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0 pointsarwineap2d ago0 comments

> 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.

0 pointsarwineap2d ago0 comments

> 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.

> 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.

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6 comments · 3 top-level

estearum2d ago· 2 in thread

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.

arwineapOP1d ago

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

estearum1d ago

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.

ligne2d ago· 1 in thread

"And that's to make a measly 8% on my money."

Amazing how many people insist on being landlords despite it apparently being a life of sawdust and sackcloth.

estearum1d ago

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."

smallmancontrov2d ago

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.

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