A Boring Dystopia

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Warren Buffett Said Buying 'Distressed' Homes With 30-Year Mortgages And Renting Them Out Might Be The 'Most Attractive' Investment Available (news.yahoo.com)

submitted 11 months ago by FlashMobOfOne@lemmy.world to c/aboringdystopia@lemmy.world

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Buffett didn't hesitate. "If I knew where I was going to want to live the next five or 10 years, I would buy a home and I'd finance it with a 30-year mortgage, and it's a terrific deal," he said.

He didn't stop there. "If I was an investor that was a handy type, which I'm not, and I could buy a couple of them at distressed prices and find renters... it's a leveraged way of owning a very cheap asset now, and I think that's probably as attractive an investment as you can make now."

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[–] pseudonaut@lemmy.world 8 points 11 months ago (2 children)

I really don't get this.

House price to income ratios are at all-time highs. How could be calling housing a "very cheap" asset? Could housing costs really spike more than they have?

I've been of the mind that we're in a housing bubble that's going to crash sending prices down 20%. I'm no billioniare investor, so what do i know, but still shocking to think that the 1M California starter home is "cheap."

[–] surewhynotlem@lemmy.world 12 points 11 months ago

Yeah, he said it in 2012 apparently.

There are no distressed houses anymore, just distressed people.

[–] Stillwater@sh.itjust.works 7 points 11 months ago

Remember when any of these guys makes a statement about investment advice, it's not something that they want to do but something they will benefit from convincing you to do.