This sounds like a possible renter (Jim Mork) has no clue what happens in the real world. There are many new landlords that are going out of business after tenants damage their houses. All it takes is one major tenant damage castastrophy to force a new landlord out. Since all new landlords are running on a thin margin (ie net cash flow) after their PITI and maintenance costs, many go under after a tenant damage situation that can easily run between $5,000 and $10,000 to repair. The reason I have avoided any Sec 8 tenants since 1999 is that my AVERAGE damage loss on my last 5 Sec 8 tenants was $5,280 (thats my cost and I have my own contracting crew!).
Also, there are attorneys out there just chomping at the bit to file cases against landlords for big settlement dollars. Two years ago we sent 2 of our MPRAC members (incognito) to a seminar being held by legal aid and a private attorney that were recruiting and educating other young attorneys on how to file cases for sexual harrassment and civil rights violations against landlords to collect big judgements. When landlords have to fight these frivilous cases, it takes time and alot of money. I think someone would have to be nuts to get into the rental business in the iner city today! With the high vacancies and huge labor cost increases and now 20% tax increases, even mutual funds don't look so bad nowadays! Steve Meldahl Jordan (work) ----- Original Message ----- From: "Jim Mork" <[EMAIL PROTECTED]> To: "Discussion Forum" <[EMAIL PROTECTED]> Sent: Sunday, December 08, 2002 3:14 PM Subject: [Mpls] Real and Imagined Risks > It is quite amazing to see list participants > claim as some do that landlords experience > unusual risk. Heck, they are in one of the > safest businesses on earth. Their main risk is > not getting paid, and they cushion themselves > from that by requiring first and last month's > rent. Even the utility companies don't do that. > Plus, they own an asset that never goes to zero > like so do. Look at what happened to employees > of Moline and Enron and you see REAL risk. I > guess anytime a landlord wants to trade the > illusion of risk in owning land for the real risk > of hiring out time and skills, they are welcome > to do so, but the people who buy their real > property will be shaking their heads (which > smugly enjoying the chance to make money off the > seller's fallacious notions). > > ===== > Jim Mork -- Cooper Neighborhood > ________________________________ > > Help stop spam -- Join SpamCon Foundation, http://www.spamcon.org > > > __________________________________________________ > Do you Yahoo!? > Yahoo! Mail Plus - Powerful. Affordable. Sign up now. > http://mailplus.yahoo.com > _______________________________________ > > Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy > Post messages to: mailto:[EMAIL PROTECTED] > Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls _______________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
