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submitted 1 year ago by Custoslibera@lemmy.world to c/memes@lemmy.ml
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[-] Son_of_dad@lemmy.world 78 points 1 year ago

They should see it as a job, and maintain their damn properties.

I am a condo super and constantly have issues with these multi unit owners who rent out, as their tenants call me about every broken fixture and I have to remind them that their landlord is their super, not me. I only take care of the common areas.

Landlords don't realize that their job is to be the property manager, super, handy man and administrator for the property they rent out. They're not just supposed to sit on their ass and collect a check.

[-] grabyourmotherskeys@lemmy.world 28 points 1 year ago

I looked after a house that my brother owned while he was out of the country for a few years. The first tenants were a group home that destroyed the place so much we had to gut the drywall and they never paid the rent until I hounded them endlessly every month. Every month.

The other tenants were just regular families and pretty good for the most part.

I would say I was dealing with something related to that house all the time. Every three weeks for stuff. Leaky faucet, roof shingle gone, branch fell on the lawn, sewer backed up. Big and small, all the time.

And they always called late at night or very early in the morning. This was before texting and email was common, etc.

My brother was paying me to do this, I would have done it for free but he insisted, but I was so glad when he sold that place.

I dealt with everything promptly. A family friend ran a property mgmt business and his crews did all the work promptly and billed us direct. People still always seemed annoyed and dissatisfied. Never again.

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[-] Ser_Salty@feddit.de 13 points 1 year ago

I'm somewhat "glad" I'm not renting a place owned by some rich chucklefuck, but one owned by a company. I know, sounds weird, but at least my rent money is going to something useful, since they employ their electricians, plumbers etc., hire a cleaning firm to clean the stairwell, and have a website where I can report problems, look at my energy consumption, stuff like that.

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[-] the_third@feddit.de 56 points 1 year ago

I've calculated if it would pay off to build a house with four units on a piece of land that I already have. It would barely pay for itself after 30 years but let's be honest, 30 years is when the first big renovations are in order. I'm not sure if the "landlords are rich leeches" - trope holds up outside expensive cities with inherited properties.

[-] Blackmist@feddit.uk 27 points 1 year ago

I think the main money maker isn't rent. It's owning (or at least having a mortgage on) property that doubles in value every ten years.

The rent often just pays for the mortgage and upkeep. The main payday comes when they sell it all off to the next parasite.

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[-] Knightfox@lemmy.one 15 points 1 year ago

It really depends on the nature of the rental and your area. If instead of building a house you build 4 closely stacked duplexes and charged each one double what the mortgage would be you'd definitely make money, but you'd also be an extortionate leech. In my area someone built 4 nice duplexes on a double lot (probably around 1.5 acres) and is now renting them at $1800 each. The land was probably less than $55k and the cost of construction was likely less than $1 mil. At 5% interest on a 30 year loan their monthly payment would be $5,600, but they're bringing in $14,400 per month.

$1800 for rent is an extortionate price in my area (it's big city apartment rental prices, with a pool and gym), even after interest rates went up.

On the other hand, I knew a couple who were landlords for nearly 20 years. They rarely raised the rents and even in 2022 they were still charging <$1000 per month for a full house because that paid the costs and for them it was an investment, not a source of income.

They finally sold their rental homes and made about $70k over what they originally paid on each house. Doing the math that comes out to be a roughly 8.5% annual percentage return without counting the rent gained each month. That's a fairly solid investment without being a sucky person.

[-] Thranduil@lemmy.world 12 points 1 year ago

My former landlord avoided increasing rent for as long as he could but eventually he was just in red and had to do it.

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[-] tocopherol@lemmy.dbzer0.com 12 points 1 year ago

"Landlords are rich leeches" is still true because the vast majority of property in the US is not owned by hard working people who are investing their earnings owning a handful of properties at most, but by property companies and hedge funds.

[-] Jmdatcs@lemmy.world 9 points 1 year ago* (last edited 1 year ago)

It's hard to get a good return on your investment in residential real estate without using leverage.

For instance: You don't buy one place outright. You buy 5 with 20% down. You may not have positive cash flow, but at long as it isn't negative not only do you get all the increase in value, you also get more equity every month as the tenants pay your mortgages.

If you bought it outright and over some period of time the tenants have paid your entire investment and the price of the property doubles, you doubled your money. If you buy 5 and over some period of time the tenants pay your mortgage and initial investment and the properties have doubled in value you have increased your initial investment 10X. And before the big expensive renovations come in, you can sell and buy something else if you're not equipped to deal with that.

Also if you are just breaking even to get free property but you want to start getting passive income, after a few years you can refi to a longer term and lower your mortgage payments to get in the black every month.

This isn't advice, fuck anybody buying up single family homes to rent, just showing one way they can generate both wealth and passive income for nothing. Literally nothing if they're using a property management company.

Fuck anybody buying up single family homes to rent. I know I already said that, but it bears repeating.

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[-] BamBamToxico@lemmy.ml 47 points 1 year ago

My landlord's two brothers who inherited a bunch of properties from Daddy. One of them lives in Scottsdale and the other in Hawaii. It really gets my goat knowing that 1 out of every 3 dollars I make goes to some overprivileged daddy's removed boy. I probably pay their golf membership or marina docking fees.

[-] PatFussy@lemm.ee 36 points 1 year ago

Thats the american dream isnt it? To be exploited until you do the exploiting? God I love America

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[-] hperrin@lemmy.world 37 points 1 year ago

Landlords do a lot! They own the house. They move your money from your account to their account. And once in a while, they spend some of your money on fixing the sink that you pay them to use.

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[-] PatFussy@lemm.ee 33 points 1 year ago

Step 1: have an extra house

[-] sailingbythelee@lemmy.world 21 points 1 year ago

Step 1: Use the equity you've built up in your primary dwelling to put a down payment on a second house, which you can rent out. Congratulations, you now have a second job to fill your evenings and weekends.

Step 2: Hope like hell you get a decent tenant who pays the rent on time and doesn't destroy your property.

Step 3: Pay all of the taxes, mortgage payments, maintenance costs, repairs, legal fees, etc., which the rent will just barely cover. Of course, most of the mortgage payment goes to the bank as interest.

Step 4: Keep crossing your fingers that you don't rent to someone who will destroy your property, fail to pay rent, sue you, or cause any other major headaches.

Step 5: After 20 years of doing this, you have now paid off that second house. Yay!

[-] hperrin@lemmy.world 40 points 1 year ago

Cool, now try being the renter who paid off your mortgage for 20 years and has nothing to show for it.

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[-] Che_Donkey@lemmy.ml 30 points 1 year ago

You forgot the step where wealthy investors & hedge funds crash an artificially inflated market, you go bankrupt and they swoop in to buy the property from their friends at the bank for half of what you paid for it.

[-] PatFussy@lemm.ee 9 points 1 year ago* (last edited 1 year ago)

Using equity from current property to buy a new property? LOL

My friend, you are begging for pain... but appreciate it. Live that grind til you get repo'd

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[-] cyberpunk007@lemmy.world 32 points 1 year ago

You have to have money to make money. It's just that first step that's the problem...

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[-] DJDarren@thelemmy.club 32 points 1 year ago

ITT: Poor, downtrodden ~~leeches~~ landlords talking about how hard it is to be a landlord, when the easiest way to end their suffering is to just sell their extra fucking house(s).

[-] starelfsc2@sh.itjust.works 11 points 1 year ago

sadly if you try to be a good landlord and make a slim margin, you'll get dumped a huge repair bill/tax increase/other expense and now you're running the appartment at a loss. At that point you either sell it to a company willing to exploit it or you have to be less nice to your tenants and ignore repairs or charge more. Most people choose the first which is why we end up with terrible landlords.

aside: heard someone in that exact situation running low income housing, on a phone call with an expert talking to the government. The expert said "any prudent management would raise the rents the maximum allowed amount"

[-] Littleborat@feddit.de 9 points 1 year ago* (last edited 1 year ago)

They have once a year paperwork to do and still bitch and moan and they still call it work.

It's disgusting.

The one "person" I know also drags tenants to court over stupid shit (he always loses 🤣)

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[-] OurToothbrush@lemmy.ml 28 points 1 year ago

ITT leeches saying "actually consuming your blood is providing a vital service and takes a lot of work"

Or worse, theyre just aspiring to be leeches

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Now come on, this isn't fair to all the mom-and-pop landlords who speak to you politely while exploiting the fuck out of you and your family

[-] pascal@lemm.ee 17 points 1 year ago

I don't understand, is lemmy flooded by reddit kids now?

Comments here make it sound owning a house is free and doesn't cost money to not make it fall apart (houses tend to do so if left unmaintained).

I've rented for 20 years since I left my parents' house and finally bought my house last year, with great expenses and time waste. I'm still wondering today if renting was a better choice financially.

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[-] Custoslibera@lemmy.world 14 points 1 year ago

But they’re entitled to the results of my labour!

Why?

Because!!!

They're just trying to pay for their grandma in the nursing home!

Oh, what about your grandma? Fuck her, pay your rent.

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[-] nodsocket@lemmy.world 16 points 1 year ago

Landlords actually do a lot of work. Maintenance and dealing with tenants can easily become a full time job if you have multiple properties. A lot of people buy rentals thinking it's "passive income" and then end up working twice as hard as before.

[-] Son_of_dad@lemmy.world 35 points 1 year ago

They're supposed to do all those things but most don't. I'm a condo super and the owners who own and rent multiple units are the worst. Their tenants are always calling me about every issue, and I have to remind them that I deal with the common areas, not the interior of their unit unless there's a flood. Those landlords tend to own multiple units and just assume I will deal with their issues, but I won't. When you own, you're the super, manager, admin, etc. But most landlords I've encountered just wanna collect the check

[-] henfredemars@infosec.pub 14 points 1 year ago

The places I've stayed so far pay a company to deal with these issues in place of the owner.

I can't speak on what that costs, however.

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[-] Brawndo@kbin.social 14 points 1 year ago

They also assume all the risk of the property too. Tenants can leave as they please but landlords are stuck with the property if the market turns.

[-] nodsocket@lemmy.world 25 points 1 year ago

Eh, I wouldn't say the housing market on the whole is fickle in the same way as as the stock market. But for things like property damage, the risk is definitely on you

[-] empireOfLove@lemmy.one 19 points 1 year ago* (last edited 1 year ago)

Landlords also absorb all the risk if the tenants skip out on two months of rent and leave the unit with no appliances, dog piss stained floors, a body sized hole in the bedroom wall, a toilet that leaked noticably but never reported resulting in extensive water damage, etc.

While its guaranteed that theres a lot of shitty landlords out there, and a ton of price-gouging corporate management companies (who are the real problem these days eith affordability).... I'm fully convinced every user who says "landlords are the devil" are they, themselves, the Tenants from Hell who do not pay the building they live in the tiniest modicum of respect; then wonder why every landlord hates them and hassles them.

[-] grabyourmotherskeys@lemmy.world 14 points 1 year ago

People will assume you are exaggerating but I will back you up here. These things happen and can all easily happen at one property.

[-] empireOfLove@lemmy.one 9 points 1 year ago

Oh yeah. I've lived it and breathed it... a few times. Cleaning up a ruined house fucking sucks and it's expensive too. Makes me wonder how some people stay alive with how quickly they wreck stuff.

[-] Russianranger@lemmy.world 9 points 1 year ago

Agreed, there has to be a level of understanding. Just because you live in a space and pay rent doesn’t mean you can go wild and let the place crawl with refuse and roaches. I have an upstairs neighbor in my apartment complex that is the quintessential definition of the renter from hell. And we get all their roaches even though we keep the place spotless. And not to paint the landlords as martyrs here, as they have their own issues, but some people have a bad case of main character complex and think the rest of us that have to suffer with the stench and infestation are just the NPCs.

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[-] ntma@lemm.ee 13 points 1 year ago
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this post was submitted on 02 Oct 2023
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