The discussion in the Biden thread about the eviction moratorium made me wonder how many people here are landlords? I own a single family home that we rent. We foolishly bought it at the high point in the market years ago, and when we wanted to move could not sell it without taking a big loss. So we decided to rent. It's a giant pain in the ass and I'd love to sell it or have it catch fire. Our current tenants are good, for the most part. They keep the place in good shape, don't bother me for little things like a light bulb being out, and typically pay on time. They do smoke, so the walls are pretty nasty. We also don't really make a profit. What they pay in rent covers the mortgage, insurance, and taxes, and I make maybe $30. So when they need a new door or a their stove breaks, I'm essentially buying that out of my pocket. Not the best situation, but it could be worse. With the market being as hot as it is, I wanted to sell. I approached the renters and told them. They said they like the house and really don't want to move, and didn't want me to sell it. So I said I'd love for them to buy it. They could probably save some money, and I'd work with them on the price because I just want to get rid of it. And it saves me the trouble of finding a buyer. They said they couldn't because they have bad credit. So I talked to my real estate agent, and got them in contact with someone who specializes in credit repair. He was going to look at their situation, and determine what, if anything, they could do to repair their credit enough to buy the house. After going back and forth for about a month, me being the middle man trying to connect them and the credit repair guy, they decided they didn't want to pursue it at all. I don't know if they just don't want to own a home, think their credit is too bad, they are wanted by the FBI, or what. They never told me why and I never asked because it's not really my business. But it was a little frustrating. So I still own the house and still rent to them. Apparently she also has cancer. So maybe that's why they didn't want to commit to buying a home? I dunno. But we decided to just keep renting to them. They are good people, and usually pay on time. However, this month they said they were short, and still a haven't paid. So now I have to figure out what I'm doing. Letting them live there for free? Evict them (I am not going to do this unless things get bad, like they start destroying the property)? Sell the house?? I really can't afford to pay that mortgage. At this point I think I'm just going to give them a pass on last month's rent and tell them to catch up if and when they can.
“Our current tenants are good, for the most part. They keep the place in good shape, don't bother me for little things like a light bulb being out, and typically pay on time. They do smoke, so the walls are pretty nasty. We also don't really make a profit. What they pay in rent covers the mortgage, insurance, and taxes, and I make maybe $30. So when they need a new door or a their stove breaks, I'm essentially buying that out of my pocket. Not the best situation, but it could be worse.” You’re gaining equity on a house and all you have to do is pay to maintain the fucking thing. Spare us with the “not the best situation, but it could be worse” bit
You should sell the house. If you don’t want your money tied up in an illiquid asset, get rid of it now.
Again, we bought at a high point. It's currently worth a little more than what we paid for it. It's worth more than we currently owe, but because of when we bought it isn't worth much more than what we bought it for. It's also not in a great neighborhood, so the value does not fluctuate much. We bought it for $43K in 2005. It's currently valued (Zillow) at $51K. After closing costs and real estate fees and all that, I will make a couple grand. But that's if I sold it for $51K. So I appreciate you thinking you know what you are talking about, but......
Owning property and renting it out to someone is not going to suddenly make you a millionaire. Take the loss and allocate those gains into stocks. Are you holding with the idea in mind the house is going to appreciate 100% in the next five years? That’s highly doubtful.
No, not at all. I think the value of the house drops dramatically over the next year or so. This is a source of financial hardship and stress in my life; finding renters, dealing with shitty renters, fixing big ticket items, replacing the water heater that one guy took, etc. I want to get rid of it. I've wanted to get rid of it since we bought it. At this point I don't like the idea of kicking our renters out. If they were assholes and always late and wrecking the place, I wouldn't care at all. But they are good people. That's why it was so frustrating that they gave up on the idea of buying it. It's not a smart financial move for me though.
You’re gaining equity on your house and not having to pay for it. Therefore, you are making money. Shut the fuck up. ALAB
all i get outta this dumb deal are all the benefits of home ownership at some immiserated person’s expense
I wish we could get an honest poll of how many tmb landlords bought their property/properties with inherited wealth.
Millionaires and billionaires are not making money in stocks because they don’t get a paycheck out of it every week, duh!
You probably shouldn’t own any properties if you’re worried about paying a mortgage on a 50k house because they missed rent
the first post of the thread you made, have the person who typed it for you read it to you i guess dipshit
At the risk of responding to a Riner thread and also being lumped into a group of people consisting of riner and shu, I will acknowledge that I own a house in SC that I rent out. My wife bought the house in 2009, we lived in it until we moved in 2013, but couldn’t sell it. We’ve been renting it out ever since.
Your mortgage cannot be far off from this: Spoiler If you've had it for a few years, you've still been paying down the note. Are you bitching about having to pay beyond $200/month? Any "huge loss from selling" can't be more than $5K. Maybe approaching 10. I would also be willing to be that if you spent $10-15K it would significantly increase the value. For as smart as you hold yourself out to be, the situation you're describing is really, really dumb.
LOL Yea, no where in there am I asking for help. What sort of help would I even want from anyone here???
i like that he mocked my math when i wasnt really far off at all riner you absolute broke boi slumlord trash
I am also an accidental landlord, but far too soft for my own good. I haven't raised rent in I don't know how many years, and always attend to fix issues (this is rare). I do also own a commercial property which has been a money pit for the last 13 months during a renovation, but is now about to start paying me back with interest, so yay for that.
iirc shu was given like 7 mill in real estate and he wasted that insane privilege by being an enormous moron
I don't know the exact numbers, but in mortgage, tax, and water we end up paying around $415 I think. *Edit: just looked, it's $420 a month () I won't take a loss from selling. I should make about $8K-costs associated with selling (so maybe $4K?). My issue with selling now is not a financial, as I've said.
you can get rid of the house if you light it on fire please just make sure you're inside the house when you do thanks