Anonymous
Anonymous asked in Society & CultureCultures & GroupsSenior Citizens · 4 weeks ago

Seniors, are any of you a landlord?

I am, and about ready to go completely out of my mind. I unfortunately depend on the income from my rents because I have no pension & get a very, very small social security check. Recently Ca. state wide rent control has been passed & now I have tenants throwing their weight around when I've always been way too nice keeping their rent real low. Now I can't raise it & they are demanding things that will cost me a lot of money that's not necessary. If I sell the property I would lost the income, plus I would get hit up bad with capital gains tax. This is now much more difficult now that I'm a senior lady with no one to help me. I hired a property management place but that's actually made things worse.

10 Answers

Relevance
  • 3 weeks ago

    If the repairs are not necessary, then tell your tenants... they aren't necessary and you aren't doing the work.

  • Anonymous
    3 weeks ago

    If you don't like the change in the rules this might be the best time to get out of being a landlord.  Place FOR SALE signs on all your properties and if any tenants question this and ask how it will affect them personally just state that, once sold, they will not be your problem anymore.  You might find that they'll be a lot less demanding then than you might be expecting.  At any time in the future you can do that if things get rough.

  • I too reside in California and thankfully, have a mortgage to pay.  I used to rent out a home while living in my current residence.  That was over 25 years ago.  I am aware - things have drastically changed since then.

    I would seriously think about selling this property, giving someone else the headache and, living on the interest from the sale or investing in some other lucrative means.  :D

    Always maintain in Positive energy!  :D

    Source(s): I am thankful for 'everything' in my life! :D
    • Thriver3 weeks agoReport

      Why on earth would you be thankful to have a mortgage to pay. I'm thankful I have no mortgages. I have a lot of other bills.

  • reme_1
    Lv 7
    3 weeks ago

    You are on the gay section but anyway contact your local landlord organization right away before these people start ruining your property.

  • How do you think about the answers? You can sign in to vote the answer.
  • 3 weeks ago

    If they get too demanding just tell them if they don't like where they live, MOVE! This will solve two problems. 1, they know that griping won't get them everything they want and 2, if they DID move, then you can look for a better tenant to take their place. I have had tenants before and learned that if you give in to their every whims and whines it always gets worse.

    • Jackolantern
      Lv 7
      2 weeks agoReport

      Well, sorry, but we don't have that here in Texas. If we want them out, we give them a 30 day notice and wait 30 days! 

  • Anonymous
    3 weeks ago

    Môsť landlords I've ever met during my lif

    we're 60+ yrs of age but a handful wer quit

    younger so it all dpnds I'd frankly suppôsė.

    . . . . . . . . . .

    . . . . . . . . . .

    . . . . . . . . . .

    . . . . . . . . . .

    . . . . . . . . . .

  • Dick
    Lv 7
    3 weeks ago

    I'm working with my property manager and their lawyer to see how this recent legislation affects me. Until now, I've had a non-confrontational relationship with my tenants. I've always thought if they were happy, they wouldn't break stuff, and wouldn't move out. They always pay on time, and take care of my property. So far!!

    • anonymous3 weeks agoReport

      Some long term tenants of mine have now changed since this law has passed. They are DEMANDING a bunch of things knowing their rent can't be raised to help me pay for it. I can now only raise it once a year & by how much the gov't ALLOWS me to . I'm not happy about this law taking over my business.

  • 4 weeks ago

    I am not currently a landlord but I know the pains of being one. There is usually always a way around things and doing the rehab may be yours. Another option would be to sell the property and move to another "cheaper" state, where you could probably afford several properties and not have rent control. There may be no capital gains tax if reinvested within a certain time frame, you would have to check that.

    • SBR32277
      Lv 7
      3 weeks agoReport

      @anonymous, I don't know about much, much lower, but you also have to consider they are lower because it cost less to live in that economy. You have lower property tax, no state tax, no city tax, paying less for gas, food, supplies, etc. depending on the state.

  • 4 weeks ago

    Check it out, but if tenants want additional things that are not necessary, then they should purchase the items themselves.

    You should be able to raise the rent once per year.

  • 4 weeks ago

    Rent control is a joke - landlords can only increase by 5% + inflation a year *for existing tenants*. Doesn't say anything about new tenants though, does it? Landlords can simply evict tenants and find new ones and charge whatever they like.

    • Ava4 weeks agoReport

      My long term tenants have now completely changed since this law has passed. They used to be nice, but now are suddenly demanding because they know I can't raise their rent regardless how much money I spend.

Still have questions? Get your answers by asking now.