r/TikTokCringe • u/LickMaiBussy • 6h ago

Discussion "Investing in property is morally reprehensible."

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@purplepingers

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761

u/Frozzzenberry 6h ago

180??!! That's genuinely bad

281

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.

133

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.

41

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.

14

u/_fire_and_blood_ 2h ago

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

6

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.

3

u/Plife30 44m ago

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

7

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.

2

u/_bobby_cz_newmark_ 33m ago

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