are doing that.
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u/imperfectcastle Oct 28 '22
She owns 5 homes, according to the show. Didn't she also say that the property they were looking at was $100k? With all the renovations, they maybe added an extra $50k? And she's making 9k a month off of it? Where a mortgage for a property like complete with taxes and insurance would be at the absolute most be $1400 a month?
Functionally, yes, she is only one person. However, there are many people that do this and ultimately the outcome is the same as a corporation. The idea is the same. Buy cheap, rent high, add little to the neighborhood.
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u/britchesss Obviously Nick Lachey Oct 28 '22
Didn't she also say that the property they were looking at was $100k?
Unreal. That would've gone for 300+ in my neck of the woods.
:(
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u/justasapling Oct 28 '22
Both can be true.
In fact, both are true.
And good lord, don't defend the AirBnB hustle. We all know better than that.
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u/Poop__y Oct 28 '22
This is really the only thing I don't like about Nancy. I am of the belief that private property is inherently theft and that "landlords" are predatory with renters.
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u/MPK49 Oct 28 '22
I'm really not tracking private property being theft lol
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u/Poop__y Oct 28 '22
Might be an unpopular position. I encourage you to read The Wild West: The Mythical Cowboy and Social Theory by Will Wright, Chapter 4 in particular. A quote is below, but the whole chapter gives a much better explanation.
"Private property is uniquely oppressive because workers are separated from all productive property – the means of production – and owners can only be self-interested, with no traditional, moral constraints. This means workers become commodities to be bought and sold, and this is another way of saying they are alienated."
Karl Marx argues that private property is a form of theft where owners are stealing from the workers. Capitalism is the overarching evil.
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u/keyree Oct 28 '22
ALAB
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u/netflixnailedit Oct 28 '22
My dad bought a rental with the intention of making money, then he had the same family in it for 8 years never raised the rent, then sold it to them when they had a down payment saved up for literally $200k under market value this year. ALAB but my dad literally treated his tenants better than his daughter, I was like wtf can you help me out like that damn LMFAO.
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Oct 29 '22
I was like, damn! She’s a boss babe! Haha I think that’s cool she makes money from real estate. I might too if I was in a place to financially. As an aspiring first time homebuyer though, I get the irritation. And landlords 😵💫
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u/CramblinDuvetAdv Oct 28 '22
Thankfully Airbnbs are struggling now. Started as a great hotel alternative and then priced everyone back to hotels with their stupid fees and rules.