this post was submitted on 22 Apr 2024
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A Boring Dystopia
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Building maintenance can absolutely be a job, which is wholey separate from being a landlord.
My dad did build the house, maintence it and now he collects rent, how is that seperate from being a landlord?
So he was a builder, then he maintained the building. Both of those involve labour and doing things.
Now, if as a landlord he only collects rent and does nothing else, then that's why it's not a job, it's an investment. Same as if you own shares in a company.
If he still maintains the building, then that's still labour, but the work is the maintenance, not the landlording.
There is no landlording without maintenance, you could outsource it but it's still a part of it. There's also a bunch more a landlord has to do, it's not a full time job but still. You really shouldn't lump in the average "why build a single family home if i can build a home for two families?" Guy, with those big companies who don't give a fuck about their tenants.
Why build enough for myself and my family and be content, when I can extort another family for survival to help me cut costs and provide me a passive income for the rest of time?
Real fucking altruistic.. 🙄
Proper** landlording is not passive income. It took work, time, and investment into building the structure. Then you have to maintain and repair it. The majority of landlords view it as a get rich quick situation and join the ridiculous market, but if they charge reasonable prices, the mortgage, interest, repair, and maintenance of a home does cost money. And then your own time if you do the repairs yourself or pay someone, the overhead of taxes, insurance, paperwork. Those things cost money. Some of it is paid by paying the mortgage down and creating equity, but some of it has to be built into the rent.
However, some, if not most landlords don't look at the investment into the equity, they look at the money in their pocket after their mortgage payment, maintenance, and costs every month. They want (sometimes need) their profit now, not in 20 years when they sell it and make millions. That's why landlording should be viewed as an investment, not a job. It as a side gig works, then in 20 years you cash out.
These giant corporations that have made a ridiculous industry of buying all the homes and property in small towns and charging exorbant prices should be hanged.
So, not defending the land lord here, but, what if his dad built and maintained the buildings for years, but now he's like 65 and doesn't really want/or is able to do the work himself so he pays someone else, he is now a piece of shit land lord? I mean, he probably in that scenario doesn't have a retirement, so the return on his investment (profit after costs) is his retirement. He could sell them, and make a profit, but the next landlord would just up rents so he isn't eating those costs.
If he jacks up rents to retire fat and happy after his maintenance costs then he's kinda a dick but if costs stay the same it shouldn't matter who does what work.
I guess I say all this because I am a landlord of a small complex. I bust ass and do all tge work myself keeping rent lower than anyone else I'm town. We rent to seniors that live on fixed incomes and these people have been our tenants so long they are family. They came to my wedding, they came to our baby shower. I will not price them out of a place to live. But the truth is, I am getting tired. I already work two other jobs and this place needed a lot of work when we bought it so he have remodeled most of them. But I am about done. We have had offers to buy in recent years. A few of them would have made 2 million in profit, but half our tenants would be homeless.
Some of our tenants are widowed elderly women that can't afford or maintain a whole household on their own. They are legitimately there for the maintenance, not just the place to live.