Wyatt earp
Diamond Member
- Apr 21, 2012
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A fifteen dollar an hour minimum wage and unemployment compensation simply for being unemployed, means more people can pay more rent and help cover upgrade costs.I didn't say you should...or have insulted you in any manner for what you choose to do or whether you make a profit or not, etc. This is just two different sides of the subject we are discussing. Or...I thought it was.Why would the bills cost you 800 bucks a month? Especially if I am paying my own utilities, using my own money to replace the fridge, hot water heater, plants in the landscaping I did myself, supplying a stove when the one you furnished bonks out?That's a very good scenario.
Okay, so I decide to rent to you at $600.00 a month. However the bills to run the place cost me $800.00 a month. I lose $200.00 a month by renting to you.
Should I do that to accommodate your income?
No..you would not make a profit with someone like me...but....and this is an important but.....I would not cost you in renting your property whereas if you rented it for 1500 bucks a month...perhaps the tenants will find a cheaper place within a year and then you have normal wear and tear you have to pay to fix for the new tenants. THAT will cost you. Wouldn't you rather have someone taking care of what you own and stay for a long period of time instead of constantly placing ads for new tenants, or tenants who don't stay, or tenants who are pissed they pay that much rent and not take care of "home"?
Let's just say what you think has any truth to it and I don't make a profit. Do you think I do all this work around here for free? Do you think I spend all that time screwing around with categorizing expenditures, spend two days before taxes preparing, assuming the responsibilities of major repairs or replacements like roofs, furnaces, driveways is something I do for a hobby?
I didn't do this as a social obligation. I don't have those resources. Like everybody else, when I take huge responsibilities and have major bills to pay, I need a sufficient income to take care of it. If I was going to do something for charity, it certainly wouldn't be this. It takes up any and all of my free time. I would have put my hard earned money in the market or commodities.
There is, but you seem to be ignoring the other side of the argument and only focusing on yours.
My side is this: most of us landlords don't make much money on rental income. Much of what you pay is what you would otherwise pay if you owned a house: taxes, insurance, utilities, repairs, updates, mortgage.........
In some cases (like mine) when I had to take a loan out for major repairs, those loans have to be repaid.
This year I was lucky, I actually made a little profit. My tax preparer has a lot of landlords, and she told me I was the only one last year that showed a profit. All her other landlord clients were in the red as they are most every other year.
Big companies probably make out, but rental property is just part of their portfolio. They are very diverse in their investments. When one investment isn't working out, then they dump that investment and put their money elsewhere.
So if the government made regulation that stopped their profit, they would be selling out probably to somebody that would charge even more for rent.
You do know the apartment staff payroll will also go up don't you?
So will the rents ...once again you don't do anything productive
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