if you think being a landlord is easy money then you are in for a very rude awakening
Why does the Coli hate landlord's so much?
- Thread starter Standing on business
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if you think being a landlord is easy money then you are in for a very rude awakening
Lakers Offseason
Superstar
What part of losing your money you got in savings until you run out do you not understand? What if these owners are willing to take a hit until they run out of savings. Nobody has an infinite budget. What then? How long are you gonna allow renters to live rent free?
Well going by your logic, a lot of people shouldn't buy homes or take on debt if they are incapable of paying it back.
Dorian Breh
Veteran
that’s flawless logic, breh, what’s your counter argument?
Real estate is an ESSENTIAL part of humanity. No one is going to live in a homeless shelter or in the woods in the winter freezing to death, when housing is artifically inflated. Forget about participating in buying anything else other than food, cause survival makes you forget everything else in Capitalism.
it’s called being over leveraged.
U have to at least plan or prepare for something like this.
How is that flawed logic? You said landlords shouldn't take on mortgage payments and properties if they can't afford to pay it right? Couldn't you make that same argument about the tenants who moved into the building in the first place?
Real estate aint it. Get out when you still can.
Kyle C. Barker
Migos VERZUZ Mahalia Jackson
Imagine you own a few rental properties, have to pay mortgages from your own savings because the renters refuse to pay and society will look down on you if you force those tenants out
What happens when your savings run out? And the bank forecloses the properties?
Credit goes to shyt, no money left, no more properties
Every business has a level of risk and operational overhead. In this case the risk is owning a rental property in an area with a good job market and the overhead is the actual mortgage on the property. Respectively you can lower your overhead by not having a mortgage at all. Yes you'll still have property taxes but you will be a lot more competitive against other rental property owners if you don't go into this venture with a bank. Dave Ramsey himself tells his listeners to buy rental properties in cash for this very reason because market conditions may force you to lower your rent. That's just supply and demand.
Even outside of a pandemic you will need some sort of cash reserves for when you encounter the 3 month eviction cycle because you will need to cover the operational overhead of running said property for 3 months while the tenant doesn't pay.
Obviously there are market conditions outside of their control but it's a cold world and property owners need to do their own due diligence when going into a business venture.
Wink Beaufield
Superstar
Fam keeps telling me to rent my spot out.
fukk no. I've seen too much shyt from both the renter side and the landlord side to ever jump into that game. My boy went the section 8 route for the easy money and now he in the shyt with other homeowners on his block.
fukk no. I've seen too much shyt from both the renter side and the landlord side to ever jump into that game. My boy went the section 8 route for the easy money and now he in the shyt with other homeowners on his block.
And money is an essential part of humanity as well.
You think people are taking on investments and debts for the hell of it? A lot of those same people that are struggling now are just trying to make ends meet like you and I. It's about making money to live. The same reason that cats are investing in shyt to tell at a higher price down the road.
Sell the damn properties and lower the prices for more people to live comfortably. Rent prices wasnt like this in the 60s through early 00s.
Lakers Offseason
Superstar
I agree with all that. But in this instance we're discussing when rental owners can forcefully evict tenants. Theoretically, there are other prospective tenants who can pay the rent but the argument is when can home owners force evictions. If a rental owner is willing to cover the rent because he/she has savings, at what point can he say, 'okay i need to get new tenants in there who can pay the rent'?
Dorian Breh
Veteran
These nikkas want to profit twice: first by renting out these properties, then eventually by selling these properties for way more than they bought them for. But but but money is a human right
they have the incentive to keep their properties in good shape to maintain value for future sale (or for them to live in)..and they have the incentive to treat their tenants well to get good reviews and uphold the terms of the lease.
tenants have less of an incentive because they dont own the place and many laws favor the tenant
of course, there are bad landlords who are unreasonable a$$holes..and perhaps that is more prevalent in cities with rent control laws and such..