Current Events > Im done being a landlord.

(+) Yeah! (+)

16 tenants in the past 4 years who all claim to be "long term tenants", yet they cant last for more than a year and a half because the "rent is too high".... well no one had a problem when they signed the contract and were okay with $1500 for a 2br2ba along with a complete kitchen and living room on the first floor and I consider that very cheap already with all utilities included.

2 months into the new year and already the tenants have changed their mind because they cant afford it despite being here for a year and a half. This is in San Francisco.

I'm done being a landlord. Anyone who tells you being a landlord will make you a ton if money is bullshitting you. The property taxes alone will take all of your tenants rent so essentially they're just helping you pay that and you don't profit from anything else. Also nobody is willing to call if I raise the rent any higher considering that the pandemic has caused a lot of people to lose their jobs and move back in with other family members.

You cant just quit, do you have fire insurance?

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Hire a management company with ok rates, give them a cut and forget about it.

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good. no one should own more than one home

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San Francisco is your problem. Literally the second most expensive city in the country to live in.

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Its too bad that your risky financial investment didnt pay off. Maybe you can get a real job next.

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averagejoel posted...

good. no one should own more than one home

nah let's skip to the point where no one should own one home

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You profit from not paying the property tax (since you said your tenants' rent covers that).

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Kombucha posted...

Hire a management company with ok rates, give them a cut and forget about it.

And have random people just have access to the house? Hell no. All of the previous tenants I've had were family related in some way, but I dont think I'll ever have tenants that arent family related as they could have some kind of underlying mental issue and would kill people in their sleep. Already had 2 tenants who were crazy in some way.

Shouldnt you know if they could afford it in the first place?

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So you're gonna stop being a parasite that takes advantage of people? Good show. Landlords are a slight step above payday lenders in my book of scuminess.

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21WIVES_CHILL posted...

I'm done being a landlord. Anyone who tells you being a landlord will make you a ton if money is bullshitting you. The property taxes alone will take all of your tenants rent so essentially they're just helping you pay that and you don't profit from anything else. Also nobody is willing to call if I raise the rent any higher considering that the pandemic has caused a lot of people to lose their jobs and move back in with other family members.

In many markets, it can be hard to actually cash flow if you bought the house at market rate. In which case, it's more like you're just hoping they pay the mortgage in 30 years or whatever
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Aren't you supposed to inspect their income and careers to prevent just that?

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"So you're gonna stop being a parasite that takes advantage of people? Good show. Landlords are a slight step above payday lenders in my book of scuminess."

So you prefer the government have full control of housing? Because that's the alternative.

Grow the fuck up

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PoundGarden posted...

So you prefer the government have full control of housing?

Yes

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The Trent posted...

nah let's skip to the point where no one should own one home

there we go

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Orchestrion posted...

Its too bad that your risky financial investment didnt pay off. Maybe you can get a real job next.

Have you ever thought of getting a real job?
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Bro where the fuck is this place at for $1500 w/ all utilities included. I'll move in that bitch tomorrow

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Why would you not get a property management company? Usually 5-10% of the cash flow, but only 5-10% of the headache goes your way

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Butterfiles posted...

PoundGarden posted...
So you prefer the government have full control of housing?

Butterfiles posted...

Yes

Spoken like someone who doesn't own land or know how "great" gov housing is. Sit down lol

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Lol at the anti landlord crowd.

They are always funny.

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Unsugarized_Foo posted...

Why would you not get a property management company? Usually 5-10% of the cash flow, but only 5-10% of the headache goes your way

As I've said, I dont want random people who arent known or related by family in any way. I havent had any troubles from previous tenants this way except for two of them who went crazy for some reason (family drama in their end perhaps).

You can't just quit being a landlord. The only way out is to win The International Landlords Tournament of Fists and wish for your freedom from the Landlord Lord.

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i would get out of the business at least till the coronavirus isn't a problem (give or take 2 years).
this shit is likely going to keep happening.
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kingdrake2 posted...

i would get out of the business at least till the coronavirus isn't a problem (give or take 2 years).
this shit is likely going to keep happening.

I'll most likely just sell the house and move into a cheaper area. If the house sells, I can easily pay off a cheaper home in full and still have money left over while continuing to work. I only have tenants to help me pay half of the mortgage every month.

Being a landlord only really seems worth it if you're not in much (or any) debt.

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I have Section 8 tenants. >_>

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Darmik posted...

Being a landlord only really seems worth it if you're not in much (or any) debt.

it's worth it. hated when my landlord decided to jack up my rent 33%. it was priced reasonable despite the Sq foot for a 1 bedroom before he got greedy.
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$1500 is way too much for rent stop being greedy

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skermac posted...

$1500 is way too much for rent stop being greedy

That's well below average rent for SF.

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Dang I'd love my rent to be that cheap, mine is close to $2000, but that's low here! My neighbors is $2600!

I think the problem is that they're all family related. They think you owe them a deal because of that.

Anyway, sucks that so many hate landlords here.

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skermac posted...

$1500 is way too much for rent stop being greedy

It sounds like he's renting out a house.

Just sell the house and invest in REITs if you want real estate income.

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