I've known lots of landlords, all decent and honorable, honest people. Most just wanted a tax loss on paper, and charged at or below market rate, to offset their investments with the funds they earned through work. ALL of them could not wait to get out of renting after a year or two. Even in decent areas, renters were dead beats, late rent, damaging property, not doing basic cleaning, even suing for ridiculous crap.
My eyes were opened wide when I started selling apartment buildings. Most of the tenants were absolute pigs, even in the middle class areas. The buildings in the 'working class' areas were nightmares. A landlord would spend thousands repairing an apartment to rent to a new tenant, and within months, the place looked like it had never been repaired. I began to realize the Chinese 'slumlord' who owned a bunch of complexes in the area probably wasn't as bad as he was made out to be.
Exactly, there is a reason many landlords use cheap everything except for the plumbing.
Ikea cabinets, sink, and counter tops that can all be tossed out afterwards because the fuckers destroyed them. The cheapest White appliances because they're going to never clean & destroy them anyway.
Glued down carpet squares in the bedrooms so the damaged sections can easily be pulled up and replaced.
I knew a dude who worked as a caretaker. One of the people living in the building had broken off the faucet in their bath tub and it was just pouring water out... for like 2 months before the building noticed the insane water usage.
I have the means to buy rental property and have often been tempted over the years. The reason I've never done it though goes back to my early childhood when my parents, who were not wealthy by any means, rented out a small house they owned after we moved into a larger house. This was back in the early 1970s, and they somehow ended up renting it to a bunch of hippies, who completely trashed the place and never paid any rent. My parents took them to court and even won a judgement against them, but since they had no money my parents never collected a dime and ended up selling what was left of the house.
I've known lots of landlords, all decent and honorable, honest people. Most just wanted a tax loss on paper, and charged at or below market rate, to offset their investments with the funds they earned through work. ALL of them could not wait to get out of renting after a year or two. Even in decent areas, renters were dead beats, late rent, damaging property, not doing basic cleaning, even suing for ridiculous crap.
My eyes were opened wide when I started selling apartment buildings. Most of the tenants were absolute pigs, even in the middle class areas. The buildings in the 'working class' areas were nightmares. A landlord would spend thousands repairing an apartment to rent to a new tenant, and within months, the place looked like it had never been repaired. I began to realize the Chinese 'slumlord' who owned a bunch of complexes in the area probably wasn't as bad as he was made out to be.
Exactly, there is a reason many landlords use cheap everything except for the plumbing.
Ikea cabinets, sink, and counter tops that can all be tossed out afterwards because the fuckers destroyed them. The cheapest White appliances because they're going to never clean & destroy them anyway.
Glued down carpet squares in the bedrooms so the damaged sections can easily be pulled up and replaced.
I always factored replacing the carpet into the rent. You know, for the pets they’re not supposed to have.
I knew a dude who worked as a caretaker. One of the people living in the building had broken off the faucet in their bath tub and it was just pouring water out... for like 2 months before the building noticed the insane water usage.
I have the means to buy rental property and have often been tempted over the years. The reason I've never done it though goes back to my early childhood when my parents, who were not wealthy by any means, rented out a small house they owned after we moved into a larger house. This was back in the early 1970s, and they somehow ended up renting it to a bunch of hippies, who completely trashed the place and never paid any rent. My parents took them to court and even won a judgement against them, but since they had no money my parents never collected a dime and ended up selling what was left of the house.
Man I'd knee stomp them per every dollar owed