RE: I Was A Land Lord, Some To Share About
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very interesting post,but you are where you are.
in france we have so much taxes ( the most taxed country in the world )
if you want to be a landlord of multiple houses you must be part of a mafia and even that is getting destroyed as we speak.
WEF is real though.
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Currently there is a change in government tax policy here, the minister of tax wants to increase landed house tax at least twice. If it is approved, many small landlords would give up and will be pressured to sell those houses soon with a lot lower price.
Big landlords can ditch 1-2 houses to guard their other 10-20 houses and hope the next government will be better or taking side with them. But not for small ones who mostly only own 2-3 houses, selling one already means they lose 33%-50% of their assets and residual income. We have not counted the pressure to sell in a short time frame which lead to big price drop.
Sometime government only think for the short term result, and wash their hand for any consequences that come years later.
do landlords make tons of money on rentals or are they clean about it ?
is there scarcity in rentals ?
its like a long run grinding, landlords who make tons of money are people who build their empire more than 8 years. However not all can be successful, I would say less than a third who can survive or thrive... Majority are put out of the business in less than 5 years. It is not about perseverance, it is a combination of many things, so luck plays a great part in it. Being a God damn rich is feasible, as I have two friends who retire at their early thirties because their rent income has doubled maybe tripled their salary.
There is no scarcity, it is oversupply. Saturated market. So to survive or win over competition, the landlords must be specific and pin point, can not be generalist. As I have said in the post, there are landlords that good on apartments, good on villas, and good on residential houses, but none can good at all.
Clean? depends... from which point of view. All of my friends who are still exist and thrive as landlord, have skills and expertise that we do not want to talk about. For example, they are "good" at kicking people out because having people who pay late or intentionally "lazy" at paying rent fee is common here. There are people who like to take some souvenirs too, so don't get surprise if we find out the renter took out and ran away with our water heater, or chandelier, a tree or some plants, and many things that normal people won't even think about doing it.
there are landlords who cheat and scam people, but the amount are not many, cases are exist but maybe less than 5%. I think the case should be same around the globe, only the percentage are different based on culture and economic condition.
yes, ultimately, the taxes will ruin everything.
it used to be an amazing business though and still is in some degrees.
thanks for the clarifications ☀️