re: Major social unrest is coming

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My wife is an architect and has several younger architects under her supervision. They’re all making around $55K, yet they all rent and have roommates. Now this is Nashville]

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That seems pretty low for the Nashville market TBH

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Now this is Nashville, so housing costs are REALLY out of control, but it’s everywhere really.

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very true. My Wife and I bought our house in Franklin in June of 2018. We recently had it appraised and the appraisal came in at nearly double what we paid for it just shy of 4 years ago, and that doesn't even take into account that most homes in the area are selling above appraisal values. We are very fortunate we bought when we did. And honestly even when we bought, houses were about 60-70% more expensive than they were before that. Our home was built in, I believe 2003, and it's appraisal value is about 3x what it was originally sold for. It's insane.

Nah.

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I only owned one unit so I’m pretty sure I didn’t qualify for many advantages.

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just because you didnt utilize advantages doesnt mean they dont exist and artificially prop up the market.

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When I had to repair walls or fix shite tenants broke you don’t think that should be deductible to the business?

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I agree with your example, I even said they weren't necessarily "bad". I see you are still stuck on nit picking 1 point. the overall point is there are tax advantages for rental income over traditional wage/salary income, which artificially inflates the demand to utilize homes for rental income and reduces the potential supply of homes for primary ownership.

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bullshite. Both my children and my godchild are millennials who bought homes in the last few years. All 3 started in a below median "starter home" and 2 of them just upgraded. All 3 couples are 30-32 and one of the couples did not finish college. No real help was given other than sweat equity (minor demo, painting and moving, etc.)

It can be done with hard work.

My only niece that doesn't own hasn't developed a career yet, but she will. She ain't starting any social unrest.

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That's great and all but every house in my county is pre-sold before construction. There isn't a single construction home in the county that remains unsold. That's the first time in history that's happened here. Home prices have jumped 30-40% in most cases and Progress Residential is a company that is buying almost every used home that goes on the market. To get a home in my county, you have to offer $20,000 above asking price just to be in the running, and even still you likely won't get it. This has only happened in the last 2 years.

That's the Memphis area, which has classically been one of the most affordable places in the nation to live. Not anymore. This market is absolutely hurting people.

Architect is a tough field to hoe. Had a room mate who tried to major in it and only made one semester and switched to accounting. Architecture prof gave them a project to do with like a 4 day time limit and he did not sleep for those 4 days.

Besides low supply and high demand for housing in the Nashville area why is everyone trying to live there? Low taxes? Big refinery needs employees? New auto plant? What's the draw? As long as you have high demand and low supply the prices will go higher no matter how much you make on payday.
Corinth Mississippi has some 3br/2ba nice homes for around $200k.

Ummm…the last decade.

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Bought our first home, one of my wife's bosses had moved away and was needing to have his house bought. We rented his house for a year, bought it while renting out our first home. We built the empire from there.

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What year did your empire begin?

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Can I ask where?

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BR/Goodwood area, older home they bought in December, needed updating/TLC.

Metairie, small home they renovated - upgrading to Harahan

Daphne, started in newish tract home - upgraded to Fairhope

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Nit picking?

Damn. Thought we were just have a discussion?

I’ll tone it down a bit for you.

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haha we are.
do you have any comments on other advantages like stepped up basis, opportunity zones, section 1031 tax free exchange, qualified business deductions that are available/beneficial for rental income but not for a wage/salary employee income?

Again, Im not saying they are necessarily "bad", but do you consider those to be incentives/benefits that artificially influence the market? do you think the supply/demand for homes would be the same without those codes?