Comment on Cold calling real estate agents - is there a law against it?
Rivalarrival@lemmy.today 11 months agoThe practice of “renting” needs to die in a goddamn fire. Single family homes should never be “rented”. Temporary (6-month to 5-year) occupancy of a single family home should be done under a “land contract”.
Basically, the occupant starts making mortgage payments (principle, interest, taxes, insurance) but title stays with the landlord. The landlord receives only the “interest” part of the payment. The “principle” part of the payment is held in escrow, in an interest-bearing account. This is the occupant’s equity in the home.
If the occupant stays through the term of the contract, title transfers to the occupant, the escrowed principle payments transfer to the landlord, and the contract converts to a private mortgage. If the occupant leaves before the term of the contract, the principle payments are returned to them.
Land contracts build tenant wealth and drive people toward home ownership.
Rivalarrival@lemmy.today 11 months ago
To drive us toward such a system, we can provide significant property tax advantages to owner-occupants. Investors can only get those advantages by getting the occupant of a property to qualify as an “owner”. A renter would not qualify, but a tenant under a land contract would.
Basically, we phase in an increase in property taxes, and a commensurate (or greater) owner occupant credit. Current owner-occupants will pay the same (or less) than they currently do. Investors who adapt, and convert their “tenants” to “buyers”, will also pay the same (or less) than they currently do. Investors who refuse to convert will pay higher property taxes, while also serving a smaller pool of tenants with better options.