Quoted from cottonm4:It sounds like it is really going to be an abysmal affair to be renter when Wall Street comes to town.
In my area, it is not only wall street, but also Amazon, UPS, and Fed-ex have built new warehouses, not to mention a large Google complex that has been still expanding for a while.
I average 20 pieces of junk mail a week from "investors" wanting to buy my houses.
In the meantime new houses and townhouses are being built on every piece of vacant land.
Traffic used to be awesome here, now it sucks.
I still love this area though, I plan to live here for the rest of my life.
I have never been married or had kids, but 25 years ago I did a will, that would take care of my relatives.
If I outlive my relatives I plan to make a new will to give the rental houses to the tenants.
I may soon make a new will anyway, that my wishes are that at the least the tenants can buy the houses for a huge discount if I die or something.
I am lucky to have great tenants now, I had some very bad ones in the past. So bad at one time about 2009 I was almost ready to just let one house go back to the bank.
I am not rich, and I worked my ass off for everything I have.
I still work my ass off for 30-40 hours a week, and I feel semi-retired vs the 70-80 hours a week I worked for decades when I was younger.
Other "landlords", "investors", think I am stupid that I am still renting houses for 995 while they are at 1600 now.
If someone decides to move, yes the new price will be 1400 or 1500 to the next tenant in this market.
But whatever the price is, I will never go up on a tenant for as long as they want to stay.
I only have 3 rentals, my goal was to have 5, but that will never happen now, and fine with me.
I used to go out to eat a lot, and spend $100 a week on food, now I never go out to eat and spend less than $100 a month on food. Funny thing is I am just as happy, and just as full.
And just because I never married or had kids means nothing to me. When I was young I never dated, I was working 12 hours a day 7 days a week and I loved what I did. I had no time for a girlfriend, did not even think about it.
When I first slowed down a little then I started having a girlfriend.
Some snored too damn loud, some took drugs, and I did not like that, but my current girlfriend of the last 5 years is still awesome, and I think we will be able to grow old together.
Sorry for the long rant, but as far as my tenants, well they had already been with me for a few years before the virus stuff, and seen that I never went up on rent, and I have any problem fixed as soon as I can, but I was still a tad afraid with the virus stuff and a freeze on evictions that they may pull something.
None did. They paid on time. (Well, one did call me crying one time, they had never been late, but they had a problem and was going to be 5 days late, and they knew they would have to pay the late charge).
I said no, no late charge, you are fine, I hope everything works out for you.
The last 2 years have been priceless when I give them all a new lease to sign for another year, and they see the price is still 995. They actually tear up and say thank you.
Had any of them pulled any crap while the virus eviction stuff was in place I would have sold the house to an investor while they were still living in it.
Now all of my tenants stand to gain owning the house, if something happens to me.
And FUCK all these investors!
(Oh, these investors send me all these pretty little postcards with a picture of a family and a dog sitting around a Christmas tree, talking about we are trying to get into the rental market and we would love to buy your house at __________).
I am sure that is wall street bullshit, and these people have been hired to try to buy all the houses they can for those "investors".
Anyone that raises the rent on a tenant that was never late during the virus stuff has no soul.