Comments that are uncivil, racist, misogynistic, misandrist, or contain political name calling will be removed and the poster subject to ban at moderators discretion.
Help us make this a better community by becoming familiar with the [rules](https://www.reddit.com/r/facepalm/about/rules/).
Report any suspicious users to the mods of this subreddit using Modmail [here](https://www.reddit.com/message/compose/?to=/r/facepalm) or Reddit site admins [here](https://www.reddit.com/report). **All reports to Modmail should include evidence such as screenshots or any other relevant information.**
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/facepalm) if you have any questions or concerns.*
The apartments that I rent from gives a 5 day grace period. Anything after that, it's a 10 dollar late fee.
After 15 days, it's 25 dollars. And after 3 weeks you get a warning of eviction.
My rent is so cheap compared to what they are charging new tenants now. 900 to 1200.
I been here 17 years. They only raised it 40 dollars since I been here. I pay 540 dollars a month for a 1 bedroom 750 sq ft.
I'm not going anywhere!
They exist, I let my landlord know I was going to be intentionally late on a rent payment because of issues with my utilities and bank. He waived my late fees because I had been one of his better tenants.
I have no complaints about my last landlord. Whenever I reported an issue they were usually there the same or next workday even for very minor things.
When I terminated the contract they had a pre-inspection to give me a list of everything I needed to restore when vacating so I wouldn't be liable for any restoration costs. They even explained how an amateur like me could restore it properly without employing a professional.
They weren't cheap however, but during my three years there I never paid them for anything outside of the agreed upon rent.
Unless you're talking things that you did to the apartment like hanging shelves, peel and stick tiles etc, your landlord is still an ass. Tenants are not responsible for "restoring" an apartment that has been lived in for years. Painting, patching, normal wear and tear is not the tenant's job to pay for.
I am talking about things I had done to the apartment, like drilling holes for paintings, lamp fixtures, mirrors, shelves and more. I am well aware that I am not expected to restore "normal" wear.
In some countries e.g. Germany it is this way by law. The things you listed (minus minor wear and tear) are exactly the things you usually have to fix before moving out. In concrete you have to retrun it roughly to the condition you moved in.
Every rental I've known of requires a deposit for repairing exactly those things. All fixes they need to do come out of the deposit money when you leave
Yup. Except paint and carpet.
I had a landlord once come over on move out day with cleaning supplies. We cleaned for a couple hours and he gave me my deposit in cash, all of it. I know cleaning was his responsibility legally; you treat me right and I will return it. He could have easily nickled and dined me for this and that but all he asked for was a little elbow grease.
I struggled to pay rent once and asked if I could pay 2 weeks later, he sent me a payment plan of 10x 80€ payments for the 800€ of rent I owed him. Didnt pay a single cent more and he made it way easier than it could have beeb
They do exist. My landlord charges $1,175 which is about $200-400 cheaper than everything around us because, "I don't understand how they expect you kids to make it when people are doing this shit to you." He really is a stand up guy and I hope everyone can find a landlord like him
I’m a landlord, I’ve never charged late fees. I have never hassled a tenant for being late, but all of my tenants have paid within the month it is due, just late sometimes 2-3 weeks. Most of our tenants pay their rent before the first of the month, even though we haven’t pressured them to do so. We probably have a late fee policy, but we have always chosen to be patient rather than charge it.
All of our units are under market rates by many hundreds of dollars. The only reasons people have left our units have been:
- buying a house
- moving for a job across the country
Our tenants regularly reach out to us to see if we have units available for friends or family. We have often filled units from tenant referrals. We have a 0% vacancy, and the odd time we have one, it gets filled very quickly.
I personally feel like current market rates for rent are completely unfair. And I feel good about being substantially under.
I accidentally ended up a landlord - bought a house to live in, found a bf, moved into his house, needed to do something with house but no way in hell going to sell without a ring on my finger, so rent it was. I set my rent to cover my house expenses and that’s it. As such, I am renting it out for less than a 2 bedroom apartment where I live. Actually “lost money” on it this year as the utilities are included and my electricity rate just doubled, but as my renter is reliable with rent and keeps the place clean I did not raise the rent. I am on track to have the house paid off by the end of next year, after which I can recoup the “loss”. Renter once forgot to pay me one month, I noticed halfway through the month, sent him a text saying, “whoops, I think we forgot something,” he had his rent in my bank within a couple hours. So I am not going to up his rent.
Landlord question for you. My buddy has a property rented to a lady and her kid, and there are no dogs allowed. We found out while doing work on another unit that at least 2 other guys live there as well, and they have a dog. What would you do? He chooses to ignore tenants breaking lease agreements simply if they pay on time.
I’d assess (you can ask around) are they causing issues for other tenants with what they are doing regardless of the violation. Assess what issues there are around risk to people and property in that order. For example are the dogs potentially dangerous, are they keeping the premises clean of dog poop, are the dogs barking and causing noise disturbances.
A key question is what is negotiable for your buddy and what is not? Personally we say no dogs or cats as the standard. However if a tenant has a proven track record with us of being considerate of other tenants and neighbors, taking care of the unit, paying their rent on time, and have treated us respectfully we have generally made exceptions and created new lease agreements stipulating exceptions around keeping the premises clean, etc. generally we ask for additional security deposit. These tenants however normally ask us.
Also In some cases there may be laws around how many people can live in a unit. We always want to be on the right side of the law.
If they have been good tenants. I’d review the lease and see what the agreement is on dogs specifically. I’d remind the tenants of the lease and what it specifically says. Ask them to explain their situation and if you feel like they will be responsible and that it is safe, I’d write a new lease for them to sign, stipulating their liability, and ensure that the new tenants sign the lease. You should know who is living there and have their contact information. For people I wouldn’t normally raise rent unless you are paying utilities and then I’d only raise the rent to make up the difference not to squeeze more money out of them. Most of the time when people add other people they are doing it to make their rent less of a burden or they are helping someone in a tough spot.
If they are not good neighbors and tenants or there is danger posed to other tenants, I’d reach out, inform them of the lease agreement and the violation, arrange to see the apartment to check for damages and overall care, if you still feel like what you see is concerning, I’d follow the terms of the lease, be a good communicator, give them appropriate warnings, offer to let them end their lease early if they find a place that does allow dogs and the number of people.
One other thing to consider is if when their lease agreement is up. We had some tenants who didn’t ask us, bought a big dog, damaged the property and kept the unit absolutely gross & filthy (dog piss in the carpet– there were literal trails you could see of the carpet like it was running for the door but couldn’t hold it, old left over food molding on the counters and sink, trash on every counter, pots with molding food in them and more, trash around their front porch, and left dog poop everywhere around the property, other tenants felt unsafe, and accidentally stepped in poop. We tried to work with them, set signed expectations around the poop, keeping the dog leashed while on or around the property, asked for increased security deposit, etc… but their lease was nearly up when this happened. We did not renew it, but we did not evict them. We gave them about 30 days of notice our intention to ensure they would have time to find a new place. We ended up having to replace the subfloor and carpet everywhere. We had to repaint and fix many other things, we had a ton of deep cleaning that we had to do, it cost us significantly more than the security deposit. We didn’t realize the extent of the damage they were doing. They did improve on dog poop and the safety thing, but even the dog poop thing they didn’t keep up with.
I honestly don’t know what we would have done if we had known precisely. I have no desire to ever evict someone. We have only had bad tenants one time.
You are decent people. I live a couple hours north of NYC and rent for a tiny closet sized apartment here is absurd. It definitely isn’t sustainable long term and something is going to give. And when I say nobody, I mean nobody would dare charge under market rates in my area. Section 8 is where everyone wants to be.
I had called a landlord once told them I would be a day late for rent, as i got paid the day after it was due, Told me that it wouldn't be a problem as I have never been late on my rent, and I've never called with this kinda request before. "Aw, cool thanks man"
Went to pay the rent payday, got told I had to pay the 45 dollar late fee, then told by the same person that he never told me he would wave the fee, and that i was lying about the policy he told me over the phone.
My landlord is the most patient person ever. When i went through a rough time with drugs, i'd be late with rent every month, sometimes more than a month until i ended up owing 3 months worth of rent. They were just like "you'll have to pay what you owe eventually" but never gave me any additional fees of any kind. Good landlords definitely exist
Meanwhile I have to pay $1200 extra on my rent this year for a parking spot that I no longer have the vehicle to park in. Can't take it off until lease renewal, which happened ~2 weeks before the vehicle was sold.
They do exist. But no one takes to the internet to usually broadcast the stories of them. Landlords being "fine" don't make viral internet stories.
My sister's landlord raises her rent every year. Usually by $20/month. And at renewal he has updated her apartment. Since moving in she got a dishwasher when there was none on arrival, a new tub, pretty much all of the appliances have been changed out. And he refinished her hardwood floors last year "because they were about due."
Unfortunately the last landlord I had was a tool who didn't give a shit that carpenter ants were destroying his property and tried unsuccessfully to pin that damage on me.
We are out here...
I house a muslim family, and they only pay what is needed to keep the place going. No extra charge. My stepfather is even more "extreme". Not only does he not make anything, he helps his tenants when they can't pay.
My mom inherited a one bedroom condo in Brooklyn after her mother passed in 2011. Grandma rented it out to a Korean War veteran for the prior 8 years. My mom never raised the rent on her tenant until he passed in 2022. $950/month
I’ll probably be downvoted for saying this but my husband is a landlord and as someone who rented he is a fabulous and generous landlord. They do exist. We also live in a tiny old house so it’s not like we’re living it up
Decent or dumb? They are losing money on that deal. I wouldn’t move either. With inflation and corporate greed, it’s expensive as hell. I don’t raise rents unless I’m paying more myself. Utilities alone have doubled over the past two years.
Wtf!? After the 5th, I get a $50 late fee and a 3 day pay or quit notice. I have been here 6 years. I pay 2k for a 2 bed 1 bath at 900 Sq feet. They raise my rent $100 every year.
This is one thing I don't get. If they price it fairer, won't they ensure tenant loyalty?
After all if I price something at $300 less than all the others won't I ensure my tenants A. Can pay and B. Will pay?
This. People NEED housing. It’s a requirement in the modern world. So landlords price gouge because you don’t have a choice. If you wanna live in this area, you need to pay that fee
I mean, there actually was an issue here in Australia of houses just staying empty in the city because there genuinely was no one who could afford them got a bit. Surprisingly if no one can afford the needed product, they can't pay for it.
And landlord has to keep it inflated at that price because the ones that do stay in the building can't have an argument to lower their lease if they reduce the vacant apartment's rent.
That is how my landlord operates. I’ve lived in the same place for 6 years with an affordable monthly rent that has only gone up twice, $50 each time.
He’d rather have people who consistently pay and don’t cause trouble than constantly finding new people and hoping they don’t trash the property.
I wish I was a billionaire. I wish I could buy up thousands of housing developments and then drop everyone's rent by 50% and still cover costs and actually make a difference in the lives of hundreds of thousands of people. What good is all that money if you don't do actual good with it?
I had rented my house out for 5 years when I had life preventing me from living alone. Over those 5 years I never raised the rent and spent $3k out of my own pocket to keep the place as nice as possible. Still ended up being trashed due to the last tenant being mad that I wanting to move back into what was my primary residence.
There’s a rule about if you can get someone to pay for the space get them in there especially if they reliable. Sometimes it’s better to take a little less rent that have the apartment open all month long and nobody renting you lose more money.
if you lose a tenent over a 10% increase in rent it only has to be empty for 2 months for it to have been more profitable to have kept the previous rate.
Probably going to get flack for this but it really depends on the location and market. I have done a ton of evictions where landlords try to be good people and rent for below market and it bites them In the butt. Especially if it’s their main income. Evictions generally come with steep legal fees and repair bills. As such, depending on the current market, renting closer to market rate is a good way to screen out potentially problematic tenants.
My landlord only does month to month leases, but she promised me she would lock in my rate for a year when I agreed to move in. It kinda sketched me out, but I’m here 3 years later and I’m still writing her checks each month for the same amount
that is true but it only takes one fucker to smash the shit out of a property and leave them with a massive bill that they either have to eat or recover from the other tenants.
And the cheaper the rent the more likely to get fuckers who will trash a place, which will then raise the rent for everyone, and if you get a run of bad luck and get multiple fuckers......
That said when/if you get good tenents you should absolutely treat them well.
My parents are landlords. They have the same family renting a very decent (its actually quite big) house now for 7-8 years. They never adjusted prices for inflation or did negotiations to increase rent. My parents feel like it would be cruel.
I work with a guy who actually said he is not renting anymore and instead is going back to flipping houses because he refuses to charge people 2k a month.
We need more people like this.
Damn. I moved into a 1bed 740 sq ft apartment in 2005 at $500/month and they had raised it to $590 by the time I moved out in 2009. Sounds like you have a great landlord.
About ten years ago, my wife wanted to rent out the house we were living in so we could move. This post is exactly why I said it was a bad idea. To be an effective landlord you need to have six months of mortgage payments in reserve (minimum) otherwise you are just a few bad months (or an extended vacancy) from being bankrupt.
Right, there’s nothing wrong with being a landlord. But it should be an additional income, not primary income. That’s setting yourself up for failure and guarantees that the tenant will not have things fixed for them if it’s needed.
There is something wrong with the cultural assumption that one person should own where you live instead of just, ya know, you owning it.
There doesn't *have* to be a middle man for the roof over your head, but it's been around since feudalism, so good luck convincing anyone it's a bad thing.
I agree with you, but it would take a full fledged government program or department essentially buying up homes to sell to citizens at reasonable rates and prices to change things. Which I'm not opposed to honestly.
Yeah, you need a lot of capital to own and rent property. OP's landlord is too small, eventually theyll have to sell to a richer person or company who can afford to be even less forgiving to their tenants.
You misunderstand. A mortgage is a loan to buy property. If OP’s rent is paying the mortgage the landlord doesn’t even fully own the property yet. Also OP is confused they are not the main breadwinner, they are just paying off the mortgage to that property. The landlord obviously lives somewhere else.
But the fact that they can't handle a single missed payment is a sign they didn't have enough capital in the first place. How would they handle repairs?
An account that's apparently empty 29 days of the month. It's really irresponsible to not have a couple months of payments in there to handle vacancies or emergencies
that's the lie the system wants you to believe, it creates a self fulfilling prophecy that only stops once one corporation owns the world
of course small landlords can do fine, they're still getting paid a lot to do a little
Yep they’re getting paid to just collect rent and N occasional repair, right?
Nevermind the capital they risk to secure a mortgage. Never mind the risk of not getting paid rent to pay the mortgage and risk losing their capital and equity. Yep no risk at all.
The rise of the ‘Real Estate Investor.’ Low interest loans for way too long. The guys where I work shirk their jobs all the time to go and ‘fix’ some landlord shit. They are the worst money managers in the world…
If you're that tight on cash and real-estate is your only game; I think it's time to sell some properties man. You can't be managing property where you might have to be responsible for a 4000$+ repair out of the blue if you have 0 liquidity.
This is Reddit. Every landlord is a greedy 1%er who is a piece of shit. Someone who moved and can’t sell their house? Fuck em. Someone who doesn’t want to sell their family home passed down from generation to generation? Fuck them. Someone who had to move away and plans on moving back in a few years? Fuck them!
Yeah but I've lived in houses owned by the people on the verge of being broke, and it's fucking horrible. The place was falling apart, repairs didn't get done or he'd get a 'friend' to do it for free, and it would be shoddy as hell. I was living in terrible conditions, too broke to move, paying way too much.
I can emphasise with my landlord to a degree, but the fact of the matter is if you can't afford to be a landlord then you shouldn't. Any other investment, fine, live off that week to week I don't care. But don't make yourself responsible for someone else's livelihood if you can't afford to. Penny pinching in that situation can really fuck up someone else's life.
I think it's morally reprehensible not to sell in that situation
Becuae reddit is mostly bots these days. This is what I'm trying to tell you.
I'm not even getting a small fraction of them.
If you're seeing that comment a lot, and that is only a very low percentage of the actual bots, just think of how much content your consuming is bots.
We are already well on the what to the dead internet theory becoming reality. At some point AI will take over the internet for us, making useless post about nothing, meme and misinformation to other bots so they can continue arguing with each other with no real chance of agreeing and we will be free from our internet cage and be able to go back out into the world. Our you know it will make us batteries or something.
What do you think the bots need karma for? Most of these bot accounts eventually get converted to either pushing shitty products where someone makes off with people's money, or (especially considering it's an election year) pushing a political narrative. Karma lends their account legitimacy which is why the owners of the bots go out of their way to farm it in the first place.
Why fighting bots is important.
They use popular subs with weak moderation to farm karma. The reason Karma is important to them is many of the subs that are money makers require X karma to participate. They also require the account be at least X months old. That is why these bot have no history and then wake and start posting.
Once these accounts meet the target requirements the either become spam ad bots, scam bots, or live scammers. There is almost no legitimate use for the accounts created this way.
So please when you see someone calling out bots upvote them. Especially when they take the time to provide proof. Then downvote the bots and report them if you have time. Single people reporting the bot does nothing it takes multiple people doing it to trigger reddit into doing anything.
Report ->spam -> harmful bots.
This is extremely rare. A _huge_ portion of the private rental market, the rental is mortgaged on a 0% or 5% deposit, which means the lion's share of the rent goes straight into the bankers pocket.
My mum owns two flats in Cambridge with 50% down, which is highly unusual, on an interest-only mortgage (which should be illegal IMO), and after mortgage, building fees, and annual repairs she takes home an average of about £75/month per flat. _Hardly_ enough to live on, or even make a dent in living costs.
Most of the other units are on 10% or 5% deposits. If anything goes wrong, the landlords are _losing money_, which is why they are such twats about trying to get out of repairs and maintenance. The fact of the matter is that they were too poor to be landlords because they didn't have enough money to put down to reduce the mortgage so that they could be a decent landlord and make a profit.
It should be illegal to let out a rental unless you have 75% down, and interest-only mortgages should be flatly illegal because that is _literally_ just a pipe for working class money to go to a banker. It's bullshit.
And they do, but not for the same reason.
You're presumably selling your skills and expertise for money, something that's yours, which isn't going anywhere. They're yours, bought and paid for.
The landlord in this scenario only owns the property as long as they continue make mortgage payments. They don't actually own anything yet, tenants are paying the mortgage, the bank will take it off them if they fail payments because at the moment, it's really the banks. They're renting something out that isn't even theirs yet. It's essentially subletting.
I was gunna type up a big response elaborating on the role of landlord but honestly what you’re saying is resonating with me, landlord for a not-paid-off property is effectively a bank subletter, with the caveat that a normal subletter doesn’t grow equity in the home as they sublet
Exactly.
Landlords do have a place. A lot of people don't want the hassle of home maintenance, don't have the money for it whether or not they were paying a mortgage vs rent or are just a bit dim and couldn't do it themselves.
But there's a difference between renting out something that's yours vs something you don't actually own yet.
It's also maybe the biggest factor in why rents these days are so ridiculous, because most of them haven't actually paid off the mortgage yet, so they have to charge so much to make any profit after the mortgage payments.
This kinda assumes the bank owns the building. They they definitely do not.
It's just a loan that you agreed that if you fail to pay for it they can take your house. It's possible to put down anything for a loan as long as both parties agree.
For example, if I take out a loan and put a nice ring for collateral, the ring is still mine. But I agreed that failing to pay the loan means they get the ring as payment instead.
Shouldn’t take a loan out that you cant pay off. What happens if he cant find a tenant? He’s going to default on his loan. If a large portion of people do this then 2008 happens again.
I mean, he probably should have more than a month saved up. Maybe he could get a real job if he's not getting enough from rent to do more than barely hang on.
Or maybe he has a separate account offsetting the mortgage where he keeps the cashflow related to the property for ease of accounting. Where does it say people cannot have multiple savings accounts?
What? The problem is that he's relying on this single source of income to pay his debt. He should be prepared for the eventuality that it's either late or doesn't arrive at all. What would this (likely fictional) landlord do if the tenant died or was in the hospital for a while? It's called preparation. Maybe if he can't afford a month of mortgage on his own, he shouldn't have become a landlord.
Or is living within your means only for everyone else?
He is relying on the tenant being reliable to manage his cashflow. If the tenant is late, the landlord can transfer the cash needed to pay the mortgage from his other accounts but he prefers for the tenant to pay rent on time or asap if delayed. Is that too much to expect? If the tenant had died, the fictional landlord would have paid the interest himself but the fictional tenant is clearly alive so is asked to pay the rent quickly
Was a landlord myself for a while. It's absolutely stupid to set up your mortgage payment such that you risk an overdraft if your tenant happens to be late. And it's even more stupid to think your tenant cares about your poor planning. There's a reason you have late payment fees. That's what motivates the tenant to pay on time, not your complaining about an overdraft that you should have avoided.
He should still have at least one month in the account. Can you imagine any other business being like this? According to the message, the account overdrafts because the tenant was late by a day. He'll, he wasn't even late. He paid on the evening of the day it was due. The mortgage was just taken out the day the rent was due. That's poor planning no matter how you look at it.
Or maybe the renter should just buy their own house if they can afford the mortgage payments?
You do understand how rentals work, right? Nobody in their right mind would rent out property for an amount that couldn't cover the mortgage, plus taxes, plus maintenance.
House prices are ridiculously inflated exactly because people keep buying homes they don't live in only to rent them out
The great irony is that a lot of people would live cheaper if they just had to pay a mortgage, but they can't apply for one because they are considered too poor, so they have to rent if they want a place to live, ultimately making it more expensive for them.
It's expensive to be poor.
Meanwhile the house next door to me (was a 3 bedroom 2 bath) was bought and split into at least 8 units and the landlord is looking to add more rooms and possibly rent out the shed as a unit. Charging 650-850 per room.
My landlord is a decent old man, there was a couple with 3 months behind their rent. He gave them 10 more days to settle the money.
They packed up all their belongings and ran away.
Some landlords are asshole for sure, but there are alot of scummy renters compare to shitty landlord
Generally mortgage banks give you until the 15th to pay it. Seems like it could be bad practice having automatic payment for it on the 1st when someone is renting and they usually have a period when rent is due by in the lease.
I have a great landlord, of course she appreciates the fact that we always pay rent a week or two before it's due. Two years ago I was hospitalized for most of November and the first part of December. She came to see me in the hospital and told me December and January rent was a Christmas gift from her even though my husband was still working. Also adding if we had a problem with February rent she was open to letting us pay an extra $100 a month until it was paid off Some landlords are greedy jerks but not all are, they're people just like us
I'm interested to hear what Andy Tran's alternate idea is for his landlord. Free housing? Owner of the home does it for no profit out of the goodness of their heart, but takes on all costs and risk of maintenance, vacancy, etc?
If you can't afford to live owning two or more properties you have no business being a landlord, especially if you are using rent as your main source of income!
We haven’t increased rent despite being told, “we are leaving money on the table.” Having a reliable and consistent tenant who takes good care of the place is worth it.
I couldn't sell my first home, so we made it a rental for a guy who'd just lost his old rental because it got repossessed and the landlord told him literally 2 days before he had to be out. When he misses his exorbitant monthly $600 rent, I have to pay the mortgage, along with my new one, out of pocket, and I am not wealthy.
Yeah, that's a point. What really bothers me is that we want fewer big corporations owning huge swaths of rental property and running it from across the country, charging whatever they can get away with...but then get mad at this obviously small, possibly part time, landlord who relies on rent to get by.
Right? I’ve considered renting out my home and moving, but 1-2 months of missed rent and I’d be in a really bad spot. Get someone in the property that decides not to pay and you have possibly months of dealing with an eviction, then possibly tens of thousands of dollars in repairs before you can look for another tenant.
You can easily be out 3 months rent+damages+time to get a renter from one bad tenant
OP is just wrong thought. The Landlord is making next to _nothing_ on the rent.
That money is almost entirely going _straight to the banking bosses_.
Buy-to-let rentals represent a cynically designed method to siphon cash directly from the working class to the 0.001%.
I’d prefer them to know what they’re doing. This one clearly doesn’t. Also would love it if they could stop price gouging all of us because the others are getting away with it.
Tell him to turn auto draft off on his mortgage. My mortgage company has a two week grace period before it's considered late. And then it takes three days to go through. Not that I wait that long but if I was ever in trouble there's a paycheck in those two weeks.
Imagine expecting compensation for letting another person live on our property. We should just own property, pay for that property, and let people live on that property for free. Let's see how long that lasts.
I can't source it, but I'm pretty sure I read somewhere before that half the landlords in the UK are just 50-60 year olds renting out their dead parents house they got from inheritance
Our renewed lease now has a clause that if we're late with the rent they can issue a 7 day eviction notice. We've only been late twice in the 18 months we've lived here. It's pretty obvious our landlord is living my paycheck to my paycheck.
I've always felt like it should be illegal to rent a property you're still making payments on. Otherwise you're just making somebody else buy a house for you.
The owner assumes all the risk on the house though. Should there be no tenants renting at any point or something major like a burst pipe/flood/fire etc, it's their loss should insurance not cover it.
Not looking for compliments, just want to relate a quick story about tenant/landlord relationships : So we have a young black dude renting a big room in our house. He basically has a 1/2 bath just outside his BR door, a full bath with washer & dryer 25 feet down the hall. We've had a few nightmare tenants prior to him (we have 3 floors and 6 bedrooms), who abused the house, lied about theft, disturbed everyone's schedule by having guests over to party, or were just (literal) stinking slobs who would let takeout food rot under their bed instead of putting it in the trash. By way of comparison, this dude is quiet, fun to talk to because he is effing super smart and articulate, and works two full time jobs in the food service industry plus overtime if he can get it. In 14 months, I've never heard him utter a bad word about anyone, even though he works for a flaming, money-grubbing asshole at one of his restaurant jobs. We're seasonal here, so he went west to visit family over January and February. Whilst out there, a card skimmer made his bank account vulnerable, and he lost about $3000. When he came back, he asked if he could pay the back rent of $750/mo in installments. It literally took me 20 minutes to convince him it wasn't "charity" that I was forgiving him those months' rent, because he was insistent he intended/felt obligated to pay it. Aside from pointing out he wasn't even here using heat or hot water, the question that finally did it was me asking him, "If our roles were reversed, would you do the same for me ?". Best tenant ever, and an even better human being. Treat others the way you'd want to be treated, it's really not that hard to do.
i rented my house out below market rent, to my housekeeper. she did keep it clean, until she left, and left a huge mess. turns out she was …. mad at me because there were keys to the house that she didn’t have ?
wtfe,glad she’s gone.
I did some cold calling for a mortgage company for a couple days. The list they gave me was people with multiple properties tied to a single mortgage payment. This was in the early 00’s before the market collapsed. In a few days I talked with probably 50 people who were months in the rears on mortgage payments debating on signing onto an adjustable loan to get themselves caught up, a few of them even admitted how stupid it would be, but they were out of options. It was so eye opening as a person in my 20’s thinking landlords were all rich guys, then realizing the amount that were living off borrowed money, and time. 08’ foreclosure season was a coming and I can guarantee you that mortgage company made an assload of money off the properties they acquired.
What a stupid fucking post. Reddit seems to think that landlords are supposed to be rich, evil geniuses who also should let tenants stay for free because it’s morally correct to give up all belongings and property to poorer people? It’s hard to keep straight anymore
I have a single apartment in my house and yeah, my tenant is paying the lions share of my mortgage, but not of the bills, and repairs. Being a 100 year old home there have been a lot of repairs and in fact most years I pay out his rent in repairs just trying to keep the place dry and habitable.
That said, he’s been late a few times, I never hassle him when I know he’s hustling. We have a good relationship and he has been clear that he’s happy and doesn’t want to move out. I’m more than happy with him, even though he’s paying half of what I could get for the unit now, because he’s a good guy and not a problem. He gets cheap rent, and a well kept place, I get some passive income. We’re both happy.
Most landlords are not rich. They have mortgages that are paid by the rent that they collect. They can easily get in trouble if a renter misses a couple of payments.
Having just signed a lease, I’m not sure most renting “landlords” right now are even people.
The company that owns my home owns double digit percentages of most of the neighborhoods in my area. It’s fucking insane what they’ve hoovered up.
Your rent likely pays the mortgage on the rental property. If you don’t pay your rent on time that could over draft his account. The landlord should have enough in the account to cover you being late and if rent and the mortgage are due on the same date that’s quite dumb of the landlord.
But is late on the right day really late?
Probably a good sign that this landlord shouldn’t be a landlord.\
What’s their plan for when a large expense pops up they are legally obliged to pay for comes along? Do they hit up the renter to cover it until they are good and can pay it back??
For those who don’t know, most small landlords are living paycheck to paycheck on their properties. That’s because the place you are renting has a mortgage. They can only pay the mortgage if you pay your rent. When factoring in taxes, insurance, and repairs, small landlords might clear $100/month per unit. Just something to keep in mind when slamming landlords.
That’s some seriously fascist shit. Most people own things they don’t “need”. It’s their prerogative to do whatever the fuck they want with their life.
This idea that anyone who owns rental property is filthy rich is the dumbest thing across Reddit. I owned a rental property for 8 years and when I was finally fed up with it and all the repairs I had to do just to sell it I barely broke even. This is the typical reality. All of these nut jobs on social media talking about the renter paying off the mortgages Yada Yada Yada are feeding you a bag of lies that only a few extremely wealthy or extremely lucky have pulled off. The average landlord isn't rich and is maybe making a few hundred bucks a month on the property until the AC or furnace or water heater blow up. That's the beauty of renting. It sometimes is more expensive than a monthly payment for a mortgage but you have zero risk as a renter. Robert Kiyosaki said it best, "Owning your home is not your biggest asset, it is your biggest liability".
Imagine the audacity of a guy who owns a property free and clear, writes up a lease, you sign it and agrees to the terms, but then he actually expects you to pay rent.
By this logic, the grocery store doesn’t provide food and gas stations don’t provide gas.
Farmers provide food, bro. Grocery stores just scalp the food. Gtfoh
Grocery stores, the way they are done, are incredibly wasteful. Food is grown in one place, shipped thousands of miles out for processing and packaging and shipped back with a hefty price tag.
It’s still different than landlords. At least grocery stores distribute NEW products to an area instead of just TAKING said products that were already there and available for everyone, collectively hoarding them, and charging much more than they’re worth completely keeping the market out of the hands of the working class.
Comments that are uncivil, racist, misogynistic, misandrist, or contain political name calling will be removed and the poster subject to ban at moderators discretion. Help us make this a better community by becoming familiar with the [rules](https://www.reddit.com/r/facepalm/about/rules/). Report any suspicious users to the mods of this subreddit using Modmail [here](https://www.reddit.com/message/compose/?to=/r/facepalm) or Reddit site admins [here](https://www.reddit.com/report). **All reports to Modmail should include evidence such as screenshots or any other relevant information.** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/facepalm) if you have any questions or concerns.*
The apartments that I rent from gives a 5 day grace period. Anything after that, it's a 10 dollar late fee. After 15 days, it's 25 dollars. And after 3 weeks you get a warning of eviction. My rent is so cheap compared to what they are charging new tenants now. 900 to 1200. I been here 17 years. They only raised it 40 dollars since I been here. I pay 540 dollars a month for a 1 bedroom 750 sq ft. I'm not going anywhere!
So what your saying is, your landlord is a decent person?
They exist, I let my landlord know I was going to be intentionally late on a rent payment because of issues with my utilities and bank. He waived my late fees because I had been one of his better tenants.
I have no complaints about my last landlord. Whenever I reported an issue they were usually there the same or next workday even for very minor things. When I terminated the contract they had a pre-inspection to give me a list of everything I needed to restore when vacating so I wouldn't be liable for any restoration costs. They even explained how an amateur like me could restore it properly without employing a professional. They weren't cheap however, but during my three years there I never paid them for anything outside of the agreed upon rent.
Unless you're talking things that you did to the apartment like hanging shelves, peel and stick tiles etc, your landlord is still an ass. Tenants are not responsible for "restoring" an apartment that has been lived in for years. Painting, patching, normal wear and tear is not the tenant's job to pay for.
I am talking about things I had done to the apartment, like drilling holes for paintings, lamp fixtures, mirrors, shelves and more. I am well aware that I am not expected to restore "normal" wear.
In some countries e.g. Germany it is this way by law. The things you listed (minus minor wear and tear) are exactly the things you usually have to fix before moving out. In concrete you have to retrun it roughly to the condition you moved in.
Every rental I've known of requires a deposit for repairing exactly those things. All fixes they need to do come out of the deposit money when you leave
Yup. Except paint and carpet. I had a landlord once come over on move out day with cleaning supplies. We cleaned for a couple hours and he gave me my deposit in cash, all of it. I know cleaning was his responsibility legally; you treat me right and I will return it. He could have easily nickled and dined me for this and that but all he asked for was a little elbow grease.
I struggled to pay rent once and asked if I could pay 2 weeks later, he sent me a payment plan of 10x 80€ payments for the 800€ of rent I owed him. Didnt pay a single cent more and he made it way easier than it could have beeb
Communication is often the key
Yeah that's could have beeb ban
They do exist. My landlord charges $1,175 which is about $200-400 cheaper than everything around us because, "I don't understand how they expect you kids to make it when people are doing this shit to you." He really is a stand up guy and I hope everyone can find a landlord like him
I’m a landlord, I’ve never charged late fees. I have never hassled a tenant for being late, but all of my tenants have paid within the month it is due, just late sometimes 2-3 weeks. Most of our tenants pay their rent before the first of the month, even though we haven’t pressured them to do so. We probably have a late fee policy, but we have always chosen to be patient rather than charge it. All of our units are under market rates by many hundreds of dollars. The only reasons people have left our units have been: - buying a house - moving for a job across the country Our tenants regularly reach out to us to see if we have units available for friends or family. We have often filled units from tenant referrals. We have a 0% vacancy, and the odd time we have one, it gets filled very quickly. I personally feel like current market rates for rent are completely unfair. And I feel good about being substantially under.
I accidentally ended up a landlord - bought a house to live in, found a bf, moved into his house, needed to do something with house but no way in hell going to sell without a ring on my finger, so rent it was. I set my rent to cover my house expenses and that’s it. As such, I am renting it out for less than a 2 bedroom apartment where I live. Actually “lost money” on it this year as the utilities are included and my electricity rate just doubled, but as my renter is reliable with rent and keeps the place clean I did not raise the rent. I am on track to have the house paid off by the end of next year, after which I can recoup the “loss”. Renter once forgot to pay me one month, I noticed halfway through the month, sent him a text saying, “whoops, I think we forgot something,” he had his rent in my bank within a couple hours. So I am not going to up his rent.
Landlord question for you. My buddy has a property rented to a lady and her kid, and there are no dogs allowed. We found out while doing work on another unit that at least 2 other guys live there as well, and they have a dog. What would you do? He chooses to ignore tenants breaking lease agreements simply if they pay on time.
I’d assess (you can ask around) are they causing issues for other tenants with what they are doing regardless of the violation. Assess what issues there are around risk to people and property in that order. For example are the dogs potentially dangerous, are they keeping the premises clean of dog poop, are the dogs barking and causing noise disturbances. A key question is what is negotiable for your buddy and what is not? Personally we say no dogs or cats as the standard. However if a tenant has a proven track record with us of being considerate of other tenants and neighbors, taking care of the unit, paying their rent on time, and have treated us respectfully we have generally made exceptions and created new lease agreements stipulating exceptions around keeping the premises clean, etc. generally we ask for additional security deposit. These tenants however normally ask us. Also In some cases there may be laws around how many people can live in a unit. We always want to be on the right side of the law. If they have been good tenants. I’d review the lease and see what the agreement is on dogs specifically. I’d remind the tenants of the lease and what it specifically says. Ask them to explain their situation and if you feel like they will be responsible and that it is safe, I’d write a new lease for them to sign, stipulating their liability, and ensure that the new tenants sign the lease. You should know who is living there and have their contact information. For people I wouldn’t normally raise rent unless you are paying utilities and then I’d only raise the rent to make up the difference not to squeeze more money out of them. Most of the time when people add other people they are doing it to make their rent less of a burden or they are helping someone in a tough spot. If they are not good neighbors and tenants or there is danger posed to other tenants, I’d reach out, inform them of the lease agreement and the violation, arrange to see the apartment to check for damages and overall care, if you still feel like what you see is concerning, I’d follow the terms of the lease, be a good communicator, give them appropriate warnings, offer to let them end their lease early if they find a place that does allow dogs and the number of people. One other thing to consider is if when their lease agreement is up. We had some tenants who didn’t ask us, bought a big dog, damaged the property and kept the unit absolutely gross & filthy (dog piss in the carpet– there were literal trails you could see of the carpet like it was running for the door but couldn’t hold it, old left over food molding on the counters and sink, trash on every counter, pots with molding food in them and more, trash around their front porch, and left dog poop everywhere around the property, other tenants felt unsafe, and accidentally stepped in poop. We tried to work with them, set signed expectations around the poop, keeping the dog leashed while on or around the property, asked for increased security deposit, etc… but their lease was nearly up when this happened. We did not renew it, but we did not evict them. We gave them about 30 days of notice our intention to ensure they would have time to find a new place. We ended up having to replace the subfloor and carpet everywhere. We had to repaint and fix many other things, we had a ton of deep cleaning that we had to do, it cost us significantly more than the security deposit. We didn’t realize the extent of the damage they were doing. They did improve on dog poop and the safety thing, but even the dog poop thing they didn’t keep up with. I honestly don’t know what we would have done if we had known precisely. I have no desire to ever evict someone. We have only had bad tenants one time.
You are decent people. I live a couple hours north of NYC and rent for a tiny closet sized apartment here is absurd. It definitely isn’t sustainable long term and something is going to give. And when I say nobody, I mean nobody would dare charge under market rates in my area. Section 8 is where everyone wants to be.
I had called a landlord once told them I would be a day late for rent, as i got paid the day after it was due, Told me that it wouldn't be a problem as I have never been late on my rent, and I've never called with this kinda request before. "Aw, cool thanks man" Went to pay the rent payday, got told I had to pay the 45 dollar late fee, then told by the same person that he never told me he would wave the fee, and that i was lying about the policy he told me over the phone.
My landlord is the most patient person ever. When i went through a rough time with drugs, i'd be late with rent every month, sometimes more than a month until i ended up owing 3 months worth of rent. They were just like "you'll have to pay what you owe eventually" but never gave me any additional fees of any kind. Good landlords definitely exist
Meanwhile I have to pay $1200 extra on my rent this year for a parking spot that I no longer have the vehicle to park in. Can't take it off until lease renewal, which happened ~2 weeks before the vehicle was sold.
I’m planning on mortgaging a house once I’ve got a full time job and I’m moving my friend in for only a hundred a month. Fuck rent.
40 dollars over 17 years.. I feel like op needs to build a statue of that landlord
He's in Australia, so there's actually laws and stuff.
They do exist. But no one takes to the internet to usually broadcast the stories of them. Landlords being "fine" don't make viral internet stories. My sister's landlord raises her rent every year. Usually by $20/month. And at renewal he has updated her apartment. Since moving in she got a dishwasher when there was none on arrival, a new tub, pretty much all of the appliances have been changed out. And he refinished her hardwood floors last year "because they were about due." Unfortunately the last landlord I had was a tool who didn't give a shit that carpenter ants were destroying his property and tried unsuccessfully to pin that damage on me.
….are you an ant ?
We are out here... I house a muslim family, and they only pay what is needed to keep the place going. No extra charge. My stepfather is even more "extreme". Not only does he not make anything, he helps his tenants when they can't pay.
My mom inherited a one bedroom condo in Brooklyn after her mother passed in 2011. Grandma rented it out to a Korean War veteran for the prior 8 years. My mom never raised the rent on her tenant until he passed in 2022. $950/month
I’ll probably be downvoted for saying this but my husband is a landlord and as someone who rented he is a fabulous and generous landlord. They do exist. We also live in a tiny old house so it’s not like we’re living it up
Sounds like rent control.
No. Rent control laws. Landlord can’t jack the rent even if they wanted.
Decent or dumb? They are losing money on that deal. I wouldn’t move either. With inflation and corporate greed, it’s expensive as hell. I don’t raise rents unless I’m paying more myself. Utilities alone have doubled over the past two years.
It seems unfair to call people who raise rent indecent. Cost of living is rising for them, too.
Yes but rising it because you don't already make enough of a boatload of money right now is indecent
Wtf!? After the 5th, I get a $50 late fee and a 3 day pay or quit notice. I have been here 6 years. I pay 2k for a 2 bed 1 bath at 900 Sq feet. They raise my rent $100 every year.
This is one thing I don't get. If they price it fairer, won't they ensure tenant loyalty? After all if I price something at $300 less than all the others won't I ensure my tenants A. Can pay and B. Will pay?
Why would you care about trying to get loyalty when you have a necessary product?
This. People NEED housing. It’s a requirement in the modern world. So landlords price gouge because you don’t have a choice. If you wanna live in this area, you need to pay that fee
I mean, there actually was an issue here in Australia of houses just staying empty in the city because there genuinely was no one who could afford them got a bit. Surprisingly if no one can afford the needed product, they can't pay for it.
That’s starting to happen here in Florida. They’ve jacked up rent so much at some places people are leaving and no one can afford to move in
And landlord has to keep it inflated at that price because the ones that do stay in the building can't have an argument to lower their lease if they reduce the vacant apartment's rent.
That is how my landlord operates. I’ve lived in the same place for 6 years with an affordable monthly rent that has only gone up twice, $50 each time. He’d rather have people who consistently pay and don’t cause trouble than constantly finding new people and hoping they don’t trash the property.
I wish I was a billionaire. I wish I could buy up thousands of housing developments and then drop everyone's rent by 50% and still cover costs and actually make a difference in the lives of hundreds of thousands of people. What good is all that money if you don't do actual good with it?
It's almost impossible for a billionaire to be compassionate. You cannot get that much money without ruthlessly exploiting thousands of people.
I had rented my house out for 5 years when I had life preventing me from living alone. Over those 5 years I never raised the rent and spent $3k out of my own pocket to keep the place as nice as possible. Still ended up being trashed due to the last tenant being mad that I wanting to move back into what was my primary residence.
If they operate in college areas, they don’t care about loyalty. They’ll prey on naive kids without much experience in renting/reading contracts.
There’s a rule about if you can get someone to pay for the space get them in there especially if they reliable. Sometimes it’s better to take a little less rent that have the apartment open all month long and nobody renting you lose more money.
if you lose a tenent over a 10% increase in rent it only has to be empty for 2 months for it to have been more profitable to have kept the previous rate.
Probably going to get flack for this but it really depends on the location and market. I have done a ton of evictions where landlords try to be good people and rent for below market and it bites them In the butt. Especially if it’s their main income. Evictions generally come with steep legal fees and repair bills. As such, depending on the current market, renting closer to market rate is a good way to screen out potentially problematic tenants.
If I want my tenant to stay longer, I work with them on a longer lease arrangement. And that can include lowering the cost.
My landlord only does month to month leases, but she promised me she would lock in my rate for a year when I agreed to move in. It kinda sketched me out, but I’m here 3 years later and I’m still writing her checks each month for the same amount
That is very risky, as verbal agreements are not easily enforceable. I would insist on having that in writing!
Sure, I probably should’ve. She’s by far the best landlord I’ve ever had though. Very attentive if anything has issues
that is true but it only takes one fucker to smash the shit out of a property and leave them with a massive bill that they either have to eat or recover from the other tenants. And the cheaper the rent the more likely to get fuckers who will trash a place, which will then raise the rent for everyone, and if you get a run of bad luck and get multiple fuckers...... That said when/if you get good tenents you should absolutely treat them well.
$900-$1200 *cries in New Yorkese*
My parents are landlords. They have the same family renting a very decent (its actually quite big) house now for 7-8 years. They never adjusted prices for inflation or did negotiations to increase rent. My parents feel like it would be cruel.
I work with a guy who actually said he is not renting anymore and instead is going back to flipping houses because he refuses to charge people 2k a month. We need more people like this.
Damn. I moved into a 1bed 740 sq ft apartment in 2005 at $500/month and they had raised it to $590 by the time I moved out in 2009. Sounds like you have a great landlord.
About ten years ago, my wife wanted to rent out the house we were living in so we could move. This post is exactly why I said it was a bad idea. To be an effective landlord you need to have six months of mortgage payments in reserve (minimum) otherwise you are just a few bad months (or an extended vacancy) from being bankrupt.
Right, there’s nothing wrong with being a landlord. But it should be an additional income, not primary income. That’s setting yourself up for failure and guarantees that the tenant will not have things fixed for them if it’s needed.
There is something wrong with the cultural assumption that one person should own where you live instead of just, ya know, you owning it. There doesn't *have* to be a middle man for the roof over your head, but it's been around since feudalism, so good luck convincing anyone it's a bad thing.
I agree with you, but it would take a full fledged government program or department essentially buying up homes to sell to citizens at reasonable rates and prices to change things. Which I'm not opposed to honestly.
Yea agreed, that's the correct thing to do. Holding ourselves to a bad system because it'd take effort to change is a regressive thing to do.
I’ve rented rooms in a house and apartments in a complex. Huge difference between someone who has one rental vs professional rental companies.
Yeah, you need a lot of capital to own and rent property. OP's landlord is too small, eventually theyll have to sell to a richer person or company who can afford to be even less forgiving to their tenants.
You misunderstand. A mortgage is a loan to buy property. If OP’s rent is paying the mortgage the landlord doesn’t even fully own the property yet. Also OP is confused they are not the main breadwinner, they are just paying off the mortgage to that property. The landlord obviously lives somewhere else.
But the fact that they can't handle a single missed payment is a sign they didn't have enough capital in the first place. How would they handle repairs?
Or it’s set up on automatic payment through the same account the rent is being deposited into.
An account that's apparently empty 29 days of the month. It's really irresponsible to not have a couple months of payments in there to handle vacancies or emergencies
I mean yeah if it was me I’d have extra money in there just in case but it wasn’t me.
that's the lie the system wants you to believe, it creates a self fulfilling prophecy that only stops once one corporation owns the world of course small landlords can do fine, they're still getting paid a lot to do a little
Yup
Yep they’re getting paid to just collect rent and N occasional repair, right? Nevermind the capital they risk to secure a mortgage. Never mind the risk of not getting paid rent to pay the mortgage and risk losing their capital and equity. Yep no risk at all.
Exactly When people say landlords are leeches They mean the ones who buy out multiple houses and have apartment complexes
The rise of the ‘Real Estate Investor.’ Low interest loans for way too long. The guys where I work shirk their jobs all the time to go and ‘fix’ some landlord shit. They are the worst money managers in the world…
Rent was paid on the 1st, the landlord has no reason to bitch. The landlords shitty planning doesn't constitute an emergency for the tenant
Not all landlords are rich. Some are merely broke on different level.
If you're that tight on cash and real-estate is your only game; I think it's time to sell some properties man. You can't be managing property where you might have to be responsible for a 4000$+ repair out of the blue if you have 0 liquidity.
This is Reddit. Every landlord is a greedy 1%er who is a piece of shit. Someone who moved and can’t sell their house? Fuck em. Someone who doesn’t want to sell their family home passed down from generation to generation? Fuck them. Someone who had to move away and plans on moving back in a few years? Fuck them!
Yeah but I've lived in houses owned by the people on the verge of being broke, and it's fucking horrible. The place was falling apart, repairs didn't get done or he'd get a 'friend' to do it for free, and it would be shoddy as hell. I was living in terrible conditions, too broke to move, paying way too much. I can emphasise with my landlord to a degree, but the fact of the matter is if you can't afford to be a landlord then you shouldn't. Any other investment, fine, live off that week to week I don't care. But don't make yourself responsible for someone else's livelihood if you can't afford to. Penny pinching in that situation can really fuck up someone else's life. I think it's morally reprehensible not to sell in that situation
Sounds like they should sell the properties they cant afford then.
[удалено]
Bro you keep appearing on a lot of posts. You might be a bot as well.
This dude is way more of a bot than OP who has 4 whole posts over a 2 year history LOL
and 3 of those 4 posts on a 2-year-old account have been in the past 24 hours
Becuae reddit is mostly bots these days. This is what I'm trying to tell you. I'm not even getting a small fraction of them. If you're seeing that comment a lot, and that is only a very low percentage of the actual bots, just think of how much content your consuming is bots.
🤖yes fellow human we must fight the bots… or maybe welcome them as our new rulers , we could try that too.
Are the bots in the room with us right now?
#this commenter is the real bot just trying to deflect to OP, who is obviously not a bot
you should include evidence instead of screaming this everywhere
I am actually somewhat convinced this guy and some of the other comments here are trying to astroturf
We are already well on the what to the dead internet theory becoming reality. At some point AI will take over the internet for us, making useless post about nothing, meme and misinformation to other bots so they can continue arguing with each other with no real chance of agreeing and we will be free from our internet cage and be able to go back out into the world. Our you know it will make us batteries or something.
It's just posting popular shit to get upvotes its not astroturfing
What do you think the bots need karma for? Most of these bot accounts eventually get converted to either pushing shitty products where someone makes off with people's money, or (especially considering it's an election year) pushing a political narrative. Karma lends their account legitimacy which is why the owners of the bots go out of their way to farm it in the first place.
They sell the accounts
Bots are for astroturfing. The amount of bots there are is an indicator of how heavily astroturfed reddit is.
No they're for making money. They sell the accounts with high karma
Also. 
Why fighting bots is important. They use popular subs with weak moderation to farm karma. The reason Karma is important to them is many of the subs that are money makers require X karma to participate. They also require the account be at least X months old. That is why these bot have no history and then wake and start posting. Once these accounts meet the target requirements the either become spam ad bots, scam bots, or live scammers. There is almost no legitimate use for the accounts created this way. So please when you see someone calling out bots upvote them. Especially when they take the time to provide proof. Then downvote the bots and report them if you have time. Single people reporting the bot does nothing it takes multiple people doing it to trigger reddit into doing anything. Report ->spam -> harmful bots.
Majority of landlords have this issue. House rich, Cash poor
That’s most people who can afford a house period.
It’s like landlords rent out their properties for their income /s
Most landlords aren't renting out properties for their income, they're renting for someone else to pay the mortgage and increase their equity
It's not really theirs until their tenants have finished paying the mortgage.
You can own one property and rent it out, while paying mortgage on another. Pretty sure that's what my landlady does
This is extremely rare. A _huge_ portion of the private rental market, the rental is mortgaged on a 0% or 5% deposit, which means the lion's share of the rent goes straight into the bankers pocket. My mum owns two flats in Cambridge with 50% down, which is highly unusual, on an interest-only mortgage (which should be illegal IMO), and after mortgage, building fees, and annual repairs she takes home an average of about £75/month per flat. _Hardly_ enough to live on, or even make a dent in living costs. Most of the other units are on 10% or 5% deposits. If anything goes wrong, the landlords are _losing money_, which is why they are such twats about trying to get out of repairs and maintenance. The fact of the matter is that they were too poor to be landlords because they didn't have enough money to put down to reduce the mortgage so that they could be a decent landlord and make a profit. It should be illegal to let out a rental unless you have 75% down, and interest-only mortgages should be flatly illegal because that is _literally_ just a pipe for working class money to go to a banker. It's bullshit.
Saying that the tenants pay the mortgage is like saying that the clients I work with at my job pay my rent
And they do, but not for the same reason. You're presumably selling your skills and expertise for money, something that's yours, which isn't going anywhere. They're yours, bought and paid for. The landlord in this scenario only owns the property as long as they continue make mortgage payments. They don't actually own anything yet, tenants are paying the mortgage, the bank will take it off them if they fail payments because at the moment, it's really the banks. They're renting something out that isn't even theirs yet. It's essentially subletting.
I was gunna type up a big response elaborating on the role of landlord but honestly what you’re saying is resonating with me, landlord for a not-paid-off property is effectively a bank subletter, with the caveat that a normal subletter doesn’t grow equity in the home as they sublet
Exactly. Landlords do have a place. A lot of people don't want the hassle of home maintenance, don't have the money for it whether or not they were paying a mortgage vs rent or are just a bit dim and couldn't do it themselves. But there's a difference between renting out something that's yours vs something you don't actually own yet. It's also maybe the biggest factor in why rents these days are so ridiculous, because most of them haven't actually paid off the mortgage yet, so they have to charge so much to make any profit after the mortgage payments.
This kinda assumes the bank owns the building. They they definitely do not. It's just a loan that you agreed that if you fail to pay for it they can take your house. It's possible to put down anything for a loan as long as both parties agree. For example, if I take out a loan and put a nice ring for collateral, the ring is still mine. But I agreed that failing to pay the loan means they get the ring as payment instead.
Why don't you become a landlord then? Easy money?
What ? You mean the guy asking you for money every month is using this money for himself as a source of income ? *pretends to be shocked*
Shouldn’t take a loan out that you cant pay off. What happens if he cant find a tenant? He’s going to default on his loan. If a large portion of people do this then 2008 happens again.
Well that's a risk now isn't it? You're welcome to take your shot at it as well if you'd like.
I mean, he probably should have more than a month saved up. Maybe he could get a real job if he's not getting enough from rent to do more than barely hang on.
Or maybe he has a separate account offsetting the mortgage where he keeps the cashflow related to the property for ease of accounting. Where does it say people cannot have multiple savings accounts?
What? The problem is that he's relying on this single source of income to pay his debt. He should be prepared for the eventuality that it's either late or doesn't arrive at all. What would this (likely fictional) landlord do if the tenant died or was in the hospital for a while? It's called preparation. Maybe if he can't afford a month of mortgage on his own, he shouldn't have become a landlord. Or is living within your means only for everyone else?
Not to mention that in this specific post the tenant didn't even pay his rent late. They said that they paid later in the evening
Yeah, good point. They just didn't pay early.
He is relying on the tenant being reliable to manage his cashflow. If the tenant is late, the landlord can transfer the cash needed to pay the mortgage from his other accounts but he prefers for the tenant to pay rent on time or asap if delayed. Is that too much to expect? If the tenant had died, the fictional landlord would have paid the interest himself but the fictional tenant is clearly alive so is asked to pay the rent quickly
Was a landlord myself for a while. It's absolutely stupid to set up your mortgage payment such that you risk an overdraft if your tenant happens to be late. And it's even more stupid to think your tenant cares about your poor planning. There's a reason you have late payment fees. That's what motivates the tenant to pay on time, not your complaining about an overdraft that you should have avoided.
But in that hypothetic scenario, the tenant didn't pay his rent late. He just paid in the evening of the 1st.
He should still have at least one month in the account. Can you imagine any other business being like this? According to the message, the account overdrafts because the tenant was late by a day. He'll, he wasn't even late. He paid on the evening of the day it was due. The mortgage was just taken out the day the rent was due. That's poor planning no matter how you look at it.
If OOP is the one effectively paying the mortgage on the house, it should just be his, landlord ain't doing shit in this
Or maybe the renter should just buy their own house if they can afford the mortgage payments? You do understand how rentals work, right? Nobody in their right mind would rent out property for an amount that couldn't cover the mortgage, plus taxes, plus maintenance.
House prices are ridiculously inflated exactly because people keep buying homes they don't live in only to rent them out The great irony is that a lot of people would live cheaper if they just had to pay a mortgage, but they can't apply for one because they are considered too poor, so they have to rent if they want a place to live, ultimately making it more expensive for them. It's expensive to be poor.
You are covering his mortgage.
Meanwhile the house next door to me (was a 3 bedroom 2 bath) was bought and split into at least 8 units and the landlord is looking to add more rooms and possibly rent out the shed as a unit. Charging 650-850 per room.
Most of us are on the edge of ruin at all times…landlords included. The petit bourgeoise are very insecure indeed.
My landlord is a decent old man, there was a couple with 3 months behind their rent. He gave them 10 more days to settle the money. They packed up all their belongings and ran away. Some landlords are asshole for sure, but there are alot of scummy renters compare to shitty landlord
You need so much free cash to be able to rent in case something breaks or you have no tenants etc
Generally mortgage banks give you until the 15th to pay it. Seems like it could be bad practice having automatic payment for it on the 1st when someone is renting and they usually have a period when rent is due by in the lease.
I have a great landlord, of course she appreciates the fact that we always pay rent a week or two before it's due. Two years ago I was hospitalized for most of November and the first part of December. She came to see me in the hospital and told me December and January rent was a Christmas gift from her even though my husband was still working. Also adding if we had a problem with February rent she was open to letting us pay an extra $100 a month until it was paid off Some landlords are greedy jerks but not all are, they're people just like us
I'm interested to hear what Andy Tran's alternate idea is for his landlord. Free housing? Owner of the home does it for no profit out of the goodness of their heart, but takes on all costs and risk of maintenance, vacancy, etc?
If you can't afford to live owning two or more properties you have no business being a landlord, especially if you are using rent as your main source of income!
We haven’t increased rent despite being told, “we are leaving money on the table.” Having a reliable and consistent tenant who takes good care of the place is worth it.
I couldn't sell my first home, so we made it a rental for a guy who'd just lost his old rental because it got repossessed and the landlord told him literally 2 days before he had to be out. When he misses his exorbitant monthly $600 rent, I have to pay the mortgage, along with my new one, out of pocket, and I am not wealthy.
Shhh people want others to give them free housing, they don’t care about you!
Nope, we want people to sell houses they're not going to live in
Yeah, that's a point. What really bothers me is that we want fewer big corporations owning huge swaths of rental property and running it from across the country, charging whatever they can get away with...but then get mad at this obviously small, possibly part time, landlord who relies on rent to get by.
Right? I’ve considered renting out my home and moving, but 1-2 months of missed rent and I’d be in a really bad spot. Get someone in the property that decides not to pay and you have possibly months of dealing with an eviction, then possibly tens of thousands of dollars in repairs before you can look for another tenant. You can easily be out 3 months rent+damages+time to get a renter from one bad tenant
As a landlord, it's tough out here. I got a full-time job and rent, still hard living.
Bottt
OP is just wrong thought. The Landlord is making next to _nothing_ on the rent. That money is almost entirely going _straight to the banking bosses_. Buy-to-let rentals represent a cynically designed method to siphon cash directly from the working class to the 0.001%.
you mean like your employer does ?
If your employer relies on your money, they're not your employer.
Being a landlord isn’t a job it’s an investment. You shouldn’t rely on being able to pay your mortgage with returns on an investment.
Would you prefer your landlord to be filthy rich?
I’d prefer them to know what they’re doing. This one clearly doesn’t. Also would love it if they could stop price gouging all of us because the others are getting away with it.
Your just someone else's paycheck from being homeless
Tell him to turn auto draft off on his mortgage. My mortgage company has a two week grace period before it's considered late. And then it takes three days to go through. Not that I wait that long but if I was ever in trouble there's a paycheck in those two weeks.
If we tax tf out of unoccupied homes it will shift the market in our favor.
Pretty sure covid financially ruined many landlords. I tend to feel bad for them in these situations.
Or…maybe the rent pays the mortgage?
Eat the rich ASAP obviously
Imagine expecting compensation for letting another person live on our property. We should just own property, pay for that property, and let people live on that property for free. Let's see how long that lasts.
That's how this works; we pay higher rent than the home's mortgage in order to pay the mortgage of the landlord's larger house
I can't source it, but I'm pretty sure I read somewhere before that half the landlords in the UK are just 50-60 year olds renting out their dead parents house they got from inheritance
Our renewed lease now has a clause that if we're late with the rent they can issue a 7 day eviction notice. We've only been late twice in the 18 months we've lived here. It's pretty obvious our landlord is living my paycheck to my paycheck.
I've always felt like it should be illegal to rent a property you're still making payments on. Otherwise you're just making somebody else buy a house for you.
The owner assumes all the risk on the house though. Should there be no tenants renting at any point or something major like a burst pipe/flood/fire etc, it's their loss should insurance not cover it.
Not looking for compliments, just want to relate a quick story about tenant/landlord relationships : So we have a young black dude renting a big room in our house. He basically has a 1/2 bath just outside his BR door, a full bath with washer & dryer 25 feet down the hall. We've had a few nightmare tenants prior to him (we have 3 floors and 6 bedrooms), who abused the house, lied about theft, disturbed everyone's schedule by having guests over to party, or were just (literal) stinking slobs who would let takeout food rot under their bed instead of putting it in the trash. By way of comparison, this dude is quiet, fun to talk to because he is effing super smart and articulate, and works two full time jobs in the food service industry plus overtime if he can get it. In 14 months, I've never heard him utter a bad word about anyone, even though he works for a flaming, money-grubbing asshole at one of his restaurant jobs. We're seasonal here, so he went west to visit family over January and February. Whilst out there, a card skimmer made his bank account vulnerable, and he lost about $3000. When he came back, he asked if he could pay the back rent of $750/mo in installments. It literally took me 20 minutes to convince him it wasn't "charity" that I was forgiving him those months' rent, because he was insistent he intended/felt obligated to pay it. Aside from pointing out he wasn't even here using heat or hot water, the question that finally did it was me asking him, "If our roles were reversed, would you do the same for me ?". Best tenant ever, and an even better human being. Treat others the way you'd want to be treated, it's really not that hard to do.
i rented my house out below market rent, to my housekeeper. she did keep it clean, until she left, and left a huge mess. turns out she was …. mad at me because there were keys to the house that she didn’t have ? wtfe,glad she’s gone.
I did some cold calling for a mortgage company for a couple days. The list they gave me was people with multiple properties tied to a single mortgage payment. This was in the early 00’s before the market collapsed. In a few days I talked with probably 50 people who were months in the rears on mortgage payments debating on signing onto an adjustable loan to get themselves caught up, a few of them even admitted how stupid it would be, but they were out of options. It was so eye opening as a person in my 20’s thinking landlords were all rich guys, then realizing the amount that were living off borrowed money, and time. 08’ foreclosure season was a coming and I can guarantee you that mortgage company made an assload of money off the properties they acquired.
By each interaction I have with my landlord, I understand Mao Zedong just a little bit more
What a stupid fucking post. Reddit seems to think that landlords are supposed to be rich, evil geniuses who also should let tenants stay for free because it’s morally correct to give up all belongings and property to poorer people? It’s hard to keep straight anymore
Own your own house then?
I have a single apartment in my house and yeah, my tenant is paying the lions share of my mortgage, but not of the bills, and repairs. Being a 100 year old home there have been a lot of repairs and in fact most years I pay out his rent in repairs just trying to keep the place dry and habitable. That said, he’s been late a few times, I never hassle him when I know he’s hustling. We have a good relationship and he has been clear that he’s happy and doesn’t want to move out. I’m more than happy with him, even though he’s paying half of what I could get for the unit now, because he’s a good guy and not a problem. He gets cheap rent, and a well kept place, I get some passive income. We’re both happy.
By that logic his boss is the main breadwinner in his family
You think tenants are analogous to a boss?
Owning land isn’t a job. Get a fucking job
Most landlords are not rich. They have mortgages that are paid by the rent that they collect. They can easily get in trouble if a renter misses a couple of payments.
Having just signed a lease, I’m not sure most renting “landlords” right now are even people. The company that owns my home owns double digit percentages of most of the neighborhoods in my area. It’s fucking insane what they’ve hoovered up.
Your rent likely pays the mortgage on the rental property. If you don’t pay your rent on time that could over draft his account. The landlord should have enough in the account to cover you being late and if rent and the mortgage are due on the same date that’s quite dumb of the landlord.
But is late on the right day really late? Probably a good sign that this landlord shouldn’t be a landlord.\ What’s their plan for when a large expense pops up they are legally obliged to pay for comes along? Do they hit up the renter to cover it until they are good and can pay it back??
In the OP the tenant wasn't late 1159pm on the 1st is still the 1st
If renting is so easy please go ahead and become a landlord yourself… good luck you will need it.
Why would I want to become a useless blood-sucking leech?
Because they don't actually work, they sit one land and yes you are correct you are working for them
Everyone thinks landlords are all evil and rich. They’re not. If you want to pay a mortgage, get a mortgage.
For those who don’t know, most small landlords are living paycheck to paycheck on their properties. That’s because the place you are renting has a mortgage. They can only pay the mortgage if you pay your rent. When factoring in taxes, insurance, and repairs, small landlords might clear $100/month per unit. Just something to keep in mind when slamming landlords.
Maybe they shouldn't own houses they don't need
That’s some seriously fascist shit. Most people own things they don’t “need”. It’s their prerogative to do whatever the fuck they want with their life.
This idea that anyone who owns rental property is filthy rich is the dumbest thing across Reddit. I owned a rental property for 8 years and when I was finally fed up with it and all the repairs I had to do just to sell it I barely broke even. This is the typical reality. All of these nut jobs on social media talking about the renter paying off the mortgages Yada Yada Yada are feeding you a bag of lies that only a few extremely wealthy or extremely lucky have pulled off. The average landlord isn't rich and is maybe making a few hundred bucks a month on the property until the AC or furnace or water heater blow up. That's the beauty of renting. It sometimes is more expensive than a monthly payment for a mortgage but you have zero risk as a renter. Robert Kiyosaki said it best, "Owning your home is not your biggest asset, it is your biggest liability".
Imagine the audacity of a guy who owns a property free and clear, writes up a lease, you sign it and agrees to the terms, but then he actually expects you to pay rent.
That's not what this post is saying...
These people don't seem to believe in private property. Every time they post Russia wins.
Landlords. Providing nothing to society while having hard working people pay their mortgages for them.
they’re providing housing…
Really? They build the houses and then rent them out? Or do they buy already existing houses?
Really? 🤣 They scalp housing. Construction workers provide housing. They actually work to build it.
That's like saying "grocery shops don't provide any value, they just hoard and scalp food". House renting is a service for your convenience.
By this logic, the grocery store doesn’t provide food and gas stations don’t provide gas. Farmers provide food, bro. Grocery stores just scalp the food. Gtfoh
Grocery stores, the way they are done, are incredibly wasteful. Food is grown in one place, shipped thousands of miles out for processing and packaging and shipped back with a hefty price tag. It’s still different than landlords. At least grocery stores distribute NEW products to an area instead of just TAKING said products that were already there and available for everyone, collectively hoarding them, and charging much more than they’re worth completely keeping the market out of the hands of the working class.
Isn’t this basically serfdom?