Who said the uber-rich don't rent?

it's a cliche used pervasively by the financially illiterate middle class (among them, some members of my family to whom i have to explain again ang again that i can afford to buy but it's just financially stupid to do so).

by now i've heard "but... the rich don't rent" so many times, even after explaining that rockefeller rented during the 30s cause it was the smart thing to do. i simply gave up on them and now i see it this way:

middle class = wage slaves that never learn to handle money wisely and easily fall for the last fad when it comes to investing (hence, perennial knife catchers) imho

Sitting out the market and renting in a downward mkt isn't stupid, but paying maximum rents while u sit out that market is. High rents eliminate the rental advantage over any price depreciation you would have suffered had u bought. a $20k rental? moronic. $240k/yr is a house in most of the US (& the world).

a colleague of mine, much more successful than i have been, rents---he laughs about the pressure he gets from his inlaws to buy---they are not weatlhy by most measures and retired, buying in scottsdale 5 years ago!!

downtown--you dont get it--if the same space can be rented cheaper than bought it is anything but moronic, whatever the cost--

> Sitting out the market and renting in a downward mkt isn't stupid, but paying maximum rents while u sit out that market is. High rents eliminate the rental advantage over any price depreciation you would have suffered had u bought. a $20k rental? moronic. $240k/yr is a house in most of the US (& the world).

moronic? tell that to rockefeller that successfully rented during the 30s while waiting the mkt out, he rented at 740 park avenue, without having to lower his lifestyle at all. renting a luxury unit instead of buying a luxury unit is going to be a good biz for a while, so why not? think twice before calling this great guy "moronic". just accept you are not at these league (nor am i) but instead of judging "moronic", sit down, take notes and learn from the masters at money management.

otherwise you are setting yourself to be yet another wage slave middle class American.

"moronic? tell that to rockefeller that successfully rented during the 30s while waiting the mkt out, he rented at 740 park avenue, without having to lower his lifestyle at all. "

Who's the MORON here?

HELLO! In the 1930s, there was no such thing as "buying" apartments, regardless of your income; you either BOUGHT a townhouse or your RENTED an apartment in a building with a shared roof.

>his inlaws to buy---they are not weatlhy by most measures and retired, buying in scottsdale 5 years ago!!

wow, being big time RE suckers should have taught them not to put pressure onto others, they have too much to learn themselves to begin with! these retired couple should, together with downtown just ...

sit down, take notes and learn from the masters at money management.

> Who's the MORON here?

NYCMatt!!! no doubt! 740 park was developed to sell, not as a rental property... is Jackie's grandpa biggest failure as a developer... oh NYCMatt, you have so much to learn!

btw NYCMatt, are you a renter or a homeower?

Really, notadmin? even my cursory attendance on this site allows me to know NYCM is a co op owner.

sorry romary, i've been absent in this blog for a while... so only recollect great threads, everything W81 and 67 have to say (30 years and joe too) and the fights around AR. somehow... nothing that NCYMatt says seem to stick.

yeah, now that you mention it, NYCMatt sounded like a self-serving co op owner that bought close to the peak. but always prefer to ask than to draw assumptions, cause you never know. maybe the guy has a point. maybe, just maybe, he's not being driven by the homeower's agenda.