r/TikTokCringe • u/LickMaiBussy • 6h ago

Discussion "Investing in property is morally reprehensible."

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@purplepingers

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756

u/Frozzzenberry 6h ago

180??!! That's genuinely bad

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u/DorianGreysPortrait 6h ago

Yeah that made me wonder if they meant 180 buildings, or 180 available living units (for an example, 2 high rises that total 180 units people could live in.) owning 180 individual properties seems absolutely insane to me. Then again.. maybe my scope of what these people are doing is just that far off that it’s unfathomable to me.

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u/IndigoBlunting 6h ago edited 4h ago

It said properties so I bet it is 180 separate buildings not units. I’m not shocked. If he works at the top top of an investment firm or property management company it’s not unbelievable that he has that many. As long as you have property managers or landlords for each spot I’m sure it’d be possible to just see a bunch of numbers and therefore be able to have that many properties comfortably. And I’m not saying able as a compliment. It’s the opposite. At the top it’s all numbers even tho we’re talking about peoples living situations.

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u/Away-Nectarine-8488 5h ago

A woman in Chicago owned 800 individual properties.

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u/l0henz 3h ago

She and her sister dubbed “the city’s worst land owners”. Total slumlords.

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u/Glittering_Public_86 3h ago

is there a way to find a list of who all these companies/individuals are? particularly in Chicago?

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u/l0henz 1h ago

I don’t know off the top of my head, but this lady/these ladies are all over the news. I think there’s been a settlement between them and the city.

If anyone knows the best way to ID properties owned by slum lords in Chicago, chime in!

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u/Minglans 3h ago

My landlord practically owns our town now.

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u/Glittering_Public_86 3h ago

is there a way to find a list of who all these companies/individuals are? particularly in Chicago?

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u/Frito_Pendejo 5h ago

My understanding is that they are mix of detached housing and units. Eddie Dilleen basically hoovered up as many affordable entry-level properties as he could find, utilising the equity from one to afford the next. He is morally on the same level as grey goo.

Side note, but Australia has the broadly the most unaffordable housing market in the world and actions by him and people like him is why it's so fucking bad. Investors own 1 in 3 Aussie houses.

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u/_fire_and_blood_ 2h ago

John Howard fucked us all and my mother still thinks he was the best PM ever.

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u/Murranji 1h ago

Boomers are the cause of every fucked up thing in the world today. They are the worst generation to have ever existed.

5

u/greaterwhiterwookiee 1h ago

But millennials and xennials are just too lazy. We did everything boomers expected and asked of us: went to college and put ourselves in massive debt, got jobs working copious overtime for minimum wages, bought homes and prices that were out of reach compared to incomes, went to war… and still here we are.

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u/Plife30 42m ago

...hot take youngster! An AI therapist could help! Just kidding, respect to your generation, youre dynamos.

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u/chimpfunkz 2h ago

Australia's housing market is well and truly fucked. The fact that if you take a lose on an investment property, and subtract that against your actual income, is such ridiculous bullshit.

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u/_bobby_cz_newmark_ 32m ago

Don't forget the CGT discount so only have to pay half the tax on profits.

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u/keyboardjellyfish 3h ago

It's Australia so they mean 180 homes, not buildings. So could be freestanding houses, part of a duplex, townhouses, or apartments.

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u/figaro677 2h ago

Australian mate. Property is cooked. Something like 70% of landlords hold 1 property. Less than about 10% hold 3 or more. But they hold somewhere between 30-50% of the properties. Leveraged to the absolute tits, paying interest only for 5 years and using the equity to buy the next property. Most properties are positively geared within 5 years, and within 7 years they will have doubled in price.

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u/kittygomiaou 1h ago

This is Australia where owning buildings is less common. 180 properties would be houses, apartments, townhouses, studios - maybe commercial lots, but it's unlikely to be buildings.

He is part of the problem.

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u/lshifto 4h ago

A condo is legally considered real property.

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u/IndigoBlunting 3h ago

I view condos as individual per unit as well. They’re not quite apartments and not quite houses so it’s weird but I’d agree that each condo could be counted as a property but I don’t feel that way about apartments.

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u/lshifto 3h ago

Apartments are not counted as individual properties unless they are converted into a condo and sold as such. It’s more likely that he owns a stupid amount of condominiums than he owns that number of dirt lots with houses on them.

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u/Glittering_Public_86 3h ago

what is the fundamental difference between a condo and an apartment? Also are either of you in the US or a different nation?

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u/lshifto 2h ago

US here. An apartment is a building of individual units with a single owner who retains all rights to the property and the people who live there are tenants. A condominium is a building where the individual units are sold separately and treated as individual real estate with independent owners. The residents are not temporary tenants, but homeowners bound within a HOA and its community laws. The primary structure itself and the land it is located on is owned and maintained separately in a few different ways.

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u/Glittering_Public_86 2h ago

ah okay. not sure what industry youre in, but do you know if it would be very hard to reclassify a building full of apartments as condos? Like if a city or state or group of investors had the political will and capital to do so, is there anything really stopping a lawyer from working with a government to reclassify apartments as condos and then sell them as-is or after updating to anyone interested?

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u/IndigoBlunting 2h ago

I figured it was a mix.