A lease is a contract that both parties have agreed to. If the tenant breaks that contract, it should be terms for eviction. If the landlord breaks that contract, the tenant should be free to break the contract and move.
If the tenant does something criminal, sure, that's up to the police.
People who want to rent a flat want to tour it first, this makes sense. But in your situation the tenant in arrears has an incentive to make the unit look uninhabitable preventing it from renting.
Additionally, if they are behind on rent, the deposit will not be enough to handle both.
I researched this. And there are no insurance companies in WA that offer these kinds of products for landlords.
Renters insurance primarily covers damage to _their_ property and only some narrow cases of damage to the unit (e.g. fires, flooding, etc.). A deadbeat tenant also will likely not be paying for insurance past the first month.
To give you some perspective, the eviction process costs around $20000 right now in legal fees. And you'll need to pay them, because the commie "housing justice" redistributionists know all the procedural tricks to delay and derail the process. Even in the best case, you're looking at a year of delay, and it can be more than 2 years for people with children. So that can be $100k+ of loss.
No insurance company is going to assume these kinds of risks without sky-high premiums.
> But the vast majority of such people's financial outcome is actually from being a landlord, that is doing literally nothing except holding a piece of paper granting them monopoly on a plot of land
This is how I know that you've never tried to run houses. If you hire out a property manager and all of your maintenance you are not making money.
I have to be an electrician, a plumber, a painter, a drywaller, an engineer, a salesman, a delivery driver, a businessman, an appliance repairman and a lawyer. And that's to make a measly 8% on my money.
> There is literally nothing to be produced! The land is there regardless!
No one rents bare land. They are renting a depreciating asset that you have to upkeep.
Yea yea yea, Henry George says that the value is provided by the citizens around your property. I call bullshit. The value is the shelter, the heat, the comfort. That's what people need.
Shelter, heat, and comfort? No: Location, location, location.
A crack shack with a busted roof and broken utilities in a good location sells for the same price as a pristine, functional mansion in the middle of nowhere.
No I do "run houses." I bought a house, rented it out, paid a bit for maintenance throughout, covered the entire mortgage the entire time, then sold it for 50% highly levered capital gain in ~4 years.
It's not because I'm an awesome landlord or property manager. I did the bare minimum. It's because the location appreciated thanks to the community surrounding the house, which is the driving force of the vast majority of gains in real estate.
Landlords complaining is honestly some of the funniest stuff on the Internet. I really appreciate the lols.
You were lucky to not have to deal with vacancies, non payments, turnover, rehabs, or capex. I don't think your experience is the common, and it certainly won't scale like that.
One tenant losing their job, getting some sort of medical issue, or even a poorly trained pet can reverse 2 years of profit. These happen all the time.
Personally, the keyboard jockeys talking about how easy contractors have it is hilarious, so I guess we both get a laugh today
If you buy in an area with appreciating land values (i.e. most of them, given the dynamics of land and population), then you have to be a dummy to lose money owning land.
Seriously. These posts are always like: "bro I had to text plumbers and then pay them to fix problems. I had to like... work... like 4 days a month... texting plumbers."
That's just not how it works. If I was to call a plumber and a sheetwaller, and a painter, I would be paying $6-12k for a leak. This kills any idea of profit for this year.
What really happens is that I put on my big boy pants, I talk to the tenant, I visit the unit, I crawl under the house, I cut out the drywall, I remove and patch the plumbing, I replace the drywall, I mud the wall, and I paint the wall.
I could have it the way you suggest, pay 10% to some property manager and 1500-3000 for any call to any contractor but that means... I'd have to raise the rent, and not by a small amount.
At the end of the day I'm a housing provider, so I'd like to keep rents and vacancies low. This seems to be what tenants want too.
So yes, I'm doing the best I can, but no, my work is not encompassed by a phone call
I'm not sure how you choosing to personally save money by DIYing rather than paying a professional counts as adding value for anyone but yourself, but okay.
I've been hyper fixated on mechanical watches this year, and I'm so happy to have this resource, it's clarified my gaps, and corrected multiple misunderstandings.
You don’t need to backport other people’s fixes. You only need to re-merge your patches into updated versions of the upstream (aka vendor branch), which usually is straightforward.
Maybe you mean that if there are many people like you, they’d want to integrate each other’s fixes. But then you’d probably have the combined manpower to start maintaining a true fork.
Does programming cause property damage or impact other tenants?