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Posted: 1/18/2022 11:01:07 PM EDT
 It is only going up 4%. I guess that is a good thing [check that, an OK thing], since that is still $131 less a month than I started with a little over two years ago. My asking for a reduction in early 2020 was a good call, if I hadn’t asked for a reduction, and they increased it 4% (they are legally allowed 5%) twice (once in 2020, and once in 2021), my rent would be $289 more a month now than I started with in August 2019. I don’t think I can complain, but I might.. I am sure many people will. 
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Posted: 1/18/2022 11:02:14 PM EDT
[#1]
This will go well.
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Posted: 1/18/2022 11:04:59 PM EDT
[#2]
I am a homeowner but I got an email from my power/gas company the other day, to expect money bills to go up as much as 30% soon.
 
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Posted: 1/18/2022 11:05:52 PM EDT
[#3]
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Posted: 1/18/2022 11:06:19 PM EDT
[#4]
Ammo prices are too damn high!
Oh wait. . . |
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Posted: 1/18/2022 11:15:42 PM EDT
[#5]
You’ve been renting for more than 2 years? Why? What are you doing with your life?
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Posted: 1/18/2022 11:19:30 PM EDT
[#6]
I never paid late throughout all this shit nor caused a bit of hassle my landlord raised me 20%. Greedy pig. Good luck to him finding a better tennant.
Its his right of course but I hold by the unwritten rule you never raise a great tenant full up to the max of the market, it will cost the owner more in vacancy or the gamble of getting a shitty tenant. |
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Posted: 1/18/2022 11:22:55 PM EDT
[#7]
Quote HistoryQuoted: I never paid late throughout all this shit nor caused a bit of hassle my landlord raised me 20%. Greedy pig. Good luck to him finding a better tennant. Its his right of course but I hold by the unwritten rule you never raise a great tenant full up to the max of the market, it will cost the owner more in vacancy or the gamble of getting a shitty tenant. So he’s greedy for raising rent to market rates but you aren’t greedy for expecting him to rent you the place below market? I’m sure his taxes and insurance haven’t gone up at all. |
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Posted: 1/18/2022 11:24:40 PM EDT
[#8]
NV energy here. just got my bill today. Last year 412.3 KWH= $ 37.68
This year same KWH 412.3 = $ 48.37 Gas, water, food that is a whole different matter. FJB = FUCK JOE BIDEN!!!! |
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Posted: 1/18/2022 11:32:15 PM EDT
[#9]
Quote HistoryQuoted: You’ve been renting for more than 2 years? Why? What are you doing with your life? Trying to decide where I'd rather live. "Anywhere but California" is a no brainer, but that isn't saying a whole lot, these days. I have the cash to pretty much go anywhere, but I haven't seen the entrance exam questionaire to Free America posted yet. I'd like to turn in my license plate and answer a hundred questions or so, at a state border, or something. Maybe even show a few hundred large in the bank as collateral. ? I sold the joint for big money, but I do wish I had held out another two years.   |
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Posted: 1/18/2022 11:39:12 PM EDT
[#10]
Quote HistoryQuoted: You’ve been renting for more than 2 years? Why? What are you doing with your life? Ever heard of west coast real estate? |
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Posted: 1/18/2022 11:42:25 PM EDT
[#11]
Quote HistoryQuoted: You’ve been renting for more than 2 years? Why? What are you doing with your life? If you’re under 35, owning a home is more than likely a terrible idea. Once you lose the free ability to move around on a whim, you hinder a huge chunk of income potential. There’s nothing wrong with being contempt, but it’s very hard to get ahead. |
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Posted: 1/18/2022 11:46:48 PM EDT
[#12]
nm.
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Posted: 1/18/2022 11:50:28 PM EDT
[#13]
Quote HistoryQuoted: So he’s greedy for raising rent to market rates but you aren’t greedy for expecting him to rent you the place below market? I’m sure his taxes and insurance haven’t gone up at all. Quote HistoryQuoted: Quoted: I never paid late throughout all this shit nor caused a bit of hassle my landlord raised me 20%. Greedy pig. Good luck to him finding a better tennant. Its his right of course but I hold by the unwritten rule you never raise a great tenant full up to the max of the market, it will cost the owner more in vacancy or the gamble of getting a shitty tenant. So he’s greedy for raising rent to market rates but you aren’t greedy for expecting him to rent you the place below market? I’m sure his taxes and insurance haven’t gone up at all. I would bet you don't have rental properties. There is raising rents to cover costs and there is raising rents as much as you can. There is a cost and risk of turnover. Getting rid of a tenant that has been paying over the last couple of years and isn't damaging the property is not a great idea. |
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Posted: 1/18/2022 11:51:27 PM EDT
[#14]
I hear some are saying "Rent is theft"
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Posted: 1/18/2022 11:57:05 PM EDT
[#15]
Quote HistoryQuoted: So he’s greedy for raising rent to market rates but you aren’t greedy for expecting him to rent you the place below market? I’m sure his taxes and insurance haven’t gone up at all. Quote HistoryQuoted: Quoted: I never paid late throughout all this shit nor caused a bit of hassle my landlord raised me 20%. Greedy pig. Good luck to him finding a better tennant. Its his right of course but I hold by the unwritten rule you never raise a great tenant full up to the max of the market, it will cost the owner more in vacancy or the gamble of getting a shitty tenant. So he’s greedy for raising rent to market rates but you aren’t greedy for expecting him to rent you the place below market? I’m sure his taxes and insurance haven’t gone up at all. Everyone is greedy, the difference is he is a pig. A person should know when enough is enough. Also its ultimately going to cost him more, you see in business the pig gets slaughtered. The pig has to get every penny and in that pursuit knows no loyalty or appreciation for the bigger situation. As a landlord if you go full to market every year you will never make what you think because turnover costs a lot of money and you will get a lot more of it. Its his right, but its short sighted and stupid. |
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Posted: 1/19/2022 12:00:16 AM EDT
[#16]
Quote HistoryQuoted: I would bet you don't have rental properties. There is raising rents to cover costs and there is raising rents as much as you can. There is a cost and risk of turnover. Getting rid of a tenant that has been paying over the last couple of years and isn't damaging the property is not a great idea. Quote HistoryQuoted: Quoted: Quoted: I never paid late throughout all this shit nor caused a bit of hassle my landlord raised me 20%. Greedy pig. Good luck to him finding a better tennant. Its his right of course but I hold by the unwritten rule you never raise a great tenant full up to the max of the market, it will cost the owner more in vacancy or the gamble of getting a shitty tenant. So he’s greedy for raising rent to market rates but you aren’t greedy for expecting him to rent you the place below market? I’m sure his taxes and insurance haven’t gone up at all. I would bet you don't have rental properties. There is raising rents to cover costs and there is raising rents as much as you can. There is a cost and risk of turnover. Getting rid of a tenant that has been paying over the last couple of years and isn't damaging the property is not a great idea. This guy landlords. When you have ideal tenants you give them excises to stay not leave. |
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Posted: 1/19/2022 12:04:25 AM EDT
[#17]
Quote HistoryQuoted: I am a homeowner but I got an email from my power/gas company the other day, to expect money bills to go up as much as 30% soon. Fuck You Brandon. |
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Posted: 1/19/2022 12:04:33 AM EDT
[#18]
Quote HistoryQuoted: I never paid late throughout all this shit nor caused a bit of hassle my landlord raised me 20%. Greedy pig. Good luck to him finding a better tennant. Its his right of course but I hold by the unwritten rule you never raise a great tenant full up to the max of the market, it will cost the owner more in vacancy or the gamble of getting a shitty tenant. Easy rule for you to hold by as the renter... |
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Posted: 1/19/2022 12:08:34 AM EDT
[#19]
Quote HistoryQuoted: I never paid late throughout all this shit nor caused a bit of hassle my landlord raised me 20%. Greedy pig. Good luck to him finding a better tennant. Its his right of course but I hold by the unwritten rule you never raise a great tenant full up to the max of the market, it will cost the owner more in vacancy or the gamble of getting a shitty tenant. Did you ever ask for a rent decrease? Or, at least, not an increase? I did, and I think it paid off. I hear you though- Try telling him the story. His reply can't make things worse, I don't think. |
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Posted: 1/19/2022 12:09:13 AM EDT
[#20]
Quote HistoryQuoted: This will go well. No Schnitzengrubens given! All of Mel Brooks's movies are classic comedy gold from times we may never see again. A time when everyone could laugh and make fun without feelings being hurt and everyone had a good time. Oh, and PAY YOUR FUCKING BILLS DEADBEATS!
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Posted: 1/19/2022 12:09:50 AM EDT
[#21]
Quote HistoryQuoted: Everyone is greedy, the difference is he is a pig. A person should know when enough is enough. Also its ultimately going to cost him more, you see in business the pig gets slaughtered. The pig has to get every penny and in that pursuit knows no loyalty or appreciation for the bigger situation. As a landlord if you go full to market every year you will never make what you think because turnover costs a lot of money and you will get a lot more of it. Its his right, but its short sighted and stupid. Quote HistoryQuoted: Quoted: Quoted: I never paid late throughout all this shit nor caused a bit of hassle my landlord raised me 20%. Greedy pig. Good luck to him finding a better tennant. Its his right of course but I hold by the unwritten rule you never raise a great tenant full up to the max of the market, it will cost the owner more in vacancy or the gamble of getting a shitty tenant. So he's greedy for raising rent to market rates but you aren't greedy for expecting him to rent you the place below market? I'm sure his taxes and insurance haven't gone up at all. Everyone is greedy, the difference is he is a pig. A person should know when enough is enough. Also its ultimately going to cost him more, you see in business the pig gets slaughtered. The pig has to get every penny and in that pursuit knows no loyalty or appreciation for the bigger situation. As a landlord if you go full to market every year you will never make what you think because turnover costs a lot of money and you will get a lot more of it. Its his right, but its short sighted and stupid. |
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Posted: 1/19/2022 12:11:25 AM EDT
[#22]
And to think people thought I was stupid for leaving a rental in Portland for home ownership in Detroit.
But seriously, my taxes are going up. My salary didn’t. |
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Posted: 1/19/2022 12:17:49 AM EDT
[#23]
Between boomers buying up all the good houses and fucking up the real estate market for the lower middle class when they got 15-20 years max until they’re extinct
And the stagnant wages and inflated rents.... I wish someone would just bomb us already cause this isn’t life Hopefully me and the soon to be wife can scrape up another $10k for the house pot... these high gas prices are putting a damper on that We already decided that it doesn’t make economic sense to spend money on our wedding... sad shit but a nice house in a great neighborhood is the priority |
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Posted: 1/19/2022 12:20:59 AM EDT
[#24]
Quote HistoryQuoted: I would bet you don't have rental properties. There is raising rents to cover costs and there is raising rents as much as you can. There is a cost and risk of turnover. Getting rid of a tenant that has been paying over the last couple of years and isn't damaging the property is not a great idea. Quote HistoryQuoted: Quoted: Quoted: I never paid late throughout all this shit nor caused a bit of hassle my landlord raised me 20%. Greedy pig. Good luck to him finding a better tennant. Its his right of course but I hold by the unwritten rule you never raise a great tenant full up to the max of the market, it will cost the owner more in vacancy or the gamble of getting a shitty tenant. So he’s greedy for raising rent to market rates but you aren’t greedy for expecting him to rent you the place below market? I’m sure his taxes and insurance haven’t gone up at all. I would bet you don't have rental properties. There is raising rents to cover costs and there is raising rents as much as you can. There is a cost and risk of turnover. Getting rid of a tenant that has been paying over the last couple of years and isn't damaging the property is not a great idea. I have owned rental properties, and I never raised rent 20% in one year. I get that it's not a great strategy. What bugs me is people accusing others of greed because they don't want to give the accuser something for less than it's worth. |
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Posted: 1/19/2022 12:21:23 AM EDT
[#25]
Buy a house if you don’t like rent. If you can’t buy one then assess why and take steps to fix the problem.
If my cost go up my renters cost goes up it’s simple economics. My cost have went way the fuck up. I’m human and forgave thousands out of my pocket during the start of the pandemic. I don’t get COVID checks not a dime and when my tenants did they still wanted reduced rent. It’s a smack in the face. . Why should I keep someone’s rent the same when my costs go up? 5% rent hike lol more like 30% to cover the new cost of doing business. Renters treat even the nicest homes like shit and repair and maintenance is getting out of hand. I literally let one house sit for 6 months because it was cheaper than renting it out due to the eviction freeze. That’s insane. Now that it’s going back out for rent I’ve went from $700 for a 900 sq 2/1 to $1000 per month. I’m not making any extra money to my pocket anytime soon though because I did a $20,000 overhaul to make it nice again. It will take 5 years of that extra rent I'm now charging to pay for it. I’m not upset in the slightest on spending money to renovate, but make no mistake I didn’t do it to be nice. OP grow up |
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Posted: 1/19/2022 12:23:59 AM EDT
[#26]
I’m in the process of moving now. A year of paying rent was too much for me. I’m moving into a semi trailer converted into a house on my own land, until I can get something built. Gonna wish my buddy good luck in finding someone as easy as me to get along with as a tenant.
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Posted: 1/19/2022 12:30:09 AM EDT
[#27]
Quote HistoryQuoted: So he’s greedy for raising rent to market rates but you aren’t greedy for expecting him to rent you the place below market? I’m sure his taxes and insurance haven’t gone up at all. Quote HistoryQuoted: Quoted: I never paid late throughout all this shit nor caused a bit of hassle my landlord raised me 20%. Greedy pig. Good luck to him finding a better tennant. Its his right of course but I hold by the unwritten rule you never raise a great tenant full up to the max of the market, it will cost the owner more in vacancy or the gamble of getting a shitty tenant. So he’s greedy for raising rent to market rates but you aren’t greedy for expecting him to rent you the place below market? I’m sure his taxes and insurance haven’t gone up at all. I doubt they are up 20%. Raising rent 20% at once on a good tenant seems kind of high. |
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Posted: 1/19/2022 12:34:02 AM EDT
[#28]
Quote HistoryQuoted: Between boomers buying up all the good houses and fucking up the real estate market for the lower middle class when they got 15-20 years max until they're extinct And the stagnant wages and inflated rents.... I wish someone would just bomb us already cause this isn't life Hopefully me and the soon to be wife can scrape up another $10k for the house pot... these high gas prices are putting a damper on that We already decided that it doesn't make economic sense to spend money on our wedding... sad shit but a nice house in a great neighborhood is the priority Keeping the shitty roof on our shitty tiny starter house over our head was the most important thing then too, and it was a struggle then too. I remember once for a few months, having to pay the power bill on a credit card...because shit happened that month and there was no other option. But....it was ours and we worked our asses off to keep it. What you are doing isn't "new". It's how it works for many people, starting out in life on their own and it has always been that way. |
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Posted: 1/19/2022 12:37:29 AM EDT
[#29]
No way am I moving out of my apartment. Within a radius of 12,000 miles, it's the cheapest rent for a comfortable space within walking distance of everything I need. Owning/moving would be stupid.
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Posted: 1/19/2022 12:43:01 AM EDT
[#30]
Dang. Last year my house payment went up $146 per month because the city decided to raise my taxes....
I pay over 3k in taxes now a year and my neighbors across the street pay less than 1k.... WTF |
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Posted: 1/19/2022 12:49:11 AM EDT
[#31]
Quote HistoryQuoted: Buy a house if you don’t like rent. If you can’t buy one then assess why and take steps to fix the problem. If my cost go up my renters cost goes up it’s simple economics. My cost have went way the fuck up. I’m human and forgave thousands out of my pocket during the start of the pandemic. I don’t get COVID checks not a dime and when my tenants did they still wanted reduced rent. It’s a smack in the face. . Why should I keep someone’s rent the same when my costs go up? 5% rent hike lol more like 30% to cover the new cost of doing business. Renters treat even the nicest homes like shit and repair and maintenance is getting out of hand. I literally let one house sit for 6 months because it was cheaper than renting it out due to the eviction freeze. That’s insane. Now that it’s going back out for rent I’ve went from $700 for a 900 sq 2/1 to $1000 per month. I’m not making any extra money to my pocket anytime soon though because I did a $20,000 overhaul to make it nice again. It will take 5 years of that extra rent I'm now charging to pay for it. I’m not upset in the slightest on spending money to renovate, but make no mistake I didn’t do it to be nice. OP grow up In this market we couldn't have bought our house. The market right now is artifical people say it's the new norm but this bubble gon a bust and I'm gonna pounce on it. A lot of landlords will fall back on "costs go up" but other than assumed taxes and maybe insurance, it's not a good reason. They'll throw out "repairs or maintenance" but when we rented the only thing that eventually got black mold and a roof fixed was withholding rent, paying for it ourselves, and taking the guy to court to fight his eviction. I'm not the only one. I've met a guy who I wish I knew beforehand because he was a great landlord. But for every great landlord there's a hundred shitbags. |
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Posted: 1/19/2022 1:01:23 AM EDT
[#32]
Quote HistoryQuoted: Everyone is greedy, the difference is he is a pig. A person should know when enough is enough. Also its ultimately going to cost him more, you see in business the pig gets slaughtered. The pig has to get every penny and in that pursuit knows no loyalty or appreciation for the bigger situation. As a landlord if you go full to market every year you will never make what you think because turnover costs a lot of money and you will get a lot more of it. Its his right, but its short sighted and stupid. So when inflation is 7%+ and cost of living increases are more the landlord is a pig for raising the rent 5%??? |
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Posted: 1/19/2022 1:13:06 AM EDT
[#33]
Quote HistoryQuoted: So when inflation is 7%+ and cost of living increases are more the landlord is a pig for raising the rent 5%??? Not in my book. Fuck Brandon. The left has a big awakening coming, I hope. I am better off than a lot of folks, sadly. |
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Posted: 1/19/2022 1:15:52 AM EDT
[#34]
My homeowners and property taxes are increasing again this year and my utilities are increasing as well.
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Posted: 1/19/2022 1:17:06 AM EDT
[#35]
Quote HistoryQuoted: My homeowners and property taxes are increasing again this year and my utilities are increasing as well. Duh.
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Posted: 1/19/2022 1:20:34 AM EDT
[#36]
Quote HistoryQuoted: Duh. Quote HistoryQuoted: Quoted: My homeowners and property taxes are increasing again this year and my utilities are increasing as well. Duh. Ah I am not alone in this I see 
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Posted: 1/19/2022 1:20:45 AM EDT
[#37]
Quote HistoryQuoted: I never paid late throughout all this shit nor caused a bit of hassle my landlord raised me 20%. Greedy pig. Good luck to him finding a better tennant. Its his right of course but I hold by the unwritten rule you never raise a great tenant full up to the max of the market, it will cost the owner more in vacancy or the gamble of getting a shitty tenant. I don't think that even kept up with the market. 
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Posted: 1/19/2022 1:21:54 AM EDT
[#38]
A 4% increase is nothing. I believe the YOY US average is something like 17%. I had people offering me several hundred/month over my asking price for a unit I just placed on the market. This on top of a monthly rate that exceeds a nicer home I have in the same area that has had the same tenant for several years now.
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Posted: 1/19/2022 1:23:14 AM EDT
[#39]
Quote HistoryQuoted: I would bet you don't have rental properties. There is raising rents to cover costs and there is raising rents as much as you can. There is a cost and risk of turnover. Getting rid of a tenant that has been paying over the last couple of years and isn't damaging the property is not a great idea. Normally you would be right. Currently, getting rid of a tenant will result in 60 applications from new tenants within a week. You can pick someone with an 800 credit score from among the applicants. |
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Posted: 1/19/2022 1:25:00 AM EDT
[#40]
Quote HistoryQuoted: Ah I am not alone in this I see Except, I am not currently a homeowner. My costs are going up at a much lower rate, but I feel for the homeowner.. I think they say, Cash is King, and I am waiting for the crash to buy back in. |
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Posted: 1/19/2022 1:38:57 AM EDT
[#41]
Quote HistoryQuoted: Except, I am not currently a homeowner. My costs are going up at a much lower rate, but I feel for the homeowner.. I think they say, Cash is King, and I am waiting for the crash to buy back in. I was doing the same thing, but then prayed about it and got the message to buy a house 2 years ago. Since then, my house increased 44%, and the rental I was staying at, which I hated, increased about the same amount in rent. These prices seem crazy to me, but there's some serious inflation happening, and it's not 7% a year. It's more like 15%. This can't go on forever, but it could go on a long time. The federal government is going to aim to keep inflation high for probably 10 years to reduce the debt. The federal reserve is talking about increasing interest rates something like 1% by 2023, which means that you lose something like 10-13% on a treasury bond compounded yearly. It's basically a reverse bond, you give them money, and they will give you less back at the end. |
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Posted: 1/19/2022 1:43:03 AM EDT
[#42]
I feel for you OP.
I was a renter my entire life and moved apartments every few years. Paying $1300 a month for a huge 3 bed / 3 bath in the early 2000s and thought I was being ripped off. My last apartment set me back almost $4K a month, it was a 900 square foot 2&2. I finally bought my first house a few years back, just before turning 50. |
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Posted: 1/19/2022 1:45:28 AM EDT
[#43]
Is you’re rent $3600 a month??
WTF? Why would you live there?? And I went HS and College in CA (Cal Poly SLO grad). |
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Posted: 1/19/2022 1:48:51 AM EDT
[#44]
Quote HistoryQuoted: In this market we couldn't have bought our house. The market right now is artifical people say it's the new norm but this bubble gon a bust and I'm gonna pounce on it. Quote HistoryQuoted: Quoted: Buy a house if you don’t like rent. If you can’t buy one then assess why and take steps to fix the problem. If my cost go up my renters cost goes up it’s simple economics. My cost have went way the fuck up. I’m human and forgave thousands out of my pocket during the start of the pandemic. I don’t get COVID checks not a dime and when my tenants did they still wanted reduced rent. It’s a smack in the face. . Why should I keep someone’s rent the same when my costs go up? 5% rent hike lol more like 30% to cover the new cost of doing business. Renters treat even the nicest homes like shit and repair and maintenance is getting out of hand. I literally let one house sit for 6 months because it was cheaper than renting it out due to the eviction freeze. That’s insane. Now that it’s going back out for rent I’ve went from $700 for a 900 sq 2/1 to $1000 per month. I’m not making any extra money to my pocket anytime soon though because I did a $20,000 overhaul to make it nice again. It will take 5 years of that extra rent I'm now charging to pay for it. I’m not upset in the slightest on spending money to renovate, but make no mistake I didn’t do it to be nice. OP grow up In this market we couldn't have bought our house. The market right now is artifical people say it's the new norm but this bubble gon a bust and I'm gonna pounce on it. I wrote nearly a novel that basically explained in detail how you were going to be in for a shock and don’t hold your breath etc. I decided to erase it because it sounded condescending and that was not what I intended. I make my living in Real Estate Investment. I’m a broker and work mainly in new construction development so I’m speaking from firsthand experience. In its most simple form the conditions of today may look like 2007 but they are different. The bottom line is back then homes went up in price while other consumer goods were stable. We can go into why if you like, but it’s a much longer discussion. Fast forward to today and what you see is a rise in all consumer goods indicating inflation. To be philosophical homes didn’t go up in price your dollar is just worth less. There is obviously a lot more to the dynamics of this discussion that I’m leaving out. Right now there are lots cash buyers and a mass migration of boomers to red states. It’s much different than the intrest only ARM’s that fueled the 07 crash. There is money to be made but if your sitting on cash waiting on prices to drop I’d advise against it. |
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Posted: 1/19/2022 1:55:55 AM EDT
[#45]
Quote HistoryQuoted: Dang. Last year my house payment went up $146 per month because the city decided to raise my taxes.... I pay over 3k in taxes now a year and my neighbors across the street pay less than 1k.... WTF Same boat here. KY property taxes are actually really good for the most part. House payment is the same significant increase in property value. I suppose that is a positive but I think another 2008 is in the cards. Hope I am wrong. |
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Posted: 1/19/2022 1:56:05 AM EDT
[#46]
Quote HistoryQuoted: NV energy here. just got my bill today. Last year 412.3 KWH= $ 37.68 This year same KWH 412.3 = $ 48.37 Gas, water, food that is a whole different matter. FJB = FUCK JOE BIDEN!!!! Dude, Brandon got you a 13 cent price break on hot dogs for July 4th and a 2 cent price break on gas a few months ago! What more do you want, mean tweets or something?
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Posted: 1/19/2022 1:56:12 AM EDT
[#47]
Quote HistoryQuoted: I wrote nearly a novel that basically explained in detail how you were going to be in for a shock and don’t hold your breath etc. I decided to erase it because it sounded condescending and that was not what I intended. I make my living in Real Estate Investment. I’m a broker and work mainly in new construction development so I’m speaking from firsthand experience. In its most simple form the conditions of today may look like 2007 but there are different. The bottom line is back then homes went up in price while other consumer goods were stable. We can go into why if you like, but it’s a much longer discussion. Fast forward to today and what you see is a rise in all consumer goods indicating inflation. To be philosophical homes didn’t go up in price your dollar is just worth less. There is obviously a lot more to the dynamics of this discussion that I’m leaving out. Right now there are lots cash buyers and a mass migration of boomers to red states. It’s much different than the intrest only ARM’s that fueled the 07 crash. There is money to be made but if your sitting on cash waiting on prices to drop I’d advise against it. Completely agree. Additionally your average buyer these days is either paying in cash or highly qualified. I just don't see another 2008 crash. Prices will flatten at some point, but I don't think we're there yet. Welcome to the new normal. |
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Posted: 1/19/2022 2:03:25 AM EDT
[#48]
Quote HistoryQuoted: Is you’re rent $3600 a month?? WTF? Why would you live there?? And I went HS and College in CA (Cal Poly SLO grad). 
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Posted: 1/19/2022 2:04:34 AM EDT
[#49]
Quote HistoryQuoted: And to think people thought I was stupid for leaving a rental in Portland for home ownership in Detroit. But seriously, my taxes are going up. My salary didn’t. You’re just stupid because it cost me the friends and family passes.
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Posted: 1/19/2022 2:18:25 AM EDT
[#50]
Quote HistoryQuoted: In this market we couldn't have bought our house. The market right now is artifical people say it's the new norm but this bubble gon a bust and I'm gonna pounce on it. A lot of landlords will fall back on "costs go up" but other than assumed taxes and maybe insurance, it's not a good reason. They'll throw out "repairs or maintenance" but when we rented the only thing that eventually got black mold and a roof fixed was withholding rent, paying for it ourselves, and taking the guy to court to fight his eviction. I'm not the only one. I've met a guy who I wish I knew beforehand because he was a great landlord. But for every great landlord there's a hundred shitbags. Quote HistoryQuoted: Quoted: Buy a house if you don’t like rent. If you can’t buy one then assess why and take steps to fix the problem. If my cost go up my renters cost goes up it’s simple economics. My cost have went way the fuck up. I’m human and forgave thousands out of my pocket during the start of the pandemic. I don’t get COVID checks not a dime and when my tenants did they still wanted reduced rent. It’s a smack in the face. . Why should I keep someone’s rent the same when my costs go up? 5% rent hike lol more like 30% to cover the new cost of doing business. Renters treat even the nicest homes like shit and repair and maintenance is getting out of hand. I literally let one house sit for 6 months because it was cheaper than renting it out due to the eviction freeze. That’s insane. Now that it’s going back out for rent I’ve went from $700 for a 900 sq 2/1 to $1000 per month. I’m not making any extra money to my pocket anytime soon though because I did a $20,000 overhaul to make it nice again. It will take 5 years of that extra rent I'm now charging to pay for it. I’m not upset in the slightest on spending money to renovate, but make no mistake I didn’t do it to be nice. OP grow up In this market we couldn't have bought our house. The market right now is artifical people say it's the new norm but this bubble gon a bust and I'm gonna pounce on it. A lot of landlords will fall back on "costs go up" but other than assumed taxes and maybe insurance, it's not a good reason. They'll throw out "repairs or maintenance" but when we rented the only thing that eventually got black mold and a roof fixed was withholding rent, paying for it ourselves, and taking the guy to court to fight his eviction. I'm not the only one. I've met a guy who I wish I knew beforehand because he was a great landlord. But for every great landlord there's a hundred shitbags. Say you have a rental that’s $700 per month and that property has a small loan that costs $350 per month. Property taxes average out to $250 per month. Many don’t realize you get a discount on your primary residence so investment properties carry a near x3 liability in SC. So now your sitting at $600 but you still have standard homeowners insurance, cost of your LLC and separate Acounting plus extra liability insurance since your renting to a third party. At this point your not even breaking even and there is still repair and maintenance. Carpet and paint every few years new toilets, appliances add up to the point where it’s a long term investment that your generally losing money on till it’s paid off. Eventually as time goes on and rent goes up the unit will turn a profit so it’s not all doom and gloom. The home I’m using as an example was already a bit below market at the time but it was still on old 100amp service and other things that needed attention once it was vacant. I’ve redone all wiring to a modern 200amp service new flooring, paint and countertops. Even on a builder wholesale account those items along with a new water heater are north of $20k I need to raise rent $333 a month just to cover those cost in a 5 year period. The rub is that most renters don’t take very good care of things and in 5 years I’ll be fixing floors and it will be due a new hvac and I’ll be in the same place as now. |
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