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If I were a landlord, I would require 6 months rent IN ADVANCE for new tenants for a security deposit.
LOL this sounds good in theory. Trust me, the tenants that are willing to pay so-and-so many months in advance are the worst tenants out there. It's always the tenants with a lot of cash that have effed me sideway before. Nowadays, I don't accept anymore than 3 months ahead, and even then I automatically assume they will try to eff me over if they want to pay ahead of time.
Managing 1-10 rental houses is not a work. It might require one hour a month, but that's it. And of landlord has more than that, he can always hire management company and still be well off. Landlord=capital works, not a person. And, by the way, landlords are doing disservice to the community. Without landlords house prices would be much lower - you know,basic thingy about supply/demand.
Well. Landlords small or big would have been perfectly fine if the stupid know nothing government left him or her alone. Free market had always worked, but we never have had a true free market economy.
I can't believe you brought up supply and demand because you obviously don't know how it works.
^^^
Just a reminder of what we're up against here folks. These people are indoctrinated in our public schools, and they vote.
It's bizarre, isn't it? Maybe everyone should just live off the government. Maybe the government should employ everyone, and own the production of everything? Hell, they're already the biggest employer in America. I guess we're getting there, slowly.
Managing 1-10 rental houses is not a work. It might require one hour a month, but that's it. And of landlord has more than that, he can always hire management company and still be well off. Landlord=capital works, not a person. And, by the way, landlords are doing disservice to the community.
I am a professional landlord and I assure you this is not true.
Quote:
Without landlords house prices would be much lower - you know,basic thingy about supply/demand.
I'm not an economist so I don't know if this is true or not.
What I do know is my tenants rent from me because they don't have the money saved up for a down payment for a new house. And there are professional renters out there, as in they have the money and credit to buy a house, but they don't want to. They feel more comfortable renting or whatever.
Well. Landlords small or big would have been perfectly fine if the stupid know nothing government left him or her alone. Free market had always worked, but we never have had a true free market economy.
I can't believe you brought up supply and demand because you obviously don't know how it works.
Since they brought up supply and demand - a lot of houses would not have been built if landlords weren't sucking up excess houses on the market. The marginal ones where it wouldn't be profitable for the builder at 120 units but would be at 200. If the developer had a tract of land, where they needed to build and sell 200 houses to turn a profit, but only 120 owner-occupiers around to buy them, zero houses would be built because the project would be a No-Go. Typically, 80 landlords/investors come in and buy the remainder. And because it's cheaper per unit to build 200 houses than 120, you have more owner occupiers coming on to the market to buy since competitive pressures would typically drive down prices.
That said, now that I'm a homeowner, it may not be such a bad thing for government to meddle 'to keep housing affordable' - because every time they do that, my house goes up in value.
Last edited by albert648; 08-30-2021 at 09:30 AM..
Anyway, the point of this is my boyfriend, also a millennial, has spent years working one full time job after another. And now that he adequately understands what I do he wants in on it. We are getting ready to get him his first investment property in the next month or so. LOL a card carrying socialist who used to rail against landlords are about to become a landlord himself.
You can choose to keep saying us landlords are evil or you can decide to work smarter not harder. Who in his right mind want to dig ditches for the rest of their life? If you can work less and less while earning more and more, YOU would do it, too. Don't act like you would never try to work less and less while earning more and more.
Try to understand. We are providing an essential necessity in life. And we maintain the places so that tenants don't have to.
This past Friday night, a transformer blew out, taking out several city blocks around where my rentals are. I got calls from my tenants and I had to assure them the city are working on it. Saturday afternoon I got a call from one of my tenants telling me even though the power came back on one of the breakers would not turn on. I drove for 30 minutes out there to see for myself and sure enough the breaker was burnt out from the surge. I switched out the breaker myself. Didn't want to bother my maintenance guy for something so simple.
That's what being a landlord is like. You have to be willing to take phone calls in the middle of the night. Weekends. Whenever. Just sayin'.
Good post and I mostly agree. I am also a millennial, Lucky for me, I rented my properties to friends and they all pay. I simply don't deal with freeloaders.
I will keep on investing in real estate, especially during a pandemic, and here is my 0.02
In 2009 there was a huge ticking time bomb of subprime loans about to explode, so the reason for the huge influx of inventory was due mostly to people who couldn’t afford their home being suddenly faced with paying a normal mortgage payment. Those people should never have been allowed to buy a home in the first place.
Owners now are heavily invested in their homes, which makes bailing on them much less likely unless they absolutely have to. For now.
The big unknown is how the mounting collateral damage to the economy is going to affect things and will it be targeted or have broad effects. If this continues to get worse you should see some downturn in prices, particularly if a second wave hits later this year.
Bottom line: In my opinion I’d rather have my money in Real Estate than the stock market. It has never lost 30% of its value in a week.
There was a simple solution to this. Freeze mortgage payments. Even better, close Wall Street during the pandemic. If banks don’t need to be paid then tenants aren’t threatened with the choice of go to work and risk death or be evicted and landlords can cut tenants slack.
Unfortunately Washington is controlled by Wall Street and the banks so we didn’t get that.
and for those who are concerned about banks, they are sitting on trillions. They would have been fine.
There was a simple solution to this. Freeze mortgage payments. Even better, close Wall Street during the pandemic. If banks don’t need to be paid then tenants aren’t threatened with the choice of go to work and risk death or be evicted and landlords can cut tenants slack.
Unfortunately Washington is controlled by Wall Street and the banks so we didn’t get that.
and for those who are concerned about banks, they are sitting on trillions. They would have been fine.
Agreed. Although, where would it stop ? Being that we are a "global" economy, all financial institutions world wide would also have to close. Just shutting down Wall Street would be the same things as what is going on with the tenants and the people with the rental properties.
French Empire fell when rentier percent reached 30%...
I'm on nobody's side here. Non-paying tenants are bad people. Landlords are bad people too, as is anyone who is living on an unearned income.
Speaking as a landlord, I have to say you have a funny way of defining bad people.
I take all the risk. I provide decent living accommodations for a tenant where he/she knows the rent and all the costs in advance and if something breaks, I have to fix it at my expense; I have to cut the grass, maintain the building, obey all the laws regarding lead paint and smoke detectors; I am not allowed to discriminate against what kind of tenant I can take. I am even forced, by law, to make “reasonable” accommodation for the handicapped. I cannot even go into the apartment without the permission of the tenant unless there is an emergency.
The local grocer buys food and sells it for more than he paid. I rarely see grocers lambasted as heartless capitalists, at least it isn’t a stereotype. Why aren’t dentists out there offering free services to those so clearly desperate? Money lenders however, do retain this stereotype. It’s hard to touch their capital because they usually hold collateral. (Landlords are a source of interest-free loans by the way; isn’t that nice)
My theory: Tenants can rip people off for rent and damage but in the end, the asset is still there(apparently). People steal from grocers all the time which depletes the assets. I think there is more sense that they are taking his stuff which gives them satisfaction. People envy the wealth of lawyers and doctors but try ripping them off.
When I was in college, I was a renter. My landlord has full room of antique furniture and I cleaned them with mineral oil (The good ones). I bought raised bed and several fruit trees and full garden of flowers for them with a permission. Why? Because I lived there too and I am a good responsible renter. I was never late on my rent, and I was always always always 2 days early. When my lease was up, my landlord told me he would keep my rent exactly the same and he wanted me to stay another year. Respect is a two way street. Your landlord is not your enemy.
Last edited by lilyflower3191981; 08-30-2021 at 10:04 AM..
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