The explanation depends on how deep or philosophical you want to go on this conversation, but basically you are exploiting someone’s basic need for shelter for massive profit, keeping trapped in the poverty cycle as they are having to pay rent to the landlord to pay their mortgage for them and so is much harder to save for their own house. As well as reducing supply of housing on the market, thus increasing prices and making it more innacessible.
Like imagine a group of a few wealthy people buying a town’s supply of food then selling it back to the hungry residents at a 300% markup. They don’t grow it, they don’t transport it, cook it or chsnge it, they don’t do anything that ads value, just buy it and sell it at a higher price, to the people that would have otherwise bought it for themselves. Do you consider that ethical?
Not for myself, but yes, I have. And that’s kind of my point. You have these arbitrary barriers to entry on home ownership that are designed to keep poor people out, since the can’t afford these costs upfront, and can’t save for them because they are either paying their landlords mortgage instead, or are paying money directly to the bank/asset manager/ whoever owns their rental. So it’s in the banks best interest to not give them a mortgage.
And a mortgage plus maintainable and tax and everything else will be cheaper than renting, because if it wasn’t landlords wouldn’t be making money, so would raise rent
Oh poor baby, everyone is so mean to you for buying houses you don’t need to exploit the poor and their inherent need for shelter. No one has it as hard you.
The same house I live in now and the money I spent on rent would cover the mortgage since that was what my landlord spent most of my rent on anyway. Then I would have a couple hundred extra a month to spend on myself AND my “rent” money would actually become equity in the house instead of equity for the landlord so I would really be saving almost 90% of my rent money.
He literally is driving up the cost of housing. Rental markets are quite seperate to the actual housing market and people who own 3 houses, drive up the cost of buying a house. There is a good chance they can’t afford to rent, yes, but only because of people like him buying housing they dint need to make a profit, they can afford the rent, so they would also He able to afford the mortgage for it if given the chance.
This shows one of the most common things landlords tell themselves to justify it.
But I run the houses at a bare minimum profit
You tell yourself this, to make you feel better, but you don’t acknowledge that almost all the money your tenants pay you is profit, since they are paying for the mortgage. Even if you rented at 0 immediate profit, for the entire time until you paid off the houses, you would have actually made 1.2million in profit, since you now own 2 houses at 600k each.
And those families, instead of paying a mortgage and ending with hundreds of thousands of dollars in equity, that they could refinance, or use to buy a better house or leave as inheritance for their kids, now have nothing, as all that money has gone to you.
There is no such thing as an ethical landlord. Even the “”“good”“” ones are still exploring people’s basic need for shelter to make them rich.
If you really wanted to be a “good” landlord offer those families the chance to buy the house with the 15 years of down payments they already made to you to start it off. But as you said they’re an “income plan” for your kids I don’t think you would do that.
Yes, I have, he’s a horrible person, but treating him poorly will not undoe what he’s done. And this goes far beyond this one person. The entire us “”“justice”“” system is based around this.
Bitch, I am the mentally ill, that’s not what he’s saying, I’m not offended by his comment because he’s not perpetuating the stereotype. It’s not offensesibe to say that some displaying clesr symptoms of mental illness is mentally ill.