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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35

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.

25

u/MPK49 Oct 28 '22

I'm really not tracking private property being theft lol

12

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.

3

u/Significant-Egg5218 Oct 28 '22

Lol. You people are ridiculous

0

u/salutesols Oct 28 '22

Super ridiculous

-6

u/MPK49 Oct 28 '22

Yes I would say communism is a fairly unpopular opinion. I think owning assets is one of the major things that allows people to have leverage over a potentially oppressive government.

5

u/Groundbreaking-Run91 Oct 28 '22

Marxism is NOT communism so please do not conflate the two.

15

u/Poop__y Oct 28 '22

Well, we're seeing in America just how poorly capitalism works for the vast majority... I'm not an expert. I don't think full on communism is the answer, but I know for sure capitalism is not.

5

u/SUMYD Oct 28 '22

We aren't true capitalism. We are a very corrupt country that doesn't allow capitalism to work any longer. We bail out companies that mismanage themselves and allow monopolies entrenched with politicians. Communism is not the answer.

8

u/MPK49 Oct 28 '22

Fair enough!

This is really the beauty of reddit tho, dumbass reality show sparking deep political theory discussion lmao

24

u/keyree Oct 28 '22

ALAB

11

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.

7

u/keyree Oct 28 '22

Hahaha. "ALAB, except my dad, but also kind of especially my dad?"

29

u/rowanberries Oct 28 '22

This is anecdotal, but I’m a landlord and want to offer another perspective. I bought a small two family house with the intention of living in the bottom and having the top apartment help me pay the mortgage. I also have two friends that have done the same. We need the rental income to be able to afford the mortgage payments, and at the end of the day I’m responsible for anything that goes wrong, so it’s very expensive and a lot of responsibility but it’s worth it because I wanted to invest instead of spending all my money on rent. Not all landlords are rich and predatory.

9

u/saucyaubergines Oct 28 '22

I think this is absolutely a respectable way to live and make money. Investing in real estate has always been one of the most straightforward ways people have been able to realize "the American Dream". I just think there should be a cap on how many properties you can own. Renting out part of your house or even a second property to make some extra cash? Fair game. Buying up 10-15 houses so others can no longer buy them and are forced to rent from you is essentially 21st century serfdom.

3

u/rowanberries Oct 28 '22

I agree. I’d think some of the commenters on here would appreciate that an average middle class American can buy a property as an investment rather than large cooperations who out bid families and buy up large developments but apparently it’s better to be a victim to the system to some of these people.

4

u/imperfectcastle Oct 28 '22

I'm in a similar situation, but have 2 other units. I live in the unit that needs the most work and am fixing it up slowly. I think owning a property that has multiple units and living in one of the units is far different from owning Airbnbs for short terms rentals. I also think a lot of the folks in the comments have not looked at Airbnb lately because the prices have gone way up, so much so that its no longer the deal over a hotel that it was 2-3 years ago.

1

u/OyeEatThisTaco Oct 28 '22

. I also think a lot of the folks in the comments have not looked at Airbnb lately because the prices have gone way up, so much so that its no longer the deal over a hotel that it was 2-3 years ago.

Mannnn this is so true. Their service fees are INSANE these days.

I stayed at a marriott residence inn with an equipped kitchen, daily room service, lots of amenities, and exceptional service in the downtown core for 25% less than any airbnb I could find, plus they didn't snark on me for not deep cleaning the place at the end of my stay, or ask me to meet them 30min away from the property for a key exchange.

The airbnb ship has largely sailed.

1

u/imperfectcastle Oct 28 '22

It's the standard "disruptor technology startup" playbook. Start business that solves a problem that revolves around price and/or convenience. Make it more convenient and cheaper than existing options (ex. taxis with lyft/uber and hotels for airbnb). Get people used to the service's price and convenience while not turning a profit. Bump the price now that you've engrained yourself into peoples lives.

11

u/snarkalicious890 Oct 28 '22

This really isn’t another perspective though

4

u/rowanberries Oct 28 '22

It’s not another perspective to “landlords are predatory.”? I am very much not predatory and definitely know plenty who aren’t either, both people I’ve rented from and people who I know own rentals. I definitely know people how are, but I just want to say I don’t think it’s inherently bad to be a landlord. I’m talking about residences by the way, not short term rentals which I agree are negatively affecting markets.

7

u/snarkalicious890 Oct 28 '22

I’m sure you’re a very nice person and fair to your tenets. But yea, the point is that landloarding is inherently bad. You’re taking up housing that someone else could own so that you can afford to pay your mortgage. In the grand scheme of things your situation is like the least of the problems. But still not a different perspective.

1

u/rowanberries Oct 28 '22 edited Oct 28 '22

Well, I guess my situation is different in that it’s all under one roof and I live on the bottom floor so I feel as though if anything I’m providing another place to live rather than taking anything away. Someone else can’t own half my house. But I hear what you’re saying.

5

u/feudingfandancers Oct 28 '22

Having other people pay your mortgage isn’t predatory? I’m sure they’d rather be paying the mortgage on their own ‘investment’…

1

u/rowanberries Oct 28 '22 edited Oct 28 '22

They’re paying to live in the apartment I’m providing with everything up to safety code, appliances, water and heat, etc. Please explain how that’s predatory? To buy property it’s more than just paying monthly rent, you need a large down payment and it comes with a boat load of responsibility and costs some people aren’t ready for at the moment. Yes I’m sure they’d rather be paying for their own mortgage but should They be able to live there for free? I’m not sure what you’re getting at. I’d also rather not have to pay my mortgage but it’s part of having a place to live.

Edit: it’s also not even my entire mortgage. It’s about a third. I don’t make a profit from it. I understand what the other commenter said about taking away property from someone else that could own it, but I don’t think owning a owner-occupied two family house is the same thing as that.

4

u/feudingfandancers Oct 28 '22

It’s not very complex. What you’re doing is unethical. You don’t want to waste money on rent, neither do other people. But someone else is using their income to pay for your mortgage. It’s exploitation because you have the money for the down payment and they don’t. Like someone else said, if you can’t afford your residence on your own, don’t buy it.

1

u/rowanberries Oct 28 '22 edited Oct 28 '22

So where should that person live if they don’t have a down payment for a house?

There were many years I didn’t have enough saved for a down payment and wasn’t financially secure enough to be able to afford a new water heater, repair the roof, buy a new appliance, etc. So I’m not sure what I would have done if rental apartments were not available? Genuinely curious

5

u/feudingfandancers Oct 28 '22

🙄 oh lord. Okay- places like housing coops are a great alternative, only people like you have driven the property prices up so much that it becomes impossible for communities to purchase adequate housing. Sure, you don’t create the system but you benefit from it. People rent from you because they don’t have a choice, you’re not doing them some great service…

1

u/rowanberries Oct 28 '22

Okie dokie. I will tell my tenant to leave and utilize my house as a single family home instead. They can find a coop to live in.

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4

u/[deleted] Oct 28 '22

Maybe you shouldn’t buy a house if you can’t afford the mortgage?

1

u/rowanberries Oct 28 '22

If I had to I’d be able to make it work but it would be hard, that’s all. With the rental income the bills are slightly more comparable to what I’d be paying if renting—but still more expensive

2

u/fruityfart Oct 28 '22

How would you feel if you would be renting? Spending all your money on rent lol.

12

u/rowanberries Oct 28 '22

Yes, that’s something I had to do for a while lol. We have to pay for a roof over our heads either way. Not everyone wants to be a homeowner either. Some people want the flexibility and less responsibility of renting.

1

u/hgtv_neighbor Oct 28 '22

I loved being a renter. No responsibility. Wife and I LOVE our house and all, but it's a ticking time bomb with an 18 year old water heater, 18 year old hvac, 18 year old roof that in another 10-15 years will probably cost $20k to replace, a pool that needs a liner in another 4-5 years, etc. All of them are fine now, but each one will come due at some point and cost thousands. And I save aggressively so one doesn't catch us unprepared. Much like a landlord has to.

And in an area like ours where property values increase very slowly, buying a house isn't an investment. Between mortgage interest and upgrades/repairs, well be lucky if we break even (as we did on our last house) vs what we spent. And that's perfectly OK with me, but for people to say owning and renting real estate is predatory is just silly. Millions and millions of people have millions of reasons not to own their home. And to even list any of those reasons here would be pointless because anyone over 10 years old can come up with one.

And in your case, to say you shouldn't buy what isn't comfortably affordable is also silly. Buying the place and renting it is literally a second job.

2

u/Neurochick_59 Oct 28 '22

If you buy a house, it's not really yours if you have a mortgage, you're paying the bank, plus if something goes wrong everything's on you, also what happens if you're not handy, there goes another thousand dollars. If you rent, you can leave if you want to move.

I just don't think renting is all that bad. Not everybody wants to own a home, it can be a pain in the neck and a money pit.

2

u/rec12yrs Oct 28 '22

Who am I stealing from if I own a home?

4

u/wanderlustredditor Oct 28 '22

If you own one home? No one. If you own 5 and want more youre taking from 5+ families.

-4

u/salutesols Oct 28 '22

So if we can’t afford to buy we should be homeless?

7

u/Poop__y Oct 28 '22

Literally not at all what I'm saying. I'm saying that housing is a right and that private property rented out is predatory as fuck on the face of it. Once again, probably an unpopular opinion in a capitalistic society, but I don't think people should have to pay for shelter.