Do U know any slumlords? (by Roy [AL]) Sep 5, 2018 3:02 AM|
Do U know any slumlords? (by gevans [SC]) Sep 5, 2018 3:16 AM
Do U know any slumlords? (by myob [GA]) Sep 5, 2018 3:27 AM
Do U know any slumlords? (by Roy [AL]) Sep 5, 2018 3:49 AM
Do U know any slumlords? (by myob [GA]) Sep 5, 2018 4:06 AM
Do U know any slumlords? (by WMH [NC]) Sep 5, 2018 4:07 AM
Do U know any slumlords? (by C&J [CO]) Sep 5, 2018 4:25 AM
Do U know any slumlords? (by Roy [AL]) Sep 5, 2018 4:39 AM
Do U know any slumlords? (by LindaJ [NY]) Sep 5, 2018 4:51 AM
Do U know any slumlords? (by Roy [AL]) Sep 5, 2018 5:01 AM
Do U know any slumlords? (by NE [PA]) Sep 5, 2018 5:05 AM
Do U know any slumlords? (by Mickie [OH]) Sep 5, 2018 5:34 AM
Do U know any slumlords? (by WMH [NC]) Sep 5, 2018 5:56 AM
Do U know any slumlords? (by Nicole [PA]) Sep 5, 2018 6:01 AM
Do U know any slumlords? (by Jim in O C [CA]) Sep 5, 2018 6:03 AM
Do U know any slumlords? (by plenty [MO]) Sep 5, 2018 6:27 AM
Do U know any slumlords? (by bet [MA]) Sep 5, 2018 6:51 AM
Do U know any slumlords? (by Oregon Woodsmoke [ID]) Sep 5, 2018 7:31 AM
Do U know any slumlords? (by Oregon Woodsmoke [ID]) Sep 5, 2018 7:36 AM
Do U know any slumlords? (by S i d [MO]) Sep 5, 2018 8:06 AM
Do U know any slumlords? (by Robert J [CA]) Sep 5, 2018 8:28 AM
Do U know any slumlords? (by LeePookie [IN]) Sep 5, 2018 8:30 AM
Do U know any slumlords? (by AllyM [NJ]) Sep 5, 2018 9:00 AM
Do U know any slumlords? (by Chris [CT]) Sep 5, 2018 9:34 AM
Do U know any slumlords? (by NE [PA]) Sep 5, 2018 9:39 AM
Do U know any slumlords? (by LindaJ [NY]) Sep 5, 2018 9:56 AM
Do U know any slumlords? (by RB [MI]) Sep 5, 2018 9:57 AM
Do U know any slumlords? (by Deanna [TX]) Sep 5, 2018 12:00 PM
Do U know any slumlords? (by Smokowna [MD]) Sep 5, 2018 1:55 PM
Do U know any slumlords? (by Mixah [OK]) Sep 5, 2018 4:28 PM
Do U know any slumlords? (by Paulio [PA]) Sep 5, 2018 4:44 PM
Do U know any slumlords? (by WL [CA]) Sep 5, 2018 7:47 PM
Do U know any slumlords? (by Livethedream [AZ]) Sep 5, 2018 10:28 PM
Do U know any slumlords? (by Livethedream [AZ]) Sep 5, 2018 10:38 PM
Do U know any slumlords? (by Small potatoes [NY]) Sep 5, 2018 11:12 PM
Do U know any slumlords? (by Roy [AL]) Sep 6, 2018 2:50 AM
Do U know any slumlords? (by Wilma [PA]) Sep 6, 2018 11:02 AM
Do U know any slumlords? (by Small potatoes [NY]) Sep 6, 2018 3:18 PM
Do U know any slumlords? (by Livethedream [AZ]) Sep 6, 2018 5:50 PM
Do U know any slumlords? (by Robert,OntarioCanada [ON]) Sep 6, 2018 9:02 PM
Do U know any slumlords? (by Jeffrey [VA]) Sep 7, 2018 3:41 AM
Do U know any slumlords? (by Jeffrey [VA]) Sep 7, 2018 5:01 AM
Do U know any slumlords? (by Roy [AL]) Sep 7, 2018 5:46 AM
Do U know any slumlords? (by bet [MA]) Sep 7, 2018 6:01 AM
Do U know any slumlords? (by Mickie [OH]) Sep 7, 2018 6:30 AM
Do U know any slumlords? (by WMH [NC]) Sep 7, 2018 7:19 AM
Do U know any slumlords? (by Roy [AL]) Sep 7, 2018 10:06 AM
Do U know any slumlords? (by Ken [NY]) Sep 7, 2018 3:11 PM
Do U know any slumlords? (by Roy [AL]) Sep 7, 2018 4:03 PM
Do U know any slumlords? (by Ken [NY]) Sep 7, 2018 8:06 PM
Do U know any slumlords? (by Roy [AL]) Posted on: Sep 5, 2018 3:02 AM
What is your definition of a slumlord ? Do you respect them or just have contempt for them?
While working on my current rehab, I am having a rare opportunity to get better acquainted with one of the local slumlords who owns and operates over 300 rental properties in my town. (he owns 1/3 of the block where my house/garage apartment is located).
I have known about this man for years but just now am I getting to know him better and seeing how a slumlord actually operates,....he actually has a 'business model' which he is beginning to share with me. I would have to admit that I am beginning to envy this person and I wonder if I could ever operate like this. --68.63.xxx.xxx
Do U know any slumlords? (by gevans [SC]) Posted on: Sep 5, 2018 3:16 AM
The biggest LL in our county is a slumlord. He is fabulously rich, but I don't envy him. I've never heard anyone speak a good word about him: laborers, renters, lawyers, RE agents, etc. No amount of money is worth having a bad name. Just my 2 cents.
He definitely has a business model. --98.122.x.xx
Do U know any slumlords? (by myob [GA]) Posted on: Sep 5, 2018 3:27 AM
Al my definition of slum lord is someone who can't make enough money to cover repairs cost. Sometime due to ignorance in business or rent control. You don't make it to use funds for fix up. The biggest slum lord enabler is the courts. They allow deadbeats to remain in property's they are not paying for. Months and month of no income is hard to recoup funds from that as shown many times on this site alone.
No comment on Gevans post other than when your in this type of business -- your generally not a loved person. Has been and always will be that way. --99.103.xxx.xxx
Do U know any slumlords? (by Roy [AL]) Posted on: Sep 5, 2018 3:49 AM
Slumlords here all have similar traits,...they have the lowest rents in town and they only rent to people who can't afford anymore than the lowest rents which is why their tenants never move out,..there is no other place for them to go. $350.00/month rent is what most slumlords get here and it is the same rent they were getting 20 years ago!
Imagine 300 plus units paying $350/month (all in cash too),...it makes you wonder. Most of the slumlords here pick up their rents in person about this time every month. --68.63.xxx.xxx
Do U know any slumlords? (by myob [GA]) Posted on: Sep 5, 2018 4:06 AM
AL you know AL maybe your turning into one of those lords. I am thinking of 2 people who had to live for free 2K years ago in a barn to have their baby.
If there isn't low rent houseing where do you suppose a family can live? Not everyone works for IBM or Apple yea know?
I'm wondering about those of you dogging the low income LL's. You should rethink what your thinking and feeling about low income. Like a mom with 3 or 4 kids working at dollar store-- where do you supose this person/family should live? --99.103.xxx.xxx
Do U know any slumlords? (by WMH [NC]) Posted on: Sep 5, 2018 4:07 AM
Yes, we know one. He looks at the same properties we do LOL! But if he buys them instead of us, they never get fixed up, constant turnover, he's always in court...
On the flip side, the deferred maintenance on his places and the quality of his tenants make his places un-sellable. He has been trying to sell a triplex now for well over a year - we looked at it and just walked away. Ditto another place that we would actually LOVE to have: youth hostel, campground, great place in theory but the deferred maintenance makes it unfeasible. It's been for sale for a long time too. Normally any multi-unit around here goes overnight. Not if he owns it first.
We just don't want to do business that way. We like taking dilapidated houses and making them cute and clean and renting to people who appreciate our efforts. We have found that when we invest in the buildings, our income goes way up as we get much better tenants. --50.82.xxx.xx
Do U know any slumlords? (by C&J [CO]) Posted on: Sep 5, 2018 4:25 AM
Sadly, a slumlord owns the property next door to one if our rentals. Actually, he's buying it from another slumlord. --67.143.xxx.xxx
Do U know any slumlords? (by Roy [AL]) Posted on: Sep 5, 2018 4:39 AM
I do not have contempt for slumlords,...they do provide housing for people with $1,000/month or less income. If slumlords did not exist (in any city) you would have a homeless population problem of epic proportions. Visit a 3rd world country and you will see proof of what I am talking about here.
In the past, I have considered buying a house for $5K and then renting it out in "as is" condition just as an 'experiment' in trying to see what the other side of my business model would like. However, I just can't bring myself (mentally) to rent out a $5K dump to someone who has no choice but to rent this dump. Many LL can do this and not blink an eye. Their justification is: I only give tenants what they can afford to live in. --68.63.xxx.xxx
Do U know any slumlords? (by LindaJ [NY]) Posted on: Sep 5, 2018 4:51 AM
I was probably a slumlord a few years back. The 1850s house on acres of land was on its last legs, I did little to fix it up, but collected rent from people who were willing to live there. Yes, I had to pick up the rent a couple of times a month, before they spent it on beer. lottery tickets and cigarettes. When something actually broke, it was the cheapest fix that I employed. They even fixed and painted some of the place.
Now the tenants were pretty happy, they had little interference from me, because I didn't care that much about the house itself. They had a few acres around them. They were long term, 12 years on one side and 17 on the other. I "worked" with them collecting the rent. And they didn't care much about the finer things that upscale tenants do. In fact, many years before I raised the rent to what made it worth my while to deal with them and they still stayed.
I did get tired of dealing with them, I knew the house was not rentable to someone else, and I knew my investment was really in the land that the house was on. Sold it a few years ago and now there is a nice expensive development on it. I did pretty well on that one, both collecting the rents and sale.
One tenant found a girlfriend that wanted more, so they used some low income government help to buy a place (not sure how long they will hold on to it) The other is back and forth between girlfriend and family. When we parted he did say he appreciated how we saved him from himself years ago. (never one of my objectives!)
So lesson I learned, there is money to be made, there are people who will pay and appreciate, and sometimes you just have to find them (I won't lie, it might be a bit of luck involved with that). But it does take a different mindset and I am much happier not having to deal with it anymore. --108.44.xx.xxx
Do U know any slumlords? (by Roy [AL]) Posted on: Sep 5, 2018 5:01 AM
Thanks Linda J for that inside look at the slumlord mindset. I would like to do the same thing but I can't get the mindset for it. --68.63.xxx.xxx
Do U know any slumlords? (by NE [PA]) Posted on: Sep 5, 2018 5:05 AM
Yes. He's losing everything. I bought one of his last year. Another one I knew of died in 07-08 and left his family a MESS!! I bought one of his too. --174.201.x.xxx
Do U know any slumlords? (by Mickie [OH]) Posted on: Sep 5, 2018 5:34 AM
I hear their names but haven't encountered one yet. I bought two of their houses - one for 8700.00 at at tax sale - fixed it up and it now rents at 680.00 per mo. And the other I just bought a few mo ago at 17900.00- just completed and signed a lease for 587.00. Both had good bones and in a C area. 1 got a new porch and both cleaned up very nicely. They both are simple but nice looking places. One tenant's been there 2 yrs and both parents work.I renew the lease again on Friday. The other.. well we'll find out.
I don't think I can go the slumlord route. It says to me I don't care about my investment and that it's disposable. Nope I want my cash cows healthy so they keep producing for the next generation. The don't have some of the nicer features of homes in nicer areas but they're clean and safe and maintained and have no mortgage. --71.213.xxx.xxx
Do U know any slumlords? (by WMH [NC]) Posted on: Sep 5, 2018 5:56 AM
"They don't have some of the nicer features of homes in nicer areas but they're clean and safe and maintained and have no mortgage." This is us.
We are closing on a place soon that could absolutely be rented "as is" and probably for the same price it will rent for after we fix it up, or close enough. It's clean clean clean already. But it's dated and ugly inside. We decided that we just can't do that, we will kick ourselves later. So we will invest a few weeks and paint and change flooring and do whatever to bring it up to snuff...because we WILL get a better tenant by doing so, and we will feel better about ourselves. --50.82.xxx.xx
Do U know any slumlords? (by Nicole [PA]) Posted on: Sep 5, 2018 6:01 AM
I know several. They all have a lot of units and also, as stated above, have a business model. They all are successful. At this point in my life, I have no desire to work this way ... but it does work if you know what you're doing.
If you look on CL in my area, you should see some of the interior photos of places to rent... shock and amazement for those on herewith B & A places ...
Yesterday I thought along these lines in the thread where the guy in Colorado kept looking down his nose at anyone that didn't own a perfect property with perfect tenants. Walk around any city, large or small. There are A LOT of folks who aren't stellar tenant material ...they don't want to be and they don't have the ability to be ... even if they would have the funds. --72.70.xxx.x
Do U know any slumlords? (by Jim in O C [CA]) Posted on: Sep 5, 2018 6:03 AM
Personally I don’t know any but I know some of their properties. Due to the housing shortage they do get high rents for homes I would never live in, Their yards stand out for lack of pride of ownership because if they hired a gardener that would cost money. The outsides have wood rot and pealing paint. Trash and junk litter their yards. The insides have different pieces of carpet and the paint color is Home Depot “OOP’S”. They try to never fix anything.
Some are foreign born and some American made! --75.22.xx.xx
Do U know any slumlords? (by plenty [MO]) Posted on: Sep 5, 2018 6:27 AM
I own a few houses next to houses owned and managed by nearly borderline slumlords. Was given Permission by their handyhelper recently to walk thru when it was empty a few months ago. Interest. I would be embarrassed to show the house. Their house will rent mine all day long. How they get thru inspections I dont know...maybe they skip that part. Surely it will catch up with them. Sad. Anyways if a person wanted lower rent, marginal living conditions and an opportunity to bette themselves... next door to my house would be a good start! --99.203.xx.x
Do U know any slumlords? (by bet [MA]) Posted on: Sep 5, 2018 6:51 AM
One of the largest rental owners here is a slumlord. But he keeps people in homes, supports the court system with all his fees and if it weren't for him, where would all these people live. The other side of this is the people are the ones trashing the property, not him. No matter how well he fixes up his places the tenants just destroy them. I feel bad for him and and lucky it is him not us renting to these people. My husbands dream is to be a slumlord, and not to spend the thousands we spend fixing up our places. The last two tenants I rented a marginal 3rd floor apt too were pot heads so we cant ignore the condition of the apt any longer and are fixing it up. Poor condition apartment will attract tenants that no one will rent to. --108.20.xxx.xxx
Do U know any slumlords? (by Oregon Woodsmoke [ID]) Posted on: Sep 5, 2018 7:31 AM
I had one next door. When his tenant moved out (evicted for non-payment), he would tell the next group that there was no deposit but they had to take the property as-is.
He went through a lot of undesirable tenants and finally a large group of doper roommates burned the house to the ground. --174.216.xx.xxx
Do U know any slumlords? (by Oregon Woodsmoke [ID]) Posted on: Sep 5, 2018 7:36 AM
The way laws are changing along the west coast, the slumlords are putting themselves in danger of expensive lawsuits.
Then there is the issue of not being allowed to evict if the unit has habitability issues.
But yes, the slumlords are taking tenants that no one else will house. --174.216.xx.xxx
Do U know any slumlords? (by S i d [MO]) Posted on: Sep 5, 2018 8:06 AM
Yes, I know several. One is a notorious character whose name has appeared in the news paper multiple times and on the evening news a few times as well. Most fly under the radar, though. He's going down the tubes at the moment, but from what I hears it's mainly for not paying loans, not for code violations.
As others have said, there are sl*mlords who fill the market niche for the least desireable tenants. You know who I'm talking about: multiple evictions, can't hold a steady job, low and very erratic income. $761/month social security (non-garnisheable) is it. There's simply too much risk renting to these folks to fix up a place nicely if they turn around and trash it.
Slumlords may own slummy houses, but they're not dumb. Most are what I would call shrewd or canny.... they have street smarts. Keep in mind many sl*ms in the USA would be Class B housing in most 3rd world countries. Having running water, a toilet, and regular supply of electricity put you in the top 20% of the world in terms of housing.
Are their properties eye sores? Sure. Are they not always safe? Probably not. Are they up to code? Heh, right! All that said, they FILL A NICHE. And that, in my view, is why cities drag their feet closing them down. The alternative is a vast increase in homeless population. Everyone wants to trash talk sl*mlords, but if you press the question everyone also knows they need them, or the homeless will be camping in their back yard. So we tacitly approve them while faking righteous indignation.
Builders aren't building "affordable" starter homes in my town. Too little profit margin compared to nice homes. Even though my town is very low cost of living relative to most cities of the same size in other states, a new starter home starts at $120K and up. Your average family would need about $40K/year ($3,300 /month) income from a stable source and decent credit. Just those two criteria already reach well beyond what most of my Class C tenants have. Class D tenant? Nope, not a chance. So that leaves them with existing inventory, which land lords already own most of and which is in so-so/not so good hoods where it makes no sense to sink a lot of money.
I'm not a sl*mlords, nor do I wish to be one. "Safe, clean, and functional" is our business model. Most people with $1,800/month income can afford our houses. So we're half the going rate of the home buyer mentioned above. But I recognize the role they fill: they take the applicants I have to reject.
Welcome to real world Monopoly. Not everyone can afford Boardwalk. Some need Mediterranean Avenue. --173.19.x.xxx
Do U know any slumlords? (by Robert J [CA]) Posted on: Sep 5, 2018 8:28 AM
I am considered a slumlord by my City Housing Department Standards. Why? Because the City is crazy. Before buying an apartment complex I went to each city and county department to look up the property history, no negative things on file. I closed escrow.
A month later I got a notice in the mail that since I hadn't responded to a City Violation, my property is in REAP (Rent Escrow Account Program) and the tenants were to pay rents to the City. Those funds would be withheld until the City Counsel, a Tenant Advocacy Group and the City's General Manager confirm that I took care of the issue, take a mandatory landlord management class and put my slum-lording behind me.
The violation that put the property into REAP was an exterior light installed by a licensed electrician without a "separate permit". REAP violation have to be two (2) serious violations that put tenants in danger. An exterior motion sensor light helps tenants to see at night time.
The City put a lien on my property, got me to upgrade my tenants flooring, paint and appliances, had me pay fines, even though the City knew they made mistakes -- but there was not way to correct things until I complied with the original orders.
Even after I produced a $1850.00 electrical permit pulled by a previous owner to upgrade the electrical and install exterior lights.
So now when I'm viewed by many City employee's, I'm the landlord who checked, double checked, had a Certified Letter delivered to a previous landlord even though the day after I purchased the property updated 4 of the City Computer files showing the new owner information. I sued the City and they admitted they blow it -- but it's like a ball rolling down hill, it can't be stopped in motion!
The next time an inspector came out to the property to drum up tenant complaints, and was told by a tenant that their water flow was restricted! The City asked so what do the owner do? Well, as a licensed plumbing contractor I replaced the water main the next day and increased the volume by 100%. I caught an inspector asking stupid questions to my tenants so I told the inspector to leave my property. He called the police and said I scared him.
When confronted by the swat team on how I scared the inspector, I replied, "Do I have to sue the City again"? --47.156.xx.xx
Do U know any slumlords? (by LeePookie [IN]) Posted on: Sep 5, 2018 8:30 AM
Interesting discussion Roy... Thank you for bringing it forward.
There is a place for them. We have a few. They do well. Not well enough for us to join them.
to each their own. --216.49.xxx.xx
Do U know any slumlords? (by AllyM [NJ]) Posted on: Sep 5, 2018 9:00 AM
Yes. My dad got sick and wasn't able to fix anything re his twenty units back in the late eighties. He passed in 1990 and mom took over and didn't fix much of anything. One of dad's lodge brothers was "helping" and his idea of help was to take long breaks and read the paper and drink coffee. So when I was downsized, I took over and fixed all the code violations and etc. Their rents were low and advertising was word of mouth from one lowlife to another and then the local General Motors plant closed and there were six units empty that didn't meet my standards and had code violations. So it took a long time to climb out of that mess. --73.178.xxx.xx
Do U know any slumlords? (by Chris [CT]) Posted on: Sep 5, 2018 9:34 AM
I hate slumlords I have one on my street with a couple properties and they drive me nuts. Always run down, need everything, etc. I'd love to buy them.
300 units only paying $350 a month sounds like a maintenance nightmare. That's 100k a month, I can do that with 50 or fewer, less doors means less work. --24.187.xxx.xx
Do U know any slumlords? (by NE [PA]) Posted on: Sep 5, 2018 9:39 AM
I'm like Lee, I have some as well. 1 duplex and a single house. The duplex will very slowly be brought back to life by bringing it up to my desired level. The house will never be brought above slumlord level due to circumstances and location. --174.201.x.xxx
Do U know any slumlords? (by LindaJ [NY]) Posted on: Sep 5, 2018 9:56 AM
Wow S i d, new starter homes in my are are $250k. And they are hard to find. Most are over $350k. AND you pay high property taxes based on your purchase price. Rundown, old fixer ups can be had for around $100. In our area, it is the government regulations and requirements and preferred changes ( I don't like that layout, go back and pay to have it changed... Need to have 2 trees at street, screening in back etc) Of course storm water, wetlands, archaeological areas or the possibility of them have to be preserved etc. These all add to the cost of developing a lot that can't be hidden in a smaller simpler starter home. --108.44.xx.xxx
Do U know any slumlords? (by RB [MI]) Posted on: Sep 5, 2018 9:57 AM
We all cant win the Landlord of the year award.
Do U know any slumlords? (by Deanna [TX]) Posted on: Sep 5, 2018 12:00 PM
There's one guy I know of who's a slumlord. He has one house that's almost catty-corner to my primary residence, which I know had some gas leaks a few years ago. He left it to the tenants to take care of. Gas leaks aren't stuff you play around with-- and it's certainly not stuff you entrust to people on the lowest rung of the financial ladder.
One person who came to me was a current tenant of his. When I asked why she was moving, she explained how there was a hole in the living room floor, and possums were getting into the house.
He has about 25 properties at the moment, but due to the nature of his tenants, he does have frequent vacancies/turnover. He has his place in the ecosystem...
He also has a strategy. I had one prospect who was an illiterate school janitor apply with me. But she ended up staying with him, because he made her pay two months in advance-- and she couldn't afford to just leave a month's rent on the table, but also couldn't trust him to give her her unused money back at the accounting.
He's not my cup of tea. I once had a prospect; they had mentioned having lived with family on their app, but the grapevine told me they had rented from him for much of that time period. To get the truth, I gave him a call and asked to confirm that so-and-so had rented from him. He couldn't remember off the top of his head, and obviously didn't have any files to check. So he asked me, "Who told you that?" and I'm like, "I can't say, but it's what I heard." And then he's like, "Well, then I can't say, either." And he hung up on me. ;)
So, I suspect a lot of slumlords are very similar to the tenants they rent to--- but they just happen to have a bit more money. :)
There's another woman, whose houses I bought in a package deal a couple of years ago. The houses had originally belonged to her first husband, who passed away, and left her with about eight or nine properties she didn't know what to do with. She had been emerging from personal bankruptcy, she had medical issues, her new husband had medical issues. Neither of them knew how to run a landlord biz, and they got more and more depressed as trashy people trashed formerly-cute houses. They didn't set aside any money for maintenance or upkeep, they didn't know how to screen, and it just accumulated over the years into something unmanageable. Finally, the City started condemning her houses, and that was when she offloaded all but her primary residence and one cute rental that had a stable, rent-paying, little-old-lady tenant.
However, that cute rental with a stable, rent-paying tenant is now vacant, because she neglected to keep the roof in good repair. Branches rubbed a hole through it, and water started coming in through the dining room ceiling. Also, the facade is cut stone, and as time has passed, bits and pieces of the facade have fallen away, leaving behind just the wirework that used to support it. So what used to be a cute house is now becoming just as decrepit as her old houses... and she lost her stable, rent-paying, little-old-lady tenant who didn't want to continue living in a house where the landlady doesn't take care of things like "holes in the roof".
So while I wouldn't have originally slotted her as a slumlord, because she wasn't deliberately running her biz in a particular way, I think she's treading close to that territory, just through carelessness and a lack-of-desire-to-protect-her-investment, even though her personal medical/financial issues are certainly mitigating factors. --96.46.xxx.xx
Do U know any slumlords? (by Smokowna [MD]) Posted on: Sep 5, 2018 1:55 PM
I had to skip the replies however I'll return.
Many neighbors here and there have stepped up to tell me how and what I should do. I would imagine they know best, as it were.
I can assure you when they don't see the changes they want, I'm dubbed a slumlord.
I value my teni's opinion more. If they were to refer to me as a slumlord I would take notice. They don't. Well one does but just cause we are friends.....as many of them are.
Technically, if you count the houses built but the same builder in a tiny two street neighborhood..I own 20% of them. So with that exposure I'm always going to have something exposed, torn, damaged, missing or even overgrown. (As due slumlords) --108.51.xxx.xxx
Do U know any slumlords? (by Mixah [OK]) Posted on: Sep 5, 2018 4:28 PM
Smokowna's post about his friend calling him a slumlord reminded me I have friends and relatives that have called me that in the past when they find out we have rental properties. To me, it's a derogatory term. Like calling a doctor a quack. I think they say that to try and down play or put me down. I didn't think it was funny. --98.168.xxx.xxx
Do U know any slumlords? (by Paulio [PA]) Posted on: Sep 5, 2018 4:44 PM
EVERY industry has its own version of a slumlord, not just real estate. Somebody has to cater to the down and out. I'm sure pay day lenders make a good buck, but I wouldn't want to do it. Same goes for car lots that sell to high-risk buyers at beaucoup interest rates. How about bail bondsmen? If you're in a jam, you need these people, and you'll pay for it. It's not the way I would choose to make a living, but I still respect all of these. Of course, anybody who sacrifices safety for a dollar loses my respect, but other than that, my motto is You do you, I'll do me. --50.32.xx.xxx
Do U know any slumlords? (by WL [CA]) Posted on: Sep 5, 2018 7:47 PM
Druggies, deadbeats and mental patients have to live somewhere, and I discovered early on that is was usually in one of my Dad's rentals. After repeated expensive disasters as a softhearted "slumlord" who rented to people with hard luck stories about the mean landlord who had evicted them, he finally started running credit reports, which weeded out the druggies, deadbeats and crazies usually. --174.65.xx.xx
Do U know any slumlords? (by Livethedream [AZ]) Posted on: Sep 5, 2018 10:28 PM
Had a friend who I'd call a slumlord. Owned several businesses, drove a mercedes, but was basically a junk man. His rentals were in disarray, always changing low life tenants. Always wheeling and dealing. Owned one of those buy on credit shed lots, and a thrift store and a bunch of mobiles for druggies.
He'd rent to anyone with a wad of cash, and had a guy who was about 6'4" and 320lbs who I think took my "desert and a shovel" tenant management program to heart, because he never seemed to have eviction problems. LOL
I do not like slumlords. Their properties breed blight and crime, and in my town they suck the money and life out of neighborhoods.
Do U know any slumlords? (by Livethedream [AZ]) Posted on: Sep 5, 2018 10:38 PM
Roy, I tried your experiment a few years ago. My slumlord friend got me into it. We bought 3 mobiles and basically rented them as is to the first people who didn't have active warrants. The plan was to let them pay off my spouses student loan of about $29,000. I wouldn't say it was a disaster, but it was way more work than I'd hoped.
If the AC goes out, guess who they call. Nope, not their ac guy. They call the LL. And they know all the games. I dumped them in about 18 months, but made a small profit on the flips. But otherwise, nope, not worth it.
Plus I don't want to associate with such creatures. --47.216.xx.xxx
Do U know any slumlords? (by Small potatoes [NY]) Posted on: Sep 5, 2018 11:12 PM
A slum lord is. It just someone who rents to the bottom rung. A slum lord takes income and let's the property decay around the tenants while they live in verim infested homes. Ceilings cave in, drain lines go, roofs remain unrepaired etc. The real a holes send workers into tenants Apts to smash things and make the tenant want to move out of rent controlled units. I looked at a section 8 list recently and 3 ll w the most code violations, and horrible reputations are on the list.
Since they don't fix anything the municipality is finally condemning their properties and their tenants are looking for a new place. --66.87.xxx.xx
Do U know any slumlords? (by Roy [AL]) Posted on: Sep 6, 2018 2:50 AM
'A slum lord is. It just someone who rents to the bottom rung.'
All Section 8 tenants are the bottom rung,...does that makes all Section 8 LL's slumlords?
Remember the 2 LL's who wrote the book "The Section 8 Bible,...Vol. 1 & 2" ? If those 2 LL's were not slumlords, I do not know what is.
LTD (AZ) -Did your low-life MH tenants pay off your spouse's student loan? Inquiring minds want to know, LOL. --68.63.xxx.xxx
Do U know any slumlords? (by Wilma [PA]) Posted on: Sep 6, 2018 11:02 AM
Smokowna has a good point. Some people just don't like how your rental looks, and label you a slumlord. Case in point - we have a sfh where we had several trees blow down in a March storm. They were promptly cleaned up, but the stumps remained until we got better weather.
When we were finally able, after a spring and summer of heavy rainfall, to have the ground dry out enough to get a truck on the property, we took down the remaining trees in the row. As we were working, again, cleaning up right away but not dealing with the stumps yet, a young boy walks up to me.
He asked what we planned to do with the stumps. I kindly asked him who sent him to ask. He pointed to his mother, who does not live near the property, but in the neighborhood. He said, "She thinks that those stumps look silly and wants them to be gone."
Still being nice, I said that I thought that they looked silly, too, but that we could only do so much at a time - then sent him across the street to safety so that he would be away from my hubby who was starting the chainsaw to chop up the branches. Those stumps are still in place until we start the new plantings - otherwise, every car and truck would drive on the side of the yard.
There's a complainer in every neighborhood. --71.175.xxx.xxx
Do U know any slumlords? (by Small potatoes [NY]) Posted on: Sep 6, 2018 3:18 PM
Correction slum lord is not just someone who rents to the bottom rung --66.87.xxx.xx
Do U know any slumlords? (by Livethedream [AZ]) Posted on: Sep 6, 2018 5:50 PM
Roy - no. But we made about 10k on each one when we sold them and used that to pay it off. We could have just paid it before but we were hoping for a bail out from the student loan scandels that never came. My spouse was totally ripped off by the Art Institute. $29,000 in loans for one year. She could have attended Harvard for that!
She got into UCSD and we were able to cash flow her last three years. --47.216.xx.xxx
Do U know any slumlords? (by Robert,OntarioCanada [ON]) Posted on: Sep 6, 2018 9:02 PM
In the province of Ontario the previous provincial government has legislated slums by tying the annual rent increases to the consumer price index instead of the annual building operating cost index which reflected the actual increases in apartment buildings through out the province based upon 13 operating costs. By taking the consumer price index along with removing at 2 per cent plus as the radical tenancy advocates stated they want anyone taking a vacation which was used for renovations. So what was happening the annual rent increases were not covering annual increases in operating costs. In other words the rent increases were lower where the only option was to cut repairs, renovations. So next to bombing rental buildings over time were going to deteriorate beyond repair. The purpose of rent control is not control rents but bankrupt private rental housing providers then once the government takes over there is no longer any rent control where tenants find out they will be getting large rent increases. As a apartment building ages it is no longer possible to do minor repairs as bathrooms have to be gutted then everything requires replacement as parts are no longer available. Structural repairs, roofs boilers, electrical, plumbing, wiring, windows, roofs and parking lots need repaving along with appliances have short life span in rental units. We are waiting to see what the Conservative government is going to make changes to broken rental dispute process along making changes to the unworkable rent control system in Ontario where many of the smaller operators have sold out then left the rental housing industry forever. --147.194.xxx.xx
Do U know any slumlords? (by Jeffrey [VA]) Posted on: Sep 7, 2018 3:41 AM
Roy, one of the authors of the Section 8 Bible came down to meet me at my office and we had a long conversation about landlords and landlording. Even though they may joke about slumlording, I really don't think he would consider himself a slumlord. His goal is to more to offer a bare minimum, indestructible, yet functional and code-meeting product. In fact, I would argue that if a landlord is annually and legitimately passing the Section 8 inspections, that would not classify him as a slumlord. I don't think a true slumlord would be able to consistently pass the Section 8 inspections. --100.4.xx.xxx
Do U know any slumlords? (by Jeffrey [VA]) Posted on: Sep 7, 2018 5:01 AM
I also strongly disagree with the premise that "All Section 8 tenants are the bottom rung." Some of my absolute best residents over the years have been ones participating in the Section 8 program. If you want to label Section 8 participants as a "rung", I think there are other rungs (tenant categories or labels) below Section 8. Though some Section 8 fall into the other labels as well, which is why screening is vital to identify the best ones. But that is true from low income to the highest income residents. --100.4.xx.xxx
Do U know any slumlords? (by Roy [AL]) Posted on: Sep 7, 2018 5:46 AM
I think we have discovered another round-table discussion topic here. Remind me next May and we will continue this discussion.
BTW, I do have a lot of respect for slumlords mainly because they serve a very worthwhile service to the community,...they keep millions of Americans from being homeless.
Over the years, I had have several Section 8 tenants (I have one now) and I still think they are bottom rung because if the Section 8 program ceased to exist (DT cuts off all Sec. 8 funding), these tenants would be living in housing projects or in homeless shelters. When all you can afford to pay in rent is $200.00/month or less, that is BOTTOM RUNG !
Again, this is great topic for a round-table discussion. And I am much better in person than here. --68.63.xxx.xxx
Do U know any slumlords? (by bet [MA]) Posted on: Sep 7, 2018 6:01 AM
Let me tell you my slumlord story. The guy bought up everything in a 4 block radius. Fill it with low lifes and never took care of his properties. He was also a hoarder and filled his attics and basements with junk he took off the street. In one apt he even rented only half to this poor guy and blocked the 2nd egress so he could store all his trash treasures. He went around and collected his rents in cash. Well one night one of his lowlife tenants wanted money, maybe he gave it to them I don't know. But they hit him over the head, put him in the bathtub, poured gas over him and lit the house on fire and killed him.
This is what can happen to you if you associate with the wrong kind of tenants. --108.20.xxx.xxx
Do U know any slumlords? (by Mickie [OH]) Posted on: Sep 7, 2018 6:30 AM
In my mind a slumlord is someone that won't make repairs to keep their property safe and functional and that will rent to anyone that can pay the rent. I don't think it's just a section 8 thing. I know of a few landlords that accept section 8 but maintain their properties and are careful about the section 8 folks they do accept. One tries to attract older people so there is less hard use to the property and less turnover. --71.213.xxx.xxx
Do U know any slumlords? (by WMH [NC]) Posted on: Sep 7, 2018 7:19 AM
I agree with Mickie. The guy I am calling a slumlord in our area leaves all maintenance to the tenants, and many are low-income or on section 8 and can't AFFORD to be repairing a roof or HVAC system. We met some of his tenants when we were viewing a property for sale. All 3 (Mom, Dad, adult daughter) were all on disability and barely making it as it was. --50.82.xxx.xx
Do U know any slumlords? (by Roy [AL]) Posted on: Sep 7, 2018 10:06 AM
One more thing, and I am not trying to throw rocks at you either, however, get Volume #2 of the Section 8 Bible and turn to Chapter 2 titled 'Playing Dirty'. Read it. They talk about removing a Section 8 tenant's power meter when the eviction judge does not rule in their favor. This is illegal in most states and it is the type of self-help eviction that only slumlords do.
Do U know any slumlords? (by Ken [NY]) Posted on: Sep 7, 2018 3:11 PM
Roy,I don't even call that playing dirty,I call that being savvy and streetwise enough to know how to deal with the tenants that are causing problems and maintaining control,kind of no win because if you don't do things like that when necessary then you have city officials giving you a hard time for losing control of your property,kind of necessary to speak softly and carry a big stick in certain neighborhoods.My dad started buying rentals when I was 3,he could put a deal together real well but he couldn't manage for a hill of beans,he was the typical 70s slumlord,first tenant with cash got the place and if he didn't get paid there stuff was on the curb with his friends help,all legal at that time and his houses were in the ghetto.He only had a handful of places at any one time but made enough money off the houses for him and my mom to visit all 7 continents and about 100 countries.He wouldn't hire anyone to do the work because we could do it.By the time I was 15 I was telling him there had to be a better way,it just me time to learn,there was no classes or internet then.In certain circumstances and certain houses I revert back to those days when needed but not as a rule,i prefer better quality tenants but can certaintly get down in the mud when necessary like when I buy a place full of dirtbags. --72.231.xxx.xxx
Do U know any slumlords? (by Roy [AL]) Posted on: Sep 7, 2018 4:03 PM
You and I need to hang out together one weekend and talk shop. Just imagine the things we could talk about that can't be discussed here. Like the time I got busted for brokering RE without a license. Now, I don't do that anymore. Like the authors of the Section 8 Bible, I have done things that may skirted the law a little bit and but it is what it is until you get caught at it. --68.63.xxx.xxx
Do U know any slumlords? (by Ken [NY]) Posted on: Sep 7, 2018 8:06 PM
Roy,sounds good,i don't like traveling but I do want to come to a convention so that would be a good reason to go --72.231.xxx.xxx