Landlords worse nightmare

[psijac]

http://thechive.com/2013/08/08/every-la ... are-video/" onclick="window.open(this.href);return false;

The video has liveleak branding but is hosted on a different site.

[RoyGBiv]

Section 8 = District 9

[jmra]

Exactly why I got out of the rental business.

[nightmare69]

In for later, work is blocking the video.

[CainA]

Wow! I feel for the guy. Note to self...don't participate in the Section 8 program. I am a landlord.

[PUCKER]

When we first moved to Grapevine there was (and probably still is) Section 8 housing (apartments) behind our house/neighborhood (I have since moved, this was over 20 years ago). The lovely trash living there would throw their trash into our backyard...that was OK with me though, we had a really nice German Shepherd, she left nice little "dog grenades" that somehow found their way over the fence and into Section 8...ooops LOL

[mewalke]

Wow! I feel for the guy. Note to self...don't participate in the Section 8 program. I am a landlord.

My father and I are both landlords, and the most expensive rehab we have had to perform on our rental properties have been after Section 8 tenants have vacated, usually without notice and prior to the end of the lease.

[jayinsat]

Section 8 gives you stability of income in that the govt will pay their part of the rent on time, however, the income will be all but lost due to the repair/replacement costs you'll incur from the ingrates that abuse the privilege.

Having real estate with low/no debt allows you to be picky about to whom you rent.

[RoyGBiv]

Having real estate with low/no debt allows you to be picky about to whom you rent.

AMEN to that!

Still doesn't guarantee you won't get a loser/vandal, but reduces the chances for sure.

[JALLEN]

I was a real estate lawyer in CA for nearly 40 years, a real estate broker, in CA, for most of that time. I was CEO of a real estate investment organization that owned, developed, lent, invested in, etc. all sorts of real estate, and owned a foreclosure trustee for many years. I've represented hundreds of real estate owners, buyers, sellers, lenders, builders, victims, etc. and was one of the attorneys involved in The World's Hardest Real Estate Transaction (TM) 35 years ago. I built a fortune in real estate, and still have some of it.

I decided some years ago to get out of real estate. It took some years to do so, but other than my house, I no longer own any.

I came to this decision slowly, over many years. The legal climate doesn't suit me anymore. The typical level of honesty and confidence in the correct behavior of counterparties leaves a great deal to be desired. I found I could not depend on institutional lenders, title companies, escrow companies or real estate brokers to know what they are doing and do it properly, carefully, conscientiously, or take responsibility for it when they did not. Tenants and buyers can be even worse, and the law, at least in CA, is too much on their side. I concluded that only the government is dumb enough to make loans in this moral and legal climate, where "I promise to pay..." means nothing.

Our company built a couple of dozen homes back about ten years ago. Eight years after the sales closed, a law firm sponsored a picnic in the park, set aside by the developer, to sign up people to sue us for construction defects. These are homes that almost nobody has sold because of the superior quality! We had taken care of every complaint years before, but were forced to spend several hundred thousands dollars to defend, and investigate, and eventually settle these unjustified complaints. As far as I am concerned, these ungrateful bums can live in tents hereafter.

I did have some successes, quite a few, I suppose, and some really good tenants over the years, but the ones that tore up the place, costs tens of thousands to repair are the ones that stick in your mind. Spending $60,000 to rehab a dwelling that some pig has torn up takes a lot of the fun out of real estate investing.

Stocks are much easier, much less hassle and far more honest and straight forward.

[puma guy]

This is truly disgusting, but I've had worse destruction from "normal" renters including using the glass patio doors for targets. While I was still cleaning up and repairing a month after they left they broke in through the newly replaced patio door and stole 3 air conditioners. The guy called me and said he was going to come back and "whip my you know what". I told him where I would be at the house everyday cleaning up his mess. He never showed up. I have also had some very good renters, too. I refuse to rent with government subsidies because your odds of ending up with a situation in the video are greatly increased.

[Blindref757]

Don't rent to democrats! :-)

[Robert*PPS]

That is a textbook example of the shameful results of entitlements and our society's destruction of personal accountability.

[OldCannon]

Section 8 = District 9

That's what started the death of South Arlington. Katrina was the last nail in the coffin.

[JP171]

I think some people are still alive simply because traumatic cranial ventilation is illegal in cases such as these.