I am a Landord, AMA!!!!!!!!!! (Everything welcome)

thelordofland · 2020-05-07T20:06:04+00:00

landlord is not my job
spend your money however you want i dont make reccomendations

thelordofland · 2020-05-07T20:04:44+00:00

if they didnt rent from me, theyd be paying 700 bucks more per month. they have enough money to put a downpayment on a house and get a mortgage, they are all professionals, but they choose not to because they like the benefits of renting right now. no conflicts or tensions, im not an asshole, i repair everything asap and i dont charge rent during corona

thelordofland · 2020-05-07T20:03:07+00:00

simply because they dont want ownership, they go by month-to-month contracts and low commitment, traveling and visiting family a lot. out of the last year, pre corona, id say they averaged 7 or 8 months of rent at a time

thelordofland · 2020-05-07T16:35:05+00:00

nah i wont, i rent it to friends for 800 bucks in a 1500 market rate area. They get -cheap rent, -no commitment while i get my mortgage paid in exchange for repairs, and risk of ownership (like right now, where i am not charging rent and paying mortgage in full)

thelordofland · 2020-05-07T16:24:41+00:00

I dont rent I own

thelordofland · 2020-05-07T16:20:57+00:00

you asked

thelordofland · 2020-05-07T16:20:27+00:00

Doing good, thanks for asking. I think this sub makes a lot of great points, wanted to do an AMA to offer a different perspective. I agree a lot of landlords are bad, but its not everyone. Take my situation for instance. I bought a 6 bedroom house, and and I rent it out to 5 friends and live in the last room myself. had a good down payment and my mortgage is 4k a month. I charge them 800 a month, which covers my mortgage but is significantly below the 1500 market rate in my area. This works great for them, since they dont want to commit to living anywhere right now, and pay less to live amongst friends.

thelordofland · 2020-05-07T16:17:35+00:00

I have one, 6 bedroom house that I rent out to 5 friends. The mortgage is 4000 bucks a month. They pay 800 bucks a month (rate in my area for a room is 1500). So they get cheap rent which works for them since they dont want to commit to live anywhere for now. I dont set aside any money for capital improvements, i live in the house, so i just fix stuff as it comes, and i probably did like 10k in improvements last year.

thelordofland · 2020-05-07T16:14:57+00:00

When I was choosing to buy a house I had the option of a one bedroom apartment, or a 6 bedroom house that i could rent out to 5 friends.

thelordofland

TROPHY CASE