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Foveaux  ·  279 days ago  ·  link  ·    ·  parent  ·  post: Families Go Deep in Debt to Stay in the Middle Class

Super thankful my parents never bought into the "We could do it in our day, why can't you?" shtick. They've just bought their first house this year, they've been renters all their life as we shifted a great deal up and down the island.

I could buy a house now, at 29, though what's stopping me is the absolute cut-throat nature of real estate in our country now. I'm sure it always has been, but now it's glaringly obvious how fucked you are if you don't time it right. My two flatmates just bought their house last week, a really exciting time for them but I watched them bounce from open to open home, all absolutely packed with families of 4/5 wanting to buy a two bedroom home because it's all they could afford. Then come auction day a 2 bedroom house with an RV of 190k going for 450k - seeing them return home each day entirely outclassed in the finance realm by people just wanting to add to their investment portfolio.

I don't have anything against making wise investments, but the way we treat housing as a source of income scares the shit out of me.

My flatties wound up buying a place by strategically attending the first open home on a weekday so families would find it harder to attend, getting alone time with the vendor, writing a soppy letter about making milestones in the house and the sound of kids running down the hallway and making an unconditional offer knowing that's pretty much what you have to do these days.

The worst part? They're never going to have kids. They don't want them, they just knew they had to present themselves in a certain light or they'd never get a look in. So the letter was fabricated and it worked, the vendor is an English teacher who loves kids and wanted the house going to a similar minded couple. She said the letter was a huge factor in the decision and they got the offer accepted last week.

Shits fucked man.