ultrarunner
Epic Contributor
- Joined
- Apr 6, 2004
- Messages
- 24,079
- Tractor
- Cat D3, Deere 110 TLB, Kubota BX23 and L3800 and RTV900 with restored 1948 Deere M, 1949 Farmall Cub, 1953 Ford Jubliee and 1957 Ford 740 Row Crop, Craftsman Mower, Deere 350C Dozer 50 assorted vehicles from 1905 to 2006
I can't feel sorry for the banks. These homeowners are basically tenents that didn't have enough money to rent a house much less buy one, yet were offered a ridiculous no-money-down mortgage. The banks approved them, and then wonder why the house is trashed when foreclosure is imposed on the property.
When it comes to human nature I try to subscribe to the adage: Given the opportunity, people will disappoint you.
I'm not negative, just a realist. When it comes to family, don't get me started!BTW, a statistic floating around says 80% of money loaned to a family member is never repayed. How's that for disappointment?
Scott
Bought my first rental in 1982, with the idea of buying one a year, move in, repair, rent and then repeat.
Sounds backward to say this... anytime a tenant "Voluntarily" leaves is really a blessing... Unlawful Detainers can cost thousands of dollars and tie up a property up for months.
I'm in no way sticking up for banks... however, nothing gives a person the right to maliciously destroy another's property... even if bank owned.
In the 90's... at least in Oakland CA, Banks were being sued and picketed for RED LINING... they simply refused to do business in certain areas and did this by enforcing rigorous lending requirements... Appraisal, Termite Clearance, 20% down, 6-months living expenses in the bank, 3 years in the same line of work, 2 years with the same employer, sufficient credit score, etc...
The banks eventually caved under threat from regulators that determined Banks must not discriminate based on property location or standards that prevented low-income, recently arrived people from sharing in the American Dream of Home Ownership.
At one time, all you needed was a pulse and address to buy... many of the new home owners in my neighborhoods were not US Citizens and recently immigrated... they had no difficulty buying with no money... some loans were structured for more than the purchase price to cover closing costs.
The mentality was today's high price will be tomorrow's bargain.
Owning/Managing rentals is a business and one that takes time... great tenants are the exception... fortunately, I've been blessed with mostly good tenants.... some going back 20 years or more.
I realize all the rational thinking in the world does not change the fact this tenant did you wrong.
It's too bad all the good landlords and good tenants couldn't get together and let the bad tenants and bad landlords make each other miserable.
Last edited: