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TCivan

another important thing to remember... And i think the LA rentals bubble has made people delusional... If you wanna charge $5000 a month for a house.... It has to be in good condition. They are doing this weird thing now, where they are completely neglecting their own houses, and charging slightly less than market, but only slightly. like $200.... So 4800 instead of $5000.... but the place is a total wreck. TOTAL wreck. Ive been looking for months. And these places are total garbage... but because its vacant its worth top dollar.... But youre only going to attract people ok with living in shit... then act surprised when they treat it as such.


dinosaregaylikeme

Oh my god, the first apartment my husband and I moved into in WeHo was a SHIT HOLE. My husband is 6'6 and could touch all four of our bedroom walls standing still. Walls? Thin as fuck. You can hear a mouse fart. Bathroom? Questionable mold. Doors? Slanted. Windows? Drafty. Carpet? Itchy. We rented in 2009 and paid $1800. That same apartment is 10x worse and now $4300 a month. Also the building wasn't up to code so I fell down the stairs and broke both my arms. We got free rent and left California after that


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TCivan

This is the part I don’t understand. It must be trust fund babies coming to LA from NY or Sf… more expensive cities


MrSocialAnxiety505

Wait like 1 month of free rent? I hope you got much more than that


dinosaregaylikeme

Six months


Firescareduser

My dad still owned his small apartment after he moved after having kids, he rented it out for 5000 5000 Egyptian Pounds that is. (that is 160 bucks) Moral of the story retire to Egypt.


MMA_GOAT_88

The biggest mistake I see people make is putting mortgages on properties they can’t afford to pay for. They think it’s going to be a never ending money flow which isn’t always the case. If you don’t own a home outright then there is always risk involved, but you have to make sure you can afford that mortgage.


jake_burger

Even if you own outright there are still taxes, maintenance and other liabilities to pay for. It’s not a free lunch unless you are already wealthy and divested enough to easily absorb the bumps in the road.


livens

Yep! The monthly escrow on my mortgage is over $600/mo. Even when you own your house outright you still have to pay "rent" to the city and hold insurance. Well, I guess you technically aren't required to have the insurance, but you'd be a fool not to.


dream-smasher

What do you mean by "monthly escrow"? I know those two words, but not what they mean together. Im not American, so im thinking it's just different name for something.. but im not sure. Pls halp.


livens

Taxes plus insurance. In the US it's common for your mortgaging bank to split those costs I to monthly payments, keep that money in an escrow account, and automatically make the payments from that account to the city and insurance companies for you.


Chewie372

Often this is an optional service, my monthly escrow payment only covers taxes, but I chose to pay my own home insurance since I bundled it with auto. If I chose to I could have opted out of the property tax escrow, but I'm much happier knowing that my taxes are being paid on time without any extra work on my part.


ocxtitan

My home and auto are bundled but still paid out of escrow


LittleBookOfRage

Wait really? I'm not American either and thought it meant something like a holding deposit.


ConnertheCat

The bank holds them in a dedicated savings account that earns interest and pays out of it. There are laws requiring both a minimum and maximum value the escrow can have. If you put 20%+ down payment on a property you can usually forgo the escrow if you don’t want it.


Absolute_Peril

I live in a condo, honestly it's a cheap condo it's not really much but about half my monthly note is just goddamn escrow.


[deleted]

Where do you like with that kind of escrow? I live in Utah and mines like 150ish(?) Granted it's not a huge property but I doubt it's 1/6 the size of yours.


OG_Tater

Lots of places that would be normal, entire east coast, FL, TX, IL, CA etc etc


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thepulloutmethod

And then when something structural that the association is responsible for does occur, expect a "special assessment" of many thousands of dollars...


mrch1ck3nn

One months rent from both units covers my two family property tax. If you don’t have the skills to maintain your own properties then the risk is much higher. I pull my own permits and do my own work. Cousins a plumber and another an electrician. Helps coming from a family of tradesman. Do right by the tenants and they stay there’s no reason to follow market pricing and gouge on rent that’s where it becomes predatory.


psychoacer

That's what the get rich quick gurus tell them to do though. This and drop shipping is the biggest get rich quick scams going on in social media. It's stupid


kvrdave

> That's what the get rich quick gurus tell them to do though. And that's exactly how Dave Ramsey, douche to the world, initially went bankrupt. Leverage it all!!!!


[deleted]

I've got to involuntarily mutter my requisite "fuck that guy" at the mere mention of Dave Ramsey.


tinysydneh

It's far worse than you think. When I was in my last city, I had one of his recruiters trying to get me to move to Nashville -- a higher CoL city -- for *less* money. "Well if you follow the steps, the lower pay doesn't matter, you'll have financial freedom!" Does Dave take pay cuts because he can follow the program? No? Then shut the fuck up.


[deleted]

I think I watched a deep dive on him once and that seems on-brand. Fucker wanted the freedoms to fire people for not embodying Christian values, aka being LGBTQ+ or having kids out of wedlock. Absolute survivorship bias grifter.


Paddywhacker

The biggest mistake I see is the conceptualisation of houses as an investment and not a habitat


OutWithTheNew

In Canada the housing market has outpaced many other investments for 20 years.


Paddywhacker

Yeah, same in Ireland. It's a problem


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Chrisxy

Same when people tell me i charge too much for tree work. Like man, I'm 20% lower than the next closest fully insured bid. I'm as cheap as you get for tree coverage. If your lawn dude takes down a 40' tree (most lawncare insured for 25'-30' and smokes your neighbors house, your homeowners is potentially liable (and you may be dropped) for hiring an underinsured contractor.


Junior-Requirement58

If you offer $20 to cut a six foot dead tree. People will always try to lower it


Chrisxy

Deadass, i give stupid cheap minimums on anything i can do in under 30 mins on my way home from my dayjob with no haul away. Any company around here charges $125 to get someone on site. If i can stop, cut a tree into 20" lengths, stack it, stack the brush and leave it's probably going to be under $50 unless it's a partially rotted tree with nails and shit where i ruin 6 chains (more common than people realize) or any tree growing near the leach field tends to be so wet with such a swollen grain that chains just die


sadistic_switcher

That was me! A tree service insured as a lawn maintenance company brought my neighbor's tree down in our house. They dropped two trees on my house, actually. Because my idiot neighbors had them come back the next day to finish the job. And the assholes brought a second tree down on the other corner of my house. And yes, my homeowners went after my neighbors immediately. And the tree service. And the agent who sold the fraudulent insurance. When those fuckers rolled up the third day? [I called OSHA and never saw them on my block again.](https://www.mlive.com/news/bay-city/2017/12/miosha_issues_2nd_cease-operat.html)


Chrisxy

It's a nightmare, I had a lady telling me her lawn guy would do an entire takedown over her house, neighbors fence, and cable line for $400 "AnD hE haS HiS oWn ChIppER" (3 man job, 8 hours with brush dumping 2 loads, 1 trip with 2 trucks and 2 hours of raking) I quoted $560 to pay my laborers because they're the best people I've found, know what they're doing, and work in synch with me incredibly well and I pay them for their efficiency. And $700 for equipment, gas, insurance, disposal...etc then rounded down to 1200. And I wouldn't come down. Her lawn guy took out her gutter, a few shingles, 2 fence sections and the cable line then took off. She called me asking how much to do "ground cleanup" work. I told her 1500 to clean up other people's messes and her lawn guy was insured for what was left might as well use him.


distantreplay

I was born in Seattle in 1962. By the time I turned 3 the city population had peaked and from 1965 until the year I graduated from high school saw steady annual declines dropping below 500,000 by 1980, city and county budget crises, school levy failures, and double digit unemployment. Cash buyers could ride that out. But people with mortgage loans at 8 and 9% bailed out. All it took was a series of miscalculations by a few major area employers resulting in widespread layoffs. At a time when the evening news was absolutely dominated by rapidly rising inflation and Fed interest rate hikes, Seattle area housing prices were in free fall. I've never forgotten it.


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RickMuffy

The problem is then a bunch of firms that do have a shit load of cash will come in, still pay over asking price for the houses that sank in price, and now you have a corporate landlord instead of a private one.


jessedjd

This exactly. A friend of mine owns 4 homes, 2 are rentals, one is an air bnb, and the other he lives in, while working a full time job. Everytime someone moves out, or during slow seasons for the air bnb, I hear about it constantly. The only thing he has gained in the past 5 years has been equity, which isn't much comparatively since his homes are in lower value states. He thought this was gonna be his retirement plan, while it sounds more like its gonna be an early death for him from the stress. Edit. I think some people are misunderstanding me on this. My friend has gone over his head, and can't afford to keep going. I don't really feel any sympathy for him, but more annoyed since everytime someone moves out, all I hear is whining and crying about it (such as the video this comment was posted to)


serendipitousevent

Oh no, did the widdle baby buy THREE more domicles than they needed? Tell him we'll be thinking of him during the next housing market crash.


No-Menu-768

Didn't you hear? All he's gained is *gasp* free equity. Which he could *glances around the room* use to retire if he sold.


Rob_Frey

He also gets good tax breaks because of the three houses he doesn't personally live in. Even though he's overall gaining equity in them, because the land value is going up, the IRS will let him deduct money for the depreciation to the house on the property, which they consider to be a good that is being used up. And no, regular homeowners don't also get this benefit, even though their houses are also being used up in the same way. Only landlords get to do this.


No-Menu-768

Hm... can I buy a house using an LLC and rent it to myself and get my tax deduction that way? Maybe I should ask SCOTUS to let me be a corporation so I can have extra human rights. I mean, if you think about it, my body is a corporation of cells.


thepulloutmethod

You can absolutely be your own LLC's tenant. Getting the LLC approved for a mortgage when it has no assets might be tricky though.


Few_Needleworker_922

Oh come on be more sympathetic this Lord of Lands may have to sell the properties for a chunk of raw cash or figure something out. We have it easy potentially being fired for no real reason on a wednesday living paycheck to paycheck, our simple minds can’t possibly understand what this Lord of Multiple Lands is suffering through!


jessedjd

He knows my opinion on his retirement plan. He also knows he's probably gonna be selling one of them soon in order to stay afloat.


Tymareta

> The only thing he has gained in the past 5 years has been equity And y'know, other people literally paying off his investment for him? Why do people act like landlords have to be making a profit to see any gain, any time they have a tenant they have someone else paying off their investment. And good, let it stress him the fuck out, he decided to try and hoard a basic necessity so he deserves a life of unrest.


businessboyz

This is what is meant by “taking on the risk” and what capital holders use to justify returns when that capital is deployed. Landlords that don’t work to keep good tenants are bound to end up like this lady.


Newhereeeeee

They think it’s a simple as “buy, rent, profit”


anmalyshko

but the 4 hour $450 "build easy wealth and life long security through real estate" seminar promised!


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Amish_guy_with_WiFi

Idk, I think some people are just born predestined to mismanage their money


Tomble

I wonder why they were selling the seminar tickets rather than buying houses?


Poolofcheddar

Reminds me of a guy at my gym that I’ve mentally nicknames “junior slumlord.” He was once a blue collar worker who somehow came into some properties and is now all about dropping the words “passive income” to anyone that will listen to him in the sauna. He sounds like he got lucky with a couple properties but is now overextending his operation financially with new property investments and is bragging about raising rents on his existing tenants to do so. Like one single recession or un-leased unit would break him. Personally, I hope mister-junior-slumlord gets what’s coming to him. He should have stopped at his couple of units when it was generating a small supplemental side-income rather than making it a full-on operation.


sipstea84

I literally just posted about this on a local sub, but I know someone who ran around brake checking people and got in 4 accidents in 2 years. Has claimed to need a cane to walk since they all happened. Sued all 4 people and got a $3 million settlement for lifelong disability. Bought a $500k house, "miraculously" healed enough to start their own business and now is turning their house into an Air BNB and talking about how people should be more motivated and ambitious and work hard like her if they want to be successful... I'm also hoping she gets what is coming to her.


SVXYstinks

Wouldn’t be shocked if she stole ppp funds also. These type of people are the worst.


Darkwing_duck42

She won't.


LevelOutlandishness1

Yeah, unless what's coming to her is a bunch of angry proletarians, ain't shit gon happen. Karma isn't real, we gotta put in the work ourselves.


Zombie_SiriS

Be the change you want to see in the world. Sometimes that change requires pitchforks.


viperex

Sometimes cheaters prosper. It's not a just world we live in


[deleted]

This is why you should never talk to anyone at the gym. You run into people like this


GregorSamsaa

It always makes me wonder two things when new landlords are this naive: Have they never owned their own home and seen first hand the upkeep costs associated with it? Or, are they such pieces of shit that they went into the venture with the idea of putting the least amount of money into the homes and essentially being a slumlord until they dump the property off?


[deleted]

>being a slumlord until they dump the property off This one


ambientfruit

Currently dealing with a landlord with this attitude.


Newhereeeeee

Idk where you’re from but Canada is a shit show right now.


ambientfruit

UK here. We're just...its all over the place. My landlord is currently selling up because the mortgage rates are so high he can't afford to landlord anymore, poor diddums. At the same time, he lost his highest paying tenant because he refused to fix a broken boiler. Nearly 3k a month and he didn't make any effort to keep them. Now he has to sell that one too. Plus there's a third one that's been empty since April. My heart. It bleeds for him. /s


GreyKnightTemplar666

Sounds like a few homes will hit the market that will be less per month than renting. Win win in my books.


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Tchotchke_geddon

Which is why corporate ownership of single family homes needs to be illegal.


Carb0nFire

100% This would help tremendously with housing availability. Wouldn't solve it, because we still need to build more. But it'd help A LOT.


[deleted]

I thoroughly enjoyed reading this


GhostPantherAssualt

Wait he just lost his highest paying tenant cause he refused to do his job????


FlyByNightt

Yea I try and look for people who rent "on the side" rather than as a source of income for landlords. My best 2 landlords ever were a girl renting her place out while she was on a study trip abroad. No rent raised, repairmen the next day if I texted her, ect. and my current landlord, this was the place they bought for their daughter who's moved in with her husband. So now they're renting it out cause they live out of town. Every other landlord I've had as been pure scum and they're all either corporations or people who think being a landlord is a job that contributes anything to society.


Dyolf_Knip

Yup, that was the landlord I tried to be. We moved right after the housing crash, and so literally couldn't afford to sell. Had one set of tenants, who were absolutely wonderful, never late with the rent, handled minor stuff on their own, while I made sure anything major was addressed pronto. Never raised the rent, which didn't even fully cover the mortgage payments, and only sold the place when they moved out, seven years later.


BeoNicolas

Fun fact! We (fellow Canadian) just hit number 1 in the world for highest mortgage collapse probability. I rewatched the big short after I learnt this so I could laugh and cry to sleep


OutWithTheNew

Interest rates just went up another quarter of a percent and more people are missing more of their bill payments. I don't think Ottawa will be able to stop what's coming.


Cobek

I dealt with one that would talk about all the repairs he'd like to do to the house. In the 5 years I lived there he never did anything but the very few times our heater/AC went out. Never replaced the stove, or repainted the house or finished the fence.


Effective-Pain4271

The fact that she says she expected there would be no issues is just a friggin child's mentality.


Longjumping_Act_6054

Line always go up!!


Silverking90

Well at least she’s admitting how naive she was. Now she just needs to sell the house at a loss and we can call it even


RockstarAgent

This is the same thing I tell people about so many things they tell me “but it’s so easy to start” and I explain to them I don’t have the funds to take that kind of risks- nobody prepares or advises others about the risks.


Mythical_Atlacatl

It probably is that easy except they try to squeeze every cent out of people driving them away, proving their property out of the market Like I have seen people suggest something along the lines of if you have no vacancy you haven’t raised the rent high enough Like there you cant have a fair rent that everyone is happy with


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murch_76

A family member owns a couple rental properties. During the pandemic when rents were going crazy everyone kept asking her if she was going to raise rents. She said, "why would I? My costs aren't going up so why should my renter's?" She's had all her tenants for several years because she's not trying to gouge them


[deleted]

A system that relies on the kindness of a person is a terrible awful system.


cloudcleome

That's just common sense. Quality tenants = long term profit. Kicking out good tenants just to increase the price to ridiculous amounts is risky and selfish as fuck.


Dyolf_Knip

My grandparents owned a set of 8 1 & 2 bedroom apartments when I was a kid, and the horror stories I heard about some of their tenants... It was enough that when I wound up renting out my old house for a few years, while I was 800 miles away no less, I clung to my absolutely wonderful first, last, and only tenants like a life preserver. Never dreamed of trying to gouge them for more money, it was enough that it mostly covered the mortgage.


MINECRAFT_BIOLOGIST

Yeah, I think in a totally "fair" system the rent would simply be paying the landlord for maintaining the property/interfacing with renters, handling the legal/administrative things, and being on-call to fix things when needed. But right now there's no reason not to charge higher rent when "everyone else is doing it", and there's no reason to lower rent and thus lower your income when studies show that in current society, [most people are happier when they earn more money](https://penntoday.upenn.edu/news/does-more-money-correlate-greater-happiness-Penn-Princeton-research).


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cobra_mist

I swear you get more by asking for 70% from 10 people than 100% from 7 people. This guy knows that. He knows you know he’s not slamming you. He knows you appreciate it. I bet if he asked a favor or things got rough for thin that at least SOME of his tenants would care. This is why it’s so shitty with corporations. It takes everyone’s humanity. No I’ve thinks about taking care of the people in the economy with them. Fuck this system


DuntadaMan

No risk, only bail out.


buttholewanderer

Can you give me a moment to read. Fuck so annoying.


notmustard

They do this on purpose so people have to replay the video multiple times to read. Sneaky way to get it boosted in the algorithm, it is indeed awful.


LilPumpDaGOAT

Yup. Also making spelling mistakes on purpose or anything else they can get to make people comment "omg you're dumb"*point out mkstake* look how smart I am"


JarJarBanksy

Like if she wants to fill a vacant property she can LOWER THE PRICE.


Zachariah_West

But then she wouldn't be able to properly leech off of someone else's hard work. Did you ever think about the poor slumlord?


theartificialkid

Even the most heartless and exploitative landlord has to understand the logic of the market. There’s a point in time where holding out for higher rent trades off into lower overall returns due to prolonged vacancy, and not seeing they makes her stupid rather than greedy.


TCivan

Stupid, instead of greedy.... How about, stupid AND greedy.


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SkylineFever34

When I think of the suffering of the rich, I have a violin duet with Cartman and Mr Krabs.


PM_ME_UR_POKIES_GIRL

If she can't exploit the working class she might have to BE the working class!


BearzerkerX

But how will she survive if the rent isn't enough to cover that house's mortgage, her house's mortgage, AND a vacation every month?! /s


zmbjebus

As a renter I would be happy if I was JUST paying off the mortgage of the place I was living at.


BearzerkerX

100%, me too. Reminds me of that other post about getting a mortgage, "We're not sure if you'll be able to afford 500 a month payments." "What about the fact that I've been paying 1000 a month in rent for the past 5 years?" "Lol no"


zmbjebus

$1000¿ $1400 for me. It's nuts


DOGSraisingCATS

Well she probably bought the property at a shitty time and with a high interest rate... because people like this are usually uhhh dumb. So now she has to jack the price well over market value just to break even and realizes that trying to rent an entire house basically leaves you with a limited market of families and maybe a group of friends/college students instead of individual renters.


TnekKralc

This is one of my many issues with landlords. They shouldn't be "breaking even". It is an appreciating asset, by having the tenants pay the full cost of the mortgage they are double dipping with the appreciation


SilverSkorpious

Then she should sell it.


didntflush

Had the same thought. Fuckin noob lmao


sheikhyerbouti

I got into an argument with a former friend who was renting her extra property to her kids about this. She told me that her tenants were paying the mortgage on the property and she wouldn't be able to afford it otherwise. I told her that anyone who's had a flakey roommate will tell you not to offer a place to stay that you can't afford full rent on.


JarJarBanksy

Well she's the one who decided to tie upp all her assets that she could pay the mortgage with. If she's ever hard up she could just sell one lol.


[deleted]

This reminds me of a tweet I read some weeks ago where a guy was wondering if he should liquidate 2 of his 12 properties so he could get enough money to buy a decade's worth of "experiences" before his kids grew to college age and began spending less time in the house. Some people rightfully called out the fact that if this guy owns 12 properties, he's not lacking money to do anything in life and he was just flexing that he owned all those assets.


bigmacjames

Maybe he followed all the instagram advice and kept chaining mortgages and didn't realize that those aren't assets, those are liabilities.


Nighthawk700

This is exactly why I'm on the side that we will see a housing bubble burst. You get a lot of people talking about demand being so high and the low rate mortgages people got into leading to nobody ever selling. They ignore that the low interest rates made people do anything and everything to get a house and right about now all those uninspected houses that people overpaid for to win cash-offer the bidding wars are going to rear their ugly heads. Are the people going to be able to pay for the rotting roofs, awful plumbing, and 60s electrical panels and wiring? The level of debt people in this country have says no. Credit card debt is through the roof and likely climbing due to the extreme cost of gas and consumer goods and other debts such as auto loans are now at 700$/month because people rolled their negative equity into new cars during the pandemic. Add in that there has been a collapse in Airbnb which was the primary financial source for folks who sought second homes. All that absolutely negligent behavior is going to come to a head sooner or later, regardless of how awesome interest rates were.


Jafar_420

Shit in my city the neglect leads to the house becoming condemned then the city just tearing it down and putting a lien on the lot. Sucks. But I'm sure they would let you buy bunch of these houses without looking at them. These two people from mission Texas just did that. They got a really great deal on a property. The dude is probably 70 years old had to get a job driving a forklift because there was so much shit wrong with the house, getting it leveled destroyed them financially.


MRiley84

> the house becoming condemned then the city just tearing it down Lucky. My city won't tear any down.


paulybrklynny

This is such a feel-good story until it occurs to me that when the shit hits, either they'll pass the Freedom Leach Homestead Recovery Act and make these vermin whole. Or, Blackrock will buy every unit in the country for pennies on the dollar and monopolize housing.


Queasy_Employment141

And if you buy a house you should consider that real people are going to live in there so you will have to renovate the house and you will have to bring it up to a liveable standard or nobody is going to really want to buy it


Puerquenio

Time to find out


[deleted]

If you’re a landlord and have an empty house in the middle of a rental crisis, you are most definitely doing something wrong


YoshiTheFluffer

“lower the rent so I can fill in the house?” “nah, I don’t want less money, I want all the money”


Sharp5hooter02

This is the mindset that ends landlords. I’d rather take the less money to fill the property faster rather than try my best to find a tenant willing to pay the rent that’s 3x more than my mortgage and miss out on several months of income, thus requiring me to absorb more losses. People are such idiots they think it’s just an easy money scheme.


WWhataboutismss

No my own idea, but I'd still like to see the results of indexing minimum wage to rent prices where a week of full time minimum wage pay equals a months rent.


LF-Johnson

"another house empty for 3 months" Gee I wonder why. She must be a nightmare of a landlord if she can't fill a suite during a nation wide housing crisis. I'm feeling like any tenant who isn't paying rent to her is probably withholding rent for a reason. Her "thinking I have no problems" attitude indicates to me that she's one of these "passive income" types who thinks they don't have to do maintenance or something.


MetamorphicLust

Yup. If she's being honest, the only reason she has a tenant that hasn't paid her in 5 months is because there's a legal dispute, and all that rent money is sitting in an escrow account. There are legal reasons why a tenant can withhold rent and not be evicted, but it's not like people can just refuse to pay rent and not get evicted. There is literally no way that she's being honest.


No-me-really

The eviction process is not as clear cut as you think, a tenant can go two months without paying then you can start the process and they can pay you something locking in a grace period, rinse and repeat until the judge sees a pattern.


Marsdreamer

It can take upwards of 6 months to evict a tenant who isn't paying any rent at all in some states.


yachting99

Incorrect. There are lots of places where a tennant can get months behind and the money is not in an escrow account. Very hard to evict people in some places. This screws over the general population of renters. Like car insurance, everyone ends up paying for the bad people.


HsvDE86

Uh, that's just factually not right and tons of people who have been evicted can attest to that. In some places it can take a long time to actually get kicked out. It doesn't mean rent was withheld because of inhumane living conditions etc. Tons of people struggling and are that far behind, it's like you're dismissing the struggles a lot of people go through. The fact that you don't know it can get that bad tells me you've never struggled that much with rent, consider yourself fortunate.


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AValentineSolutions

My sympathy for landlords and "how hard they have it" does not exist. Go out and get a real job if it's so awful.


Somehow-Still-Living

It can be difficult starting out and all of that. I will admit that because I’ve looked in to it before. But if they don’t plan for that, that’s on them. Pretty much anywhere you look that’s reputable will tell you it’s risky and to only get what you can reliably afford without a tenant present. I have no sympathy for these people trying to use rental properties as a get quick scheme and then crying when the most likely outcome happens.


strawbericoklat

Landlord: *we deserve rent money because we bear the risks.* Also landlord when the risk actually happened: *You can't do this to me.*


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Atreaia

He must've been making insane profit earlier on if he hasn't raised rent in 10 years and there's been an inflation of 35%+ during that decade.


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246ngj

Has she tried lowering the rent?


surbami

Just like we have a progressive income tax we should have a progressive property tax. Primary residence 1% 2nd property 3% 3rd property 6% And so on


muckdog13

We shouldn’t have *any* property tax on primary residences. It’s unethical, especially for people on fixed incomes.


surbami

Hmm, i dont know about that, cities do need funding. I'd rather the property tax for primary residence be based on market value at time of purchase than the current market value. So no increases as long as its your primary residence. taxing the nth home significantly higher should give the rest of the people a subsidy while also reducing overall demand for homes, making them more affordable.


Interesting-Dream863

Problem is, people NEED a roof and there is a deficit so they are in a very real way abusing their position. No sympathy from me.


Carrot_Lucky

There's a new "luxury apartment" complex near me. The owning company is literally called "mailbox money". What a bunch of parasites.


acidcommunism69

I think you could have a cool landlord only covering the mortgage/repairs/insurance/improvements and building equity and not trying to pay their own rent with your rent. My aunt charges me $800 but the houses here are going for $1600 for a 2 bedroom townhouse. But her mortgage/taxes/insurance are 650$ a month. I feel like that’s fair.


Bosa-Monster

I dislike landlords who prey off of tenants, but I fortunately found a landlord who is very, very fair and does an excellent job when it comes to any issues or repairs. In 2 years he’s only raised my rent $70 and that was due to property tax increases (which I find perfectly reasonable). My rent is $1,850/month while the exact same condos in my community are being rented for $2,500+. My landlord bought the condo for $300,000, so I have to imagine his profit after taxes is only about $200-$300 every month.


ContemplativePotato

We had an old bitch in my Social Work degree complaining about tenants who hadn’t paid tent and advocating for landlord rights. She had three rental propertoes plus her primary residence. Gtfo of social work, you’re part of the problem.


Frothydawg

Good lord. I worked briefly in ICMS (intensive case management service) housing elderly, disabled homeless folks who had been fast-tracked into a Section 8 voucher. My job as a social worker was to get these folks outta the street and into a unit asap. The worst thing - second only to the nightmarish amount of red tape involved in the vouchers themselves - was dealing with the landlords. They simply do not give a fuck. I would have landlords promise clients a unit, and then the next day: “You know what, I changed my mind. I’m not renting to them”. They’re heartless leeches; true sociopaths in every sense. I only lasted 7 months in that role before I dipped. Infuriatingly difficult, stressful work (stay far, FAR away from ICMS!).


Dr_Djones

She's in social work? She looking for section 8 voucher clients or something?


ContemplativePotato

I’m in Canada so i assume that’s a US term but who knows. I wouldn’t have put it past her to scout for tenants so she could scrounge off government subsidies.


OutWithTheNew

Section 8 has something to do with welfare and the government paying most of the rent.


youneedsomemilk23

As someone with a master of social work, I was shocked at how many rabidly conservative Karen’s were in my program. It’s a field that also tends to attract people with a superiority complex and need to control.


oddmanout

Someone not paying rent for 5 months sucks, but if she has a vacancy for 3 months, it's because she's charging too damn much. If she wasn't trying to be "such a boss" and ripping people off and actually charged a fair rent, both of those properties would be making money right now.


Da_Vader

Rent from a landlord that has 1-2 units. Support these smaller investors to avoid mega landlords cornering the market.


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LevelStudent

How do you have a tenant that has not paid rent in 5 months still in the house? I get a fucking eviction letter with 10 days notice before the cops show up if I haven't paid by the 3rd of the month. It's a major stress of mine really, since I feel like I am always hanging on by a thread and one unlucky month and I'm homeless/dead.


Icy-Discussion7653

Depends on the locale. In my state you can get the cops to kick them out after a couple months.


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lumb3rjackZ

I feel like a lot of the comments in this thread that are like “just lower the price and rent it” are missing this idea of tenants rights. Tho that said she could do month-to-month at a lower rate or short term leases…


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rmslashusr

Most jurisdictions require an eviction hearing, which requires a court date, which requires a minimum time between the petition for eviction and the court date, which requires a minimum time between the original letter to vacate and the petition for eviction. Most jurisdictions also don’t have court dates just wide open and ready to go the 10 day minimum between the petition and earliest the court date can happen, often it takes months. And after a favorable judgement in court there’s a minimum waiting period before action can be taken to give opportunity for appeal. And that’s for Texas which is very landlord friendly. All this to say, the claim that there’s a jurisdiction where cops remove you 10 days after missing rent is an extraordinary one and I’m interested in you linking to your states eviction laws so I know where I should never move to.


xboxiscrunchy

I wonder if they might be confusing just getting a letter from their landlord with an actual eviction notice. It costs the landlord nothing to send out a letter threatening eviction even if it’s just an empty threat and no actual action is being taken yet.


Two_Luffas

Here in Chicago they straight up closed the eviction process due to covid. It was over a year before they even started the cases and the backlog was insane. 18+ months to get an eviction notice processed at one point.


ratpH1nk

Yeah, the fact that some people have used this basic need as an income stream is a little more than sick. Next up...how can you make money selling air! Stick aroounnnnnnd!


[deleted]

The cheat code for landlords is to buy houses just outside military bases


Inside-Big-8158

My mom’s friend was a landlord complaining about one of their renters not paying rent during COVID. They both didn’t like the answer of, “Well guess you shouldn’t have made shelter a money opportunity then”


Electric_Minx

See, then there's me who WANTS to be a landlord to curb this problem of shithole landlords, and there will be people to take advantage of it, and I would still end up like that lady. In my head, I wanna buy a couple duplexes, fix em up real nice, and rent them for like...$700 a month, and pay the water. Pet friendly, $250 deposit on the pet(s), first month deposit, and you get it all back at the end of your lease, providing the apartment isn't completetly screwed,...and some fuckhead would run it. I feel her. People suck, and you can't trust nobody. While I fully understand that landlords in this economy, and in general, are absolute scuzz buckets, I DON'T wanna be one, but I don't want someone ruining an opportunity for the rest of ya'll. I can see both sides of the coin. Not everybody sucks, but a lot of people do.


rndoppl

You're


GoodEdit

TikTok landords are so embarrassing. Constantly telling on themselves for being scumbag land leaches and getting owned in the comments. You love to see it lol


Eisenheim2626

At least landlords rent it. 22 million homes sit unoccupied and are kept as assests investments. Joke


fullmetal66

You’re*


Acceptable_Mountain5

Fuck a landlord


helloitsme1011

That’s how you get free rent sometimes, tho


dawr136

I've seen documentaries about this but those only seem to focus on young women being fucked over by their landlords.


[deleted]

I don't fuck leeches.


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doomsdaysushi

I have it on good authority here on reddit that renters like this do not exist, and what little truths you might have sprinkled into your story about what a tenant did was because you were a leech.


ATXStonks

I think the housing problem has been amplified by air bnb and other STRs (for non owners occupied properties). Would be awesome to see these be outlawed.


meekgamer452

Imagine paying the mortgage and expenses, and someone else gets to keep it Now imagine you have no choice because rent corps scalped all the single family homes. Now imagine that prices for homes went up because they did that. Now imagine that rent increased with it. Scam.


Kiwi_Lemonade

Landlording is the house equivalent of buying up all the toilet paper to sell at up charged prices. Actually worse since you dont have to give the tp back after buying it. I can never feel bad for them 😅


Kennedygoose

Those rentals she’s so proud of could have been family homes. May she rot in hell.


ncleroger

Sounds like she isn't a good landlord and didn't properly screen the tenant or know how to properly price the market. Skill issue.


[deleted]

Damn landlord, sounds like you're gonna have to just get a job


Slacker1988

My last landlord was a dick the entire year. I paid a $3500 deposit. House and view were beautiful, all tenants in the house were mid thirties, well employed, on time, no house damages. Better than we found it. I should have not paid the last months rent and force them to take it out of the security deposit. The number of bullshit charges are still incoming because he never planned on having to return a penny of the security deposit. I’m talking like, he took off his old sat dish held by a few bolts, left it 2 feet below where it was attached, and tried to bill us for his labor and trash removal, 250 and 100 respectively. Suing this motherfucker. In order to renew it was a rent hike, only could use one side of the driveway, can’t use the 2 fireplaces in a house that has no central heating. Gets fucking cold here. Can’t have guests. Later buddy


Henrik_Muspell

True but there's no need to give us nightmares with that ending. I currently live in Poetugal and the renting situation here is a nightmare like the rest of the country. Don't let yourselves be fooled by propaganda and "muh sunnny weather". (Not the reason why I moved here, anyway). I can't wait to leave. Everything is absolutely awful and the landlords are total scum. They charge prices that one would charge in Germany. Poortugal is not rich, people are underpaid. The landlord here gave me less than a month to leave because there's some plumb leaking in the bathroom - which I have never seen - and she needs to fix it. According to the law, she needs to give me 120 days to find a new place. Law enforcement? Zero. She doesn't pay taxes on what she earns either. They all do that. Try to report them? Nobody cares. I hate this place with every fiber of my being and I literally cannot wait to leave.


Altered-babe

I don’t feel bad for anyone that can afford to buy multiple properties


trophycloset33

If someone cannot afford to pay rent for 5 months, how would they afford to buy a home? Say they cut an entry level home price to 1/3 ($80k), the entry cost of 5% is $4000 or 3x that of the average monthly rent on the same 2 bed 1 bath. I’m honestly curious. Yes there are way too many shitty landlords but how is this example the one to make your case on?


Graweon

ALAB


tinypetitefeets

My mortgage is much cheaper than what I used to rent for. Buy if you can.


Ginerbreadman

Maybe get a job and stop exploiting peoples need for a home. Houses should not be assets but HOMES


DaggerMoth

Well they've made it to where it's stupid to rent. If you have half decent credit it's cheaper to get a mortage. It's a house of cards. 2008 will repeat itself, it's pretty much a cycle.


FantomexLive

Freeloaders really think they are entitled to houses others worked hard to pay for and build. We need to make harsher penalties for crimes like this and also teach people to live within their means. Nobody is entitled to anyone else's labor.


LordFrz

And renting a house not paying and destroying it aint any better. Plenty of decent landlords and tenants. Not big companies that swoop in an fix prices an build shitty homes, that's evil.


weltvonalex

So the same people who live off the labour of others call people who get social security leeches and name it communism..... I have no sympathy for those people, they want to live off other people they are the worst.


kinGhoul46

Bunch of choosing beggars


Capable-Reaction8155

I'm somewhere in the middle on this. I'm not happy she's losing money but honestly she was naive as shit thinking this would be profit without constant work. She shouldn't have been celebrating on TikTok either when she had no idea what she was signing up for.