Submitted 1 day ago by FlashMobOfOne@lemmy.world to aboringdystopia@lemmy.world
https://news.yahoo.com/news/finance/news/warren-buffett-said-buying-distressed-102604857.html
Buffett didn’t hesitate. “If I knew where I was going to want to live the next five or 10 years, I would buy a home and I’d finance it with a 30-year mortgage, and it’s a terrific deal,” he said.
He didn’t stop there. “If I was an investor that was a handy type, which I’m not, and I could buy a couple of them at distressed prices and find renters… it’s a leveraged way of owning a very cheap asset now, and I think that’s probably as attractive an investment as you can make now.”
How rich do you need to be, you greedy fossil?
Exactly. I saw the headline and it just made me a little sick watching this guy, that so many think is the ‘good billionaire’ casually tossing out that he’s a-okay with finding people who’ve been fucked over by the banks and housing markets and stacking more cash he’ll never actually live to spend off of the corpses of their American dreams.
He is suffering from a severe form of mental illness (clinically diagnosed as a hoarder).
Unfortunately we celebrate people with mental health issues that make the world worse because they currently have the highest “score” in the game called money.
Funny enough recently passed laws could be used to “rehabilitate” billionaires by helping them free themselves from their hoarding disorders….
Just in case you needed another reminder that all billionaires are bastards.
And there are currently 3061 billionaires, according to Forbes’ tracker
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.
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.
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.
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
I really don’t get this.
House price to income ratios are at all-time highs. How could be calling housing a “very cheap” asset? Could housing costs really spike more than they have?
I’ve been of the mind that we’re in a housing bubble that’s going to crash sending prices down 20%. I’m no billioniare investor, so what do i know, but still shocking to think that the 1M California starter home is “cheap.”
Yeah, he said it in 2012 apparently.
There are no distressed houses anymore, just distressed people.
Remember when any of these guys makes a statement about investment advice, it’s not something that they want to do but something they will benefit from convincing you to do.
People seem to get more upset over the individual hoarding ghouls than they get over the system that allowed these sociopaths to flourish.
I eagerly await the day this walking fossil stops walking.
No thanks, not interested in starting a small business renting residential real estate.
Ajen@sh.itjust.works 1 day ago
Wow, very misleading article. Buffet said those things in 2012, right as the economy was starting to recover from the fear recession. Things are very different now.
queermunist@lemmy.ml 1 day ago
What he was talking about in 2012 is the world renters are living in today.
FlashMobOfOne@lemmy.world 1 day ago
And yet, still illustrative of the parasitic, evil mentality of billionaires.
Ajen@sh.itjust.works 1 day ago
Most upper-middle class people are also looking for good investment opportunities. I’m talking about people who might have a net worth of far less than a million dollars. Let alone a billion.