/biz/ - Business & Finance

>not my problem

>>58337151
lol sucks to suck.

>>58337151
Don't landlords love all that stuff though? Price controls just heats up demand. Pretty sure jannies nuked the last landlord thread because people were pointing out how the free market would wreck landlords if you guys didn't have zoning laws and shit blocking construction

>>58337160
but anon if you ever become wealthy, it will be your problem.

>>58337166
I mean, true. If we sold the 4 homes, we'd net something like 5.6 to 5.4 million dollars. We'd take that money and just buy more homes in a more landlord friendly state.

>>58337195
Blackrock and company love it because it shakes out small time landlords and they can afford to litigate or have politicians carve out a few kosher exceptions for them

>>58337195
>Price controls just heats up demand
It varies region by region, but for CA, the more control the state tries to exert on us landlords just leads to us raising rents higher and higher. That money is then spent on umbrella insurance and setting rental restrictions higher and higher (must make 3x the rent, have a credit score in the 800's, etc). Obviously the state has caught on and is trying to restrict our ability to do so. Writings on the wall if you ask me.

>>58337202
>when the tits are bussin but the face is sussin

>>58337151
>They already passed a new rule where we can't ask for more than a single months rent as a security deposit.

Anon, apartments are what? $4K a month? That's $8K to move in.

>>58337277
We, and many others, already ask for 3 times the rent in provable income. That $4000 apartment, requires you make $12,000 a month to rent. That's $144,000 a year anon. $8000 security deposit isn't unreasonable when you consider how much damage a motivated/disgruntled tenant can do in 6+ months (average eviction time frame) while they pay $0 in rent the whole time.

>>58337223
Please tell me thats not a man

>>58337151
I'm a smol time landlord just renting out my old place while I live and work elsewhere. So far I'm not affected since I have a really low rate on my mortgage and my rental income covers my costs. Looking forward to the Great Reset where my property is worth infinity ameribux and I get to leech off of poorfag consoomer slaves in perpetuity.

>>58337365
It is a man (woman). Sorry anon.

https://www.x.com/thesabrinabanks

>>58337151
100% equity and wont be renting it out because of the laws. hate to leave but the weather is the only good thing left -- no fun allowed & can't smog my blown v8 because the supercharger pulley isnt oem. i'll be trading for acreage and metals once im done with rennovations

>>58337397
That's how we started as well. What ends up fucking you is when you get nightmare tenant that knows how to game the system and gets to stay in the place for over a year. Many of our friends/acquaintances have been financially ruined such situations.

>>58337435
Do you have a property manager or do you self-manage? It's my management company's job to evict the tenant in that case. I wonder if they would cover the lost rent. Probably not but I can check my contract. Fucked up situation overall though considering it's even in the realm of possibility.

>>58337425
>no fun allowed & can't smog my blown v8 because the supercharger pulley isnt oem

My younger brother is into the car tuner scene and is always talking about the hoops he has to jump through just go get his car smog'd. Pic related. He, and several other family members have grown increasingly disillusioned with CA in recent years.

>>58337317
If you guys were providing luxury level apartments and condos, that would be one thing, but this is the norm for California. No shit the rules to protect tenants keep mounting.

I don't know how to convey to you how insane the the cost of living is there. Not everyone is a software developer making 6 figures.

landlords will find a way to cheat the system so I hope the government keeps putting controls in so that it's impossible for landlords to rent out their properties. They should all be sitting on empty homes.

>>58337461
For out of state properties we absolutely use property managers just for convenience sake, but we still make sure to personally vet the renters. We've known too many people that rely on the property management company to vet the renter only to have them do a shoddy job and then rent the property to a deadbeat. A lot of property management companies only seem to be concerned with their commission. For the CA homes, we self-manage those, but the increasingly hostile climate of CA toward landlords has us questioning if it wouldn't be more prudent to take that money and invest it elsewhere.

They also do not cover lost rent, and some will flat out refuse to handle/help with the eviction/litigation process. It's a real crap shoot, only made worse by the state.

Landlords get a bad rap. There are shitty ones but there's infinity worse tenants because I'm pretty sure there are more niggers in America than landlords.

>>58337541
But the only ones that really suffer are the regular, honest folks. The leeches on both sides would be doing the world a favor by offing themselves.

>>58337481
>They should all be sitting on empty homes.
We've been in contact with a few other landlords in CA in the past. Believe me, more than a few of us have considered doing just this. All of our CA property is mortgage free, and we'd only really need to rent them out for about a month or so out of the year to cover property taxes. If nothing else the artificial scarcity it creates would only serve to increase our property values.

>>58337475
>If you guys were providing luxury level apartments and condos, that would be one thing
We actually rent single family homes in and around the coastal communities of CA. We are also California natives and know just how crazy unaffordable it is to live here. In the past we've tried being "good landlords" by never once increasing rents (one tenant is currently paying the same price they paid back 1994, when they first rented the property) and by and large it has come back to bite us in the ass. Not every time, but most of the time. Tenants do not view it as a kindness but a right that they should pay a fixed rent in perpetuity.

>>58337151
>every year it seems they pass new laws or rules that limit a landlords ability to manage their property as they see fit
I sold my rental apartments in different part of world exactly for this reason. It's not really your land, nor your property.

>>58337635
did you get out of the rental game entirely? If I may ask what did you transition into?

>>58337151
no i sold a house in California last year because it was obviously going to shit

>>58337277
i agree - there's no reason to charge more than 1 month's rent for security

>>58337151
Sounds like you should have bought houses in a less cucked state

>>58337694
They were purchased in the 70's-80's for under $60,000. They're now worth in excess of a million dollars anon. We're considering taking this money and putting into property in a less cucked state. It really does seem that quite a few people ITT have already done so as well.

>>58337726
Why do you keep saying 'we'? Are you underaged posting about what your parents own?

>>58337726
Absplutely sell and buy 8-10 houses in Utah

>>58337800
Except all the CA landlords who are upset that they can't milk their tenants as much as they like and leaving the state will just do the same thing in Utah until that state starts taking measures against it.

>>58337654
Yeah it wasn't really for me. Besides aforementioned these were other factors which led to me selling:
>no good rental management companies around so I was bound to one geographical location
>either unreliable or extremely busy aka unavailable construction/maintenance professionals
>I compared what I made from rent and property appreciation over the last 10 years and it came out the same as SPY - I would have made the same money without all the hassle just buying and holding index funds

Right now I just have my shit in bitcoin and stocks. I know it's not ideal but it's all KYC'd anyways. There's no such thing as hard assets in current year.

>>58337818
Utah will never do that. I moved from Seattle to just outside Salt Lake in 2021, its very nice here. The Mormons unironically take good care of things. Homeless get shipped to Nevada or Cali, Houses are affordable (I paid 375k for 3bdrm/2.5 bath) and its predominantly white so crime is low.

>>58337726
Also how's your relationship with your family? I eventually got two apartments from inheritance but I'm no longer speaking to my parents nor sister.

>>58337789
>I'm currently helping to manage my families 4 California homes
I help to manage my families homes anon. I have my own home, but also have a vested interest in these properties. I also can't make blanket decisions without the input/say-so of several other family members. Hence the "we".

>>58337800
Funnily enough I was just looking at Utah as a potential state to invest in. That and Colorado, Texas, and Arkansas. My main concern with Utah is I'm not sure the value of the property purchased wont appreciate as much in a reasonable time frame.

>>58337818
If you think getting rid of the "small time" landlord will do anything but make the lives of renters even worse you're clearly misguided. Many landlords literally cannot purchase insurance for their rental properties anymore. So when the time comes and you want to get your payday from the landlord by suing them for "mental distress" or whatever BS reason you dream up you'll literally be unable to collect because again, no insurance. The remaining landlords still crazy enough to rent their properties out will be asking for even more sky high rents just to balance out the insane risk of renting it out.

>>58337151
just pick yourself up by your bootstraps. landies these days always want a handout. maybe instead of buying avocado trees for your land, you should spend that money researching good tenants. simple as.

>>58337881
Family relations at the moment are very strong but only because we made it a point that all decisions involving family property from the management of to eventual sale of said property would have to be agreed upon the majority (3 out of 4 us basically). That also includes all maintenance/up keep/misc costs that might arise are split evenly among us. In that way every one has a share in the risk/pain but also the reward. Hopefully that kind of arrangement can hold out in the future.

You do bring up an interesting point however, I really should do the math and see if we'd have been better off just investing that money in the market. Honestly it'd be a tough sell because we still view (perhaps wrongly so) RE as a hard asset. You've given me a lot to consider, thank you anon-kun.

>>58337915
I dated a girl once whose family owned a huge avocado orchard. They ended up losing a large chunk of it because of mismanagement by her parents/uncles. Why do you hate us landies so anon??? :(

>>58337893
Colorado isn't too bad. Utah has the fastest growing population, get houses on fringes of SLC/Park City

>>58337151
>california
why would anyone live in the fucking desert?
are you retarded?

>>58337971
do you really want me to bring my California values and money to your state? I'll stay right where I am, but in exchange I get to buy up land in other states. Deal?

>>58337928
>Hopefully that kind of arrangement can hold out in the future.
It won't. Relationships in my family got wrecked cause three of us inherited 1/3rd of ownership in a big building. This put us in a position of confrontation. It would have worked if all of us were smart and reasonable but each one of us is stubborn and/or stupid so it didn't.

It's better when everyone has 100% individual control and responsibility over property they own and everything else is based on voluntary relationship.

>>58337195
based
>>58337223
CA landfags like (You) come in here bitching about the state’s incursion into the free market, when CA has some of the most obscene protectionist NIMBY boomer development laws in the entire country. usually they take the form of some “save the trees, build fewer houses” environmental schtick since it’s California. luckily that is starting to change now.
>>58337726
tell me about all the great work you personally did on your properties and in their communities/cities that caused them to massively appreciate in value. “maintenance” doesn’t count. i’ll wait
>>58337893
bullshit lmao. you can easily purchase insurance, and if you have a problem with it, then you should take it up with the (((insurance providers))). not to mention you have millions of dollars of low-interest-rate HELOC on tap with all those properties. you literally cannot lose as a landlord anywhere in the U.S. unless you are a complete retard
also, keep your faggot ass in CA and don’t come to CO. we’re full
> t. native coloradoan currently living in bay area

>>58338127
>tell me about all the great work you personally did on your properties and in their communities/cities that caused them to massively appreciate in value. “maintenance” doesn’t count. i’ll wait

I never once rented any of my homes to an "urban" renter. You're welcome. Also you must not be paying attention to the news Mr Bay Area transplant.

https://abc7.com/insurance-crisis-california-wildfires-homeowners/14515473/

Stories like this are becoming more and more common place anon, we literally cannot insure our homes anymore would rather keep them empty than rent them to increasingly more undesirable renters. Also, how very (((smart))) of you to suggest I enter into a lending contract with my local banker. No no, we've long since outgrown the need for financing anon-kun. We buy our homes outright.

https://www.youtube.com/watch?v=VZIVTDWXqEU

Florida just moved up on my list of states to invest in.

>>58337471
>is always talking about the hoops he has to jump through just go get his car smog'd.
register it out of state brah. no smog req'd

>>58337151
Yea man Im in LA county and after the COVID eviction moritorium bullshit my faith in the business was shaken.
Now they keep piling on more commie bullshit I have decided to sell my units and am looking to reinvest in TX or NV.

>>58337870
How is the smog in SLC? I went there once to ski and i remember my eyes stinging a bit.

>>58338198
so, the greatest contribution you can say you’ve made to society is… not renting to undesirables
you didn’t educate anyone? you didn’t start any company that employs people and puts food on their table? didn’t invent any new technology to make life safer, healthier, or more convenient (as many in the Bay Area or LA for example did)?
sounds like you are just a parasite that got lucky profiting from other people’s work
boomers in FL were smart enough to get FEMA to cover their flood insurance. maybe boomers in CA should wise up and do the same for fire. also maybe vote for politicians who will hold PG&E accountable for neglecting its line maintenance and starting many of those fires

>>58338318
lmao so now it's on landlords to save the world?

>a parasite that got lucky
Sure does sound like it. That'll be $4800 for next months rent. Plus tip. Can't pay? I'll see you in court. Good luck ever renting anything again with an eviction on your record.

>>58338254
im like 100% most states have a law requiring you to register you vehicle in the state that you live if youve been a resident for a certain amount of time.

>>58337471

stay in your shithole paco

The writing is on the wall, I would be out of there as fast as possible.

>>58337202
>tattoos
barferonni

>>58337151
That's just Venti with a filter. Gross.

>>58338318
>didn’t invent any new technology to make life safer, healthier, or more convenient (as many in the Bay Area or LA for example did)?

God damn dude. How much money do you think most landlords make?

>As of 2024, landlords in the United States have an average annual income of around $60,107, a figure that reveals the lucrative potential of property rentals. However, this average income amount can vary significantly depending on several factors, such as location, property type, rental prices, and market conditions.

Most landlords make less money per year than a police officer and that's assuming they do all repairs and managment themselves.

>>58340157
no. i don't think i will.

>>58340188
no tats, i don't think?

>>58340200
Venti is cute anon, come on.

>>58341896
Or they decide to rent to a bat shit insane person that stays for a year and refuses to leave
https://www.latimes.com/california/story/2023-11-07/elizabeth-hirschhorn-tenant-rent-free-brentwood-airbnb-moves-out

>>58337202
I am wealthy, I can't imagine being a landbaggie in fucking california.

>>58343171
Where would you become a landbaggie?