this post was submitted on 23 Aug 2023
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This shows one of the most common things landlords tell themselves to justify it.
You tell yourself this, to make you feel better, but you don't acknowledge that almost all the money your tenants pay you is profit, since they are paying for the mortgage. Even if you rented at 0 immediate profit, for the entire time until you paid off the houses, you would have actually made 1.2million in profit, since you now own 2 houses at 600k each.
And those families, instead of paying a mortgage and ending with hundreds of thousands of dollars in equity, that they could refinance, or use to buy a better house or leave as inheritance for their kids, now have nothing, as all that money has gone to you.
There is no such thing as an ethical landlord. Even the """good""" ones are still exploring people's basic need for shelter to make them rich.
If you really wanted to be a "good" landlord offer those families the chance to buy the house with the 15 years of down payments they already made to you to start it off. But as you said they're an "income plan" for your kids I don't think you would do that.
I mean, I get what you're saying. And perhaps if my financial situation was better I could consider the option to offer the houses to the tenants. But as you suspect I will not trade my children's financial security just to be charitable. The rent I charge is 30%-40% below market value. I suspect if you were in my position you wouldn't be so inclined to give away your wealth either.
I was in your position, when my grandparents died I inherited a house, that people encouraged me to rent out. Instead I sold it and invested the money (specifically into a green energy fund.) As that way I still have my financial security, without being a landlord.
I realize you aren't going to agree, but these two situations aren't the same thing.
Why not?
Because to start with, I invested and risked my own money a much less bubbled deal estate market with a significant amount of my available capital. You invested someone else's money. I took all the risk, and you want me to give away all the profits from that risk. Even your "green" investments take advantage of workers, buy off shore parts, cost people their jobs. Why don't you donate all your profits to those people. Your entire argument is so steeped in hypocrisy that it's hard to even know if you're not just a troll.
No. I invested my own money? Idk where you're getting this idea from?
I took much more of a risk than you. Real Estate is typically more stable than stocks.
If you want to be ethical, yes.
In the sense that there is no ethical consumption under capitalism. But that argument is just whattaboutism.
Because investing in those sectors is beneficial to them, it helps those companies raise funds, which benefits both the workers of those companies as well as promotes green energy which benefits all of us. Landlordism detracts value from the market.
I guess its easier to say this, so you can dismiss whatever I have to say so you dont have to go through the process of introspecting on your life and your choices to think about if you're actually doing the right thing, and maybe even coming to the conclusion you arent and needing to change your behaviour. That sounds like a lot of effort so its easier to just assume everything you do is right and just and anyone that criticises you is wrong by default. That way you get to keep living your life however you like without worrying about silly little things like morality.
This is getting old. Regardless you said you inherited a house, fwiw. You live how you want. I live in the way I want. I admit my part in Canada's housing crisis. But I couldn't sell my children's future for moral high ground. You come across as sanctimonious. You speak from an imagined high ground with the assumption that you know what is good for everyone. That's your right. So you do you. Have a good one.
I was just pointing out you could secure a future for your children without being a landlord. But like I said. Its obvious you dont give a shit. So just dont act like you do.