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[–] 99 points 1 year ago (2 children)

Step one: Have a shitton of money to buy property to rent out.
Oh, you don't have enough money? Hhm, have you tried not being poor?

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  • [+] 21 points 1 year ago* (last edited 1 year ago) (1 child)
  • [–] -4 points 1 year ago* (last edited 1 year ago)

    The meme specifies Mortgage which means they also don't have any money. They obtained a loan that they will be paying back for 15 to 30 years, at which point the property will deteriorate to a much lower value if any at all. If they sell the properties then they will owe depreciation recapture which works similar to a capital gains tax, as if it were additional income on top of the actual capital gains tax on the sale of the property itself. Plus closing costs to realtors.

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