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We should enforce this with the law. Right now, landlords raise rents anyway. I've never once heard of a landlord lowering the rent once they finish paying thei

We should enforce this with the law. Right now, landlords raise rents anyway. I've never once heard of a landlord lowering the rent once they finish paying their mortgage, even though their expenses are now far lower.

turtledove 5y ago
Let me be the first then. I've been a landlord for a decade. I've paid back each and every one of my tenants the rent I collected in surplus to costs. Adjusted upwards to reflect the appreciation of the unit. I now rent at cost, choosing to believe that it's better to help the people who live with me establish themselves and build financial safety.
- andsoitis 5y ago
  > help the people who live with me are you saying you and them live under the same roof? i.e. they're your roommates?
  - turtledove 5y ago
    In some cases we have rented a mother in law unit. Are different apartments in the same building under the same roof? I tend to be broader about community then many folks in the States. Imo, you live with the people in your local area, whether that's house, apartment building, or block.
- UncleMeat 5y ago
  That's certainly remarkable. You are indeed the first person I've ever heard to do this.
  - turtledove 5y ago
    I was inspired by someone else who did it and posted about it on Reddit somewhere a long time ago. So there are at least two, but likely many more than two of us out there.
- quesera 5y ago
  > I now rent at cost Be very careful. If you are in the US, you might want to speak to a tax attorney. The IRS treats property rented out at less than fair market value as a personal residence. Your tenants may have to treat the difference as income, and you are not eligible for many of the usual deductions for investment property.
  - turtledove 5y ago
    I have, but that's good advice.
hackerfromthefu 5y ago
Housing investment is a business. Buying the house is a risk, and you sink money and effort into it in the early phases, in the hope of getting profit out of it in the later phases. If you are going to make that business unprofitable then no one will do it. People won't sign up for the risk, cost, effort and frustrations of being a landlord with no upside. While we're on the topic, why not prevent programmers from putting their salary up? After all software is essential to society these days?

turtledove 5y ago

Let me be the first then. I've been a landlord for a decade. I've paid back each and every one of my tenants the rent I collected in surplus to costs. Adjusted upwards to reflect the appreciation of the unit. I now rent at cost, choosing to believe that it's better to help the people who live with me establish themselves and build financial safety.

andsoitis 5y ago
> help the people who live with me are you saying you and them live under the same roof? i.e. they're your roommates?
- turtledove 5y ago
  In some cases we have rented a mother in law unit. Are different apartments in the same building under the same roof? I tend to be broader about community then many folks in the States. Imo, you live with the people in your local area, whether that's house, apartment building, or block.
UncleMeat 5y ago
That's certainly remarkable. You are indeed the first person I've ever heard to do this.
- turtledove 5y ago
  I was inspired by someone else who did it and posted about it on Reddit somewhere a long time ago. So there are at least two, but likely many more than two of us out there.
quesera 5y ago
> I now rent at cost Be very careful. If you are in the US, you might want to speak to a tax attorney. The IRS treats property rented out at less than fair market value as a personal residence. Your tenants may have to treat the difference as income, and you are not eligible for many of the usual deductions for investment property.
- turtledove 5y ago
  I have, but that's good advice.

hackerfromthefu 5y ago

Housing investment is a business. Buying the house is a risk, and you sink money and effort into it in the early phases, in the hope of getting profit out of it in the later phases. If you are going to make that business unprofitable then no one will do it. People won't sign up for the risk, cost, effort and frustrations of being a landlord with no upside. While we're on the topic, why not prevent programmers from putting their salary up? After all software is essential to society these days?