I’m surprised so many people are running defence for landlords in the comments
My initial reaction was the same, to call OP a baby, etc. The problem isn’t rent. It’s landlord leeches.
I have an apartment in one country but moved to a different country, where I’m renting myself. I had two choices - either rent my first apartment to someone, or sell it. If I sold it, it would go not to a family in need, but to a BnB company or an “investor” (that’s the reality in my home country).
Instead I’m renting it to a family of Ukrainian refugees. They basically pay off my mortgage so that I’m not actively losing money on the whole thing.
They also pay rent to the housing association. This money goes to things like trash removal, hot/cold water, taking care of the green areas in the neighbourhood, cleaning the staircases, etc., etc.
Is this so bad and horrible?
Is this so bad and horrible?
Yes.
Instead I’m renting it to a family of Ukrainian refugees.
You are actively exploiting refugees.
You are no different than the BnB or the investors. You are on the supply side of the problem. Rent is, indeed, the problem.
You could offer to sell your property to those tenants. You could act as a private lender, allowing them to pay you instead of a commercial bank. You could offer them a “land contract”, which is a rent-to-own arrangement. If they choose to leave your property in the next three years, it was no different than a rental. If they choose to stay beyond three years, it automatically converts to a private mortgage, and they begin earning equity.
They basically pay off my mortgage so that I’m not actively losing money on the whole thing.
Leaving it vacant and just paying the mortgage yourself, you are gaining equity in exchange for your money. You are not losing anything. Renting, you are gaining that equity without paying for it.
The only way renting isn’t a problem is if the rent is far less than a mortgage payment on the same property.
You are actively exploiting refugees
Good on you for not knowing shit but still making assumptions.
Right, because if not for the horrible me, they’d be able to rent for significantly more in the area.
Like, they’re not “we have nothing but the clothes on our backs” refugees, they’re a family that got a kid coming and needed something relatively good-standard, and pay for it thanks to the husband’s IT job.
You are on the supply side of the problem. Rent is, indeed, the problem.
“I’m 12 and this is deep”.
You could offer to sell your property to those tenants
Why would they buy a property in my country? They want to go back to their own country. WTF are you talking about?
You could offer them a “land contract”, which is a rent-to-own arrangement
Again, they don’t want to own an apartment in a foreign country.
[all the mortgage stuff]
Sure. I could bear the costs for the high and mighty idea.
Sadly, I can’t afford that.
The only options for me would be to:
- Sell the apartment to someone who would start charging twice than what I am.
- Completely upend my life and go back to my home country to live in that apartment, I guess.
What would you have done in my shoes?
That’s the most brainrot thing I’ve read this week.
I hate this type of posts. There’s nothing wrong with renting or paying rent. Most of American rent problem is because of high rent, not rent itself.
