Where are you Mario?
Fucking leeches
Submitted 1 year ago by Viking_Hippie@lemmy.dbzer0.com to aboringdystopia@lemmy.world
https://lemmy.dbzer0.com/pictrs/image/3ec36227-4372-4d2d-8466-73091720d54a.webp
Comments
Olgratin_Magmatoe@slrpnk.net 1 year ago
commander@lemmings.world 1 year ago
Got ratted out by a mcdonald’s worker.
Olgratin_Magmatoe@slrpnk.net 1 year ago
___
AntelopeRoom@lemm.ee 1 year ago
[deleted]theangryseal@lemmy.world 1 year ago
Not entirely true everywhere.
If you go into the poorest places in the county you can own apartments and have them paid for in no time. You can charge HUD twice the going rate and make life miserable for everyone by destroying the market in those areas.
Take where I live. The average rent in 2012 for a three bedroom, two bathroom home was 400 bucks. Now 13 years later it is 800-1000. Way higher than inflation.
How did this happen? Well, landlords exploited a program designed to help poor people by overcharging it and causing the rent to go up everywhere. Why rent to steady job Steve when meth head Molly’s check is always there because HUD pays her rent?
I know the three men who bought up all the property in this entire area.
One I know very well, so I’ll focus on what he did.
In 2010 he bought 3 apartment buildings for 115k each. They were all built by the same people in the 50s and are nearly identical with three bedrooms in each unit, but one of those bedrooms (in the downstairs apartments) has no window so can’t be categorized as a bedroom, only a closet.
So HUD pays 800 for the ones downstairs, 1,050 for the ones upstairs.
Each building has 4 apartments.
That’s 6300 a month for the upstairs apartments. 4800 a month for the downstairs.
That’s 133,000 a year for apartments he paid 115k for. The previous landlord only charged 200 a month. He has changed nothing about them. They were only fixed up enough to qualify for hud with the cheapest materials available. Nearly no upkeep. Pay a local drunk to redo the roof every few decades. Bam.
I’ve been living here for 8 years. I have nearly paid for the apartment myself.
How did dude get money? You guessed it. Dad helped him start businesses and everything grew from there. He has always paid his workers minimum wage and recently started selling off his businesses because being a landlord is easy peasy.
In the 8 years I’ve lived here, the only thing he ever had to fix was a leak outside.
Before he took it over, the entire building was on the same water and electric bill. First thing he did was separate all that so people handle their own bills and he gets as much as he can get.
NONE of the original tenants are here now. They all got priced out and replaced with easy money HUD recipients.
I’m the only one left who actually pays my rent in full. I’d say he’d be stoked if I moved out. I would, but I’m just too damn lazy and my upstairs neighbor is amazing. If she ever leaves it might motivate me.
I would like to say that many many outsiders have been buying up property here for the last decade and a half. They’re stopping now they they’ve made it impossible for us natives to buy a home.
This place is so poor that I almost had a house for 5,000 dollars in 2003. You could get homes crazy cheap here back then. That same house recently sold for 130k. It has been remodeled, but that was around 2009.
One county over things are still like that if you’re brave enough to live there. I had a problem once over there and had to call the police around 1 AM. “All of our officers are asleep at the moment, but if it turns out to be a big problem call us back and we’ll wake one up.”
BombOmOm@lemmy.world 1 year ago
You can charge HUD twice the going rate
You cannot just charge whatever you want. They aren’t morons. Often times the government offers below market rate in exchange for the guarantee you will be paid, regardless of what your tenant is doing.
Wilco@lemm.ee 1 year ago
Yea, this is what I was thinking. I have two houses and rent one of them. Both houses have a VA loan, but the rental of one does not even cover the mortgage for both.
That math is not mathing.
Of course I’m not charging insanely inflated rent, I just needed to move and decided to rent the old house for 2-3 years instead of selling it.
meliaesc@lemmy.world 1 year ago
Note: These types of landlords are renting it out at 3x the cost of their mortgage though.
Samskara@sh.itjust.works 1 year ago
Let me show you how I make X passive income, by selling courses about making passive income
Coaches selling training courses to train new coaches and then for consulting to grow their coaching business is a whole thing as well.
crozilla@lemmy.world 1 year ago
Agreed. I know people who own rentals and barely make enough to cover the cost of constant repairs. Rental properties are only lucrative if yer a piece of shit landlord. People probably make more money offering courses on how to do it than actually doing it.
arandomthought@sh.itjust.works 1 year ago
Step one: Have a shitton of money to buy property to rent out.
Oh, you don’t have enough money? Hhm, have you tried not being poor?finitebanjo@lemmy.world 1 year ago
The meme specifies Mortgage which means they also don’t have any money. They obtained a loan that they will be paying back for 15 to 30 years, at which point the property will deteriorate to a much lower value if any at all.
melpomenesclevage@lemmy.dbzer0.com 1 year ago
it’s about suggesting that the social order that propped you up and elevated you basically arbitrarily based on birth is a reason you’re cool, and not just some shit that happened. none of this is about actually helping anyone. if they actually believed this shit from the bottom of their hearts, breathing a word of it would be fucking stupid.
arandomthought@sh.itjust.works 1 year ago
That’s the question. Are they dumb and mean it or are they just assholes? I also tend to think it’s the second.
lepinkainen@lemmy.world 1 year ago
If nobody is allowed to own more than one property, should everyone be forced buy? Where would renters get apartments from?
prole@lemmy.blahaj.zone 1 year ago
Look into public housing in Finland.
lepinkainen@lemmy.world 1 year ago
I am from Finland and public housing is shit.
ArchRecord@lemm.ee 1 year ago
Government-provided housing, social housing where your payments get you partial collective ownership, cheaper mortgages now that landlords aren’t artificially inflating the rates?
dependencyinjection@discuss.tchncs.de 1 year ago
The government. They used to provide housing in the UK and then they stopped and stopped building new houses and now they’re unattainable for most.
starshipHighwayman69@lemmy.ml 1 year ago
Yeah some people desire to be exploited! Send those kids back into the mines! /S
lepinkainen@lemmy.world 1 year ago
Can you give me a serious answer without the /s
If I inherit my grandmas apartment, can I put it up for rent since it’s in small apartment in a college town and there will be takers.
Or should I sell it so I don’t become a “landlord”, which is bad?
Should all students just buy an apartment for the 4-5 years they spend in the city or will the city be the landlord for them somehow collectively? Or is it less bad if the college is the landlord by offering student housing?
Maalus@lemmy.world 1 year ago
No rentals, houses will be gifted to everyone and magically conjured out of thin air.
sin_free_for_00_days@sopuli.xyz 1 year ago
Your sarcastic inability to see a different path does not mean a different path doesn’t exist.
Xhead@lemmings.world 1 year ago
A functioning government?
milicent_bystandr@lemm.ee 1 year ago
Ah, so the government is your landlord now?
It’s good, because Americans have so much trust in their government right now.
Viking_Hippie@lemmy.dbzer0.com 1 year ago
humanspiral@lemmy.ca 1 year ago
The appropriate criticism here is about corrupt markets resulting from restricted/scarce housing supply. Fair markets that encourage abundant housing supply, are ones that would lead to “perfect competition” and fair ROI on capital. The oligarchist/capital supremacy model of US/west corrupts markets against abundance, because extortionist profits fund politicians to protect extortionist profits.
UBI, not democracy, is the important freedom that can address structural corruption, but still the option to rent still needs to pay for the capital/expense investment in allowing you to rent.
Samskara@sh.itjust.works 1 year ago
corrupt markets resulting from restricted/scarce housing supply
Housing has a hard limit as there is only so much ground available in desirable locations. Building houses also needs resources and labor and takes a while.
humanspiral@lemmy.ca 1 year ago
We can go pretty high, but 3-5 stories has easier construction, and doesn’t need expensive elevator system. 4th and 5th floor without an elevator advantages young people, but reduced rent still can be profitable vs stopping at 3 stories.
Newsteinleo@infosec.pub 1 year ago
I worked in the rental industry for a minuet, and I left because the people in the industry do not think of their renters as people. To property owners, renters are objects that you put in a property to make the property generate money.
NewDark@lemmings.world 1 year ago
Eiri@lemmy.ca 1 year ago
For the SUM of your tenants’ rent to pay for your mortgage and most of the upkeep? Probably fair.
For ONE tenant to cover the whole mortgage? Geez, that’s not nice, to put it softly.
GrumpyDuckling@sh.itjust.works 1 year ago
It dpends. I rented out my old house for about 5 years because I couldn’t afford to sell it (underwater) mortgage was ~$500 rent was $650.
Eiri@lemmy.ca 1 year ago
Well okay if one tenant is renting the whole building it’s different.
Mouselemming@sh.itjust.works 1 year ago
Nobody likes a cheater.
lobut@lemmy.ca 1 year ago
Any reason why we can’t just change the tax code to make this thing less viable? We disincentive things all the time. Like we can carve out exemptions for situations and things I’m sure but like, this shouldn’t be how to run a society.
commander@lemmings.world 1 year ago
Any reason why we can’t just change the tax code to make this thing less viable
Culture. Too many people think those who have more deserve more and those who have less deserve less.
Until this culture changes, we shouldn’t expect things to get any better.
Test_Tickles@lemmy.world 1 year ago
If you took every property that individual people owned and gave every one of them other people, we would still have a housing shortage with insane prices for a home. Shitty as most landlords are, the real problem is massive companies that buy up houses.
BombOmOm@lemmy.world 1 year ago
The higher the supply the lower the prices; we need higher housing supply. We need to reduce barriers to building homes and increasing government investment in building new homes.
The_v@lemmy.world 1 year ago
Increase the tax rate to 100% on all profits from renting/leasing residential properties. You can still rent out housing but you can’t make a profit on it.
Takumidesh@lemmy.world 1 year ago
Fwiw, while this would be a disincentive, the ‘real’ money from this is the ability to leverage at a high amount.
If you mortgage a property you effectively get to leverage your capital 5:1, and your return is made by someone else paying the interest on your margin, any below the line profit is a bonus.
So if it’s costing my business $100 month (mortgage, losses) and the tenant is paying $100 (rent, profits), your net profit is 0 but you are effectively earning $80 on that $100.
So you would need to also reclassify what it means to be a real estate professional, to prevent business from being able to claim real estate expenses as a loss. (As well as the tons of other aspects like depreciation which give you time value of money over the life of the property, depreciation of assets within the house, and other tax benefits.) in fact it’s possible to take a ‘loss’ on a house and rent it for less than your mortgage, and still come away making money
Just sayin there is more to it than just black and white P/L
owenfromcanada@lemmy.world 1 year ago
Yep, easiest way to solve the housing crisis is a scaling tax on property ownership and rent. The first property you own is taxed relatively low, with it scaling exponentially as you add more properties.
Viking_Hippie@lemmy.dbzer0.com 1 year ago
Any reason why we can’t just change the tax code to make this thing less viable?
99% of state and federal level politicians are owned by these leeches and/or ARE theese leeches.
In other words, almost all of the people with the power to do anything about it have a vested interest in NOT doing anything about it.
this shouldn’t be how to run a society.
Ramen.
MithranArkanere@lemmy.world 1 year ago
If it would destroy the economy if everyone did it, then it should not be doable in the first place.
phindex@lemmy.world 1 year ago
This is like saying that if everyone had a small business it would destroy the economy. If you think a rental damages the economy, you have no idea what the economy is, or how it works.
flyingSock@feddit.org 1 year ago
Businesses buy and sell off each other and also create value. But sticking with the “if everyone did this” every one would run a one person business. Not efficient but would work. On the other hand if everyone is renting out houses, they can at most be renting out one (ignoring foe now second houses/holiday apts). Then everyone would be housed and paying each other in a circle. So, no, everyone doing what the post suggests can not work. All but the first house would be empty.
Akito@lemmy.zip 1 year ago
Then it should be illegal to have no children, because if everyone had no children, we would literally go extinct.
iheartneopets@lemm.ee 1 year ago
That’s just the first thing that came to mind, huh? Tell me you wasnt to control women’s bodies without telling me.
Gladaed@feddit.org 1 year ago
That’s true for teachers, too.
If it is a lifestyle that would destroy the economy if everyone had it, then that’s another story.
crowleysnow@lemmy.world 1 year ago
If everyone went to work every day for 8+ hours for the direct benefit of the members of their community, the economy and the community would both be incredibly healthy.
If everyone purchased the tools that other people need to live and work and decided to rent those out instead of doing their own labor, the economy and community would fail.
This should be incredibly obvious.
Joncash2@lemmy.ml 1 year ago
What? Your comment doesn’t make sense. If everyone did any profession solely we would destroy the economy. If everyone became doctors, there would be no engineers or pilots. We would still be doomed. A diversity of vocations are necessary regardless of which vocation.
srasmus@midwest.social 1 year ago
It has little to do with the “profession” and more to do with the distribution of goods. If everyone owned rental properties, nobody would live in these rental properties, meaning for lords to exist there must be serfs.
surewhynotlem@lemmy.world 1 year ago
Landlording is not a profession.
Handyman is a profession. Real estate management is a profession. Landlording is simply siphoning money through the act of owning something.
The economy can tolerate a finite number of leaches before dying. We currently have too many. The ideal number is zero.
Viking_Hippie@lemmy.dbzer0.com 1 year ago
programmer_belch@lemmy.dbzer0.com 1 year ago
TenantSlaveYerbouti@sh.itjust.works 1 year ago
“Let’s lynch Mel and Dave” will be a song title for my next music project. I think my favorite one so far is “The president must die” from my upcoming LP.
Viking_Hippie@lemmy.dbzer0.com 1 year ago
Yerbouti@sh.itjust.works 1 year ago
You can always find wisdom in Yerbouti.
henfredemars@infosec.pub 1 year ago
The type that looks up to Clarance Thomas.
Stovetop@lemmy.world 1 year ago
And if you do really well, you might even be able to get Clarence Thomas to look up to you!
cybervseas@lemmy.world 1 year ago
Groceries and vacations aren’t even liabilities. Fella doesn’t understand accounting well enough to fake use it properly.
Pronell@lemmy.world 1 year ago
All so that none of their tenants can afford any of those four things without constantly struggling!
Serinus@lemmy.world 1 year ago
To be fair, they’re exaggerating in order to scam people. Not that many people paying actual double mortgage, especially if you count any kind of upkeep.
adarza@lemmy.ca 1 year ago
i’ve literally paid more in rent for my small apartment than the entire (5 unit) building is worth. i crossed that threshold years ago.
BombOmOm@lemmy.world 1 year ago
Buy instead, you clearly have the money. Don’t contribute to a landlord’s profits.
commander@lemmings.world 1 year ago
Renting is a scam.
It’s a shame so many of us have been convinced to fall for it.
I’m glad I got out years ago, but the housing market is abysmal too.
The problem is that too few people have too much and the rest of us have to do without enough. We need to unite against the ruling class and redistribute their wealth if we want our situations to improve. It’s literally the only way.