this post was submitted on 28 Aug 2023
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Showerthoughts
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Being a landlord is a deliberate choice to make money through other people's work.
It's welfare for the rich.
That's not to say you, or any specific landlord, is evil. It's just an evil thing to do. If you don't live in the house, you have no business owning it.
And honestly, today I agree with you (although I think there is some merit in a rental system as some people prefer to rent). I haven't bought a property for 15 years and I see what the younger generation is going through. If I knew then what I know now, I would not have purchased rentals. But at the time the real estate market was much different. Hell there were decent properties for sale for 70k back then.
if you agree then why aren't you getting out of it entirely?
Honestly? I went into it as an investment, from a capital appreciation stand point I have done very well. I've mentioned in another post that I basically charge minimum rent (30% below market). When I had kids I thought the properties would provide decent income for the kids so it would supplement what they earn in the long term. But then one of my children ended up with a life long disability. My properties are in a condo/town house community close to many amenities. It's very possible they may end up living in one of the properties while the other parts for their expenses. If I had wanted to get out I would have done so last year. But as it turns out I may actually need the properties to ensure my kid doesn't end up as a disabled homeless person. So at the end of the day, I'm not interested in making money off the properties, I just cover expenses. It's probably who I've had the same tenants for 12 years. I literally don't even remember their names.
This is a pretty good explanation as to why. I feel for your kid too and I hope you do end up just letting them live there so they aren't homeless as a disabled adult.
That kid sounds super lucky though. Other people's parents don't necessarily have something like that up their sleeve so when its time to be an adult- that kid just has no where to go or they keep living at home with the parents.
I get that you're not interested in making money off these properties but then you ended on
This is definitely part of why people don't like landlords and you're gonna keep getting shut down with the brunt of the argument.
The only time I had a landlord that knew my name was one that I was already friends with beforehand. Otherwise it's a purely transactional relationship. And people don't like financial relationships. They're disingenuous. And they lead to statements like "I don't even know this persons name"
Like those people are just nobodies to you that you get rent from.
I pay for a property management firm to take care of all the problems that come up at the properties. They are the ones who originally found the tenants. The houses are in a different city, I guess I could reach out, but my life is busy enough. It is purely transactional at this point. But after 12 years I am guessing it's at least acceptable. I do find it interesting the hate that landlords get on this site. I mean I used to rent and never had an issue. But back then renting and owning worked out the same after 30 years if you invested the difference between your rent and monthly house expenses. That sadly isn't the car any more.
Utter bullshit. The only reason people rent instead of buying is because prices are too damn high.
And prices are too damn high because of landlords. If you are both problem and solution, your job needn't exist.
It was exactly the same, only cheaper. And it was the flood of landlords buying when it was cheap that led to prices getting higher.
People like you are the reason this problem exists.
You at least deserve credit for admitting this.
There are many European families that I know in Canada that are financially able to buy but choose to rent.
Then you know many fools.
Some people like the flexibility, some may not be in the area long term, some may believe the stock market has better potential. In our free market type society, that is their choice. You can rail against the status quo, but whether you like it or not, it's the current reality. As shitty as it is.
Such a pointless statement. Also, "it's their choice" is massively overselling it.
Unfortunately the same could be said of the stock market. When it comes to financial planning for retirement or longer financial stability, one can choose between real estate or the stock market (among other choices).
I think the real issue with property ownership is having some reasonable limits and regulations. 1) no foreign investments in certain home types, 2) a cap/limit on the properties owned by any individuals (or LLCs they are associated with), and most importantly a complete ban on corporations owning residential properties.
Sure we could transition into removing real estate as an investment vehicle, but unfortunately I really can’t see a realistic path to this.
You seem to think I wouldn't agree there, too. Yes, the same could and is rightfully said about the stock market.
And that is an indicator of a poorly planned economy.
I mostly agree, but I'd go even further. A single law:
TL;DR abolish private property.
Right above! You may call that unrealistic, but the only wrinkles are rich bastards being upset they can no longer leech. I don't believe that worthy of consideration.