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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Ah yes, my mom who ended up with 2 houses after remarrying (her new husband was terrible with managing finances so they decided to give the house and associated debts to her), barely scraped by financially, is a social parasite for wanting to rent out that other house because her new husband, after decades of physical labor, had become incapable of working full time and needed a way to have income later in life. Always had at least one tenant that was from hell in their own way btw and ended up selling the house to not succumb to the costs. Renting it out only caused losses.
Ok, here's an idea, get a company to rent it out for you, some even pay you while the place is vacant (for a bigger cut ofc). Or sell the damn thing and put the money into a savings account. Even the worst savings accounts will do wonders with the amount a property goes for.
Like I don't want to insult your mom that has gone though hell, but that right there just seems fucking stupid.
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.