Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
This is a great example of how "saving" a little money by neglecting maintenance can cost you much more in the long run. If your rentals are well maintained, you'll get better-quality renters, they'll make more effort to maintain them, and the tenants are more likely to stay longer.
Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
4y
Reading the story, I'd say what sunk him was changing the locks, removing the thermostat, and removing the mailbox. That's a self-eviction, which as far as I know is illegal in all states. The electric panel stuff, well that should be stuff he wants to fix just to maintain a safe house.
Other parts of that story are ridiculous, however. How can the landlord "assure" a renter the electric bill is about $100/month? Electric bills are based on what you use. I have had tenants in the same property have electric bills more than $100 in difference between them. And the tenant sounds like a professional tenant to me, frankly. She's been a renter for 30 years, just happens to be on disability for a mysterious degenerative bone issue - notwithstanding a picture of someone morbidly obese having anything to do with her situation - and knows enough to get an advocacy group involved. Unfortunately for this slumlord he just rented to the wrong person.
So I don't see anything but one bum giving another bum their comeuppance.
Property Manager · Denver, CO · Member since 2021 · 667 posts · 587 votes
4y
@Nathan Gesner Thank you for sharing this. I am saving the link to this story. We don't manage anything as old as the subject property but it's a good lesson for our owners who want to cheap out on important repairs.
He got away with it for 28 years. Wow. Try that here in Allegheny County...the more you look at this situation, the worse the guy looks. Perfect example of someone who doesn't need to be self-managing. I did get into this thinking it couldn't be that hard, everyone should be able to do it. Not really. Plenty of Winters out there.
Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
4y
This is why I dont buy the hype of cheap rentals. On a house that rents $575 or even under $1000 you really cant turn a profit while keeping it fully up to date on maintenance/safe. A simple electric panel replacement would wipe out months of net cashflow. Slumlording is a liability. The low income tenants and welfare crowd tend also like to sue more often, this is backed up by data insurance companies use when quoting your property based on poverty rates of neighborhood.
Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
4y
Reading the story, I'd say what sunk him was changing the locks, removing the thermostat, and removing the mailbox. That's a self-eviction, which as far as I know is illegal in all states. The electric panel stuff, well that should be stuff he wants to fix just to maintain a safe house.
Other parts of that story are ridiculous, however. How can the landlord "assure" a renter the electric bill is about $100/month? Electric bills are based on what you use. I have had tenants in the same property have electric bills more than $100 in difference between them. And the tenant sounds like a professional tenant to me, frankly. She's been a renter for 30 years, just happens to be on disability for a mysterious degenerative bone issue - notwithstanding a picture of someone morbidly obese having anything to do with her situation - and knows enough to get an advocacy group involved. Unfortunately for this slumlord he just rented to the wrong person.
So I don't see anything but one bum giving another bum their comeuppance.
Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
4y
Just a good reminder that every profession has good and bad. This doesn't mean all landlords are evil, even though that is the narrative that some like to advance.
There was just a landlord on BP complaining about their tenant reporting power problems. They were blaming the tenant, but it sounded like a floating neutral or phase dropping in and out. I had to tell them to stop blaming the tenant and fix the electrical problem, before someone got electrocuted or the place burned down.
Part of the problem is inexperienced landlords who are in over their heads. Add to that just enough self confidence to believe they are never to blame for anything and it is a recipe for disaster.
If a landlord wants the government to stay out of their business, do a better job running your business.
I have said before, tenants go through screening but landlords do not...
@Jim K. yes it says Kansas City in the title and five times in the article, haha.
Rental Property Investor · Los Angeles, CA · Member since 2017 · 2k+ posts · 5k+ votes
4y
So she is paying $575/month for a run down place in a bad area. Zillow rent estimate shows this place at $850/month.
Someone will buy the house and spend $15K to fix up the place. Then they will list it for rent at $900. All the people involved in the story will then complain about the rising rents and the greedy landlords.
Like it or not, slumlords serve a market segment. They provide housing for the "one step away from being homeless" people. While I'd never play around with safety issues, people who rent well below market have to accept well below average conditions.
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
4y
I know a local Landlord that has been a slumlord for nearly 40 years. He takes the first person with cash in hand, usually about 20% below market. No written lease. He keeps utilities in his name so he can shut them off if the tenant isn't behaving. He tells tenants the rent is cheap so they can take responsibility for maintenance. When one tenant moves out, he doesn't inspect or clean! He just gives it to the next person and lets them deal with it. I wouldn't say he's evil, but he's definitely not nice.
On the other hand, his monthly net income is about $45,000 so he can afford to pay a judgment. :)