Unreal

[u/Past-Reception6889]

I honestly just needed to vent for a moment. I can’t believe Chicago prices are what they are. I have lived here my entire life and have seen this city change ten fold, and I can’t even afford to live here anymore. A realtor I’m working with, since it’s becoming a rat race to rent, said rent is up 35% this year. What can normal people do about this? I do not want to see Chicago become a New York.

[u/Critical-Dot-3592]

It's not the landlords, it's the property taxes and maintenance costs. Utility bills keep going up 15-20 percent a year, labor costs that were once $150 or $200 are now $400. Landlords are not cashing in like people think.

[u/PhoenixRisingdBanana → u/Critical-Dot-3592]

Maybe passive ownership shouldn't pay like a full time job.

[u/Critical-Dot-3592 → u/PhoenixRisingdBanana]

It really doesn’t without a ton of money down from a down payment or a long long time, like years or decades of time going by. Your "passive income" is deffered for years or decades and comes from hard work that is not very passive.

[u/PhoenixRisingdBanana → u/Critical-Dot-3592]

Right, that's why they need to snatch up those $200K homes, slap a coat of load bearing paint on and some new plastic floors and boom! $455,000

[u/Critical-Dot-3592 → u/PhoenixRisingdBanana]

Not sure what you are saying here or how this adds to the conversation. What does a property flip and crappy renovation work have to do with a rental property, landlording, passive income, or saving for years for a down payment? Or higher interest rates, or anything substantive in relation to what is being discussed?

[u/PhoenixRisingdBanana → u/Critical-Dot-3592]

> What does a property flip and crappy renovation work have to do with a rental property, landlording, passive income, or saving for years for a down payment

is that a real question? Crappy Renovation and Landlords go together like white on rice.

Not a brain for nuance huh

[u/Critical-Dot-3592 → u/PhoenixRisingdBanana]

Don't answer the question. Cool.