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.
This is me.
Bought a nearly 100 year old house earlier this year, 1.5 hours away from where I live. I work full time.
I've spent nearly every weekend and ALL of my free cash (plus credit that I'll likely be paying off for a few years) to replace the sewer lines, insulate the crawlspace and basement, replace the roof, replace the siding, replace the leaking windows, update the electrical, update the plumbing, replace old appliances, replace corroded cabinet hardware, seal holes around the house from rodents, paint the walls, ceiling, and cabinetry inside the house, remove and clean up a dilapidated wood shed, empty an incredible amount of rotten and corroded junk from the basement, CLEAN the basement, replace the broken door to the basement, fill in and repair cracked and broken concrete, replace the rotten hot tub, and ongoing efforts to prevent water from flooding the basement every time it rains.
And I'm not finished. Not even close. There is so much to be done to make this place work and make sure it stays in good condition for years to come.
The initial priority was pest control, deep cleaning, painting, and furnishing. Once that was done the place was listed on AirBnB. It's helped to offset the costs, but will take decades to break even. After utilities, taxes, supplies, and expenses for cleaning between guests I'm pulling in maybe a couple hundred dollars a month. But it helps.
Don't make your problems everyone else's.
You can just buy a REIT.
Imagine the contractor that works for a REIT. Should they get full rent because they broke their the same way as you? Or hourly, just like my roommate?
You get the rent because you're a landlord, not because you work hard.
If working hard on a property, instead of owning it, meant getting all of the high rents then the REITs' contractor should be collecting rents instead of the REITs but that obviously doesn't happen.
Don't defend landlording. Oppose it, you can still be one, but just oppose it.
Would you make the same if you sank all of your money in investments and work a second job as a contractor? Same story but different results?
If you had long term tenants and but they owned the property but contracted you? You would still work hard and be compensated for the work isn't that enough? If the work the justification for your rental income then why not just be a contractor instead of an owner? And better yet leave the owning part to the people who live there.
So instead of buying a home that needed a lot of work and spending a lot of money locally in order to accomplish that work and making minimal (if any) profit, I should just give my money to an investment firm who will be both shittier AND more expensive to renters, while siphoning money away from that local market?
Please explain how me investing in a REIT rather than actual real estate solves your problem.