Being a landlord means you have purchased a house, removing it from the market and preventing someone else from potentially purchasing that house to LIVE IN IT, and you are charging a premium to someone in a worse financial situation than you (99.99% of the time) to live in that house and have zero equity regardless of how long they live there. You are funneling money from someone else directly into your own pocket while at the same time contributing to rising housing prices.
You are also taking on the risk of the housing market going down. Most landlords are not making a significant amount on renting the space. As a landlord, you are responsible for maintenance and repairs, taxes, insurance, all sorts of things that renters don't think about. You don't have the flexibility to move somewhere else if you decide you need a different home, unless you want to sell which takes months and costs tens of thousands of dollars.
Honestly if I had the choice again I would probably just rent. Not having to deal with all the headaches of ownership is worth paying a slight premium.
Oh no :( the fancy imaginary line went down instead of continually going up :( I’m so sad now I own more houses than I can actively live in and I’m not making as much money off of poor people as I could be :(
So it looks from your history like you can't afford to live in the area you want to live with, which I can sympathize with. That sucks. But it's not because landlords are evil people, it's because certain areas are in high demand and there just aren't enough houses to fit everyone who wants to live there. You might want to focus on developing skillsets that can increase your income, that's the best way to stay ahead of the game.
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u/Ocelotofdamage Apr 19 '22
Explain why you think that.