You’re a rich girl, and you’ve gone too far
‘Cause you know it don’t matter anyway
You can rely on the old man’s money
You can rely on the old man’s money
It’s a bitch, girl, but it’s gone too far
‘Cause you know it don’t matter anyway
Say money but it won’t get you too far
Get you too far
Rich Girl by Hall and Oates
I had an exchange with a wildly out of touch rich girl the other day on FB. A friend posted this meme:
I’ll post all the screen shots at the end, but for discussion, I’ll be copying her comments [MB] and posting my retorts [AP], not necessarily exactly as I did in the original post, but mostly copied and edited w/ this: [snipped]. Anything new in my retorts will be italic. The egregious part of her nonsense I’m responding to will be BOLD. Ok, got it? Here we go!
MB:
Are you okay with taking on the liability personally. Most LLCs can be pierced. Getting a loan for an individual in the 5-16 unit range is nearly impossible -> not to mention landlords don’t understand how to manage 50 units and below > causing distress properties. A corporation provides benefits to the employees and makes profit, but for the most part they do upkeep the property > which is something an individual won’t do because they just hire contractors.
Just food for thought. You would also have a bigger housing crisis in cities without corporates because there would not be any housing. An individual can’t have more than 4 mortgages…
AP:
The corporations now own most of the rental properties available ANYWHERE and they make it nearly impossible to rent. It took my friends 18 months and thousands in application and viewing fees (non refundable, of course) to find a place. They were routinely rejected [snipped].
It is fallacy that corporations take better care of properties! They’ve had to replace a toilet [snipped] themselves, because the corporate landlord refused to fix anything.
What you are missing is that THERE IS NO HOUSING AVAILABLE because the corporations won’t rent to anyone. There are so many empty houses that squatting has become quite common. My friends had TWO different houses lined up, only to find that squatters had set up housekeeping in them and the corporation could not evict them w/out due process. [snipped] The corps don’t care if they rent the houses or not. They are just a write off if they are empty or full of squatters.
If you think having corporations control 90% of rental homes and having no available affordable starter homes is of benefit, I invite you to cruise around S Dekalb and have a look at how successful that notion really is. If we lose this home, we are SCREWED. We’ll never find another house to rent because of our credit. Nevermind that we have never been late a single time in 10+ yrs, that won’t matter at all. We can’t afford to buy when everything is $400k+++. How that is better for us and everyone else in our position is beyond me. ??
Now is where the lecturing and amazingly tone deaf bullshit begins:
MB:
I understand your point, but if we abolished corporates for housing, high rises wouldn’t exist. Again, the mortgage allowance is minimal for an individual. I know this because I have many properties.
AP:
I knew you were a realtor. And I also knew you were a realtor that owned multiple homes. As soon as the lecturing started, I knew. She is not a realtor, it’s worse: a vulture (venture) capitalist. BARF. Of course she has many properties. And who THE FUCK is talking about fucking high rises??
MB:
I also would like to point out, I purchased some of my first housing in the depths of ghetto in Atlanta… where NONE of my friends would go, where my parents were afraid and where the police didn’t exist. I made a huge sacrifice and sometimes that is what you have to do.
AP:
Oh, POOR BABY. Had to buy something in the ghetto! The horror.
MB:
There are multiple properties on realtor.com below 60,000 (minimum amount for a mortgage) that you could purchase within Atlanta city limits. Will they need some work, sure. (My first place was squirrel and mouse infested on purchase). There are condos less than 50k (also with ATL limits).
There are decent houses in Columbus (a bit further away) – where you could take the bus into the city for a nominal price-
Go grab one! Be positive! What do you have to lose?
AP:
The absolute condescension of that statement is stunning. You cannot buy a home without good credit and a down payment. There is a program that will pay for your down payment, etc., BUT we have a (business related) bankruptcy on our credit. WE DO NOT QUALIFY for anything, anywhere, including renting.
MB:
I’m exhausted with people claiming they want gentrification but they aren’t willing to help gentrify areas… it’s hypocritical. Take your 3 friends, go by a house, fix it up and improve your credit. You are in control of your credit. There were choices along the way that made it go down and you have the choice to change it as well. Not to mention, credit is something that wipes away after time too. So you DO have the ability to change. BTW, I spent 5 years waiting to turn around my credit so I could refinance and buy more properties. So start with you and you can improve you.
AP:
MOAR condescension, please! Yes! If I just gather up three of my also working poor friends, I’m sure a mortgage company will just hand over the money lickety split! She seems to think we all have $10-20k in cash laying around. LOL
We are absolutely NOT in control of our fucking credit, which is why other countries don’t use credit ratings. We had a BUSINESS loss, but you better believe it trashed OUR credit. And, again, POOR BABY, had to wait FIVE WHOLE YEARS to get enough equity in her MULTIPLE PROPERTIES to buy more properties. Poor thing, how did she ever survive it?? And telling me “start with you”, which is code for “Bootstrap it motherfucker! Work harder, serf!” Classic rich speak for: WhY YoU No HaVe MoNeY? I hAvE iT!
DO NOT lecture me about fixing credit. I knew you’d come back with this exact bullshit. People with lots of money, property and perfect credit ALWAYS come back with this crap. [snipped]
AND, BTW, we DID buy a house in the hood and fix it up. What did we get? LOSING 60% value in the crash, that’s what.
[snipped] Buy a house with three friends? LOL LOL LOL That’s probably one of the most naive things I’ve ever heard. You skimmed over the ACTUAL content of what I said, just so you could jump in and lecture me about how it’s all about ATTITUDE not money. That is what people with money ALWAYS think. [snipped]
MB:
[snipped] I started in tech and am a VC. Absolutely, nothing to do with real estate other than buying multiplexes in every city I’ve lived in (currently about 8 cities and 3 countries). Many of those were cash purchases because credit isn’t a thing in most countries. Credit history doesn’t matter in other countries because they are cash buying societies.
AP:
Tell me you’re a fucking rich bitch 1%er without telling me! LOL
MB:
My tech career was met with loads of layoffs between 2009-2014. Each year, a massive layoff. So I know this story well and yes, I nearly lost my shirt in the down turn with real estate. I also ended up in a lawsuit that wiped me out.
AP:
I’ll bet she was down to her last million! The horror!
MB:
Now, what I do know: I went to CAL-earth and learned how to make earth bag homes [snipped goes on and on about how she brilliantly made some cool Air BnBs and made a killing]
Only an American would think of having a mortgage with a corporation. I once went door to door asking someone to sell me their house> and an older gentleman did. He said, “you look like a nice girl. I’ve made my money. I’m happy to sell this to you.” It was owner financed, nothing down.
AP:
Uh, right. So I should walk around neighborhoods asking to buy houses with no money to ACTUALLY do that? And you got financing how, exactly? Sounds to me like you got pretty fucking LUCKY. Again: condescension.
MB:
You don’t need to qualify to make real estate work for you. You can do it and if you are really interested, I can help you. (I also can’t buy in the USA on a mortgage because I haven’t worked in the USA since 2015… my alternative plan is working). But it wasn’t my plan, this is how housing is built in Egypt, Iran, Spain, Mexico and California. You just have to be open to learning and also up for doing.
AP:
Does this sound like a scam to anyone besides me? “I can help you” 100% means scam. And the next line “I can’t buy in USA…” is trustworthy, too, amirite?
MB:
[snipped out another condescending bullshit quote]
MB:
and for the record, 90% of companies fail. I’m in that market, with entrepreneurs- I was one myself. Tons of my friends had their houses taken and cars repo’d > they got back on the saddle and they did it again. I know you find that annoying, but as an entrepreneur this is what we do. We don’t give up. We find the grit and we find a way to survive.
[snipped out a stupid irrelevant story] You actually inspired me to start writing a series on rising from the dead on LinkedIn. Thank you
AP:
“We find the grit…” NO YOU ARE NOT LECTURING ME ABOUT SURVIVAL YOU FUCKING 1% BITCH. OMG.
Hahahaha!!! You are so precious. A VC! Oh, MY! [snipped] You don’t live here for what I assume is legal reasons, hence, you are so so completely full of it I can’t even. You and your ilk FAIL UP. Vulture capitalists ARE the problem. YOU are the problem.
[snipped]
It’s people like you who have wrecked the whole economy and ruined any possible ways up for the rest of us.
[snipped]
— End of exchange —
And finally: NO, thank YOU, rich bitch, for inspiring me to repost this on my blog, where it will live forever. This girl is delusional and can suck a cock. I guarantee you her family paid for her college and paid for her first home. She has never had an issue with money and never will. These fucking people live life on EASY MODE and can’t imagine any other way. They can’t imagine having school loans, being underemployed, without backups, no savings, spending 45% of their income on rent – not even a fucking mortgage! They truly believe if we all just have a better attitude and work harder, everything will magically get better. This attitude that we are broke and struggling is OUR fault is just plain bullshit. The numbers prove it, too, Americans are paying more for everything and income is stagnant. That is a recipe for a collapse of the middle class – which has already pretty much happened. Corporations are literally bleeding the country dry and politicians (who are beholden to the corps) look the other way while chucking millions of dollars in kickbacks into their secret Virgin Islands bank accounts.
Eat the rich. Bring back the guillotine. Or at the very least TAX these motherfuckers. Damn. This is a fucked up time to be over 50, my bitches. We’ll never retire. We’ll work until we die. We’ll probably never even get to buy a home (again). It’d be great to flee to Europe, but we’re too old for that, too. There are age limits for visas and we’re over them. We could go illegally, but then what? It is untenable. We’re stuck here and we’re pretty screwed. That’s the sitch and it SUXXX. With 3 Xs.
Receipts:
