Comments | placeholder: please to shoot me fulla holes

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please to shoot me fulla holes

Feb 08, 2008 23:11

So tell me if this works. I've been trying to work up ways to conduct serious activism locally.

You buy a house. Not your house, some other house nearby. It's a rental property and you're going to rent it out. This is not a good start for activism, I realize, on account of being a landlord is kind of a ( Read more... )

Comments 21

jwitchbaby February 9 2008, 06:33:17 UTC

Fun idea. Might be awkward with the tenants, as it is (as far as I know) fairly unprecedented.

You posted at 11:11! Make a wish!

-a vulture

expection0 February 9 2008, 07:16:56 UTC

It is a interesting Idea. The ratio of average rent in the area to mortgage payments should be about right for a 6 or 7 year pay-off. (Based on a 30,000.00 loan ( ... )

placeholder February 10 2008, 04:07:07 UTC

"Employing other like minded people to do the up grades, or even involving the tenant in a sweat equity arrangement also lowers cost ( ... )

A short answer and a long rant. expection0 February 10 2008, 17:18:53 UTC

Yes, you become the lender. At the risk of causing controversy, I am a Capitalist, in the real meaning of the word. What I am not, is a profit pirate !! Think of a rancher or a farmer. The better off his herd or fields are, the better it is for him. What has happened to capitalism is that men have forgotten that it is the worker who allows him to profit. Profit pirates rape the worker. Think of how K-Mart operates and compare them to what Henry Ford. Not much difference ? Well there is a big difference. How did Henry Ford become successful, he found a way in which his worker could produce several time the amount of product in the same amount of time. But most people forget that he also paid his workers TWICE the average wage !!! And that allowed them to buy what he was making. He found a way to make cars cheaper to produce in order to make more of a profit, thereby allowing him to pay his workers more, which caused them to be able to buy what he was making. The opposite of the K-mart model. That is the secret ( ... )

Re: A short answer and a long rant. placeholder February 10 2008, 17:45:38 UTC

I think I'm fairly well in tune with you for the most part, here. Though becoming a lender and receiving mortgage payments for umpty-ump years from the same people I've only just finished receiving comparable rent payments from for years seems a bit redundant, and artificial. If anything, that just throws into stark relief for me that they've already done this. They've already paid for it ( ... )

Thread 9

Sorry but one last thing expection0 February 11 2008, 03:29:11 UTC

I would like to help you make this whole thing work. My email is raydrake@optonline.net. Please write I want to give you me phone number.

a flaw perhaps pesto_maker February 11 2008, 04:49:25 UTC

or maybe just a snag...or maybe I'm crazy and it's really no problem 'tall. But what demographic of person do you see being the activist/house buyer in this scenario ( ... )

yip95 February 11 2008, 15:48:49 UTC

I could be way off here, but I seem to recall hearing that, in order to buy an investment property (meaning a house that is not going to be your primary residence) that you need to have 20% down.

That's a big chunk o' change. Like pesto_maker said, not too many of "us" have that kind of cash sitting around. Perhaps there are ways around it, with shady loans or somesuch, but I'm pretty sure it's not the same as buying your first house ( ... )

kombu February 11 2008, 20:22:09 UTC

I will do some research with real numbers on this. I will post today or tomorrow with said real numbers.

I'd also like to point out the possibility of partnering with a charitable organization or getting special federal or state grant money for a project like this. The first is probably more do-able on the small scale. The idea would be to get some downpayment money out of them, cuz Dan is right that there aren't likely to be very many folks out there ready and willing and able to take this on w/o that kind of assistance. My place of employ is currently looking into affordable housing development ideas. We are looking for something that would bring in some profit, but I have printed out this thread to toss around ideas with my boss.

Selling to the ACLT would ensure affordability and owner occupancy in perpetuity. There are, I believe, other ways to do that, such as deed restrictions. I sort of agree with Robin that it'd potentially be OK to just let it go to the lt tenant for payments already made plus a little, no restrictions. But ( ... )