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Froward69 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 08:21 AM
Original message
I feel... insulted
and I believe it is a direct result of the "compromise" of retaining the Federal tax cuts for the wealthy.
I tried to sleep on it, to possibly shake the feeling. I woke up feeling even more... Insulted.

As most long time DU friends know I am a Democratic capitalist Landlord. Over the years I have run my building with compassion. I love my building, my tenants and I really love receiving fair market rents. I own a very old building I have spent the last 15years restoring it. I repair things correctly the first time. I am understanding of tenants paying late and willing to work with them until they get back on their feet. I help out with Older neighbors and sometimes render assistance to beginners. My philosophy has rendered my building a Jewel in the neighborhood. A place people seek to live in. My Building's Word of mouth reputation routinely attracts people seeking "a Decent Landlord" who "runs a clean, Bug free and fair building." Mind you this is cold calls and/or past tenants seeking a return to living in my building. I maintain full occupancy, without advertising. (return clients is always a good thing, sometimes even coveted in business... especially Land-lording.)
Every Year, I typically receive around 20-40 Christmas/Holiday cards from my tenants and former tenants wishing me well. <-- THIS is my measure of how good of a job I am doing.

Like all successful business I occasionally receive offers to be bought out. Typically they come once or twice a year one at a time. I have always inflated my price to 1) make them go away and 2) If they should agree to my inflated price I would seriously consider selling out and buying another. this second reason is known to the brokers and is why I am kept on their call lists.

I have a Tea bagging Right wing loon next door neighbor, who spent the summer calling inspecting authorities on my Building to teach me the "burden of governmental over-regulation". He Stated just after the election, to a tenant of mine, that I did not deserve My Building. He has also openly wondered how I am a successful landlord with "my liberal attitude".
I do not think this came Directly from him. but I do not doubt he may have complained about me to his friends. I am pretty sure I have raised the standard of Land lording in the neighborhood. I am not easy to compete with.

Last night as I was Watching KO. I received no less than THREE Calls from different brokers in 30min. All representing others (Millionaires) offering CASH to purchase My Building at my inflated price. Aren't property prices supposed to be flat? Why is it No bank is Lending? I am having trouble finding a lender on my home and all I want to do on it is lower my interest rate, With no additional cash pulled out. why is this Impossible?
Certainly NO bank (right now) will lend on a 110yo apartment building. or any other for that matter.

In this economy I see other buildings and single family homes languishing in foreclosure and/or not selling. If I had the cash I would be snapping them up and housing families otherwise on the street.
Now out there are three Millionaires wanting to buy my Apartment Building with cash. insisting to close ASAP!

Obviously that cash they have on hand to purchase My Building with, is cash they would have otherwise had to pay into Federal taxes. No Debt on them, No real work for them as I did it all. NO infrastructure, NO Medicare, NO reducing the national Debt. NO Single Payer... (I digress.) I could not buy back in to the Market on Another Apartment Building, as no bank is Lending. paying cash would only render me in a smaller property if I found one. Or otherwise I would be tossed out of the market on my ass, with no where to reinvest. Yeah I could purchase a McDonalds, Subway or some otherwise profitable business. But Land lording is what I am good at and LOVE.
Like my Greed trumps my compassion in making housing a more honorable profession.:grr:

I feel insulted. :mad:
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stray cat Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 08:25 AM
Response to Original message
1. Most of us have felt insulted at some point including the president and the gop
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liberation Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-09-10 01:22 AM
Response to Reply #1
39. I doubt the GOP feels insulted that often...
... as stupid as they are, they still know enough as to not shit on their own base. Some of you still have to go through that "steep" learning curve however....
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RandomThoughts Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 08:31 AM
Response to Original message
2. Your heart fights against your greed by making your housing better.
Edited on Wed Dec-08-10 08:44 AM by RandomThoughts
If your goal is to make better housing, then that makes sense. Is that the goal?

Would you do it if you lost money?

You try to find a balance, and I understand that, I do it also, but what is more important, the better housing or the profit.


Do you remember the post of a CEO that said he was raising everyone rates to take away any added money they got from a tax cut for lower brackets.


Are you being honest with yourself that it is not about money first, or are you using the 'better housing' to rationalize you having wealth.

If it was not about money first, why do you have money? You think you can do more good with it then people would, they would just spend it. So you do not believe people should be in control of their own lives, and need a landlord to take care of them, yet what does the landlord really care about first?

It is rationalizations. If it was not rationalization you would educate them on how to take care of themselves and others like you do, not educate them on ways so you can keep money, or so they wont learn how to help people also.

If it is true that 'money first' is to help people, then why aren't they teaching on the news how to take care of people? They are educating how to pass money up to them.


All this stuff is so easy to understand, where did the idea of moderation in all things come from.

Because if you don't realize you really are working in greed first, you live outside of moderation, but if you don't understand that having nothing is not the goal, even if by sharing everything, then you understand that the some fair wage for the rich is expected, but in moderation.

How do you get to that point, understand that having way to much is because of greed, give away more then you need, or allow it to be used for better ideas by social taxation. If the rich don't want to be in a higher tax bracket, give the money to charity, problem solved. And charity is not a think tank that you direct, because that is still consolidated power or control.

But also understand you should have some, so don't give everything away, and try to use what you can have to help people while having a modest life style also.

It is not hard to figure out. Yet, none of you have considered me worth the proper correction due from years ago, why do I mention that, because it explains what you are doing.

Your answer, you don't care.

And that is my point and what I am trying to show you.
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Froward69 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 08:52 AM
Response to Reply #2
6. In all honesty
I became a landlord (self employed) because I have trouble with authority and could not please another boss for a very long amount of time.

the money is nice but I would rather be loved and appreciated. My Grandmother taught me that Wealth can buy everything. but to feel wealthy is to be Warm on a cold day, Have fruit in the fridge and someone calling to be sure I am ok. in short Wealth equals being Loved. (the lesson of "It's a wonderful Life") http://www.youtube.com/watch?v=0k_Vsmqf6X8

I have had months where short rents have hindered repairs or made Bill paying difficult. However I have also been "tipped" after I helped a Single mother keep her home, Finnish putting herself through College and finding a far better paying job.. If I had not "supported" her for that two months. she would have careened on a wholly different trajectory. (she not only paid back rent with late fees. but also gave me $1000 that next Christmas to help someone else.)

Pay it forward is another philosophy or even practicing random acts of kindness. This is the true measure of someones worth.

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dennis4868 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 08:34 AM
Response to Original message
3. What KO and many liberals....
Never mention shen they go off on Obama for the tax deal is that Obama was forced to compromise because as we know the repubs fillibuster everything, including a tax cut for only the middle class folks. So what's the point in fighting if you have no one to fight against and NO chance of winning because the repubs just continue to fillubuster....they don't give a shit about the people, only power. Obama did the adult thing and compromised in order to get unemployment insurance that is badly needed right now. No other dem president could have done any better because the repubs are stubborn and fillubuster anything that will help the American people and make a dem president look good. No one ever takes this into consideration when attacking Obama. Last night Maddow said why is Obama giving in to the repubs when he has clear majorities in congress. But just last week and for weeks before that she had many segments explaining how the senate repubs abuse the fillubuster and do they really are the majority party in the senate....but last night she conveniently left this out because it did not fit her narrative.... There are alot of people bring intellectually dishonest about the tax deal, people I used to respect - like KO and RM.
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Froward69 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 08:58 AM
Response to Reply #3
7. I disagree.
if Obama had beaten the Unemployment extension and reducing the deficit over republicans heads... then kept congress in session through Christmas the Republicans would have been forced to cave. Otherwise they would be increasingly perceived as scrooges. We know they are they know they are... but they certainly loathe wearing that scarlet letter, especially at Christmas time.

it has worked in the past.
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dennis4868 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 09:07 AM
Response to Reply #7
9. The repubs made it perfectly clear....
Edited on Wed Dec-08-10 09:08 AM by dennis4868
That nothing would get done in the lame duck session in congress unless there was an agreement on tax cuts for the wealthy...this group of republicans don't give a flying fuck if they look like scrooges because they never pay a political price for it....,he'll, they voted against the bill to provide assistance to 911 responders for their illnesses. They will not back down any fillubuster if they feel legislation will make Obama look good no matter how important the legislation is to the health and safety of the American people,...they have proven that over the last 2 years. The fillubuster was the weapon holding Obama and the rest if us hostage and there is nothing any dem president could have done about it.
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Froward69 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 09:35 AM
Response to Reply #9
12. Agreed
Sad but true.

republicans are hateful, bigoted, arrogant traitors to the United States' well being. All for political payback/power.
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JHB Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 12:34 PM
Response to Reply #9
25. But that wasn't (or should not have been) unexpected
The Republicans said flat-out what they would do even before the President was inaugurated, and they have inerrantly followed that strategy.

For someone with a "chessmaster" reputation, it doesn't seem like he's thinking several moves ahead, even when they're making it easy.

And a lot of people just aren't seeing any sort of long game that would set up more wins. That, more than "purity", is why "the left" is constantly up in arms.
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Autumn Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 10:15 AM
Response to Reply #7
15. Of course they would have given in on the unemployment
extension. It was all posturing, they have unemployed constituents too, some of whom were calling and reaming them out.( My unemployed republican BIL for one) To say they would not have given in is BS and a piss poor excuse.
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Froward69 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 11:00 AM
Response to Reply #15
17. oh hell yes
around the 15th If president Obama had addressed the nation under the guise of Christmas greetings. and stated that the republicans are stalling unemployment, purposely. Keeping little johnny or Sarah from have a Christmas present because their Parents Unemployment ran out and it was the republicans fault...

bohner would twist into knots trying to pass Unemployment extensions before Christmas. START too. then the Whole tax cuts for the wealthy could have simply expired JAN 1 with the mid-class extension headed to the senate and the presidents desk by Feb.
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Autumn Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 11:17 AM
Response to Reply #17
18. You got it right, that is how it would have played
but it seems that is not what Obama and some of the Democrats wanted. To say it was necessary is a lie, and misleading at best. Face it we were sold out.
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Froward69 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 11:53 AM
Response to Reply #18
22. thats even more insulting
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droidamus2 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 12:21 PM
Response to Reply #15
24. exactly
I think the problem a lot of us have with Obama is that he refuses to ever call the Republicans bluff. Everytime the Repubs whine and threaten Obama immediately backs down instead of stating and making his case strongly and working with the other Democrats to get things done. One of my big peeves with Obama is too many times it seems like a subject comes up, for example this tax deal, and it does not seem to be Obama gets together with the Democrats and I mean all Democrats including the left wing, pounds out a piece of legislation, then has the congressional Democrats push it with his 100% support. Instead he criticizes the left wing of his party and in most cases starts out by taking a weak position and then asking the Republicans what else he can give them. Most of us realize we can't get everything we want but aren't there some 'ideals', a la the rightwing we want everything our way, that you stake your reputation and in Obama's case your presidency. Democrats have to realize that a large segment of the voting public see constant compromise nothing we believe in is 'sacred' politics as weakness and they much prefer strong leadership. I guess what I am saying is I would like to see Obama pick a real fight, stake out a strong position and instead of asking the Republicans what else he can do for them tell them 'this is what I want. Filibuster if you must but the American people will really see that you are not interested in them'. As a final rant why didn't the Democrats frame this tax question in this way 'The Democrats and Republicans both agree that those making less then $250000 should keep their tax break. It is only the Republicans that want to give those over $250000 a continued break. They aren't even willing to seperate the two and let the chips fall where they may'. Then give the historical perspective that the current rates on the wealthy are actually historically low and that when they were high (I believe it was in the 50's and 60's) the country and the middle class were much better off.
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Dr.Phool Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 11:58 AM
Response to Reply #7
23. He had more important things to do.
Like fly to Kabul for a photo-op.

That was more important than putting up a fight on something we needed.
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sirthomas66 Donating Member (336 posts) Send PM | Profile | Ignore Thu Dec-09-10 09:29 AM
Response to Reply #7
47. It would have worked this time, too. The Republicans cannot have
money velocity (rate of spending) decrease, and those on unemployment spend because they have to.
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JDPriestly Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 04:22 PM
Response to Reply #3
28. The tax cuts will depress the economy because they will further
increase the disparity between rich and poor. Throughout modern history, we see that it is that disparity become too large that sets off an economic crisis. I explain that in a post below.

Obama should just let the Republicans filibuster a bill that omits the tax cuts for the very rich. Politically that is the right thing to do.

It is also the best thing to do for the economy. If the rich, the investor class, does not have these tax cuts, they will be more inclined to hire people and buy equipment. That is because instead of just having a lower marginal tax rate, they will lower their taxes by deducting business costs including salaries, payroll taxes, equipment costs, etc.

The tax cuts will actually cause more unemployment and more pain for the middle class. What would you prefer? A $300 tax cut -- which is what people earning $50,000 get I have heard, or a job that is more secure because the tax code includes a deduction of your salary for your employer and thus an incentive to continue to employ you?

We all need to dare to think for ourselves, not to just regurgitate what the media which is funded by the wealthy repeat to us over and over.
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sirthomas66 Donating Member (336 posts) Send PM | Profile | Ignore Wed Dec-08-10 10:54 PM
Response to Reply #3
33. And what will you say next year about this time when Obama
Edited on Wed Dec-08-10 10:58 PM by sirthomas66
extends the reduction on Social Security and the general fund HAS NOT BEEN tapped to replenish the fund? Will you still be around in 20 years when social security has been totally defunded based on leverage given by the original actions of a democrat president and there are four times as many people sleeping in dumpsters? What will you say then? I have been a democrat for 46 years. That tax deal was the worst sellout I have ever seen. I believe it and the ancillary actions associated with it will put democrats out of power for a generation and maybe even end the democratic party altogether. The Social Security action by Obama was merely part of the plan to defund it further when this tax cut doesn't work. Why do you think Treasury Bills are crashing right now?
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kaffy4x4 Donating Member (42 posts) Send PM | Profile | Ignore Thu Dec-09-10 07:04 AM
Response to Reply #3
46. thanks
for pointing this out. And let me add, time was running out. In a few short weeks the purse strings for this country are going to be turned over to the republican, cut taxes, people. They will be looking for ways to get their hands on any social programs and cut the shit out of funding them, cut them off in some cases (health care bill). Does anyone think they would extend unemployment or keep the tax credits for the poor and middle class? "Hell no they won't" In fact the tea party crowd has come out and said they will vote no on this proposal because it does have the unemployment extensions attached to it. This was the time to do it and this was what needed to be done to protect those among us who need help NOW. Taxes are not going up or down, they are staying the same, for two years. Don't let the word mastery sway the reality. No one, not the rich or the poor are getting a tax cut. No one, not the rich or poor are going to suffer a tax hike. The tax structure that has been in place since 2001 will stay in place for another two years. Now is this really a big deal?
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olegramps Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-09-10 10:11 AM
Response to Reply #3
48. Please explain to me why unemployment insurance has to be tied to this rip-off.
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Lint Head Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 08:35 AM
Response to Original message
4. You were insulted.
Edited on Wed Dec-08-10 08:35 AM by Lint Head
Apparently Progressives are more detrimental to this administration than right wing nut jobs like Boner and Chinless.
I am devastated and insulted.
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JDPriestly Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 04:24 PM
Response to Reply #4
29. Sorry, but we are not bringing the president down. He is bringing
himself down. We are just pointing out the mistakes he is making. He makes them for himself. Trust me, we would support him with no question if he fired his economic advisers and adopted a rational economic policy.

Where is Elizabeth Warren now when we need her?
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KharmaTrain Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 08:48 AM
Response to Original message
5. The Big Disconnect
It's the world the politicians and corporate media live in vs. the rest of us. They live in a very filtered world...few make less than 250k a year of enjoy the luxuary of a nice, stable job and lifestyle. The suffering of the "little guy" is a curiosity to them as they chatter and analyize and project as to what these people want or stand for always cloaked in their own beltway speak.

For the psat 30 plus years, the mindset is that's good for big business is good for all...and the bigger the better. It's protecting their interests that are what will make us all prosperous. Some called it "trickle down" while the real definition is voodoo econolmics...but when you're not on the bottom end of the trickle you aren't too concerned with how it flows. You got yours and that's all that matters.

The nexxus of yesterday's "compromise" was this administration poor strategy in not pushing for votes on detaching the tax cuts and on UE extensions before the election and then reacting rather than being proactive after the election. It created a shit sandwich where you either gave in and extended the cuts (the wingnuts are pissed cause they weren't made permanent) to keep from being lambasted as raising everyone's taxes (Obama's worst nightmare...seeing the ads in his dreams) and not getting any UE extention as he knows this number will only grow in the year ahead. The can was kicked, the deal was struck and the bases be damned.

Supposedly this is a move to once again attract the "moderates" and "independents"...after sleeping on this myself, I still can't see how that jives...

Cheers...
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badtoworse Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 09:01 AM
Response to Original message
8. Your post makes no sense to me
You are running a successful business and three different counterparties have offered to buy it. This happens all the time in the business world.

Credit is tight, but there is money out there. People who have money are looking for good investments - this has always been true. If your building is as nice as you say it is, why are you surprised that someone else in the real estate business would want to acquire it?

The people who offered to buy your building would otherwise have had to pay the money in taxes? That is an outright speculation on your part. You have no way of knowing that.
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Froward69 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 09:27 AM
Response to Reply #8
11. True
Edited on Wed Dec-08-10 09:31 AM by Froward69
I have no way of knowing that the cash they all suddenly have on hand is the money they "save" in their tax breaks.
However the timing of their inquiries (all at once on the news of "compromise") leaves me suspect.

If the wealthy (these three) truly invested and created jobs then buying my particular property would not be so important. Why not buy the property down the block that is in serious need of a few handyman's love?
it has been listed for ten months now.

mine is a turn key profit machine. At the inflated price I have been demanding... the return on the investment of it's out right purchase would be (at current rents) 9% per month. (on edit I broke out the calculator) Thats a better return than most any other investment these days.

down the block... the purchase price plus 100,000K (to maintenance personnel) and effective management... would make that place not quite as profitable as mine. certainly not as profitable this next January through May, as mine would be.
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Robb Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 09:59 AM
Response to Reply #11
14. Curious. How do you know it's "cash"?
Every offer, from a buyer's perspective, is "cash." Usually it's borrowed, though.

If you actually own a property with a 9% ROI ("9 cap") based on the price you want, it's not at all an "inflated" price. It's a smokin' deal.

9 and 10 caps, in apartment buildings, are nearly unheard of. If the numbers checked out, almost anyone with decent credit and apartment management experience in their plan could get money to buy your building. The difference between the nut on the loan and the income you describe from rent sounds like a good income.
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Froward69 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 10:52 AM
Response to Reply #14
16. All three brokers said the same thing
essentially... "this is a cash deal, no waiting for any financing." one even said (the youngest and least experienced broker) "my Buyer is willing to write a personal check tomorrow for your Building."

Honestly I am tempted... but like I said. I have no where else to invest it just now.

Yes it would be a smokin' deal. "turnkey profit". when I bought it 15 years ago my return was 1% and started with four units condemned.
Hard labor and Love made it shine.

one broker called me back and I directed him to the Building down the block. it needs capital investment and work. As well as would create a Job or two that do not exist now. nor would exist if I should take an offer on mine.
it is roughly the same as mine but requires actual work for the return.
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badtoworse Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 11:50 AM
Response to Reply #11
21. The timing is not suspicious at all
If they buy your property now and close before 1/1/11, they get to write off a full year of depreciation on their 2010 tax return even though they've only held it for a week or two. They're offering you cash to get the deal done quickly (i.e. before the end of the year), but they will certainly leverage it with debt as soon as they can.

I don't know the particulars of your building versus the building down the street so I can't comment on that.
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JDPriestly Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 04:27 PM
Response to Reply #11
30. Your property is probably in beautiful condition -- a showcase.
That means that investors will not have to put a lot of money into fixing it up. Your price is probably too low, not too high.

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Jeffersons Ghost Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 09:17 AM
Response to Original message
10. K&R for a good person
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MichaelS2012 Donating Member (12 posts) Send PM | Profile | Ignore Wed Dec-08-10 09:52 AM
Response to Original message
13. K&R nt
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Paper Roses Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 11:23 AM
Response to Original message
19. It occurs to me that something is out of whack here.
Now with your post or comments. Where do these big guys get all the cash? Hand it to you and it is your responsibility to figure out all the capital gains on your property. The buyers give you the $$$, what do you do, go to a bank and make a big cash deposit? Hmmm.

These issues are too complicated for me but it seems like this is a situation that, should you grab the offers, the net result would be a pain in the neck.

If you ever do decide to sell to one of these 'cash offers', I hope you have a good lawyer before you accept.
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Froward69 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 11:48 AM
Response to Reply #19
20. Paper roses,
Edited on Wed Dec-08-10 11:50 AM by Froward69
insofar as the capitol gains... there is no Cap-gain tax for three hundred sixty five days. that is I would have a year to reinvest it in some other business. and the price of my building is roughly the same as the 3% tax burden some millionaire saves by not having to pay 1990's tax rates.

If I were 52+ I could dump it all in an IRA and simply retire. as I am 40 the problem arises where would I invest for a decent return to retire on.

I do not wish to sell as My tenants are important to me and profit is not the whole reason i do this.

frankly another reason I won't sell just now is I know my building in the dark. that is I could fix, find or otherwise repair everything here whilst I am still asleep.
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Paper Roses Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 12:54 PM
Response to Reply #20
26. I'm glad to hear this. One less complication is a very screwed up world.
It is nice to read someone really cares about their fellow man.
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gtar100 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-09-10 12:52 AM
Response to Reply #20
37. What price can you put on a quality of life?
If things are working out for you, your responsibilities are under control and you've got people around you that love and respect you, how can you sell that off at a worthwhile price. It seems that always wanting something bigger and better and always pushing for more is a sure sign of discontent. Your tenants are fortunate and I'm sure there are several you feel the same way about. It's rare to find that kind of symbiosis in life.
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JDPriestly Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 04:11 PM
Response to Original message
27. With these tax cuts, we return to the Gilded Age with a similar result.
Edited on Wed Dec-08-10 04:15 PM by JDPriestly
That result is the rise of monopolies, out-of-control monopolies.

If you look at the history of the 19th century, especially the late 19th century, you will see capitalism run rampant. The disparities between the rich and poor were terribly great and thus, we lurched from economic crisis to economic crisis. Similarly, following the 1920s and the extreme disparity between the wealthy and the poor and middle classes in the 1920s, we got a depression. And now, we have seen the disparity between rich and poor grow again in the 2000s and -- again a serious recession. Just look at the history.

This tax bill will worsen that situation.

I oppose funding government expenses by just issuing more bonds. Who buys bonds -- the very, very rich. And who pays for the interest on the bonds -- the rest of us. Thus, funding the deficit with more bonds will also make the rich richer and the rest of us poorer.

Proof -- Today, it was announced that the yields (interest rates) on new bond issuance are likely to go up.

That is really bad news for tax payers. We cannot afford the tax cuts. They will not help small business owners like the author of the OP.

Now don't misunderstand me. Capitalism is a good thing. The author of the OP describes how he has taken care of his properties. That is what a capitalist who invests his money does. But that is not what these monster corporations do. They eat up the little, responsible guys and spit out whatever they don't feel like digesting. We end up cleaning up the mess they leave -- as we did in the fall of 2008 and have continued to do.

If you control monopolies and do not allow businesses to get too big to fail and the wealthy to just speculate with their money, capitalism is great.

The Obama "compromise" is a ticket to a horror ride on a train that will soon be utterly out of control. Let the Republicans refuse to vote for a tax bill unless it includes cuts for the rich. See how tax cuts for the very wealthy sell to the Teabaggers most of whom are not all that wealthy. See how the controversy gets Democrats out in the next election.

Obama needs to fire his economic advisers and get new ones. The current crew is giving him very bad advice. They appear to be well versed in the abstract theories of the Chicago school but have not looked at the history of the 19th century here in the US.

My grandmother used to tell me about that history. She learned about it from her parents. It wasn't fun for ordinary folks.
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nannah Donating Member (690 posts) Send PM | Profile | Ignore Wed Dec-08-10 09:37 PM
Response to Original message
31. integrity is good business... it used to be important
i am old enough to remember the handshake deal.... now it's all weasel words written in tiny letters identifying all the reasons the agreement would be invalidated.

you are the salt of the earth; you reflect the spirit of all that is good in our national story. Sadly, integrity seems to be becoming sort of a vestigial organ of our culture. i want to push back but don't really know how beyond living my values in all aspects of my life.
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femrap Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 09:56 PM
Response to Original message
32. Buying your building wouldn't create much
in jobs either.

Can't you evict that teabagger?

I had a landlord like you when I lived in San Fran....unfortunately he passed away and his son didn't want to deal with the building.

He sold to a Chinese man who sent all of us letters that increased our rents by 40% (against the law...SF was rent controlled). So he simply stopped the extermination service and the building filled with mice.

It was awful. I eventually moved out.

Greed is not good.

Thank you for being a good landlord. Do what you enjoy.

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undergroundpanther Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 11:31 PM
Response to Original message
34. I have roommates
It's rough, and My roommates are my friends and they are not well off by any means,but If I charged them what other people charge in my area to share a room in a house ,I'd feel like an asshole charging that much..
I don't want to gouge my friends,besides they could not afford what other people are charging for room rent out here as the going rate.I'm poor they are poor too but I am living with people I care about and that matters to me more than $$$.
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MadamAB Donating Member (35 posts) Send PM | Profile | Ignore Wed Dec-08-10 11:41 PM
Response to Original message
35. Over on Huff Post I saw an astounding thing on tax cuts
This guy broke down that if you had a high tax rate, it encourages reinvesting in the business since either way you are out of the money so why not blow it on new employees that cost you the same as the tax cut and yet grow your business?

http://www.huffingtonpost.com/larry-beinhart/weird-tax-myths-1-tax-cut_b_793178.html

By the way-I work in the courts that deal with evictions...I wuv you! It is really really hard to find good landlords.
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tomm2thumbs Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-08-10 11:48 PM
Response to Original message
36. Sounds like you not only sleep at night, but you sleep very well - good for you!

I'm sure your legacy of tenants and friends is more valuable than any windfall the GOP sees as 'a reward' for any hollow efforts they make to increase their holdings.

Again, good for you - and thanks for sharing the story.

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robinlynne Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-09-10 12:58 AM
Response to Original message
38. what city is your building in?
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Blue_In_AK Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-09-10 02:13 AM
Response to Original message
40. I love your attitude.
Edited on Thu Dec-09-10 02:15 AM by Blue_In_AK
I'm a landlord, too, although on a much smaller scale -- owner-occupied duplex. :)

I've been living here since I bought this place in 1990, when my former landlady was foreclosed on and my family and I were forced to move. We had a housing crash here in the late '80s, so I was able to buy this place cheap and qualify for a loan. There were no rentals then, but lots of empty houses and duplexes. I had some issues with HUD disclosure and a very leaky roof that I had to get fixed, but since I took care of that, I've never had a problem. Being an evicted renter was for me the best thing that could have happened.

Since 1990 I've never had to rent to people I don't know. I've rented to two of my kids, their friends, their friends' mothers, my friends. I've always kept the rent low and fixed things when they break. They're paying 2/3 of my mortgage, after all, so it benefits me to treat them right. I've never raised the rent -- I think I'm renting at about $200 below market, plus I pay the utilities. I could make more money, but I feel good providing a nice home at a reasonable price to people I care about.
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w4rma Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-09-10 02:46 AM
Response to Original message
41. Inflate it higher. Now you have buyers at the previous price. Buy two sets of apartments. (nt)
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tcaudilllg Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-09-10 02:51 AM
Response to Original message
42. I think what your neighbor did is illegal.
You should be able to shut him up by suing him for the information he supposedly gave. If he signed an affidavit that was false, he can be charged with perjury.
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BobTheSubgenius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-09-10 03:09 AM
Response to Original message
43. I have a pretty good relationship with my tenants, too.
I have one that can be SUCH a pain, and has been making my life miserable from time to time for 6 years. The rest have been there since I bought the place in 1986.
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indimuse Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-09-10 04:53 AM
Response to Original message
44. HUge kick!!
Thanks for sharing! ;)
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BlueIris Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-09-10 05:11 AM
Response to Original message
45. Ugly.
And scary.
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