basically he took advantage of covid relief and borrowed a bunch of money for super low interest, but wanted a tiny bit more, so he took an adjustable rate mortgage for a discount despite record low interest. Now that its gone back up he can’t afford the mortgage
What a heart breaking story, poor Steve boo hoo lol. This is why most of us cant afford a home of our own.
This example alone has 12 fucking houses rented and leveraged. Serves him right for being greedy.
I sincerely hope there are a flood of investors selling properties over the next year which corrects the stupidly high increases in prices this past decade.
Keep raises interest rates is what the RBA should doing as they are finally having the desired effect on the economy and inflation ( including asset inflation)
As someone who’s rented most of his adult life I don’t really care. I’ve never had a truly bad landlord thankfully, but I’ve lived in properties where the rent increased without any justification as much as $200 per month. No improvements, no modifications, no issues with me as a tenant, just the idea that somehow over the span of a single calendar year my one bedroom apartment in a sketchy part of town increased in value by nearly 33%.
Let these people default on their mortgages, let the banks repossess these buildings and sell them to someone else.
EightandaHalf-Tails says
Boo-fucking-hoo…
Reminds of a line from *The Replacements*, “Do you know what insurance costs on a Ferrari?!”
Antiquemooses says
basically he took advantage of covid relief and borrowed a bunch of money for super low interest, but wanted a tiny bit more, so he took an adjustable rate mortgage for a discount despite record low interest. Now that its gone back up he can’t afford the mortgage
kenneb18 says
Sell some then, bitch
Rkenne16 says
That’s not a crisis. That’s a business mistake.
somuchwin77 says
What a heart breaking story, poor Steve boo hoo lol. This is why most of us cant afford a home of our own.
This example alone has 12 fucking houses rented and leveraged. Serves him right for being greedy.
I sincerely hope there are a flood of investors selling properties over the next year which corrects the stupidly high increases in prices this past decade.
Keep raises interest rates is what the RBA should doing as they are finally having the desired effect on the economy and inflation ( including asset inflation)
Wunder_boi says
What a goofy fuckin article. Landlords provide nothing for society.
zwaaa says
So socialism for the landlords, bootstraps and rugged individualism for the tenants. Got it.
Zoaharr says
Thoughts and Prayers at this difficult time for Steve.
Esselon says
As someone who’s rented most of his adult life I don’t really care. I’ve never had a truly bad landlord thankfully, but I’ve lived in properties where the rent increased without any justification as much as $200 per month. No improvements, no modifications, no issues with me as a tenant, just the idea that somehow over the span of a single calendar year my one bedroom apartment in a sketchy part of town increased in value by nearly 33%.
Let these people default on their mortgages, let the banks repossess these buildings and sell them to someone else.
Zofiaco says
Why does he need 12 properties?
Jam2bklyn says
we all feel for Steve and his 12 houses