Low income housing providers get a bad rap. Be ready to be called a slumlord if you invest in it. Much of what people call slumlording though, is simply providing reasonable housing for those with low incomes. It is of benefit to the renter AND the landlord.
Why Do People Rent Ugly Homes?
Not-so-nice places are rented because they are affordable. When a house needs paint, has old rusty hinges on the doors, and a dirt driveway, it costs less to buy, and therefore can be profitably rented for less. In fact, anything major that the landlord does to improve it will result in higher rents, and possibly drive the renter away.
This often happens due to local regulation. When my own town enacted its first rental regulations, the fifteen pages of new rules required many landlords to spend money to upgrade their apartments and other rental properties. They included many non-safety-related requirements, like a minimum of windows, to allow natural lighting, bedroom square-footage requirements, and no peeling paint or cracked plaster.
Regulations like these are done in the name of low income renters, but the result is always the same: higher rent. Combined...
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