slemptastrophe

My partner and I are considering buying a multifamily property for the purpose of using it to provide affordable housing. Neither of us have any experience with this. IF we proceed, we want to do it in a way that helps our community, not preys upon it.

I won't lie and say this won't be a source of income for us as well, I just want to know how it can be done ethically, and equitably to provide safe, comfortable, affordable housing for people who may be priced out of other properties, while also providing for us and our family.

Can anyone point me toward any resources or guidance online? We would really appreciate it.

#housing #community #communityethics #landlords #rentalproperty #rentalprices

Jan 16 at 5:01pmWeb
Show threadNate AllenJan 16

@dirt_character I don't have any direct experience with this either, and this may not be a good fit for your particular situation, but I think the idea of community land trusts is interesting.

https://en.wikipedia.org/wiki/Community_land_trust

Community land trust - Wikipedia

Show threadGeoff 🏴󠁧󠁢󠁳󠁣󠁴󠁿Jan 16
@dirt_character If I had silly money and wanted to do this I'd buy the house and "rent" it to somebody at the market mortgage rate, plus a mutually agreed amount to cover repairs etc, and profit if I wanted/needed it. And the "tennants" gain the equivalent equity in the house with each payment. If they do 25 years, or whatever the mortgage would be, the house is theirs.
Basically, I'd be a middle-man to get them a mortgage and house, if the banks won't.
Show threadslemptastropheJan 16
@_thegeoff
That is a very interesting idea. I like that. Thank you!
Show threadBlueDot🇺🇦Jan 27

@dirt_character

Consider reaching out to a local tenant's rights organization. They probably can identify priorities, and mistakes to avoid. Some will have an idealized lease form you can use.