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Houses/Real Estate Doesn't Build Generational Wealth BS

LooksLikeRain

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I am furious about this.

We have been denied fair and affordable housing since we were dragged over here. Denied the ability to use housing as a way to gain generational wealth and now you're telling me because the average white person is being priced out of homes, it not a "good way to build generational weslth." SINCE WHEN?! Since the government GAVE put land in the Homestead Act of 1862?!

You're gonna tell me all the white Millenials who's parents were able to take out equity in their house to pay for college, to give their children down payments for homes, to go on vacations, buy MORE houses to rent. You're telling me, allll of that just doesn't matter anymore? bµllsh!t.

So fµck you to the blogs, the podcasts and the articles who are now moving the goal post because "the wrong people" are getting hurt now.
 
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Nana Peazant

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Of course home ownership builds wealth. We're in a capitalist country, the more capital a person owns, the more wealth they will acquire and maintain.
 

LooksLikeRain

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Of course home ownership builds wealth. We're in a capitalist country, the more capital a person owns, the more wealth they will acquire and maintain.
WE know that and have BEEN knowing it. But they're trying to convince us all of a sudden it's not the way to go. GTFOOH.
 

froggy00

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Who is saying this? All I hear is people like DR talking about building wealth through home ownership.
 

LooksLikeRain

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Who is saying this? All I hear is people like DR talking about building wealth through home ownership.
I was listening to a podcast that was trying to talk people out of buying a home due to the cost of it vs renting. And he said it doesn't build generational wealth (the Chris Harder Show). And it's popped up in blogs here and there as well.

I just want them to leave us the hell alone. If theh dont want to fix it fine, but stop getting in our damn way.
 

aGOLDENbox

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Owning your home is very valuable especially if it’s in a desirable neighborhood—that’s where I think Black people lose out on enjoying the fruit of owning in prosperous areas.
 

IrisOsiris

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I am furious about this.

We have been denied fair and affordable housing since we were dragged over here. Denied the ability to use housing as a way to gain generational wealth and now you're telling me because the average white person is being priced out of homes, it not a "good way to build generational weslth." SINCE WHEN?! Since the government GAVE put land in the Homestead Act of 1862?!

You're gonna tell me all the white Millenials who's parents were able to take out equity in their house to pay for college, to give their children down payments for homes, to go on vacations, buy MORE houses to rent. You're telling me, allll of that just doesn't matter anymore? bµllsh!t.

So fµck you to the blogs, the podcasts and the articles who are now moving the goal post because "the wrong people" are getting hurt now.
I couldn't agree more! True story:

i was just offered $40,000 today in equity on a home i bought a few years ago. We only paid about $10,000 of the original loan balance in that time, yet our equity is $40k more than what we currently owe on it and about $35000 more than what we paid for our home, because it has increased in value considerably. That $40K represents roughly a fifth of its actual value and a quarter of what we signed for it. That means that we have actually MADE money literally for just owning a home and sitting on property that we rent out. Mind you, we're not having to pay our mortgage since our tenants do, and on top of that, we generally get to 'write off' the interest as well. So our house is making us money, and if we decide to sell it, we come out with anywhere between $20K and $40K in our pocket after just having held it like monopoly for a few years to wait for it to appreciate.

That's why i cannot STAND black people who focus on anything other than home ownership. We're buying another house right now that already is worth more today that what it was worth when we originally went under contract. By this time next year, it's going to be worth about $50,000 more than we bought it for. Between those two houses, we have a net worth of over half a million, minus what we owe. But still. If one can imagine how, playing the long game, and paying them off, and especially renting them, one can see how down the road that leads to a great amount of money that will be passed down to our children for them to inherit. Home and land ownership is what the whites stole from us. Focusing on anything else is literally a disservice to our ancestors. They actually understood that it was about the land.
 

SuccessfullyMe

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Owning your home is very valuable especially if it’s in a desirable neighborhood—that’s where I think Black people lose out on enjoying the fruit of owning in prosperous areas.

This. If you own in a bad area ... it's not the same as owning in a good neighborhood where your probably is increasing while in a bad area it may stay the same or go down.
 

LooksLikeRain

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I couldn't agree more! True story:

i was just offered $40,000 today in equity on a home i bought a few years ago. We only paid about $10,000 of the original loan balance in that time, yet our equity is $40k more than what we currently owe on it and about $35000 more than what we paid for our home, because it has increased in value considerably. That $40K represents roughly a fifth of its actual value and a quarter of what we signed for it. That means that we have actually MADE money literally for just owning a home and sitting on property that we rent out. Mind you, we're not having to pay our mortgage since our tenants do, and on top of that, we generally get to 'write off' the interest as well. So our house is making us money, and if we decide to sell it, we come out with anywhere between $20K and $40K in our pocket after just having held it like monopoly for a few years to wait for it to appreciate.

That's why i cannot STAND black people who focus on anything other than home ownership. We're buying another house right now that already is worth more today that what it was worth when we originally went under contract. By this time next year, it's going to be worth about $50,000 more than we bought it for. Between those two houses, we have a net worth of over half a million, minus what we owe. But still. If one can imagine how, playing the long game, and paying them off, and especially renting them, one can see how down the road that leads to a great amount of money that will be passed down to our children for them to inherit. Home and land ownership is what the whites stole from us. Focusing on anything else is literally a disservice to our ancestors. They actually understood that it was about the land.
YESSSSSS MA'AM! THAT'S THE WAY TO DO IT
 

TDiva

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I was listening to a podcast that was trying to talk people out of buying a home due to the cost of it vs renting. And he said it doesn't build generational wealth (the Chris Harder Show). And it's popped up in blogs here and there as well.

I just want them to leave us the hell alone. If theh dont want to fix it fine, but stop getting in our damn way.
Anyone can have a podcast.

There are so many people online giving advice. They are just scammers, hustlers and con men. Don't list to this fool.

These new kids think they can build wealth with 0s and 1s, but digital currency and stock is all smoke and mirrors when it comes down to it.
 

froggy00

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I don't follow the other sub but r/realestate doesn't appear to be against home buying. It's mainly people complaining about getting beat by cash offers.
 

tt00

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Owning your home is very valuable especially if it’s in a desirable neighborhood—that’s where I think Black people lose out on enjoying the fruit of owning in prosperous areas.
Majority of the time if we are buying in areas that are red lined then you will not built much of any thing wealth wise unless they come in and try to gentrify it unfortunately .


Yes these ytes are building weath off of RE in their areas or when they do gentrification to areas
 

aGOLDENbox

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This. If you own in a bad area ... it's not the same as owning in a good neighborhood where your probably is increasing while in a bad area it may stay the same or go down.
Honestly, with the current lack of houses on the market I think everyone can sell their home for more compared to two years ago. But being in some neighborhoods with high listings and certain income brackets could expose you to better schools, commercial areas, better policing, etc. But owning is still important.
 

LazyDaisy

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thecoli. those losers were actually arguing against home ownership
They argue against common sense. Marriage. Condoms. Respect for women. Abiding by laws. Punishing criminals. They argue against anything that's beneficial for the black community to serve their destructive interests.
 

LazyDaisy

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Yall ever thought about buying and renting out commercial property as well?
This would be profitable but I feel like tenants would be much harder to come by and sustain. Small businesses fail too often. Then you gotta worry about those who need the proper layout for their business. Then you gotta worry about the popularity of the area to garner clientele for the tenant, meaning if it ain't a poppin' business area then you might struggle to get tenants.

But EVERYBODY needs a place to rest their heads and you're almost guaranteed to find more than one person interested in what you're offering, willing to make sacrifices in preferences, and have procedures to make sure the tenant you choose pays you consistently.

It seems like residential real estate is lower risk, decent or even high reward whereas commercial is high risk high reward.

Just my assumption of the two.
 

Crzycoolgeek

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This would be profitable but I feel like tenants would be much harder to come by and sustain. Small businesses fail too often. Then you gotta worry about those who need the proper layout for their business. Then you gotta worry about the popularity of the area to garner clientele for the tenant, meaning if it ain't a poppin' business area then you might struggle to get tenants.

But EVERYBODY needs a place to rest their heads and you're almost guaranteed to find more than one person interested in what you're offering, willing to make sacrifices in preferences, and have procedures to make sure the tenant you choose pays you consistently.

It seems like residential real estate is lower risk, decent or even high reward whereas commercial is high risk high reward.

Just my assumption of the two.
True but I know with commercial property those leases are different and it's easier to evict if they aren't paying rent and easier to raise rent to.

Also your right it's higher risk with higher reward. If you luck up in an area that will be gentrified that's more money in your pocket while still keeping wealth in black hands
 

t1gress

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I agree with op there's definitely an agenda now that the capitalist market they created doesn't suit them anymore
 

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