In the early part of the 2000’s I lost money in the tock market, twice. I decided that was it and put most of my stock portfolio into rental properties.
I think I made a good decision, I still have the properties and they are worth more than I paid for them, and certainly more than the value of the stocks I would have had had I not sold them. On top of that I get a good 10% or more return. I never got close to 10% in the market.
All this being said, I don’t kick out tenants for no reason. I like that that they pay me rent each month. I don’t like to have to rehab a house when they leave so the longer they stay the better for me. I doubt that I am any different than any other landlords. When a tenant moves out I often have to get new appliances, paint and replace carpet and tile floors, it gets expensive. The government already takes the equivalent of a months rent in property tax and there is another month equivalent in insurance.
If a tenant is bothering neighbors, doing something unlawful, tearing up the property or not paying rent, then yes, they will be evicted. It is a last resort. When I evict someone they often have not paid their rent for months and once you start eviction proceedings you can guarantee you will not see any more rent and the court system takes months to get put on the docket. All this can be stressful and make you want to get out of the rental business. The vast majority of renters simply live peacefully and pay their rent on time and don’t bother anybody. The last thing I would want to do is force them to move to somewhere else and let someone else collect their timely rent.
Yes but you are talking about good tenanrs most likely in red areas. These bleeding hearts are talking about protecting bad tenants in blue areas. I have a three bedroom single family house newly rehabbed for rent I have now gone through about 60 inquiries only one made the prequal and she was a no-show.
The place is in a small upstate New York Rust Belt area. Definitely not an urban hood. About 3/4 of the people are on some sort of housing assistance program almost all vape/smoke and are tatted up.
Around here property taxes and school taxes take easily 3 months of rent out of the year and that is market rate rent. That’s not even counting insurance or utilities... definitely not counting rehab or maintenance.
Your experience is similar to mine. I’ve twenty rental properties for twelve years, probably 100 different tenants in that time. I’ve never evicted anyone. In three cases, I chose not to renew the lease because they were causing problems. I’ve never had a tenant stiff me on rent.