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A family friend is retired and 9 own homes and he's not even 50, I can't even afford a condo!

HomokHarcos

Member
Jul 11, 2018
2,438
Canada
This goes to show how big the disparity can be just between friends. My stepdad's best friend just retired and he's not even 50, and he owns 9 houses. My brother and I are both 23 and we still live with our parents because both of us combined can't afford to move out (we've been looking for 2 years now).
 

ponzies

Member
Oct 28, 2017
290
I'm almost 50 and still looking to buy my first home. Looking forward to moving out of California where homes are actually affordable.
 
Filipus

Filipus

Avenger
Dec 7, 2017
3,370
Yea know a dude that owns 4 homes now and he's 27... And according to him he will probably be buying a new home every two years.
He works in tech, but it surprised me that he's actually working at a startup instead of a higher paying job right now. I still don't get it how he did it (or if it's all a massive gamble) but yea... the houses were nice, at least 2 of the ones I was in.
 
starhoppin

starhoppin

Member
Feb 16, 2021
285
Why are you comparing your assets to someone who has double the life experience on this planet as you?
 
Doomguy Fieri

Doomguy Fieri

Member
Nov 3, 2017
3,154
If you have a bunch of cash and the right mindset (read: psychopath) being a landlord is a good way to make money and not work a lot.
 
sfedai0

sfedai0

Member
Oct 27, 2017
4,409
OP, do you know anyone your age that own their own homes? Thats beacuse no one at 23 can afford to. WHy are you comparing yourself to someone twice your age?
 
Juan

Juan

Member
Oct 28, 2017
1,146
I mean, don't compare yourself, especially in nowadays economics world, to someone which started their career and build their heritage more than 20 years ago, the World was a different place, and it was easier to afford buying an apartment/a home, and then, move to a new one and rent the old ones.

I'm 29 and could personally afford buying two apartments in nice cities in France thanks to some good career moves, but if not, I probably wouldn't.

One of my friend is the same age as me and own 3 apartments, 2 houses and one commercial local in the South of France, in two of the most expensive cities in this area, because he managed to make good investment and uplift money from banks to buy those places and rent them afterward. He shared some good advices to me if I wished to do the same.

Why not talking with that person and understand how they managed such a good heritage? Could be full of interesting learnings!
 
Sectorseven

Sectorseven

Member
Oct 25, 2017
5,437
Owning nine homes sounds like a business unto itself. You'd need property management support and accountants.
 

Autumn

Avenger
Apr 1, 2018
1,790
I got a job as a cleaner and it's killing seeing so many office people my same age or younger with career jobs and earning more. I feel like I wasted my life and a loser. I go home depressed everyday. I'm actually thinking of quitting. It's too much.
 

Deleted member 8118

User requested account closure
Banned
Oct 26, 2017
3,639
Autumn said:
I got a job as a cleaner and it's killing seeing so many office people my same age or younger with career jobs and earning more. I feel like I wasted my life and a loser. I go home depressed everyday. I'm actually thinking of quitting. It's too much.
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Bro, brush up some skills in the industry that the office is in and ask for work there.
 
DasFool

DasFool

Member
Oct 25, 2017
141
I'm 49, my wife is 34, we have 4 kids and $2.3 million saved. I earn $300k a year but 'lose a lot of sleep worrying about tomorrow' - when can I retire?
 
Cipherr

Cipherr

Member
Oct 26, 2017
8,081
You are super young and probably have a much different start than he does. Who knows what kind of benefits he had that you dont. Not to mention hes had so much more time

data west said:
Sounds like you should ask him for some advice
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Whats he going to tell him to close THAT gap? Go back and be born to rich parents? lol. OP is too young to expect to have all that already. Or even half of it unless his family was rich.
 

Autumn

Avenger
Apr 1, 2018
1,790
M52B28 said:
Bro, brush up some skills in the industry that the office is in and ask for work there.
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I tried but got rejected and even got rebuffed when I asked for advice since they just see me as the help. Since then I just hit rock bottom and has made me want to quit. I applied to two other positions this week so hopefully I get a another shot.
 
Karateka

Karateka

Member
Oct 28, 2017
4,793
In my dreams I sometimes think maybe I'll put in crazy 80 hour weeks for a couple years, buy a couple extra houses, then retire at 40 and do passion projects... But I know I'm too lazy to work that many hours in the short term especially while I'm still in school.
 
AnansiThePersona

AnansiThePersona

Member
Oct 27, 2017
14,815
bro you haven't even tried to disguise yourself as a child refugee from a war-torn country and get adopted by your friend and his wife. you are not built for wealth
 
Rosebud

Rosebud

Member
Apr 16, 2018
20,595
bushmonkey

bushmonkey

Member
Oct 29, 2017
2,059
20 years is a Long time. I was basically homeless with a wife and a baby and in a dead end job at 29, I am now 42 and living very comfortably. I know that right now life seems insurmountable, I know I’ve been there but things will improve.
 
Vermillion

Vermillion

Member
Oct 25, 2017
5,718
1. Don't compare yourself to someone who has spent way more time than you.

2. You don't need 9 houses.

3. People here are overestimating how much of a boost you need to he successful. Yes, luck is key, but you don't need rich parents to get to that point. As soon as you're not worried about being in total poverty, opportunities & mental space to take advantage of said opportunities open up. Not to mention how the internet has created more avenues for people to make money without having rich parents.
 
entremet

entremet

Member
Oct 26, 2017
36,592
Read up on financial independence. Tons of options and you don't have to be landlord either. Your family friends likes real estate it appear. Nothing wrong with that. But it's not everyone.
 
KojiKnight

KojiKnight

Member
Oct 25, 2017
13,076
"Don't compare your ages!" "He's got 20 years on you!"

Yeah, I doubt most people in their 50's on this forum will ever own 9 properties...
 
adit

adit

Member
Oct 29, 2017
567
tonja
i'm 37 and not owning a damn home,

well my parents home are technically mine, me and my brother bought it because back in the day my dad need money to pay his debt
so yeah, i own 1/2 of home which i can't do anything about it, i don't live there and i can't sell it because my parents still live there

where i live, it's imposible to own a home, it's expensive because i live in a touristy area, i currently live in really small apartment, not have many space but it's only 10 minutes walking to go to the beach, i love surfing and beach activity in general

i actually give up to own a home, my goal is just build liquid assets as much as posible and rent condo/apartment till i don't live anymore (that's ok if small), i'm actually not sure if this is good plan, these days i just decided i want to live in the present, trying not bother much about the future
 
eZn

eZn

The Fallen
Oct 27, 2017
1,080
Nothing wrong with living at home at 23.

I highly suggest looking into moving into a Co-op. I used to live in one and part of me regrets moving out.

Owning a home can be a pain in the ass. Home owners insurance, flood insurance, property tax and constant upkeep.
 
Thorrgal

Thorrgal

Member
Oct 26, 2017
7,938
My best friend has never worked, his parents died when he was a kid and he and his 3 siblings live from the inheritance and family state that they and their 3 single uncles run.

I would never compare to him as our backgrounds are totally different, I come from working families and he's a member of the nobility.
 
x3sphere

x3sphere

Member
Oct 27, 2017
555
I wouldn’t even want to own that many homes. Sell them all when the market is high and put it in an index fund like VTI. You could probably live off the dividends.
 
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