when my grandmother died, my parents started renting out her house to an elderly woman who can’t afford to buy that house, at below market rate, while going way out of their way on maintenance of the property. They’re losing money renting that house. What would you have them do differently?
I agree with you that my parents are not typical landlords.
But then when she passes, the exploiting landlords would probably obtain it. So that seems like a short-term good with a long-term bad.
I suppose the “fairest” way would be to set aside all rent into some sort of escrow-ish account and use that money for property taxes (and taxes on the rent as income?) and maintenance, while returning excess accumulation (beyond a safety cushion for unexpected maintenance), should it happen?
@deafferret @silverwizard but your parents are already going beyond the norm. I’m not going to demand more of people already doing good, over demanding recuperation from those doing bad.
I want a different word for them than “landlords” though.
Spencer
Unknown parent • • •Jay Hannah
Unknown parent • • •when my grandmother died, my parents started renting out her house to an elderly woman who can’t afford to buy that house, at below market rate, while going way out of their way on maintenance of the property. They’re losing money renting that house. What would you have them do differently?
I agree with you that my parents are not typical landlords.
silverwizard
in reply to Jay Hannah • •like this
Spencer likes this.
Jay Hannah
in reply to silverwizard • • •Gemini6Ice
in reply to Jay Hannah • • •@deafferret @silverwizard
One could suggest “gift the house to her.”
But then when she passes, the exploiting landlords would probably obtain it. So that seems like a short-term good with a long-term bad.
I suppose the “fairest” way would be to set aside all rent into some sort of escrow-ish account and use that money for property taxes (and taxes on the rent as income?) and maintenance, while returning excess accumulation (beyond a safety cushion for unexpected maintenance), should it happen?
Gemini6Ice
in reply to Gemini6Ice • • •@deafferret @silverwizard but your parents are already going beyond the norm. I’m not going to demand more of people already doing good, over demanding recuperation from those doing bad.
I want a different word for them than “landlords” though.