Yup, totally agree. Renters are ready to take advantage of anything you can offer. They will come into your house that you worked hard to rest up and they will wreck the bejisus out of it. Every weekend I was there fixing a clogged toilet, looking a wet floors and walls in the kitchen. Just looking at my first big investment rot away.
In the end I broke even and I got out of that business. That’s a single people sort of work. It feels much like changing people’s diapers. Like the renters I got blessed with were lazy lazy people.
But then what is said is very true. I bet they could not afford to own a house so they end up stuck having to pay most of their earnings for a place to live. It becomes this vicious cycle where they don’t care about the house and expect that the property will be repaired and always like-new for them. And unfortunately it’s just not. A house depreciates, gets old and breaks down the minute you start living in it.
My renting experiences were actually mostly positive. It’s the last renter I had that made me throw in the towel. My full time job takes me to a lot of high rise apartment buildings and I see what they go through. Most tenants are decent people but the few bad ones and their friends mess it up for everybody. I’m seeing very slimy property management companies from out of state buy buildings here because it’s relatively cheap. Crooked HVAC companies are just as bad. I wouldn’t want to live in most of the places I visit
It’s basic math. The tenant gives money to the landlord who gets the privilege of investing it. It’s one among the many one way cash flow systems of capitalism that cause this graph.
Ya serious? Like I don’t wanna just start throwing insults, but AI?!? Because it’s stupid??? Regardless of if what I wrote is complete brain rot or not, you linking it to AI because of it, is just completely baseless.
Just dude, read a book or watch the news from the last 20 years. Every year there are more millionaires while the wealth of the middle and lower class are either not changing or even god forbid decreasing. If you want something more sophisticated read a critique. It’s just not a system that can sustain it self indefinitely.
And because I know there’s no way in hell you’re buying a book based on an internet strangers opinion you suspect of being an AI. Here’s a pay wall free link too.
http://digamo.free.fr/piketty14.pdf
Ah yes, my mom who ended up with 2 houses after remarrying (her new husband was terrible with managing finances so they decided to give the house and associated debts to her), barely scraped by financially, is a social parasite for wanting to rent out that other house because her new husband, after decades of physical labor, had become incapable of working full time and needed a way to have income later in life. Always had at least one tenant that was from hell in their own way btw and ended up selling the house to not succumb to the costs. Renting it out only caused losses.
Ok, here’s an idea, get a company to rent it out for you, some even pay you while the place is vacant (for a bigger cut ofc). Or sell the damn thing and put the money into a savings account. Even the worst savings accounts will do wonders with the amount a property goes for.
Like I don’t want to insult your mom that has gone though hell, but that right there just seems fucking stupid.
Oh she definitely should have sold it from the start. Which directly goes against the claim that renting it out is totally risk free and free money.
Even after the sale it barely covered the associated debt and renovation costs after the tenants though. The housing market isn’t equally fucked everywhere. Even if selling it immediately the surplus money would not have been able to support my stepdad (who is now living on disability and social security with some financial support from my mom) for more than a few years. If renting it out had worked, it actually would’ve.
Why not get a company? Dunno precisely, probably because when money is that tight you don’t want to lose some to a company that does something that seems very doable by yourself.
It seems doable, until all the shit you described happens. After which the 15~20% cut (the kinda rates these companies want over here) doesn’t seem so bad anymore. Especially compared to the loss. A friend of my aunt had a tenant with some mental disorder that wasn’t able to find a job again after covid, yes that means 4 years of not paying, the landlady didn’t have the balls to kick the tenant out, and now the court proceedings might take another year. So yea, there is a risk, but only if you ignorantly chose to do it your self without knowing what you’re going into.
Why is it some other family’s responsibility to support your mom. Why do someone’s children have to go without because of your adult mom. Why don’t you take care of her?
Whoever came up with this has never owned a house and has no idea how fucked up tenants can be
Yup, totally agree. Renters are ready to take advantage of anything you can offer. They will come into your house that you worked hard to rest up and they will wreck the bejisus out of it. Every weekend I was there fixing a clogged toilet, looking a wet floors and walls in the kitchen. Just looking at my first big investment rot away.
In the end I broke even and I got out of that business. That’s a single people sort of work. It feels much like changing people’s diapers. Like the renters I got blessed with were lazy lazy people.
But then what is said is very true. I bet they could not afford to own a house so they end up stuck having to pay most of their earnings for a place to live. It becomes this vicious cycle where they don’t care about the house and expect that the property will be repaired and always like-new for them. And unfortunately it’s just not. A house depreciates, gets old and breaks down the minute you start living in it.
My renting experiences were actually mostly positive. It’s the last renter I had that made me throw in the towel. My full time job takes me to a lot of high rise apartment buildings and I see what they go through. Most tenants are decent people but the few bad ones and their friends mess it up for everybody. I’m seeing very slimy property management companies from out of state buy buildings here because it’s relatively cheap. Crooked HVAC companies are just as bad. I wouldn’t want to live in most of the places I visit
If you can’t handle it, sell your property. No one asked you to be a landlord. You’re not holding up the world, you’re just a parasite.
Ahh what I would give to be young and naive again
It’s basic math. The tenant gives money to the landlord who gets the privilege of investing it. It’s one among the many one way cash flow systems of capitalism that cause this graph.
This has to be AI it’s so stupid
Ya serious? Like I don’t wanna just start throwing insults, but AI?!? Because it’s stupid??? Regardless of if what I wrote is complete brain rot or not, you linking it to AI because of it, is just completely baseless.
Just dude, read a book or watch the news from the last 20 years. Every year there are more millionaires while the wealth of the middle and lower class are either not changing or even god forbid decreasing. If you want something more sophisticated read a critique. It’s just not a system that can sustain it self indefinitely.
Here is a good starter for you: https://www.hup.harvard.edu/books/9780674430006
And because I know there’s no way in hell you’re buying a book based on an internet strangers opinion you suspect of being an AI. Here’s a pay wall free link too. http://digamo.free.fr/piketty14.pdf
So you’re old and ignorant of Adam Smith and Marx.
I’m old enough to know how life works. I’m sure Smith and Marx will come in handy when your toilet clogs. Call a plumber LOL!
You don’t know how life or capitalism works if you’re never bothered reading the two seminal works on it.
Ah yes, my mom who ended up with 2 houses after remarrying (her new husband was terrible with managing finances so they decided to give the house and associated debts to her), barely scraped by financially, is a social parasite for wanting to rent out that other house because her new husband, after decades of physical labor, had become incapable of working full time and needed a way to have income later in life. Always had at least one tenant that was from hell in their own way btw and ended up selling the house to not succumb to the costs. Renting it out only caused losses.
Ok, here’s an idea, get a company to rent it out for you, some even pay you while the place is vacant (for a bigger cut ofc). Or sell the damn thing and put the money into a savings account. Even the worst savings accounts will do wonders with the amount a property goes for.
Like I don’t want to insult your mom that has gone though hell, but that right there just seems fucking stupid.
Oh she definitely should have sold it from the start. Which directly goes against the claim that renting it out is totally risk free and free money.
Even after the sale it barely covered the associated debt and renovation costs after the tenants though. The housing market isn’t equally fucked everywhere. Even if selling it immediately the surplus money would not have been able to support my stepdad (who is now living on disability and social security with some financial support from my mom) for more than a few years. If renting it out had worked, it actually would’ve.
Why not get a company? Dunno precisely, probably because when money is that tight you don’t want to lose some to a company that does something that seems very doable by yourself.
It seems doable, until all the shit you described happens. After which the 15~20% cut (the kinda rates these companies want over here) doesn’t seem so bad anymore. Especially compared to the loss. A friend of my aunt had a tenant with some mental disorder that wasn’t able to find a job again after covid, yes that means 4 years of not paying, the landlady didn’t have the balls to kick the tenant out, and now the court proceedings might take another year. So yea, there is a risk, but only if you ignorantly chose to do it your self without knowing what you’re going into.
Why is it some other family’s responsibility to support your mom. Why do someone’s children have to go without because of your adult mom. Why don’t you take care of her?