cross-posted from: https://lemmy.dbzer0.com/post/18963881
Get rid of landlords...
this post was submitted on 03 Jul 2024
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Housing Bubble 2: Return of the Ugly
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Oh she definitely should have sold it from the start. Which directly goes against the claim that renting it out is totally risk free and free money.
Even after the sale it barely covered the associated debt and renovation costs after the tenants though. The housing market isn't equally fucked everywhere. Even if selling it immediately the surplus money would not have been able to support my stepdad (who is now living on disability and social security with some financial support from my mom) for more than a few years. If renting it out had worked, it actually would've.
Why not get a company? Dunno precisely, probably because when money is that tight you don't want to lose some to a company that does something that seems very doable by yourself.
It seems doable, until all the shit you described happens. After which the 15~20% cut (the kinda rates these companies want over here) doesn't seem so bad anymore. Especially compared to the loss. A friend of my aunt had a tenant with some mental disorder that wasn't able to find a job again after covid, yes that means 4 years of not paying, the landlady didn't have the balls to kick the tenant out, and now the court proceedings might take another year. So yea, there is a risk, but only if you ignorantly chose to do it your self without knowing what you're going into.