Slippery Slope Portland Landlords must pay relocation

Like I said back when the riots started in these overvalued areas. Create environments to drive the property values down and WOOOSH...in come the vultures (investors).

What recourse will these landlords have? Yep....bankruptcy followed by fire-sales of their properties at a fraction of their value

originally posted by: JAGStorm
www.yahoo.com...

a new ruling states landlords must now pay their tenants' relocation costs if those tenants can't afford the rent increases they're imposing.

What in the Sam Hill?
If your tenants can't afford your place, you have to pay to move them?
This is NUTZ.

I do believe tenants should be given notice of rent increases and such, but this is just cra cra.
I think this goes along with a previous post, I think the end goal is to get rid of all small landlords and move to megacorps.

I am SURE a Lawyer would Consider that a Human Rights Crime Against the Landlord . See You in Court City of Portlandia..........

a reply to: TXRabbit

What recourse will these landlords have? Yep....bankruptcy followed by fire-sales of their properties at a fraction of their value

I see this happening in cities. Investors are salivating.

originally posted by: midnightstar
the problem is greedy landlords Lol
really the air guy cost to much .

2500 a month for a crappy one bed room in some citys
Incase you landlords haven't noticed your places are emptying out so who will pay Your mortgage then ?
Honstly I would want EVERY ONE to own the place they live in Landlords are JUST leaches .

I owned my home my morage was 638 a MONTH ! 3 bed two bath 2500 square feet INSIDE .

My one son Both his home as well His morage is 712 a Month 3 bed two bath as well .

Funny that SAME HOUSE renst for 1200 a MONTH in that area WHO you kidding you just want someone else to pay your morages /

Nobody forces anyone to rent....

originally posted by: JAGStorm

What in the Sam Hill?
If your tenants can't afford your place, you have to pay to move them?
This is NUTZ.

I do believe tenants should be given notice of rent increases and such, but this is just cra cra.
I think this goes along with a previous post, I think the end goal is to get rid of all small landlords and move to megacorps.

So Sam Hill 's house is not too far from Portland...lol

I have a few friends that been buying houses on the OR side and use them as rentals as part of their retirement plan. THEY ARE ALL SELLING THEM OFF. I'm not kidding they are all leaving OR for WA and selling everything.

It is now required in Liberal cities such as Portland or Seattle that when you bring you grocery cart to check out and you can’t afford what you put in that cart, that the grocery store must pay for your groceries.

originally posted by: midnightstar
Incase you landlords haven't noticed your places are emptying out so who will pay Your mortgage then ?
Honstly I would want EVERY ONE to own the place they live in Landlords are JUST leaches.

So if they can't rent it then the price drops...that is how it works.

I owned my home my morage was 638 a MONTH ! 3 bed two bath 2500 square feet INSIDE .

My one son Both his home as well His morage is 712 a Month 3 bed two bath as well .

Where do you live Detroit? lol

In a land far far away I had a farm that I was renting horse stalls. $300 a month. My best rented 4 stalls and paid on time every month but couldn't get a loan to buy a place for $1000 a month because their bills were too high. Between me their rent and vehicle payments they were paying $4000 a month and only owned a truck and horse trailer.

Crazy

originally posted by: 38181
It is now required in Liberal cities such as Portland or Seattle that when you bring you grocery cart to check out and you can’t afford what you put in that cart, that the grocery store must pay for your groceries.

Geez , the Real Economics of that Sounds like an Anti-Capitalist HELL.................

I'm actually looking to rent my old house at the moment and the monthly costs just to keep a house on the books is more insane than I originally thought. I've been told by several people I could likely get 850 to 1,000 per month in rent. Lets go with the higher number just for arguments sake. 300/mo for property taxes, 143/mo for insurance and 10/mo for garbage collection fee. Lets round that all to 450/mo in what it will cost me.

I'd walk away each month with $550 or 6,600 a year. My insurance is making me have a 1,000 deductible so if anything happens I'm out 1k, at least. A tree branch goes thru the roof during a bad storm? 1k right off the top, the roof will be depreciated by age so I'll never get the full 8k it cost me to roof it a few years ago. Bathtub floods or someone starts a fire in the kitchen because people have attention spans of a gnat? Same deal.

This isn't even taking into consideration if you get a bad tenant. It takes months to evict someone, during that time they aren't going to pay rent, you just eat it. Not to mention any damage they do to the home that will need to get repaired. I know most people are good about cleaning and such after moving but most don't repaint or get the carpets professionally cleaned.

I wouldn't have a mortgage on the home but if I did the 550 a month profit would most likely only pay for the mortgage, it would be break even.

Adding on more costs to being a landlord of a rental is insanity. I have a friend and a family member that do quite well renting but they have 5+ homes they rent. Renting 1 home is financial suicide unless you get lucky.

Putting this in it's own post in case this gets deleted for thread drift.

The family member I mentioned above evicted a tenant for non payment, took over 3 months. When they went into the house they had cut a hold in the living room floor and were throwing garbage through it into the basement. The sink in the kitchen was full of nasty brown water that smelled horrible. Come to find out they were putting paper plates and paper cups down the garbage disposal and had it all clogged up. When the garbage disposal was removed, half a paper plate was still in the chamber part of it.

Rents are high because landlords need to insulate themselves from these situations. It's not greed.

Property tax On my home was 900 a year again 638 a month included insurance and tax quite the bull .
MY sons was about the same Nice homes Not garbage .

a 230,000 condo at 2.5 % will be around 1800 a Month including all while the greedy landlords will be charging 3.5 K on that .
Landlords relies on collage kids and people who just don't have the credit to buy .
Nothing but scams .
going form a morage of 2 k to a rent of 3.5 is 1500 a Month Of course amybe =every alst one of you get your loans from sharks .

This thread is such a Bunch of BULL teh ONE AND ONLY reason people rent IS TO get someone else to pay for the property and being just as greedy as they are want to make a Million extra on top .

how many of you every did rent to own ? maxing out the amount of scames you can get away with .
Heck it is not enough that you have others pay Your morage you want ever dime you can drain from them tehn Kick them out the second your clear


MY advice to any one every one is DONT PAY THESEPEOPLES MORAGE FOR THEM when You can easly get a lone and OWN your place at 3/4 THE cost maxim .

O compound instrest is a scam AS well .
think about this a caddy is 120 k at 800 a month 5 years you own it a home at 120 k takes 30 with teh very same monthly payment .

You really want to understand why inflation goes up so fast Its because of compound instrest .
a 120 k home with 2.4 % will cost You around 195 K when payed in full
taht caddy 120 k will cost you 130 k when payed in full now just who is getting scamed .
Compound instrest should be illegal

The bankers The landlord ( ( LORD )) will scam every dime and are THE BIGGEST reasons the world is at the brink of bankrupt .
feit money

originally posted by: midnightstar
O compound instrest is a scam AS well .
think about this a caddy is 120 k at 800 a month 5 years you own it a home at 120 k takes 30 with teh very same monthly payment .

You really want to understand why inflation goes up so fast Its because of compound instrest .
a 120 k home with 2.4 % will cost You around 195 K when payed in full
taht caddy 120 k will cost you 130 k when payed in full now just who is getting scamed .
Compound instrest should be illegal

Your math doesn't work. Is compound interest a scam? Yes. Kind of. But it would take 12.5 years to pay off $120,000 @$800/month with 0% interest.

a reply to: midnightstar

Do you understand business at all. You are aware the only reason to be in business is to profit off your investment, right?

Maintaining a property is way more than just a mortgage, taxes and insurance. Roofs have to be replaced. Every twenty years or so huge cash outlays are needed to upgrade and remodel. One bad tenant can do many thousands in damages. Appliances wear out.

A rental owner doing well is lucky to realize a 5% return on their investment. It's not a get rich business, unless done on a large scale. Many if not most landlords are small-time and earn an average income if they are lucky. Most just hope they can hold out until they sell to get the money to retire. The money they use to buy in the first place has to be earned.

If you don't like paying interest, pay cash. Save up your money and pay for it in full. Buy a lot and build your own place with your own money. Nobody owes you a free place to live. You have to earn the money and pay for that yourself.

originally posted by: midnightstar
O compound instrest is a scam AS well .
think about this a caddy is 120 k at 800 a month 5 years you own it a home at 120 k takes 30 with teh very same monthly payment .

You really want to understand why inflation goes up so fast Its because of compound instrest .
a 120 k home with 2.4 % will cost You around 195 K when payed in full
taht caddy 120 k will cost you 130 k when payed in full now just who is getting scamed .
Compound instrest should be illegal

Spoken like someone that has never lent money out before...

If you don't want to pay interest, pay cash.

Or at a minimum, shorten the amortization period that you pay the money back. The longer it takes you to pay back the money, the more you pay in interest. From a lending perspective, the longer it takes someone to pay the money back, the higher the risk of default hence the justification for requiring more interest paid.

a reply to: Edumakated

not to mention offsetting depreciation/inflation