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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
by turtledove 4y 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 4y 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 4y agoIn 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 4y agoThat's certainly remarkable. You are indeed the first person I've ever heard to do this.
- turtledove 4y agoI 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 4y 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 4y agoI have, but that's good advice.