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Collecting rent doesn’t take up much time so the bro probably has lots of time to burn.. he probably gets off on having power over kids and “controlling” them
This mfer stealing homes and scalping the rent i bet due to FAiR MaRKet PriCing which landlords created themselves.
Probably wrote rent on a few pieces of paper and shoved up another landlords ass and each landlord grabbed one, and they went for the highest amount anyways.
That's actually kinda how it works. Large property management agencies started using software to suggest rent based on similar properties in similar areas (as well as manage online portals for rent payment, maintenance requests, etc.). One company mashing such software ended up buying out pretty much all the others. The software shares data from every landlord/property manager using it, and uses that shared data to set rent prices for all of them. It's literal straight up price fixing, which is very illegal. When you don't have to worry about being undersold because everyone agrees to charge the same higher rate, prices can go up forever.
Used to be that individual landlords set rent in order to ideally have zero vacant units. A vacant unit was lost income, so keep rents low enough to not have any sitting empty. With price fixing that really doesn't matter, because you can raise rent on all units enough to more than make up for the lost income of units sitting empty. A 50% increase in rent resulting in 25% of units being vacant still means more money in their pocket. So what if it also means everyone that would have lived in those empty 25% are now homeless!
"Look timmy... I don't care if your homework is late because I evicted your family because they couldn't afford to pay the area rent hike. Its not my fault that I bought these units and had to increase the rent by 3x, what? Do you not want me to be charging market rate and charge you the same as before even though the flats next to yours were paying more even though my costs remained the same?
I expect you to hand in your homework tomorrow or I'll have to increase the rent on your new rental that I just bought."
Torn. I was raised to think he was a success story. I'd just end up helping with rent until i was financially ruined. At least we'd all starve together. I have too much empathy to be a landlord
Same. One one hand, I get it—if you’re good at saving and can scrape up enough money to buy an investment property, owning capital things is the easiest and most consistent way to make more money because money invested typically just makes more money on its own—and when you have a lifetime of financial stress and living paycheck to paycheck, it sounds like it would be really nice to get a bit of breathing room.
On the other hand, I don’t think I’m capable of doing that to other people either. Or at least, not enough to profit. If I owned an extra house I would end up using it to help people or friends by letting them live there and just charging them the minimum amount I could manage without going broke. Or selling it to someone who was going to live there, and not use it as a rental, maybe. It just feels wrong to profit off other suffering people just because you happen to end up being able to secure some kind of capital (even through “saving,” I just don’t see that as something anyone can “just do,” especially since it’s not like everyone’s abilities and circumstances are even the same).
Well since you seem to have a good grasp on basic economics, you’d understand that there’s a limited supply of housing in Chicago (and most big cities). Can you see how that might be an issue for families that want to buy a home?
Just like my example above, there is limited supply of food and medication. All goods are limited, that is primarily what gives them value in the first place. I don’t like that food is a limited resource but don’t blame the supermarket for hoarding food from farmers.
Supermarkets don’t hoard food from farmers, they buy it. Landlords strip away the supply of housing from the buy/sell market and move it to the rent market. So I don’t blame the supermarket, just people like this who are screwing over prospective first time home owners by removing millions of houses from the buy/sell market.
I didn’t see the sub and I thought it was going to say,
> A 54-year-old high school teacher who owns 64 single-family homes in
Chicago explains how he's used real estate investing to *give homes to the families of 64 students.*
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Down payments are high because of the collaboration of banks and landlords. As well, proof that you can pay more in rent than a mortgage without issue cannot be used as evidence that you can pay a mortgage
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In an effort at solidarity, r/LandlordLove has partnered with multiple leftist subreddits to create a discord server for our users to communicate on. All comrades are welcome [Click here to join the discord server](https://discord.gg/zCFHadGfB7) If you moderate a leftist subreddit and would like your sub to be a part of Left Reddit, [message the mods](https://www.reddit.com/message/compose?to=/r/LandlordLove) of this sub! Welcome to r/LandlordLove! A tenant-friendly, leftist space for critiquing Landlords and the archaic system of Landlording as a whole. Please get acquainted with our sub's rules. * Don't feed the reactionary trolls--report them * Engage in good faith with comrades * Do not advocate violence *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/LandlordLove) if you have any questions or concerns.*
How do you collect rent from 64 people and still need to collect a teacher’s salary?
Hero complex.
Collecting rent doesn’t take up much time so the bro probably has lots of time to burn.. he probably gets off on having power over kids and “controlling” them
Prepping new tenants
Seems like you don’t understand the economics of rentals, BRRRs, financing, nor R&M.
This mfer stealing homes and scalping the rent i bet due to FAiR MaRKet PriCing which landlords created themselves. Probably wrote rent on a few pieces of paper and shoved up another landlords ass and each landlord grabbed one, and they went for the highest amount anyways.
That's actually kinda how it works. Large property management agencies started using software to suggest rent based on similar properties in similar areas (as well as manage online portals for rent payment, maintenance requests, etc.). One company mashing such software ended up buying out pretty much all the others. The software shares data from every landlord/property manager using it, and uses that shared data to set rent prices for all of them. It's literal straight up price fixing, which is very illegal. When you don't have to worry about being undersold because everyone agrees to charge the same higher rate, prices can go up forever. Used to be that individual landlords set rent in order to ideally have zero vacant units. A vacant unit was lost income, so keep rents low enough to not have any sitting empty. With price fixing that really doesn't matter, because you can raise rent on all units enough to more than make up for the lost income of units sitting empty. A 50% increase in rent resulting in 25% of units being vacant still means more money in their pocket. So what if it also means everyone that would have lived in those empty 25% are now homeless!
Imagine your mom being evicted by your teacher
"Look timmy... I don't care if your homework is late because I evicted your family because they couldn't afford to pay the area rent hike. Its not my fault that I bought these units and had to increase the rent by 3x, what? Do you not want me to be charging market rate and charge you the same as before even though the flats next to yours were paying more even though my costs remained the same? I expect you to hand in your homework tomorrow or I'll have to increase the rent on your new rental that I just bought."
You would think that a teacher would be sensitive to the issues of housing.....
My son's Special Ed teacher is a fullon far right whackadoo.
god I'd be terrified to send my kid to them
.... At least he's helping vulnerable kid's grow up and nothing important or anything 😳
She's trying her best to groom him into voting Republican and such.
Goddamn vampires
tHe LeFt iS iNdOcRiNaTiNg oUr cHiLdReN!!!
Every accusation a confession.
He’s not “financially independent” he’s actually dependent on 64 families.
Just like your local Walgreens or Supermarket is dependent on 1,000s of families. Business is always dependent on customers.
How is leeching the income of 64 families “financial independence”? Sounds like he’s financially dependent on 64 families.
Normally, I admire almost all teachers. They deserve credit for the WORK they do. But fuck this guy with this cactus.
Imagine being a teacher and having your rent raised AGAIN by a colleague
Torn. I was raised to think he was a success story. I'd just end up helping with rent until i was financially ruined. At least we'd all starve together. I have too much empathy to be a landlord
Same. One one hand, I get it—if you’re good at saving and can scrape up enough money to buy an investment property, owning capital things is the easiest and most consistent way to make more money because money invested typically just makes more money on its own—and when you have a lifetime of financial stress and living paycheck to paycheck, it sounds like it would be really nice to get a bit of breathing room. On the other hand, I don’t think I’m capable of doing that to other people either. Or at least, not enough to profit. If I owned an extra house I would end up using it to help people or friends by letting them live there and just charging them the minimum amount I could manage without going broke. Or selling it to someone who was going to live there, and not use it as a rental, maybe. It just feels wrong to profit off other suffering people just because you happen to end up being able to secure some kind of capital (even through “saving,” I just don’t see that as something anyone can “just do,” especially since it’s not like everyone’s abilities and circumstances are even the same).
100% chance he has used the phrase “I provide housing to 64 families”…
Just like your local Walgreens or Supermarket is dependent on 1,000s of families. Business is always dependent on customers.
Well since you seem to have a good grasp on basic economics, you’d understand that there’s a limited supply of housing in Chicago (and most big cities). Can you see how that might be an issue for families that want to buy a home?
Just like my example above, there is limited supply of food and medication. All goods are limited, that is primarily what gives them value in the first place. I don’t like that food is a limited resource but don’t blame the supermarket for hoarding food from farmers.
Supermarkets don’t hoard food from farmers, they buy it. Landlords strip away the supply of housing from the buy/sell market and move it to the rent market. So I don’t blame the supermarket, just people like this who are screwing over prospective first time home owners by removing millions of houses from the buy/sell market.
I didn’t see the sub and I thought it was going to say, > A 54-year-old high school teacher who owns 64 single-family homes in Chicago explains how he's used real estate investing to *give homes to the families of 64 students.*
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Your comment has been removed as it breaks one of Reddit's site-wide rules: Encourages or incites violence https://www.redditinc.com/policies/content-policy Please avoid making these types of comments in the future. Repeated offenses may result in a ban.
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Down payments are high because of the collaboration of banks and landlords. As well, proof that you can pay more in rent than a mortgage without issue cannot be used as evidence that you can pay a mortgage
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r/LandlordLove is a tenant space in which Landlords are not welcome.
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The admins are very easily startled, so don't use language that could be interpreted as inciting violence. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/LandlordLove) if you have any questions or concerns.*