Why you hire a property manager.
My view on income-producing real estate is that a mutual fund will never call you at 2am because its toilet is clogged.
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Ah yes, but then is your risk-adjusted return any better than the mutual fund?
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the thing is that a bank won't give you a large loan to buy mutual funds worth 3 times the cash you have
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The mutual fund is inherently levered because the corporations have debt.
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I mean, there are places in the US where rental income will bring in 5% of the home value even after you account for expenses. I am unaware of any mutual funds a 15% rate of return
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But a rental property rarely has a “flash crash” that causes your tenants to pay you 10% less money on the first of next month.
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Yes but sometimes your tenants lose their jobs causing them to pay you 100% less on the first of the month.
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Simpler solution here is to use a land value tax to capture the land rents, then pay them out to the public as a land dividend.
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would have to be global or.....
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Why would it have to be global?
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People would probably leave.....
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Why would they leave? Mortgages would be correspondingly cheaper, so it would be no more expensive for them.
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If a tenant is calling you at 2:00am because they don’t know how to unclog a toilet, your screening process could use an upgrade.
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Some of us need someone to talk to in the middle of the night.
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When things tank you can’t live in a mutual fund.
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Real talk: I've never had a landlord who would do anything about a clogged toilet, although I've had one or two who would probably have popped my tires or kicked me out for calling at 2am...
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My parents rented our house in Westhampton Beach summers & Bess Myerson’s daughter rented one year & called for a light bulb change.
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How did they respond?
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My Dad went over and taught changed it, but if I remember correctly he showed her how to do it for future reference. He was nice to get. My parents thought it was pathetic she didn’t know how to do it though. Got a laugh.
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She was nice at least. Some summers the people would end up being real assholes. All from NYC.
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