Actually, this is what has happened in Seward. While researching an article I
wrote, I learned that many of the houses that go up for sale are bought by
neighbors who consider them long-term investments, not cash flow generators.
They put the profit from renting (and in my case and most others, the "profit"
is small, less than $5,000/year) into upgrading and maintaining the property
because their main objective is to have more control over who is renting on
their block and/or nearby. I got this info by speaking to several realtors.
In Seward, this has kept the population pretty stable, as we small-time
landlords and ladies, when we find a good renter, we like to keep them, so we
don't raise rents exorbitantly. In fact, I like to give multi-year leases (I
let people out of them if they are buying their own house) because if I have
turnover every year, I barely break even.
The increase in the valuation over here was pretty hard to take with maximum
increases over the last three years and a rental price locked in by the lease,
and I am forced to raise the rent by quite a jump when the lease comes up for
renewal.
This is a h*ll of a way to run a railroad, if you ask me.
Barbara Nelson
Seward
Rich McMartin Rich McMartin wrote:
> And another thing... I remember some experimental tax program for
> Phillips that was giving a break to people who live near thier rental
> property. Maybe this could be expanded. It would enable rental property
> owners to be closer to their properties and be more observant of problems
> in and around their properties.
>
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