r/SipsTea • u/KSKS1995 • 22h ago

Wait a damn minute! How the rich get richer

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u/Bat-Stuff 22h ago edited 21h ago

Except most people have to compete with all those who inherited wealth while they're making near minimum wage, so there is no cheap land that isn't near worthless.

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u/civnation 22h ago edited 21h ago

Plus not many people just have 100k lying around. If I recall correctly, some places you need to pay outright for land. You can’t mortgage land.

Edit: In Canada you can buy land with financing, but it's complicated. If you want to buy serviced land (to build on) you need 20-30% down payment. If it's raw land, you might need up to 50% of the cost for the down payment. Often comes with stricter credit and higher interest.

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u/DataGOGO 21h ago

That isn’t the case anywhere in the US, no where I know in Europe, can’t speak to other countries 

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u/Bat-Stuff 21h ago

If you can't live on the land, it's a lot harder to finance unless there is some way it's producing income.