Any Residential Landlords?

[5030]

I might add that I would NEVER do section 8, ever. Section 8 tenants don't give a shitte about the property because it ain't theirs and the gummit pays the rent. I don't go down that rabbit hole, never will.

If push came to shove, I'd let them stay vacant and write off all the incurred expenses against our taxable income which s pretty large as it is.

Why I buy new farm equipment regularly (except tractors and that is only because I don't want any post 4 emissions compliant ones). far as implements are concerned, I like new paint and new equipment and I trade in the older than 4 year stuff or sell it on Tractor House regularly. New equipment don't break either. We have not had to pay any Federal or State income tax in decades so I must be doing something right and we don't do our own taxes either. We have an accountant on retainer (he does my employee payroll as well) and an attorney on retainer too.

 

[dstig1]

I believe the idea of housing has morphed into a right...

A few years back a city council person said the cities lack the resources to deal with the magnitude so anything we can do to keep people housed is for the public benefit.

OK... but why shift the burden to providers...?

Why? Have you heard the story of 2 wolves and 1 sheep voting on what to have for lunch. Congratulations! Calif says you are the sheep!

 

[ultrarunner]

I might add that I would NEVER do section 8, ever. Section 8 tenants don't give a shitte about the property because it ain't theirs and the gummit pays the rent. I don't go down that rabbit hole, never will.

If push came to shove, I'd let them stay vacant and write off all the incurred expenses against our taxable income which s pretty large as it is.

Why I buy new farm equipment regularly (except tractors and that is only because I don't want any post 4 emissions compliant ones). far as implements are concerned, I like new paint and new equipment and I trade in the older than 4 year stuff or sell it on Tractor House regularly. New equipment don't break either. We have not had to pay any Federal or State income tax in decades so I must be doing something right and we don't do our own taxes either. We have an accountant on retainer (he does my employee payroll as well) and an attorney on retainer too.

More than a few that have been through the wringer learned keeping a unit unoccupied comes with the new 6k vacant unit property surcharge.

Seems un-American being singled out to pay 6k annual if occupancy minimum not achieved… just saying.

 

[groundcover]

Friend of mine has rental properties and got tired of the games, switched all but one to air B&B's, makes more, less problems. Can see why there is a housing shortage, he's not the only one.

 

[5030]

More than a few that have been through the wringer learned keeping a unit unoccupied comes with the new 6k vacant unit property surcharge.

Seems un-American being singled out to pay 6k annual if occupancy minimum not achieved… just saying.

I've never had that occur and they have been vacant at times in the past for extended periods. I know nothing about that and candidly, don't want to know. Only reason I've been hesitant about an unoccupied dwelling in the past (not now) is my insurance carrier don't like them to be vacant and I carry loss insurance on all of them plus I demand a copy of my renter's dec sheet and I require them to keep in force and current, insurance to cover their loss of personal property, should an incident arise. Maybe Michigan is different than where you are. Don't really matter to me actually.

I play by the rules of this state and with the mandates my insurance carrier requires and yes, I roll that cost to me into the rents, It's business, after all.

I have zero desire to joust about how I manage my rental properties with you so I'm done commenting. Have a nice day...

 

[ultrarunner]

I've never had that occur and they have been vacant at times in the past for extended periods. I know nothing about that and candidly, don't want to know. Only reason I've been hesitant about an unoccupied dwelling in the past (not now) is my insurance carrier don't like them to be vacant and I carry loss insurance on all of them plus I demand a copy of my renter's dec sheet and I require them to keep in force and current, insurance to cover their loss of personal property, should an incident arise. Maybe Michigan is different than where you are. Don't really matter to me actually.

I play by the rules of this state and with the mandates my insurance carrier requires and yes, I roll that cost to me into the rents, It's business, after all.

I have zero desire to joust about how I manage my rental properties with you so I'm done commenting. Have a nice day...

No jousting…

The Vacancy tax is real and spreading in the West.

Resort areas are also embracing such as the city of South Lake Tahoe that banned short term rentals in residential areas of less than 6 months and now proposes to add a surcharge for any residential dwelling NOT occupied 180 days annually.

One of my hesitancies about exiting the residential housing provider business is my renters that have been with me for decades…

I attribute my success to be hands on and a presence and something as simple as checking irrigation and landscaping twice month is an opportunity to address small issues when they are small.

A new law requiring wood stairs, porch and balcony inspections if 6 or more feet above grade for 3 unit or larger properties has gone into effect…

My city has taken the extra step classifying all 3 unit and larger residential properties as non compliant UNLESS a declaration is filed under perjury the property is exempt.

Guilty until proven otherwise and declaration to be filed online.

My stairs and balconies are precast concrete on steel beams… no wood so why am I required to file a declaration in the first place…?

Yesterday, I happened to be at one apartment and the Fire Department rolled up no lights or siren and I asked if everything is ok… fireman said here to perform annual fire inspection… ok, but you guys were here 10 days ago and property passed and I have the sign off stating so?

He said yes, but the required site pictures were lost so he was out to reinspect and take about a dozen pictures of items inspected…

If course it passed again but waste of manpower and resources…

It’s especially interesting when inspectors use a periscope to look over fences…

 

[ultrarunner]

Friend of mine has rental properties and got tired of the games, switched all but one to air B&B's, makes more, less problems. Can see why there is a housing shortage, he's not the only one.

I don’t know much about it except some popular areas have banned short term rentals of less than 6 months.

I imagine a furnished home with reliable nearby staff to address issues and facilitate turnovers is a must?

The WA property is/was that nice where it could work… saltwater waterfront with a small salmon bearing stream on 17 acres of old growth forest…

 

[5030]

Glad I don't live 'out west' anywhere. None of that applies here and if it did, I'd liquidate all 3 and invest the proceeds elsewhere. I really don't like being a landlord but it is what it is. I had a chance to purchase the homes on both sides of the farm years ago when prices were actually reasonable so I did, plus another just down the road from me so all 3 are within walking distance of the farm, plus I did that to control who owned them and/or lived there as I don't like neighbors anyway. We are basically loners out here and I like being a hermit and so does my wife. Told my wife if any of them were destroyed by fire or natural disaster, I'd just level them, shove the debris in the hole that was the basement (all have full basements) bring in a load of topsoil and plant them to hay and call it good. I actually prefer an unobstructed view out here. We live smack dab in the middle of row crop country and I like it that way. I can look for literally miles around and see little in the way of homes or people.

 

[dstig1]

Have you approached the tenants about potentially buying their places? If you are willing to self-finance, you can spread out the tax hit over years. Might be a win-win, if you can pull it off. Self-financing is not for the faint of heart, but my uncle did it twice when he got old and wanted out of his rentals. One of them defaulted and so he ended up selling that one twice...

 

[5030]

Usually, renters don't have the where with all to buy the property they live in anyway and if I ever consider that it would have to be a conventional mortgage with the required 20% down payment. I would never attempt any other way as 'land contracts' or other creative ways of financing a renter usually wind up in a grief situation. Renters rent simply because they cannot afford to purchase and in this inflationary economy it's even worse.