this post was submitted on 22 Apr 2024
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A Boring Dystopia
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We own 3 rental properties. 1 we bought from my wife's grandpa because he was about to sell it to one of those "we buy houses scams" and we're currently renting it out for about 60% the rent on comparable properties...tenets have been great except for a few months several years ago when dude got hurt and couldn't work. We worked with them through that, and they haven't been late since or caused any damage. The other 2 are friends/family that couldn't afford a place on their own, so we bought it, and they rented it. We generally lose money on those 2. I grew up poor, and we had to move every year or two when we got evicted or when we were actually doing things right, but the landlord wasn't paying the bank.
There's a lot of scummy landlords out there, but there's several of us who aren't. We charge just enough to cover mortgage and maintenance. The payoff comes after we retire. We can sell the homes (hopefully to the tenets if they're interested) or supplement our retirements.
I mean, cool. You're The One Good Landlord who is doing everything at cost and simply extending your credit to friends and family. I suppose I never found this kind of place, because I wasn't immediate family or friends with someone who could buy and let property to me under their credit scores.
That's not traditionally how the good folks at Brookfield Properties or Invitation Homes do things.
So its less that you're not making money, and more that you haven't realized your gains.
So basically someone else is paying your mortgage and giving you equity without generating any equity themselves.
So your tenants would be able to do that themselves if they were able to buy the property instead of renting it.
Which is what you are taking from your tenants in exchange for...?
It’s really easy. If you’re breaking even, then it’s not worth it to hang on to the property. Unless you enjoy being called on a Sunday afternoon to fix a toilet.
If you are making a profit, then you’re stealing income from your tenants that could be used to buy their own home.
You're not charging market rate for your property and are giving discounts to friends and family?
You're a bad capitalist and need to go to capitalist jail (which is like... I don't know, a Betty Ford clinic to "get clean" and definitely not "do cocaine with other landlords"?)
Capitalist Jail is the one where you don't pass "Go" and you don't collect $200