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ash_274 t1_ir0fjuk wrote

Reply to comment by Hari___Seldon in Flipping tax proposal 'really scary,' says B.C. MLA who bought and sold 3 homes in 4 years by RidePlanet

I bought my first home because of that sort of person.

They bought at the highs of 2007, demo’ed, finished the kitchen but then 2008 happened and they ran out of money and out of marriage and sold it (in an uninhabitable state) to my wife and I. We finished it and lived there for years before buying a bigger home and now rent it out

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Hari___Seldon t1_ir0wm3c wrote

I'm always happy to hear when good outcomes come from bad situations like that. I ended up taking over several rehabs in the 90s for friends who got in over their heads thanks to late night infomercials promising then untold riches from flipping. Hopefully your new home has been as welcoming as your first!

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ash_274 t1_ir0y33h wrote

It was a short-sale hell and the contractor that finished the work could give Satan some tips, but it worked out in the end, and the lower cost to buy means that I can offer lower rent than market

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wag3slav3 t1_ir10axe wrote

Must feel good to be able to force some other family to pay you to live in their own house and let you build equity while they get nothing because housing has become an investment vehicle.

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ash_274 t1_ir1o7wt wrote

It would be an investment vehicle if I bought it to rent out. I bought it for my wife and me. I kept it for my daughter to live in some day. My tenant, who had shot credit from a divorce and was self-employed needed a place to live. Should he have to go to government housing? Would they have let his rent slide to over $18k behind when Covid hit and he lost his clients and couldn’t pay for months? I carried him and accepted the 20% cut from the eventual reimbursement

But yeah, I’m the bad guy

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booch t1_ir9pcbk wrote

I have had several landlords over the years and the majority of them have been absolutely wonderful. I am grateful to them for taking on the risk, responsibility, and commitment that was not appropriate for me at the time. I know reddit hates landlords, but they serve a valuable role imo.

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