this post was submitted on 23 Aug 2023
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I'm a land lord, did exactly what people say we all did. 15 years ago I bought two 200k homes for 30k each.. they are an income plan for my kids so they don't have to necessarily worry about taking a better paying job instead of something they want to do. Probably a little naive now. But I run the houses at a bare minimum profit just so the government won't come after me due running a loss on my taxes. I have raised rent only enough to do that. I pay for a property management firm to take care of the properties so that the tenants have 24 hour response to issues. I've had the same tenants for 12 years in both properties. Every 4 years or so I have one of the rooms that the tenants want renovated. It's a right off so doesn't costa fortune ava the house gets slowly updated. Not every landlord is an asshole. Some of us play the long game without screwing people. But I realize that I am part of the problem. I am part of the reason for less supply in the market. But selling my properties will make my children's lives less secure and I'm not willing to do that. So i do partially deserve some of the blame.
I don't see you having any blame. Supply and demand for housing includes everything, including rentals. You would be part of the problem if you bought those places and left them empty as vacation spots or something. You didn't, you're supplying them to people who I'm guessing wouldn't be able to buy them themselves. You're not driving up the cost of housing. I'd argue that, since you're charging less than you could, you're actually lowering it.
Have you purchased a house? Because this part is simply not true. You have to have a percentage of the cost up front. The more you have, the smaller the payments. Lots of folks who are renting out places put a lot down so the mortgage payments (and what they charge for rent) are much smaller than a first-time buyer can afford. Then you have the cost of property tax, maintenance, and repairs that the renter isn't liable for.
This is very much the problem with the Canadian real estate bubble. People are paying rental prices now that absolutely could have paid for a house 5 years ago. But now they are paying a dangerously high portion of their income. The problem is that their rental prices that they pay now wouldn't make the payments on the house today.
I think "designed to keep poor people out" is way off. People selling a product want nothing more than for other people to buy their product. The sellers of the house aren't the ones setting the mortgage details - they have nothing to do with it, they just want to sell the house.
But few people can afford to buy a house outright, so they have to borrow money. The bigger the percentage of the purchase price you have to borrow, the more the payments are going to be. That's not to punish poor people, it's because they're putting up their money so you can buy something, in return for them making a profit on their money.
You're still not getting it. Let's say I want to live in a house that costs $600k, but I don't have it. If I were to find a lender who would finance the whole thing (doubtful), the mortgage payments would probably be around $3k a month, and I can't afford that either. But let's say you have $300k to put down, so only have to finance another $300k, and your payments are more like $1500 a month, which I can afford. I pay you the amount that covers your mortgage, you end up paying property tax and other costs, but my rent is going into your property. If I live there for three years, you've gotten $54k in equity, even if the house's value itself didn't go up any, for just the cost of taxes and maintenance. Meanwhile, I got to live in a house that I flat out couldn't afford.
How the heck did you find not one but two 200k houses for 30k? Or are you saying you bought them for 30k and now they're worth 200k? Either way holy balls I wish I could do either of those lol
Sorry, I didn't explain that well. The down payment was 30k each. But basically that's all I've had to spend on the houses.
The house pays for itself, that's the beauty of having to rent out houses. ROI might vary, but long term, you are secured as long as the property is properly maintained and is attractive to renters.
Edit : reading a lot of comments on this thread, it's obvious that majority have no idea how house and lot transactions go, and how little real life experience they have on it. They are just hopping on the bandwagon on landlord hate.
I assumed they meant they were just worth $30k when they bought them. That is a pipe dream that probably won’t happen again in any of our lifetimes.
I mean, I get what you're saying. And perhaps if my financial situation was better I could consider the option to offer the houses to the tenants. But as you suspect I will not trade my children's financial security just to be charitable. The rent I charge is 30%-40% below market value. I suspect if you were in my position you wouldn't be so inclined to give away your wealth either.
I realize you aren't going to agree, but these two situations aren't the same thing.
Because to start with, I invested and risked my own money a much less bubbled deal estate market with a significant amount of my available capital. You invested someone else's money. I took all the risk, and you want me to give away all the profits from that risk. Even your "green" investments take advantage of workers, buy off shore parts, cost people their jobs. Why don't you donate all your profits to those people. Your entire argument is so steeped in hypocrisy that it's hard to even know if you're not just a troll.
This is getting old. Regardless you said you inherited a house, fwiw. You live how you want. I live in the way I want. I admit my part in Canada's housing crisis. But I couldn't sell my children's future for moral high ground. You come across as sanctimonious. You speak from an imagined high ground with the assumption that you know what is good for everyone. That's your right. So you do you. Have a good one.