it sounds like you’re a good landlord, which is a rare find lol, so good on you. If you don’t mind me asking, are you still able to make decent income from the property for the time and money you put in? I’m used to hearing landlords say they’d be losing money if they didn’t raise rent, put off repairs, charge fees for damages the tenant caused, etc. I guess I assumed that was at least a little bit true.
No…well, depends. Equity? Yes…depending on how you write off the taxes vs income from the rent. Personally, we’ve wiped out years of income from our property. We’ve installed air conditioning (to get away from expensive oil heat), had to replace the water heater, repaint the interior, pay for foundation repair, pay for rain gutter installation…we’ve wiped out 3 years worth of “profit” from the property. So we’re making nothing (other than equity, some of which is coming out of our own pockets) for the immediate future. Yes, we’re “losing” money. We are consciously not being assholes to our tenants, who are good people. We’d rather have stable, reliable, good tenants who are responsible than people we’re fucking over for a few bucks who know exactly what we’re doing and are gonna thrash the place. It’s a two way street. We respect them, and they return the favor.
it sounds like you’re a good landlord, which is a rare find lol, so good on you. If you don’t mind me asking, are you still able to make decent income from the property for the time and money you put in? I’m used to hearing landlords say they’d be losing money if they didn’t raise rent, put off repairs, charge fees for damages the tenant caused, etc. I guess I assumed that was at least a little bit true.
No…well, depends. Equity? Yes…depending on how you write off the taxes vs income from the rent. Personally, we’ve wiped out years of income from our property. We’ve installed air conditioning (to get away from expensive oil heat), had to replace the water heater, repaint the interior, pay for foundation repair, pay for rain gutter installation…we’ve wiped out 3 years worth of “profit” from the property. So we’re making nothing (other than equity, some of which is coming out of our own pockets) for the immediate future. Yes, we’re “losing” money. We are consciously not being assholes to our tenants, who are good people. We’d rather have stable, reliable, good tenants who are responsible than people we’re fucking over for a few bucks who know exactly what we’re doing and are gonna thrash the place. It’s a two way street. We respect them, and they return the favor.
god, it made me so happy to read that. It sounds like mutually beneficial relationship to both sides involved, thanks for telling me more :)
Anytime.
It’s how it should be. We play the long game, not the short term selfish game.