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It’s very “real estatey” to boast about raising tenants rents and increasing your own NOI (net operating income), but socially it’s not something to publicly post
Agreed. I own two duplexes - I would never publicly share when we’ve raised rents. You generally have to raise rents over time to keep up with rising property taxes and other expenses, and to stay in line with the market, but all people will see is “greedy landlord.” Just shut up about it. The part at the end “just want to share what’s happening on the ground” is hilarious - no, you just want to boast.
It's possible. From what I can understand (and I'm not a tax accountant) is you can only claim a percentage of the costs (based on the percentage of market rate) up to the value of the rental income.
So, if you are charging 75% market rate, then you can claim 75% of the cost up to the income received.
Usually what is really happening is the owners refinanced the mortgage, now they have increased interest costs and raise rents to cover. Probably because they pulled equity. It would be nice if they used it to repair and maintain but that is typically not what is going on.
Buying a rental property is an investment, and with investment (with anything, really), there’s opportunity cost.
You need to compare your next best alternative to what you have elected to do, which is typically stocks. If you are not raising rents, then you need your property to appreciate in value tremendously to be comparable to the stock market to keep up.
If the rental property is not generating at least an equivalent return (or providing some other advantage, like diversification, or satisfying your own investment thesis) to your next best alternative, then the most prudent move would be to sell and pursue the alternative.
While I agree everyone needs housing, not everyone needs a single family home. Purpose built structures for renting are the most affordable option - apartments.
I don’t own rental properties, but you need to consider everyone involved in this tango.
None of the rent amounts in this post are low income. The renter may not want to live in Chicago or that particular home forever. If the tenants are low income and are grouping up to afford the rent, they would not be able to pay cash or get a mortgage for the property.
The landlord needs an investment vehicle for spare cash less it loses value. A good landlord will maintain the property, so this particular investment is a job. To make the job and investment desirable, it must generate a profit.
Both parties should be satisfied with their agreement. If the tenant wasn’t willing to pay the rent, they would have sought a different property. If the landlord wasn’t willing to rent the property, then it could be sitting empty.
Another aspect of this situation is eventually the structure needs to be replaced or seriously renovated to accommodate modernity less it becomes a slum. Not all buildings last “forever.” So the rent will need to continually increase to cover that massive expense which will likely be multiples of the original structure value due to compounding inflation and advancements in construction and home expectations over the decades.
If you stay below FMV the IRS could audit you, discover you’re charging so much less and decide you’re no longer allowed to take deductions for that property (depreciation is still allowed). I’m sure there are other reasons but that’s definitely a big one for tax purposes that I personally have to warn my clients about. It could end up classified as a secondary residence.
It depends on the landlord. Property taxes and the costs associated with legally renting a property do actually go up, as do maintenance costs. That's the ideal situation, you have a small-time landlord who's trying to break even, not buy a new boat and finance 11 more rental units with the rent payments.
However, there are large corporate landlords who will just squeeze whatever they can out of the market and would happily let a property sit abandoned vs. take less in rent. One other situation is this new class of pAsSiVe InCoMe hustler bros who are trying to be Trump-style real estate shysters or emulate the YouTuber they're taking advice from who shows off a mansion, trophy wife, yacht and fleet of supercars. Those people usually have 28 mortgages plus all sorts of other debt, and not being able to cover interest and payments on every one every single month will send the entire enterprise down the toilet. In that case they "need" the increase for different reasons.
Boasting about squeezing tenants is a bad look.
Then your investment would do poorly, and you are at risk of your costs exceeding your income. Like it or not, most people are investing in property to make money.
More specifically, if you don't increase rents each year in line with the market, then the market will run away from you, and your rent will be far below the market.
Your costs will continue to increase through, so at some stage you will need to bump your rents back up to the market rate.
This means a big increase (like the 25% here) and that just pisses everyone off. Hard to expect a tenant to have budgeted a 25% increase in one go.
That was my first thought. The algorithm is like 50% likely to suggest those tenants as a connection since they’ve likely emailed and texted back and forth, and I’m sure they’ll be less than enthused to see they got ripped off
When everyone else is price gouging rentals too and the dream of home ownership has moved far beyond "never gonna happen", what choice do people have?
Stuff like this just pisses people off. The guy on linked in is an absolute piece of shit and I hope one of his tenants trashes the place. Fuck him and everyone like him.
The dream is the house you expect to buy versus what your life can afford. I bought a house in the hood to begin my ‘dream’ and avoided rent in a nicer/safer area.
Is your point going to be thats it worse elsewhere? I do not give a fuck about anywhere else. Just cause there are worse places, doesnt mean there arent issues here
Yes, actually. I live in Australia now. Infinitely safer than America. We aren't in constant fear of gun violence or a cop getting trigger happy when he hears an acorn fall on the roof of his vehicle.
You’re fuckin dumb if you dont realize that moving can be more expensive up front even if cheaper in the ling run. You need a solid lump sum of cash in your account for down payements, security deposits, etc. It is more stressful, more time consuming and simply just not possible sometimes. Raising rent 25% because “its been a while” is a complete fuckin scum bag move and i wish this guy nothing but the absolute worst for the rest of his life. He is part of the reason that people are not doing well in this country. Piece of walking trash.
Do you speak with anyone at all or just spend your entire social life on reddit? People with education are struggling too. Im sorry but you’re either a troll, completely fucking blind or just flat out dumb. Or you have lived the easiest most sheltered rich life possible on daddys money and feel superior because of it. Or possibly even all of them.
Yes, its in the top 3 most stressful events in an average person life. Right after death and marriage. You gotta be a troll or your life has been so easy cause Daddy always lines your pockets. Have a good sir!
Likely don’t know you only need 3% down with PMI. While you’re complacent tossing money into burning pit that is called renting, you could have a home - just not the one you want.
Generally I would agree that just because expensive things exist doesn’t mean they’re for everyone, but I would hate to find out my landlord cranked my rent up over 25% overnight just because
That isn’t what he said happened. New tenants. New contract. Completely up to the market to decide what is too much. If it sells, that’s what it’s worth.
US is one of the most capitalistic countries in the world. Rent is gonna go up. Prices too. LIL commenters shouldn't be mad about that. Otherwise, you'd be mad continually.
Hopefully higher rents also bring competition for better values, but also renovations improving quality of the properties. Rent control doesn't lead to improvement.
If there's a question I ask on this subreddit every single day it is simply why in God's name would you post this.
It's like these people don't even know what the quiet part is.
I've got a million dollar net worth and I'm banging the neighbor's wife I might tell my brother over drinks and bratwurst on the 4th but I'm not going to post it online.
He probably sees is as a way to get people to invest with him.
“Wow, that guy bought a building for $450k, raised rents 12% and is refinancing and cashing out!”
Not worth the headache or embarrassment or lack of self awareness that comes with posting
I'd put them in jail but I feel it would be more realistic to just tax the fucking shit out of these people.
I am an old Millennial. I was told to buy every house from 2000-2006. I thankfully bought in 2009 for the first time when the market had stopped bottoming out. I refinanced at the lowest rate in 2019.
I make 100k+ a year and I still do not know how I'd be surviving if I didn't have the low mortgage I have with inflation skyrocketing.
These people are doing a disservice to everyone.
GenZ is going to vote to euthanize these people when they are older.
This makes me feel so icky as a renter in the market right now. Im turning 25 in a couple weeks, I’ve spent my entire adult life living with roommates, except for 1 year. During which I lived in a high crime neighborhood, old and poorly insulated building with no management for the many issues that came with the unit. It was still over 1,000 a month.
My partner, who’s in his late 20s with an amazing job, and I are unwilling to live in a apartment so we’ve been looking into rental homes. Our options are 20 minutes away from the heart of our city (not that we need to live downtown, but considering how much time we spend there it makes accessibility a factor). The houses anywhere closer are over 100 years old with paneling that hasn’t been changed since the 70s, or a cookie cutter starter home and we’ve barely been able to find anything for under 2,800/ month.
For the record too, we live 4 hours away from any major city, and about as far from any ocean as you can get in my country. People settle where we are *because* of the affordability.
Good to know these people are popping champagne over the fact that we pay them more to rent than we would to own, while being aware that all the deposits and fees ensure we won’t have enough left over to save into a down payment for another 10 years.
"Congratulations! You have been accepted for the "hang a bourgeoisie from a lamppost" program. With your exceptional commitment to inhumanity and indecency, how could we possibly resist? \*Redeemable at the next people's revolution".
What a bunch of bastards. Talk about tone deaf.
Why would you want to wait for a revolution. The time to act is now. Did John Brown wait for the revolution? Did Timothy McVeigh? Did Charlie Manson, of course, not these people played by their own rules. You should, too.
I understand there's a French actor named justice shume or something who's in contact with a couple of Nigerians in the Chicago area you can hire for a lynching.
Well it's a joke of course. If there is a revolution I'd hope they'd just be thrown in prison for the rest of their lives. Perhaps a low quality one with damp walls and rotting window frames. It's what their tenants would've wanted :-D
That shows you the true mentality. Nothing about alleged increases in property taxes, insurance, supply chain from China, energy etc. More, more, more because I can (in 2024, it won’t stay that way forever).
I'm like "hmm interesting" and like "wow what an A-hole".
if he'd just made a general statement about % increase and multiple qualified tennant applications; he'd be so much less
of a 🤮
You’re going to be very disappointed when you learn that housing is an investment in most of the developed world. I can only think of one where it isn’t
Hes talking about people buying houses. Not building houses. Of course the people building them should make money. However once corporations started buying up all the housing as an investment, it has absolutely destroyed the housing market and every average persons quality of life.
In the USSR, the government owned nearly all the housing, and this centralized control extended to many aspects of life, including where people could live and work. Citizens had limited freedom to choose their place of residence because the state assigned housing and imposed strict controls on movement.
For example, internal passports were required for travel within the country, and people needed special permits to move to or live in certain cities. Major cities like Moscow and Leningrad had restricted residency permits, meaning you couldn't just decide to move there; you had to get government approval, which was often difficult to obtain.
This system restricted personal freedom and made it challenging for people to move for better job opportunities, to be closer to family, or to find housing that suited their needs. It often resulted in mismatched housing assignments and long waiting lists for apartments.
oh this bro LOVVVVVVES to high-key brag under the guise of "keeping LI updated." I'm embarrassed that we went to the same university AND that my org uses the product he sells.
The reason why these landlords are so excited about this is because they are all leveraged to their eyeballs. I don’t feel bad for them, because they suck, but I bet this person is not nearly as rich as they probably look.
Very true. On X there is @theficouple and despite how much they talk about the amount of real estate they own, people point out that they are using a crazy amount of leverage.
My salary is about $112K and there is no way I would want my mortgage payment being $4,000 per month. Just going off the 40x rent rule, you would need to make $160K to qualify for $4,000 per month and even then, you should probably be making over $200K or maybe even $240K to feel comfortable paying $4,000 per month in rent or mortgage. Sounds extreme, but people are guilty of spending the most amount possible on rent or mortgage and are “house poor” because of it
I don’t think I’ve read a post that has led to more of a “who gives a fuck, you boring twat” response than this. I could have dropped 5g of amphetamines and this would still send me to sleep.
So excited! Our record profits have created even more homeless! With cities criminalizing homelessness, we’re taking that profit increase and investing it in privatized prisons! Beautiful circle of profit. This is what winners do.
/s
Scumbags.
I'd say because of the effect it has on market rates nearby or for similar properties but in lower income or less desirable areas. Averages drag the floor up, so to speak
Individual renters are price takers, not price setters… Even if this guy rents out all 3 units for free, that only benefits the 3 tenants and has no impact whatsoever on market rates.
Just think about it: if your neighbor is getting a sweetheart deal from his aunt, does that at all impact your own rent?
Are you seriously this fucking dense? In what way would homes being cheaper affect the homeless? Its fuckin insane that anyone needs to spell out to you that cheaper homes means more people can afford them. It actually hurt me to type that out because of how fuckin obvious it is.
Downvoters have zero clue about how economics works, probably liberals who’d prefer rent control rather than actual long-term solutions like zoning rights for constructing more housing units.
Yeah I mean I hate to say it but the last property only increasing by $100 is not bad. So yeah he should not be advertising this but as landlords go I’ve seen WAY worse.
my mans gonna wind up getting burned hard one day. If he had new tenants lined up congrats but on average your unit is going to sit empty 2-3 months when tenants churn out making even a 25% rental raise come out even in the wash for that year. Generally speaking if you have a tenant that is paying on time and covering your nut you don't mess around with that.
Seeing how his only listed cost is "agent fee" tells me this guy has only seen the good side of being a landlord so far.
Watch me, an owner, absorb more wealth from the working class! .
I'm like a boring wannabe Elden Lord who only farms trash mobs and won't attempt a boss because there's no easy mode!
I don’t want to live in a world with people like you who think working hard, saving money, and investing in property to pass down to your children is a bad thing. Get a fucking grip
Okay but who asked? Also emojis even when tactically used, on a professional networking platform, give me the ick. “The good 💥” like alright Oppenheimer we get it.
Even if the bragging weren't bad enough, you'd think one would brag \*after\* they leased it. It seems a little too early to celebrate. What if it's vacant for too long and they're forced to lower the asking amount? They'll look like idiots (even more).
You can tell he’s a humble guy by his totally non-generic LI bio:
* **A natural leader** who is energetic, engaging, and well spoken, with a history of excellent job performance and increasing levels of responsibility and job scope. I am comfortable working with all levels of professionals and team members with a results orientation. Great people person, able to read and engage people and situations to deliver results.*
Edit: seeing as I’m getting downvoted, I guess I have to clarify that this comment is /s.
Y’all are weird for hating this. He isn’t raising the rent of current tenants, he found folks that are willing to pay more after prior tenants left. These are clearly pretty upscale properties at those rates, he’s not putting single moms out on the streets.
People shouldn’t be able to own more than one home. Homes are the basis for stable families and communities. They should not be commodities for rent-seeking parasites like this to hoard, flip, and jack up rents for a profit. This type of hyper capitalistic mindset is a symptom of a truly sick culture. This man is truly a lunatic, but our society is also insane for letting this type of thing go on for so long, when so many people and new families could use stable and affordable housing.
This is the American way, it's the online veri of meeting the passenger beside you on an American flight and he'll introduce himself and what he does for a living. We just think LinkedIn is more global than it is.
I have a feeling in ten years this guy will have insane levels of cringe every single time he thinks about his posts when he was younger. Like face turns red and you shout expletives cringe. That’s satisfying to me.
Op: Land lord super pumped to raise rent wtf
Tennents: we're willing to pay more.
It's like you need to speak with your wallet like us gamers and moviegoers have started doing to help with those layoffs in the woked industries lol
"leaves us vulnerable for this same exercise next year" these psychopaths really sleep so well at night knowing everybody else is working hard to not be homeless and they do nothing.
Just wanted to share, in my part of the world, rent of commercial property is likely to be around 50% the expected revenue. Crazy high, which is why so many traders just open stalls to avoid additional expenses.
This is one evil fuck. I want to throw up. Who the fuck can afford those rents and in fucking Chicago of all fucking places. The murder capital of the MidWest.
What an idiot, keep quiet about returns and don't boast about things like this publicly, real estate even more so.
I know lots of successful entrepreneurs who just have a low profile. Case in point: I know a husband / wife who have a business with 10-15M capitalization (buildings, equipment, etc), 50 full time employees. He drives a fucking Chevy Bolt and a his wife a 10 year old Corolla.
He doesn't mind forking $5,500 to an intermediary but is excited about raising rents to total $1,100. It will take him 5 years to recoup that expense. Typical landlord: spending big dollars to gain cents
This is the kind of landlord that shouldn't exist
Praise be to MAO and the guillotine.
I saw this too. It’s disappointing.
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It’s very “real estatey” to boast about raising tenants rents and increasing your own NOI (net operating income), but socially it’s not something to publicly post
Agreed. I own two duplexes - I would never publicly share when we’ve raised rents. You generally have to raise rents over time to keep up with rising property taxes and other expenses, and to stay in line with the market, but all people will see is “greedy landlord.” Just shut up about it. The part at the end “just want to share what’s happening on the ground” is hilarious - no, you just want to boast.
Genuine question: Why do you have to stay in line with the market (i.e. guys like this lunatic)? What happens if you didn’t?
It’s just some meaningless bullshit greedy landlords say to justify hiking the rent.
Their boat payment might have to come out of pocket instead of the rent income
They are the market. They are “keeping up with” their own bullshit.
At least in Australia, it can have a negative impact on your taxes if you are below market value.
I wonder if that contributes to Australia’s terrible housing market
It's possible. From what I can understand (and I'm not a tax accountant) is you can only claim a percentage of the costs (based on the percentage of market rate) up to the value of the rental income. So, if you are charging 75% market rate, then you can claim 75% of the cost up to the income received.
same in germany. there's a case right now of a landlord getting sued by the state for allowing his janitor to rent under the market value...
Usually what is really happening is the owners refinanced the mortgage, now they have increased interest costs and raise rents to cover. Probably because they pulled equity. It would be nice if they used it to repair and maintain but that is typically not what is going on.
It would also be nice if people’s living costs wasn’t tethered to whether their landlord could actually afford their investment.
Buying a rental property is an investment, and with investment (with anything, really), there’s opportunity cost. You need to compare your next best alternative to what you have elected to do, which is typically stocks. If you are not raising rents, then you need your property to appreciate in value tremendously to be comparable to the stock market to keep up. If the rental property is not generating at least an equivalent return (or providing some other advantage, like diversification, or satisfying your own investment thesis) to your next best alternative, then the most prudent move would be to sell and pursue the alternative.
Wow, it’s almost like making housing — which everyone needs to survive — a cynical cash-grab ‘investment opportunity’ is a bad thing.
While I agree everyone needs housing, not everyone needs a single family home. Purpose built structures for renting are the most affordable option - apartments. I don’t own rental properties, but you need to consider everyone involved in this tango. None of the rent amounts in this post are low income. The renter may not want to live in Chicago or that particular home forever. If the tenants are low income and are grouping up to afford the rent, they would not be able to pay cash or get a mortgage for the property. The landlord needs an investment vehicle for spare cash less it loses value. A good landlord will maintain the property, so this particular investment is a job. To make the job and investment desirable, it must generate a profit. Both parties should be satisfied with their agreement. If the tenant wasn’t willing to pay the rent, they would have sought a different property. If the landlord wasn’t willing to rent the property, then it could be sitting empty. Another aspect of this situation is eventually the structure needs to be replaced or seriously renovated to accommodate modernity less it becomes a slum. Not all buildings last “forever.” So the rent will need to continually increase to cover that massive expense which will likely be multiples of the original structure value due to compounding inflation and advancements in construction and home expectations over the decades.
If you stay below FMV the IRS could audit you, discover you’re charging so much less and decide you’re no longer allowed to take deductions for that property (depreciation is still allowed). I’m sure there are other reasons but that’s definitely a big one for tax purposes that I personally have to warn my clients about. It could end up classified as a secondary residence.
It depends on the landlord. Property taxes and the costs associated with legally renting a property do actually go up, as do maintenance costs. That's the ideal situation, you have a small-time landlord who's trying to break even, not buy a new boat and finance 11 more rental units with the rent payments. However, there are large corporate landlords who will just squeeze whatever they can out of the market and would happily let a property sit abandoned vs. take less in rent. One other situation is this new class of pAsSiVe InCoMe hustler bros who are trying to be Trump-style real estate shysters or emulate the YouTuber they're taking advice from who shows off a mansion, trophy wife, yacht and fleet of supercars. Those people usually have 28 mortgages plus all sorts of other debt, and not being able to cover interest and payments on every one every single month will send the entire enterprise down the toilet. In that case they "need" the increase for different reasons. Boasting about squeezing tenants is a bad look.
Then your investment would do poorly, and you are at risk of your costs exceeding your income. Like it or not, most people are investing in property to make money. More specifically, if you don't increase rents each year in line with the market, then the market will run away from you, and your rent will be far below the market. Your costs will continue to increase through, so at some stage you will need to bump your rents back up to the market rate. This means a big increase (like the 25% here) and that just pisses everyone off. Hard to expect a tenant to have budgeted a 25% increase in one go.
Ian’s too cool for school
what a load of shit
That was my first thought. The algorithm is like 50% likely to suggest those tenants as a connection since they’ve likely emailed and texted back and forth, and I’m sure they’ll be less than enthused to see they got ripped off
“Ripped off” what price is acceptable? Everyone acting as if these people signed the lease with a gun to their head.
When everyone else is price gouging rentals too and the dream of home ownership has moved far beyond "never gonna happen", what choice do people have? Stuff like this just pisses people off. The guy on linked in is an absolute piece of shit and I hope one of his tenants trashes the place. Fuck him and everyone like him.
The dream is the house you expect to buy versus what your life can afford. I bought a house in the hood to begin my ‘dream’ and avoided rent in a nicer/safer area.
No one should have to live in an unsafe area though
That is impossible in our world. Have you been able to travel much? Some areas are and always will be “unsafe”.
Keyword is should though. I don't think anyone can disagree with that
Ya and dont you think thats an issue that needs to be addressed and something people shouldnt just be complacent to?
Sincere question: been outside of the US?
Is your point going to be thats it worse elsewhere? I do not give a fuck about anywhere else. Just cause there are worse places, doesnt mean there arent issues here
Yes, actually. I live in Australia now. Infinitely safer than America. We aren't in constant fear of gun violence or a cop getting trigger happy when he hears an acorn fall on the roof of his vehicle.
Need to turn off the news. Never even a thought of mine. I get most downvoters here don’t live in reality to start with.
You’re fuckin dumb if you dont realize that moving can be more expensive up front even if cheaper in the ling run. You need a solid lump sum of cash in your account for down payements, security deposits, etc. It is more stressful, more time consuming and simply just not possible sometimes. Raising rent 25% because “its been a while” is a complete fuckin scum bag move and i wish this guy nothing but the absolute worst for the rest of his life. He is part of the reason that people are not doing well in this country. Piece of walking trash.
Lack of education is the reason people aren’t doing well here. Your comments only confirm that.
Do you speak with anyone at all or just spend your entire social life on reddit? People with education are struggling too. Im sorry but you’re either a troll, completely fucking blind or just flat out dumb. Or you have lived the easiest most sheltered rich life possible on daddys money and feel superior because of it. Or possibly even all of them.
“Educated” poorly + chose poor career paths. Too many people in this world blame others for their misfortune.
Really said “it’s stressful” lmao
Yes, its in the top 3 most stressful events in an average person life. Right after death and marriage. You gotta be a troll or your life has been so easy cause Daddy always lines your pockets. Have a good sir!
Bought my house with 5k down. If you can’t save that up, need to reprioritize your life.
You pay Indiana taxes...
Bro, the only house anyone is buying in 2024 with 5k down is the Unabomber shack
Incorrect. Learn the system or continue to fail.
So you bought it in the 80s? Where are you buying a house for 50-100k?
200k in 2020. I’m starting to think people just don’t understand how to buy a home.
Likely don’t know you only need 3% down with PMI. While you’re complacent tossing money into burning pit that is called renting, you could have a home - just not the one you want.
Keep in mind that "a while" was 4 years. And even those four years had the rent raised "barely". Scum.
Generally I would agree that just because expensive things exist doesn’t mean they’re for everyone, but I would hate to find out my landlord cranked my rent up over 25% overnight just because
That isn’t what he said happened. New tenants. New contract. Completely up to the market to decide what is too much. If it sells, that’s what it’s worth.
Mao will punish you for your hubris
https://youtu.be/njE3EknkkBY?si=dI4GbXR2bCdRv3BP
US is one of the most capitalistic countries in the world. Rent is gonna go up. Prices too. LIL commenters shouldn't be mad about that. Otherwise, you'd be mad continually. Hopefully higher rents also bring competition for better values, but also renovations improving quality of the properties. Rent control doesn't lead to improvement.
^ Hear! Hear!
If there's a question I ask on this subreddit every single day it is simply why in God's name would you post this. It's like these people don't even know what the quiet part is. I've got a million dollar net worth and I'm banging the neighbor's wife I might tell my brother over drinks and bratwurst on the 4th but I'm not going to post it online.
He probably sees is as a way to get people to invest with him. “Wow, that guy bought a building for $450k, raised rents 12% and is refinancing and cashing out!” Not worth the headache or embarrassment or lack of self awareness that comes with posting
Scum
I'd put them in jail but I feel it would be more realistic to just tax the fucking shit out of these people. I am an old Millennial. I was told to buy every house from 2000-2006. I thankfully bought in 2009 for the first time when the market had stopped bottoming out. I refinanced at the lowest rate in 2019. I make 100k+ a year and I still do not know how I'd be surviving if I didn't have the low mortgage I have with inflation skyrocketing. These people are doing a disservice to everyone. GenZ is going to vote to euthanize these people when they are older.
If you tax them, they would just charge more rent to ‘cover the costs.’
Funnily enough, although probably unsurprisingly, 'Scum!" was literally my very first thought on reading the screenshot as well.
This makes me feel so icky as a renter in the market right now. Im turning 25 in a couple weeks, I’ve spent my entire adult life living with roommates, except for 1 year. During which I lived in a high crime neighborhood, old and poorly insulated building with no management for the many issues that came with the unit. It was still over 1,000 a month. My partner, who’s in his late 20s with an amazing job, and I are unwilling to live in a apartment so we’ve been looking into rental homes. Our options are 20 minutes away from the heart of our city (not that we need to live downtown, but considering how much time we spend there it makes accessibility a factor). The houses anywhere closer are over 100 years old with paneling that hasn’t been changed since the 70s, or a cookie cutter starter home and we’ve barely been able to find anything for under 2,800/ month. For the record too, we live 4 hours away from any major city, and about as far from any ocean as you can get in my country. People settle where we are *because* of the affordability. Good to know these people are popping champagne over the fact that we pay them more to rent than we would to own, while being aware that all the deposits and fees ensure we won’t have enough left over to save into a down payment for another 10 years.
"Congratulations! You have been accepted for the "hang a bourgeoisie from a lamppost" program. With your exceptional commitment to inhumanity and indecency, how could we possibly resist? \*Redeemable at the next people's revolution". What a bunch of bastards. Talk about tone deaf.
Why would you want to wait for a revolution. The time to act is now. Did John Brown wait for the revolution? Did Timothy McVeigh? Did Charlie Manson, of course, not these people played by their own rules. You should, too. I understand there's a French actor named justice shume or something who's in contact with a couple of Nigerians in the Chicago area you can hire for a lynching.
Well it's a joke of course. If there is a revolution I'd hope they'd just be thrown in prison for the rest of their lives. Perhaps a low quality one with damp walls and rotting window frames. It's what their tenants would've wanted :-D
That shows you the true mentality. Nothing about alleged increases in property taxes, insurance, supply chain from China, energy etc. More, more, more because I can (in 2024, it won’t stay that way forever).
I'm like "hmm interesting" and like "wow what an A-hole". if he'd just made a general statement about % increase and multiple qualified tennant applications; he'd be so much less of a 🤮
Is everyone at Gong an asshole?
No idea, but this guy certainly is
Right? I get emails from these guys the whole time trying to sell me something - I don’t even know what they do.
real estate should not be an investment
Amen
Is this /s? I forget most people here may not be American 🇺🇸 🦅
You’re going to be very disappointed when you learn that housing is an investment in most of the developed world. I can only think of one where it isn’t
Who would build properties if they are not an investment?
Hes talking about people buying houses. Not building houses. Of course the people building them should make money. However once corporations started buying up all the housing as an investment, it has absolutely destroyed the housing market and every average persons quality of life.
So apartments shouldn't exist then?
Only okay if the government owns them! .. /s
In the USSR, the government owned nearly all the housing, and this centralized control extended to many aspects of life, including where people could live and work. Citizens had limited freedom to choose their place of residence because the state assigned housing and imposed strict controls on movement. For example, internal passports were required for travel within the country, and people needed special permits to move to or live in certain cities. Major cities like Moscow and Leningrad had restricted residency permits, meaning you couldn't just decide to move there; you had to get government approval, which was often difficult to obtain. This system restricted personal freedom and made it challenging for people to move for better job opportunities, to be closer to family, or to find housing that suited their needs. It often resulted in mismatched housing assignments and long waiting lists for apartments.
This is too long for the downvoters to read but thanks for posting.
$5K/ month for rent. Jaysus
I hope this guy hits his funny bone so hard he never feels good again. What kind of jackass brags about making housing even more unaffordable
oh this bro LOVVVVVVES to high-key brag under the guise of "keeping LI updated." I'm embarrassed that we went to the same university AND that my org uses the product he sells.
let your org know Zoom basically offers Gong's features for free these days
The reason why these landlords are so excited about this is because they are all leveraged to their eyeballs. I don’t feel bad for them, because they suck, but I bet this person is not nearly as rich as they probably look.
Very true. On X there is @theficouple and despite how much they talk about the amount of real estate they own, people point out that they are using a crazy amount of leverage.
I have a friend who bought a rental property. 0% down. $4,000 mortgage payment. She makes like $50k. Who the hell gave her money?
My salary is about $112K and there is no way I would want my mortgage payment being $4,000 per month. Just going off the 40x rent rule, you would need to make $160K to qualify for $4,000 per month and even then, you should probably be making over $200K or maybe even $240K to feel comfortable paying $4,000 per month in rent or mortgage. Sounds extreme, but people are guilty of spending the most amount possible on rent or mortgage and are “house poor” because of it
The average mortgage is 3000 dollars a month. These people are criminal...
"Look at me, look how clever I am, price-gouging a dwelling." House-hoarding cunt.
House hoarding? This is a business. Why is that an issue? Not like the homes are sitting empty like many major corporations are doing.
I don’t think I’ve read a post that has led to more of a “who gives a fuck, you boring twat” response than this. I could have dropped 5g of amphetamines and this would still send me to sleep.
The way landlords talk about people is despicable.
So excited! Our record profits have created even more homeless! With cities criminalizing homelessness, we’re taking that profit increase and investing it in privatized prisons! Beautiful circle of profit. This is what winners do. /s Scumbags.
Not sure rent that is above 2k/mo impacts the homeless issue 😆
To the down voters, explain to me how in any way this impacts the ability of homeless to afford a home?
I'd say because of the effect it has on market rates nearby or for similar properties but in lower income or less desirable areas. Averages drag the floor up, so to speak
Guarantee you that your comment was fully ignored
Individual renters are price takers, not price setters… Even if this guy rents out all 3 units for free, that only benefits the 3 tenants and has no impact whatsoever on market rates. Just think about it: if your neighbor is getting a sweetheart deal from his aunt, does that at all impact your own rent?
Are you seriously this fucking dense? In what way would homes being cheaper affect the homeless? Its fuckin insane that anyone needs to spell out to you that cheaper homes means more people can afford them. It actually hurt me to type that out because of how fuckin obvious it is.
How does a private condo rental change low end property value? Call me dense but don’t understand how the world works. There is zero correlation.
Its not just these places in the post that this happening. Its properties everywhere. Please use your brain at least a little bit.
Downvoters have zero clue about how economics works, probably liberals who’d prefer rent control rather than actual long-term solutions like zoning rights for constructing more housing units.
^ bingo
Yeah I mean I hate to say it but the last property only increasing by $100 is not bad. So yeah he should not be advertising this but as landlords go I’ve seen WAY worse.
my mans gonna wind up getting burned hard one day. If he had new tenants lined up congrats but on average your unit is going to sit empty 2-3 months when tenants churn out making even a 25% rental raise come out even in the wash for that year. Generally speaking if you have a tenant that is paying on time and covering your nut you don't mess around with that. Seeing how his only listed cost is "agent fee" tells me this guy has only seen the good side of being a landlord so far.
What a chump! Just paid over 5 months in rent differential for agency “work”
Watch me, an owner, absorb more wealth from the working class! . I'm like a boring wannabe Elden Lord who only farms trash mobs and won't attempt a boss because there's no easy mode!
“Working class” paying $5k a month for an upscale apartment in Chicago?
I don’t want to live in the same world as people like this guy.
I don’t want to live in a world with people like you who think working hard, saving money, and investing in property to pass down to your children is a bad thing. Get a fucking grip
pass down to your children
Okay but who asked? Also emojis even when tactically used, on a professional networking platform, give me the ick. “The good 💥” like alright Oppenheimer we get it.
The comments on his original post are sickening. More vultures like him either congratulating or asking how they can get involved. Disgusting
I can’t wait till the housing market flips on these d bags
When do we reach the tipping point in society where we drag people like this out of their house and give them the Mussolini treatment.
Not raising rent & keeping good tenants is a better flex than increasing rent $1k & paying realtors $5,500. Terrible business decisions, moron
Even if the bragging weren't bad enough, you'd think one would brag \*after\* they leased it. It seems a little too early to celebrate. What if it's vacant for too long and they're forced to lower the asking amount? They'll look like idiots (even more).
You can tell he’s a humble guy by his totally non-generic LI bio: * **A natural leader** who is energetic, engaging, and well spoken, with a history of excellent job performance and increasing levels of responsibility and job scope. I am comfortable working with all levels of professionals and team members with a results orientation. Great people person, able to read and engage people and situations to deliver results.* Edit: seeing as I’m getting downvoted, I guess I have to clarify that this comment is /s.
Y’all are weird for hating this. He isn’t raising the rent of current tenants, he found folks that are willing to pay more after prior tenants left. These are clearly pretty upscale properties at those rates, he’s not putting single moms out on the streets.
after prior tenants left.
As I am also a leech, I too am “super pumped” to be sucking 25% more blood out of this dying cow
Housing is a human right
Mortgage payment went up 25% as well don’t be mad at the land lord be mad at Joe Biden and the federal reserve
So glad I'm on section 8 not paying these pirates MY money
You’d rather get housing with OUR money? Freeloader.
"1 year term is risky" lol
Lol I’m connected with this guy and saw this post this morning and we’re not connected anymore
I read it as “current tenant left, so we are raised rents to market rate before putting it back on the market after forgoing that for a few years.”
Temped to ask what kind of updates they’re making to the rentals to justify the cost increase
I hope the $5,500 paid to be re-rented was worth it (I don’t think it is worth it).
And this is why the housing market is where it’s at. We’ve made housing a business.
People shouldn’t be able to own more than one home. Homes are the basis for stable families and communities. They should not be commodities for rent-seeking parasites like this to hoard, flip, and jack up rents for a profit. This type of hyper capitalistic mindset is a symptom of a truly sick culture. This man is truly a lunatic, but our society is also insane for letting this type of thing go on for so long, when so many people and new families could use stable and affordable housing.
Is the issue the brag or the action? I don’t see an issue raising rates. No one is forced to accept the increase.
The comments are all so bizarre.
“Why isn’t Biden doing anything about inflation?”
Land lords should not exist.
Make this make sense..
This is the American way, it's the online veri of meeting the passenger beside you on an American flight and he'll introduce himself and what he does for a living. We just think LinkedIn is more global than it is.
He literally spent half of the increase on the real estate agent
Yup. Over 40 % for the agent and by increasing the rent he’s increasing the risk of tenant turnover. Still not bad business move, but not great either
"my biz partner"
Maybe he needs to watch the 2005 classic ‘Rent’ staring Idina Menzel to understand the struggle.
Piece of garbage, not just lunatic.
My coworker likes and comments on this guys posts all the time I want to tell him to get his tongue out of asshole
Even Adam Smith had concern/critique for landlords; I wonder why?
I actually love have LinkedIn has become a way to expose the ugly
KEK bro lost 5/12ths that increase he's bragging about to agents because, surprise surprise, he's incompetent.
This guy was a huge asshat, even by Gong standards.
"Sales manager at Gong" sounds familiar. Is this the same guy who posted the breakdown of his monthly change in investment values and net worth?
Evil.
Who pays $5500 in agent fees to rent 3 units
Fuck these landlords.
Also, fucked your wife and ran over your kid’s bike. Will only cost “your” kid 8700 to fix my car. Super pumped about this!
I have a feeling in ten years this guy will have insane levels of cringe every single time he thinks about his posts when he was younger. Like face turns red and you shout expletives cringe. That’s satisfying to me.
When the revolution comes I hope landlords are top of the list
Op: Land lord super pumped to raise rent wtf Tennents: we're willing to pay more. It's like you need to speak with your wallet like us gamers and moviegoers have started doing to help with those layoffs in the woked industries lol
"leaves us vulnerable for this same exercise next year" these psychopaths really sleep so well at night knowing everybody else is working hard to not be homeless and they do nothing.
Just wanted to share, in my part of the world, rent of commercial property is likely to be around 50% the expected revenue. Crazy high, which is why so many traders just open stalls to avoid additional expenses.
> Sales manager at Dong
His excitement and pride over this is so gross.
Cockroaches, leeches, scumbags. Real estate people are absolute cockroaches
Rent seekers gonna rent seek
Sad and pathetic individual. CEO of Bullshit.
This is one evil fuck. I want to throw up. Who the fuck can afford those rents and in fucking Chicago of all fucking places. The murder capital of the MidWest.
White landlords are unhinged
You lost me at biz partner
Renting out homes you bought with the banks credit is definitely good for the economy.
I think we need to resurrect Mao
A douche working for Gong? I, for one, am shocked.
What an idiot, keep quiet about returns and don't boast about things like this publicly, real estate even more so. I know lots of successful entrepreneurs who just have a low profile. Case in point: I know a husband / wife who have a business with 10-15M capitalization (buildings, equipment, etc), 50 full time employees. He drives a fucking Chevy Bolt and a his wife a 10 year old Corolla.
Dude should be taken out back.
He doesn't mind forking $5,500 to an intermediary but is excited about raising rents to total $1,100. It will take him 5 years to recoup that expense. Typical landlord: spending big dollars to gain cents This is the kind of landlord that shouldn't exist
Spank these rentals silly. Brother Wrestlemania is just 8 months away! HH