this post was submitted on 15 Nov 2023
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Being mad at an independent landlord is like being mad at the dog shit you just stepped on instead of the motherfucker that didn't pickup after his dog.
Many independent landlords are people who decided to take her everything they had on a derelict home that nobody was going to buy, fix it up, and make it available. These are people that dream to get out from under the boot and are willing to bet it all for a chance. A landlord with one or two rentals are probably struggling to keep their head above water and almost for sure have a full time job as well as the maintenance of the rental, and probably the fixing up of another.
This is how the system is rigged. If you want to mortgage a house, you need to have a lot of money down, steady income, and a good credit score. Mortgaging a fully remodeled house in order to rent it doesn't work because you'll never be able to rent it for that much. Mortgaging an ugly house to rent doesn't work most of the time because you need to remodel it "nice" and you need to find a tenant willing to pay a premium for a pig wearing lipstick. Most times, even when the house is done up, the neighborhood isn't. Next up, if you want to mortgage a derelict house that you plan to bring back from the dead, wether to rent or live in, YOU CAN'T. The only way to buy those homes is cash. In other words, neither homebuyers nor wannabe landlords have access to the only homes that might provide a good value. Wanna guess who can? Investment funds. They are the ones raping renters, not the poor schmuck that's trying to play the game the way they were told it was supposed to work. That schmuck is fucked, they just don't know it.
My wife and I owe the current life we lead in great part to a lady that decided to rent her duplex to two college students for $275 twenty years ago. She died and her daughter sold all the houses the lady owned (she owned the entire street in that ghetto) to a fund. Each duplex (meaning, half a house) now goes for $1200 (still a ghetto) and now requires a credit check and two months deposit.
Get mad at the rigged system, not at the other suckers stuck in it. Don't be a crab in the bucket.
EDIT: There are good independent landlords and there are bad ones. There is no such thing as a good real estate investment funds.
But, like, no one has to be a landlord. If it’s so hard, sell the fucking house.
You do as you're told. You study hard, you go into student debt, you get a job, you make your debt payments, you live frugally and somehow end up with a few bucks extra in your bank account every month. After a few years you've got yourself some money set aside. What do you do with that money in order to get out from under the boot off the system? Here are your options.
At least when you buy and fix a wreck there is some sense of agency. It feels like you can do something about it. We are told to do our part, be responsible, play our part and we will be rewarded, but it's a lie. It's been a lie since Reagan was elected and it got way worse under every administration since. They love it when we get at each other's throat like this because it's what stops us from setting fire to the whole thing.
PS: Person buys home to rent with the dream of actually owning something tangible. Person nets 2% if they're lucky but they are happy because at least they aren't losing. Everyone on the Internet hates them. If the same person buys shares in a real estate fund that's literally making people homeless, buying trailer parks and evicting everyone, etc., they will make as much as 20% return yet nobody here bats an eye. That's the poison right there. That's the disconnect and how they keep us down. Why own anything and be a decent human being when I can log into this app, give it my money and not have to worry about who my money hurts?
I don't have a problem with the players necessarily, just the game.
I'm lazy so I invest because I don't want to deal with being a landlord. Anyone who chooses to be a landlord deserves no sympathy. They chose to be a landlord instead of investing. You can get easy R.E. exposure by just being R.E.I.T.s so any extra work is your problem. On top of that landlords expect extra respect for something that REITs do. It's all the same game so all should be looked down upon.
Wanting to play as a boot when the game rewards playing the boot is ok so long as you advocate against the boot. But a lot of these people glorify the boot and try to become one sooo bad and for that, all of them can have the death penalty on them.
In short, want real estate? REITs, do you want to become a boot? Invest. But most importantly of all, be a boot abolitionist. If you're a boot defender then you rightfully get criticism.
I think your saying doing something physical is better than through an app. It makes no difference. It's all the same. But I do agree more awareness needs to be had with REITs. The solution is not to go easy on landlords but rather to go hard on REITs.