ConfuzedAZ @ ConfuzedAZ @lemmy.world

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2 yr. ago

I agree with you about the pricing. Interest rate hikes should have provided the cooling off period to slowly bring prices down. But we don't have the supply to allow for a buyers market to take over. I watch coworkers who are late twenties and early thirties signing $900,000 mortgages. They are desperate. So the small number of people who can actually afford homes are taking the small supply even at these interest rates. I made a post up earlier about a way to free up supply, which of course was met with more anger. This whole situation sucks.

This is simply not true. Most of the single family dwellings rentals are owned by regular people. If you think the average person can throw down on a $800,000 mortgage at 6% and pay $8000 a year in property tax plus other expenses just to hedge inflation, you are as delusional as most of the people I've run into on this site. Just do the simple math on how much rent you would have to charge to break even on a rental if you wanted to be a land lord tomorrow, then see if you could just sit on a $50,000 loss per year. Jesus. I'm about done with Lemmy. People here are dumb as shit

That's because you aren't interested in solving the problem. You just want to punish people that you think are evil. You would rather throw everyone you don't like under a bus than actually help the people that need help now. Which is the vibe I get from many people on this site. The problem with what your want to do is it will never happen. There is no support. My solution plays into the hands of those in control but still gets the job done.

I get your angry, but your comment about housing prices crashing is going to fuck over so many good hard working people that bought houses in the last 5 years. You would subject those people to holding hundreds of thousands of dollars in debt (say if they had to move for work); just to satisfy your need for revenge?

Rental income is taxed at 100%, FYI.

I think carrot works better than stick. Instead of punishing everyone who made an investment, and spending god knows how much money to enforce it, just offer a one time capital gains exemption on any investment single family dwelling that has rental income for more than a year. But make that exemption dependent on the sale going to someone who doesn't already own a home. (No landlords scooping up extra properties) this puts sellers in connection with buyers and since the seller is getting a big payout they can do the extra leg work. I bet many of the properties get sold to existing tenants.

The government gets an easy cost effective way to free up supply, and it doesn't actually take money out of their pocket. (Just removes future tax income). Limit the program to no more than 3 years. Anyone who is a casual landlord will jump to get out. Boomers in retirement will jump at it as they will have owned these properties for years. This will free up supply in months, not years. Everyone I know who owns rentals that I discussed this with said they would sell if they could avoid capital gains.

That's my $0.02. FWIW

My tenants get 30% below market rate on rent. They get 24/7/365 access to maintenance calls for any issues. Every 4 years I renovate a room of their choice. I never get up on their business. Anyone else would say they have the best deal going. But here on Lemmygrad I am still the bad guy because of an investment I made 15 years ago, and decided to maintain in order to ensure my disabled son has a home. I respect your opinion, but I'm done defending myself on this site. No one here lives in reality. It's almost comical. You have a great life. I sincerely hope whatever you are looking for in life you find. Cheers.

I pay for a property management firm to take care of all the problems that come up at the properties. They are the ones who originally found the tenants. The houses are in a different city, I guess I could reach out, but my life is busy enough. It is purely transactional at this point. But after 12 years I am guessing it's at least acceptable. I do find it interesting the hate that landlords get on this site. I mean I used to rent and never had an issue. But back then renting and owning worked out the same after 30 years if you invested the difference between your rent and monthly house expenses. That sadly isn't the car any more.

The boot licking is strong with this one.

Some people like the flexibility, some may not be in the area long term, some may believe the stock market has better potential. In our free market type society, that is their choice. You can rail against the status quo, but whether you like it or not, it's the current reality. As shitty as it is.

Agreed, especially in today's market. It wasn't the case back when I bought the properties. 15 years ago, it was a renters market. Landlords were under pressure, but cheaper prices and low interest rates made it feasible. My first house that I bought was cheaper per month than the apartment I was renting previously.

There are many European families that I know in Canada that are financially able to buy but choose to rent.

Honestly? I went into it as an investment, from a capital appreciation stand point I have done very well. I've mentioned in another post that I basically charge minimum rent (30% below market). When I had kids I thought the properties would provide decent income for the kids so it would supplement what they earn in the long term. But then one of my children ended up with a life long disability. My properties are in a condo/town house community close to many amenities. It's very possible they may end up living in one of the properties while the other parts for their expenses. If I had wanted to get out I would have done so last year. But as it turns out I may actually need the properties to ensure my kid doesn't end up as a disabled homeless person. So at the end of the day, I'm not interested in making money off the properties, I just cover expenses. It's probably who I've had the same tenants for 12 years. I literally don't even remember their names.

And honestly, today I agree with you (although I think there is some merit in a rental system as some people prefer to rent). I haven't bought a property for 15 years and I see what the younger generation is going through. If I knew then what I know now, I would not have purchased rentals. But at the time the real estate market was much different. Hell there were decent properties for sale for 70k back then.

I read that series a while ago. I second it as a suggestion. It was a really fascinating read.

I just said I knew they were present, I didn't say I specifically had a problem with them. I personally think that we're don't have enough unions. Any time corporations are against something, that usually means it's good for employees and the environment. (I have no particular opinion on people's political notions). It's sad that people here on both ends of the political spectrum can't voice their opinion without being jumped on. Honestly it's worse than Reddit.

It's shit like this. I'm just a normal guy, I have a job, kids, hobbies. I believe in less military spending, national healthcare, social programs, and support for our vulnerable population. I got into real estate because it seemed like a good investment. People on here make it seem like anything that doesn't fit their idea of "left" or"socialism" just be part of the conservative machine. Jesus, my investment decisions are not politically motivated. I made the mistake of trying to be part of a discussion and ended up with someone telling me I'm garbage and that I should give my investments to the tenants. Lol.

I don't know, I'm a pretty left leaning person. The vitriolic, almost violent responses to some of my comments is shocking. I knew Lemmygrad was a thing here, along with tankies, honestly it's off putting to say the least. OP talks about Reddit being an echo chamber. I got news for you. This place is just as bad for lefty type discourse being regurgitated. My experience is that it has been anything but friendly.

Yeah, but that goes for and bubble that has roots in some sort of legislation. The tech bubble is probably most recent that wasn't government related.

This is what a bubble looks like.

This is getting old. Regardless you said you inherited a house, fwiw. You live how you want. I live in the way I want. I admit my part in Canada's housing crisis. But I couldn't sell my children's future for moral high ground. You come across as sanctimonious. You speak from an imagined high ground with the assumption that you know what is good for everyone. That's your right. So you do you. Have a good one.