I should stop listening to the news
May. 2nd, 2020 07:23 pmThere are lots of people who have bee clobbered by Covid. It is all kinds of suck for so many people it's hard to fathom. I feel for most everyone I hear about.
However, there are a few exceptions. There are people who bought up houses and apartments and instead of leasing them to local renters put them on Airbnb because they could make signifcantly more money that way. So they made more money doing short term rentals while reducing housing supply for people seeking regular housing. Now they are facing multiple mortgages and no income. If you're facing $20,000/month in mortgage payments because your Airbnb rentals have disappeared, I don't have a lot of sympathy for you right now.
Oh, and if you bought a car just to put it on Turo because you thought you could make gobs of money and now you've got two car payments to make, when you make investments you have to face the risks of those investments.
If you are having trouble paying your rent because your job dried up, if you are having trouble paying the mortgage on your appartment building because your tenants can't pay their rent, or if you're having trouble making the payment on your daily driver car, you have my sympathy. I hope things right themselves for you soon.
However, there are a few exceptions. There are people who bought up houses and apartments and instead of leasing them to local renters put them on Airbnb because they could make signifcantly more money that way. So they made more money doing short term rentals while reducing housing supply for people seeking regular housing. Now they are facing multiple mortgages and no income. If you're facing $20,000/month in mortgage payments because your Airbnb rentals have disappeared, I don't have a lot of sympathy for you right now.
Oh, and if you bought a car just to put it on Turo because you thought you could make gobs of money and now you've got two car payments to make, when you make investments you have to face the risks of those investments.
If you are having trouble paying your rent because your job dried up, if you are having trouble paying the mortgage on your appartment building because your tenants can't pay their rent, or if you're having trouble making the payment on your daily driver car, you have my sympathy. I hope things right themselves for you soon.