this post was submitted on 28 Aug 2023
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Showerthoughts
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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.
Yeah, part of the reason for the hate is because its a purely transactional relationship.
You're not really helping someone by renting out a place to them through a company. And its a low bar to set if you think "oh well at least they are not homeless"
My tenants get 30% below market rate on rent. They get 24/7/365 access to maintenance calls for any issues. Every 4 years I renovate a room of their choice. I never get up on their business. Anyone else would say they have the best deal going. But here on Lemmygrad I am still the bad guy because of an investment I made 15 years ago, and decided to maintain in order to ensure my disabled son has a home. I respect your opinion, but I'm done defending myself on this site. No one here lives in reality. It's almost comical. You have a great life. I sincerely hope whatever you are looking for in life you find. Cheers.
Sorry, the "you're not helping" isn't directed at you specifically. It's you as in landlords who do that and then say they're helping someone not be homeless.
I live in reality, but I don't live where you do. Where I live, homelessness is a HUGE problem and the streets and people's backyards are filled with tents. I'm not even exaggerating. Go look at Portland, Or news. It's all about homeless people. People have an extremely hard time finding housing here.
There's nothing comical about being homeless.