I am sure that in Obama's book, I am now a 1%-er.
In my mid-20's, my wife and I had $4 (truely) but saw an opportunity to buy and rent residential real estate. I have been a landlord now for 27 years. My day was something like this:
5:00AM - out of bed.
5:45-7:30 - Renovating the worst house in the best rental neighborhood we could find.
8:00-5:00 Regular job.
5:30-6:00 Wife meets me at the house with dinner.
6:00-12:00 Renovating house.
12:30AM-5:00AM Exhausted sleep.
5:00AM Start again.
In doing this we gave the opportunity for people to live in a better neighborhood and send their kids to better schools than if they had bought a house. Some tenants recognized this and appreciated it. A very few, however; viewed us as the man and did everything they could to avoid paying the rent. One in particular.
In the end we have been able to do good things with our money. We give back a lot but not through the government.
A few questions for Obama regarding a tenant, who looked a lot like him, that we had to evict:
Did you ever have to remove a 2 week old raw chicken that was stuffed down the garbage disposal. Picking it out rotten piece by rotten piece?
Did you ever have to replace a toilet that the tenant put put a bag of concrete in and pooped on it for a week?
Did you ever have to replace carpet after the tenant let his dog poop in the living room for two weeks while you were evicting them?
Don't tell me somebody else made it happen, my wife and I made it happen. We busted out a$$es. Oh, but we did have this secret partner called Capital Gains, who never lifted a finger to help but was there at the end with his hand out when we decided to sell.
Great post!
I have rental property and I feel your pain.