Bloomberg - America Should Become a Nation of Renters - Auto-Trend Repairs and Service Information Forums

SELLC · CERTIFIED POST WHORE

Bloomberg - America Should Become a Nation of Renters

Rastus · UNSTOPPABLE!

There "are" companies around the world, that will buy a house for you...

The deal goes something like this...

* By word-of-mouth, you join-a-club of similar social-status people, where-by you monitor housing trends, & source great-buys for the said company.

* You go to these meetings, typically monthly & supply your report of the best-buys you think the "company" should invest in.

* Since the club has a "system registry" of the longest serving members, after 12-months, you get to choose your own place to buy, with the companies money.

* Once you've moved in, the house is yours, & can be passed-down to your children legally.

* You never actually own the house, but pay only 1/4 of your total gross income to stay there.

This is real, & happens all around the world, & may likely already be happening State-side !

SELLC · CERTIFIED POST WHORE

Something tells me this is already going on, especially with certain ethnic cultures here in America where they pool their money in similar ways to buy property.

Sounds like a great idea for "the company" because they in essence become the lender, yet they never actually have to tender the property. They continue to collect 1/4 of the persons income long after it would have been paid off, much like a mortgage company but worse since you can pass down the debt and your siblings can pay for the rest of their lives and never own anything.

I guess in reality we never really own anything, rather we are just borrowing it until we pass... but for the time in-between there sure is a distinction of who possess said assets.

Personally it sounds a lot like these new reverse mortgages they are pushing to older folks currently... where they are basically loaning someone money with no intentionns of ever getting paid, rather taking the home at the time of passing, or sooner depending on finances.

Rastus · UNSTOPPABLE!

Sure it's a scam, but it does allow a family to live in a "good suburb" permanently, if they choose.

And with prices of property going way-off anything affordable for the regular wage earner, this is an appealing idea.

Taxing the wealthy more is an obvious band-aid, but only for a limited time.

SELLC · CERTIFIED POST WHORE

Speaking of taxes, that is something you still have to pay until the day you die here in the USA... even if the house is owned free and clear!

Currently almost HALF of my mortgage payments go to taxes and insurance, with the rest to principal and interest.

PowerStroker · UNSTOPPABLE!

yes

Rastus · UNSTOPPABLE!

Yes, same here in Oz, if not more so...

My country is called "Taxralia" for good reason !

SELLC · CERTIFIED POST WHORE

Eviction moratorium ends in July 31st...

I am sure whoever votes to increase the Governments spending limits will be real popular with the people who are getting served notice of eviction over the next month, and they are saying it's anticipated to be some 7 million people!

SELLC · CERTIFIED POST WHORE

They said it ended for two days, now they are saying some parts it's not ended but not in others?

All I know is I have to make my house payment every month, and it would have been much easier to quit paying and go in forbearance. It also would have been much easier to just close up and collect unemployment all 2020 and 2021 too!

I'd like to think if any support was given out it should be to people who have paid their bills but are locked out of the low interest money currently circulating. Makes no sense to pay a landlord or back house payments if the end result is just going to be the same in two months! The only people that is helping are the banks!

So I don't know what to believe, did the eviction moratorium expire or not?