I wasn’t aware of that and depends on what you think of as a high proportion. A quick google search tells me there are ~4 million state-owned apartments for low income persons/families. I also found this:
The percentages are the number of apartments that are publicly owned in various major cities.
Obviously tenants should be able to evict landlords with a 2/3 majority vote.
The landlord loses his property and it becomes available for someone else. Tenants can evict a landlord every three months.
This. Won’t bore people with the details, but here the main form of social housing assistance has been/is being shunted from a national Govt department to local authorities (county councils). The nationally-run dept just did rent assistance, so in theory they required minimum standards, but in practice just about never inspected. LAs have always done housing, though, so they actually do. All kinds of landlords happy to take the old assistance if they can manage but not even hearing about the new one.
Here’s the full list for anyone curious:
I admitted above that I may be biased, having seen only bad and never the good. I shouldn’t have spoken in such absolutes there. That said, I’ve probably spoken personally to more property owners who take section 8 than anyone here.
Maybe. Maybe not. I spent about five years working in low-income, elderly, and disabled housing consulting and development.
I’m not talking about appreciation. I’m talking about someone else paying your mortgage, and you keeping the house. That is profit. The house is the profit. The one you didn’t pay for because your tenant did.
This isn’t the place for a lesson on real estate investing, but your personal mortgage doesn’t translate to how the average investor runs his real estate business. If there are professional landlords out there getting a 30 year mortgage with 3% down, I don’t know a single one of them.
Just ask yourself this if you own your home: Could you rent out your house for the same price as your PITI, plus an allowance for maintenance, management, vacancy, and profit on top? With very very few exceptions, the answer to that question is a resounding “absolutely not and it’s not close.”
I still don’t know exactly what the purpose of this thread is, but this particular derail is definitely not it. Suffice to say that this equity you’re talking about is part of the return calculation, and returns in real estate investing are usually not great unless you can create equity by buying distressed properties. Think those dudes on TV in the 90s at 3am trying to get you to buy their $200 “course” on making a billion dollars. There’s a reason they’re hawking cassettes on TV and not just following their own advice.
lol I currently help a buddy manage a building where 35/60 units are section 8 housing and have worked for management companies with 3000+ units over the last couple of years. All you are doing here is spouting the landlords extremely biased view on section 8 tenants, so keep licking those boots.
Almost every single complaint i’ve heard from landlords about section 8 tenants is something their regular tenants do at the same or in some cases a higher rate. I have guesses as to why they like to use the section 8 tenants as examples of all this but I don’t think this thread is intended for that so I’ll just stop continuing the derail after this.
Posted in another thread previously but the point still stands.
I’ll add anyone claiming there isn’t any profit in being a landlord is either a slumlord, terrible at their job, or just lying. Likely some combination of all three.
Also, if you really want to get your outrage on, I suggest reading into TIFs.
TIF districts are indeed the worst.
But again, Government enables them. Send your angry e-mails to them, not the developer.
I mean, yes.
But ignoring that, the “profit on top” part is what drives me nuts. Like, you get a mortgage for 1500 bucks/month. So 18k/year. Figure maintenance averages 5k/year, which I think is likely way overboard but whatever. 23k/year out of pocket.
If you get a tenant to pay you even 1200/month, 14.4k/year, you’ve got an updated repaired house for 9k/year that would normally be 18k plus maintenance. That’s profit. You’re getting 50% off of your mortgage, and you can sell the house when you’re done with appreciation. And all of the money you’re spending on it is tax deductible. Oh, and if it’s new construction you’re almost certainly getting a ton of tax breaks on the property taxes for deigning to build housing in whatever jurisdiction you work in.
Like, the fucking greed and entitlement of landlords is just astounding to me. Market rate for rent is always higher than a 30 year mortgage. You guys make your living purely on the fact that people can’t afford down payments and realtors are even bigger pieces of pond scum than you, making it prohibitively expensive to purchase property for short term living.
First we’ll have to figure out what that is.
Ding, ding, ding. We have a winner. Everyone has to buy the landlord a chicken dinner.
Landlordism doesn’t “create” housing (construction workers build buildings), “do” maintenance (that’s typically done by handymen, gardeners/etc), or even “show” units (that’s typically done by employees too).
Every single bit of legitimate work that is done regarding rental housing is typically done by working folk earning wages. Landlordism claims to “do” all this crap. It has nothing to do with any of it at all.
Instead, Landlordism is the leveraging the use of violence (evictions) to extract unearned and absentee profits from those who are stuck in the Rent System: those who need housing, but can’t buy housing.
Better or worse than owning stock in publicly traded companies?
Sounds like you’ve got this all figured out, @catfacemeowmers . Let us know how your new real estate investing business goes. Free money!
You don’t need to use a realtor to buy property, btw. Write your own offers. It’s extremely easy to do. Budget $1,000 for an attorney, though.
Well, shit, then that’s just more money to his bottom line.
It literally is free money, but you have to have money to begin with. It’s like the small scale version of owning a pro sports team. You get to profit in the short term while having the tax loopholes and accounting tricks on your side to make it look like you’re losing money. And in the long term when it’s time to sell, amazingly this asset that never made money has greatly appreciated in value!
Landlords are immune to property taxes. /mindblowing
I mean there are lots of things I could do to make more money than I currently do.
I don’t have nearly enough money to purchase rental properties, but if I DID have that kind of money I’d be much more likely to try to develop something like a community land trust.
I bought three apartment buildings in my twenties and didn’t put $0.01 down. I suppose I made a little money in this, very little money, but it was hardly easy and it was not without lots of work, real physical work.
