Harambe091541 t1_jd3t4am wrote on March 21, 2023 at 5:11 PM

Reply to comment by SuspiciouslySuspect2 in Kansas City prevented hundreds of evictions by providing attorneys. Now the program is growing by cragar79

....what you don't realize is a lot of people who own investment properties aren't wealthy. We're likely not talking about a 1000 unit complex here, we're talking about someone who is negatively affected by some freeloader not paying their rent for years. For me, I own a single rental property as a long term investment, but if someone lived there for two years without paying rent and doing that? I'd be in a tough spot.

SuspiciouslySuspect2 t1_jd3vfpp wrote on March 21, 2023 at 5:25 PM

I know this is hard to reconcile with your own perception of self, but if you own a rental income property, you are wealthy. Quite wealthy in fact. Probably the top 1-5% of people. Take a look at the statistics of average wealth and income from national census data. You may surprise yourself.

Consider, if you sold your property tomorrow, how would your equity VS liability balance out?

In 5 years?

In 10 years?

We both know the longer thing go on, the better that picture looks. And you always have the escape hatch to pull to sell and recover any shortfall of cash. Comparing your position to that of your tenants are completely different worlds.