this post was submitted on 04 Sep 2023
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Not just being a landlord, owning a property at all, no matter how much you paid and when, means you're rich...
As a couple we own a condo paid 85k in the early 2010s and a cottage paid 50k in 2020 (that was on the market for months)? I've had many users tell me I've got no business talking about the housing crisis because I'm privileged... Because the two of us are able to afford the mortgage on 135k in property???
Considering I have a very good credit score and a full time job but the banks wouldn't lend me that much regardless if I could find a shack for that little, yea, sounds like privilege to a lot of us out here.
You can have the best credit score ever, if you're working minimum wage then you can't expect to get a loan. I bought the condo with 10k down making about 40k/year to give you an idea...