my tenant - the epitome of the 99 percenters

[97guns]

i was at one of my properties the other day and there's a huge bay liner boat in the driveway so we make small talk about it and i come to find that he was once a homeowner and now he is a boat owner. he had it in storage for the past 2 years and he owns it outright, a $55,000 beauty, that he tapped his equity to buy. he ended up loosing the house and the truck to tow it with

he's been trying to sell it for $25K with no takers, thats what i'd call job security for ME , actually that boat would look really good in my driveway

[disneysteve]

thats what i'd call job security for ME

Why is it good for you? Do you mean because people like this won't ever be able to afford a home and will have to keep renting? Of course, the possible downside is if he blows his money and can't make the rent payments. Then you're stuck trying to evict him.

[EarlyRetirementJoy]

Why is it good for you? Do you mean because people like this won't ever be able to afford a home and will have to keep renting? Of course, the possible downside is if he blows his money and can't make the rent payments. Then you're stuck trying to evict him.

We actually have a friend who has two rentals that prefers to rent to people that just went through a foreclosure or short sale, assuming they are still employed of course. His reasoning is that it will take them 7 years to clean up their credit scores, thus increasing the likelihood of their remaining in his rentals as long term tenants.

The more infuriating part of this post is the reference to the individual cashing out equity to purchase a boat he clearly couldn't afford. How many thousands and thousands of times was this exact scenario played out over the last decade?

[sandrark]

i was at one of my properties the other day and there's a huge bay liner boat in the driveway so we make small talk about it and i come to find that he was once a homeowner and now he is a boat owner. he had it in storage for the past 2 years and he owns it outright, a $55,000 beauty, that he tapped his equity to buy. he ended up loosing the house and the truck to tow it with

he's been trying to sell it for $25K with no takers, thats what i'd call job security for ME , actually that boat would look really good in my driveway

Can we get his number? DH is looking for a used boat.