Do you enjoy giving money away?

[Patrick Britton]

So if anybody is looking for a super easy way to lose money here's my suggestion. Buy a property in the South side of Chicago and wait.

With enough time, the tenants will stop paying rent, destroy the place, and then not leave forcing you to paying all the legal costs and deal with an eviction.

Here’s the procedure with a little more detail: You buy a house, fix it up and rent it out (to someone who cannot afford to buy their own house). After a few months, the “renter” stops paying and gets to live there, free to enjoy the utilities that you’re also paying for, and then once this person finally vacates the house will be utterly destroyed.  Also, they will sneak a pathetic little half-dog in, which will be sick and poop everywhere.  

I truly consider myself to be a bit of a liberal socialist but because of the “renters” in the South side of Chicago have turned me into a vindictive, contemptuous, borderline-nationalist/extremist who is never, ever going to rent to anyone down in that area of the world. These people are rotten to the core, have no sense of decency, responsibility or good judgment.  

I didn't used to think this. I honestly thought that I was providing a service; a house that someone could live in, for a price that's less than the cost to buy it. I win and the renter wins. It is a win win situation, or is it not?

No it isn't, you're giving everything to these tenants. all you're getting in return is a massive tax write off.

But it's not all bad news because this is what you simply have to do:  Buy a house in a subdivision in a cul-de-sac and rent it to a family that has kids and pets.  I know, buying a house for a family in a cul-de-sac of a respectable neighborhood is gonna cost a lot of money. But I would rather spend a lot of money on something really good than spend less money on something that is going to turn into garbage.