Comment Re:Not me, not in California (Score 1) 940
No, pay for his kids' college was what the OP said, and it's accurate. Income is income, and rent is rent.
Note that *he is charging roughly 74% of rent of the neighbours. So if he's not renting, what then? Well likely those tenants have to find a place somewhere else and pay more. They're not paying for nothing, they're paying for a place to live in and whatever the required maintenance is.
I (well, the bank does) own my place. I have renters myself, but we share the common areas of the house so it's a little different than a whole-house rent (and includes pretty much everything including groceries). Laws here actually make it easier to get rid of bad renters in my situation (shared living space rather than a whole house), but generally I've gotten along very well with my renters to the point where most who've moved still stop by for coffee or stay over and visit if they're in town. In my previous experience (as a renter), some of the better places I've been were most the "homestay" rental variety where you get to interact more with the owner/host on a personal level.
However, a number of my friends/family-members still rent, so I see a lot of terrible landlords and situations such as:
a) Poor maintenance: Appliances that break down (fridge,stove,heating/cooling) and take a long time to get fixed. Loose fixtures. Water/mould issues
b) Intrusion: Landlord "pops in" to the suite or rental to check on things (this is actually illegal except in emergencies - i.e. broken water pipe - but many don't follow the law)
c) Illegal evictions: When somebody has complained to the landlord about (a) or (b), or the landlord just wants to jack the rent
d) Harassment: Quite often following along with (b)
e) Illegal suites: Poorly cobbled together, and lacking proper separation of utilities (separate power and hot water, etc)
f) Poor behaviour: Nothing like having a landlord that likes to light up a bit fat joint on the patio and let the smoke drift down into your unit, or watch loud TV until 1:00 after having a screaming match with the wife.
When I was looking for a place to buy, the *worst* were in the areas common to rentals, especially those near the university etc. Poor maintenance, rowdy neighbours, and high prices. Some places I just wanted to laugh in the face of the sellers. It was obvious they'd rented to students and done as little as possible on upkeep... the only selling feature was that the location near amenities (and/or attractive to renters because of such).
The worst rentals tend to be:
* University/College areas, because there's usually a plentiful supply of students willing to put up with crappy conditions in order to be close to school and/or save $50 in rent.
* Distant landlords
* Old single landlords (generally in the market to make ends meet, so little money for professional repairs and not physically capable of doing them)
* masculine used for the sake of simplicity