This was in 2012. So we saw it already. If you bought forclosed house in 2012 for $150,000… on average that house would sell for $257,000+ plus now. Assuming you rented it for $1,000/month during that time, assume you spent $50,000 dollars in upkeep/taxes they made $213,000 dollars off it so far. Obviously they still own the houses, so they can keep renting them out or sell them when the market is high right now.
rc__buggy@sh.itjust.works 3 weeks ago
Yeah, he’s an old bastard but he’s a smart old bastard.
If he’s saying this, GTFO of the stock market and buy real property and tangible shit.
LifeInMultipleChoice@lemmy.world 3 weeks ago
rc__buggy@sh.itjust.works 3 weeks ago
Stock market did better. I won’t go look at mine but I know it performed wonderfully. What old Warren is saying is that real property is his pick for the next ten years
LifeInMultipleChoice@lemmy.world 3 weeks ago
He did well off real estate during his life.
He also believes in long term investments. Never chasing stocks that are on the rise. He’s been saying for about a decade the market is to expensive right now. The average total market value to GDP of the U.S. averages out to 85%. Then he plays the market like counting cards. When the market value is below that 85% he buys long term investments. When it’s above, he sits on his current investments and rides them unless he is forced to make a move.
So what you will see is in 2012, we were below market average, so he advised people to be making purchases/investments. Especially since the housing market collapsed in 2008 and people were running out of ways to pay their mortgage so they were foreclosing left and right.
FlashMobOfOne@lemmy.world 3 weeks ago
Smart and evil.
His company could buy a fucking bank and start a movement toward more equitable housing. It is possible to turn a profit without destroying people’s lives.
Instead, he’s stacking money on top of people’s corpses.