Families buying up to $10 million properties to give to their kids, while most of us fight hard to get a house of our own
$10 million is about 20 times the purchase price of my formerly rented place that I bought from the previous owner last year.
I had to take out a mortgage for 3/4 of the price of mine, which has a 30 year term ending when I'm about 85 y/o.
Property really is a haves (people who buy with little or no mortgage - ie a 'cash purchase'), vs have nots (people who have to take out a significant mortgage) vs the really have nots (renters, which I was for 15 yrs until last yr) game.
If a person has never rented (or not rented for a significant time and needed to relocate several times) they do not fully appreciate what people have to go through when renting.
I had to take out a mortgage for 3/4 of the price of mine, which has a 30 year term ending when I'm about 85 y/o.
Property really is a haves (people who buy with little or no mortgage - ie a 'cash purchase'), vs have nots (people who have to take out a significant mortgage) vs the really have nots (renters, which I was for 15 yrs until last yr) game.
If a person has never rented (or not rented for a significant time and needed to relocate several times) they do not fully appreciate what people have to go through when renting.
