Hi Chapos throwaway for obvious reasons.

I’ve managed to buy an apartment, two bedrooms. I live in it, but I rent the other room out. Is it unethical for me to hide that I’m the owner?

I don’t really lie-lie, like if I’m asked straight up I’ll answer, but I’ll avoid it if possible.

It’s mostly because it creates an odd power dynamic and I’d rather have a flatmate than a tenant if that makes sense.

Reason I bought is I don’t want to deal with landlords, obviously.

Do I get the wall?

  • space_comrade [he/him]
    ·
    2 days ago

    How much are you renting it for? If you're taking in profits and not just covering expenses then kinda go fuck yourself tbh.

    Also how do your tenants not know who they're sending money to? Do you just collect the money and pretend to give it to some other person?

    • GuiltyConscience [he/him]
      ·
      2 days ago

      Renting for market rate. Utilities shared.

      I take in less than half of what I pay to the bank in interest on the mortgage, so on paper right now it’s making a loss. (ofc the hope is that’s offset by interest rate drops and capital gain in future, so I’m not crying poor.)

      Head tenant situations here aren’t uncommon, where one person has the place formally rented, and is in charge of paying the rent. I don’t pretend someone’s chasing me for rent or anything. I just say rent goes into that account.

      I give the option of a written contract at the outset, but so far people have been happy enough to go with the informal setup.

      • Roonerino [they/them]
        ·
        2 days ago

        Less than half of the interest payment, or less than half of the mortgage payment? Because I don't believe you when you say market rent is only half of the, what, roughly 5% APR interest rate on the loan?

        I'm guessing what you're saying is that your tenant will be helping pay down your mortgage, but without getting any equity. If that's the case, then you're definitely setting up an exploitative, unequal relationship with your tenant. Whether that is inherently unethical or wrong is a more subjective matter, but any friendship you might think you have with your tenant/flatmate is going to be primarily colored by that unequal power and exploitation.

        • GuiltyConscience [he/him]
          ·
          2 days ago

          Less than half of the interest payment, or less than half of the mortgage payment? Because I don't believe you when you say market rent is only half of the, what, roughly 5% APR interest rate on the loan?

          Less than half the interest payment. It’s 90% leveraged, with interest of 6%.

          If you factor in projected capital gain, then at this interest rate it’s barely break even. (That’s not to cry poor. I went into this planning on interest rate drops.)

          • Roonerino [they/them]
            ·
            2 days ago

            Wow, that sucks. Well you should probably be up front to your tenants regardless, easier for everyone involved.

      • space_comrade [he/him]
        ·
        2 days ago

        I take in less than half of what I pay to the bank in interest on the mortgage, so on paper right now it’s making a loss. (ofc the hope is that’s offset by interest rate drops and capital gain in future, so I’m not crying poor.)

        Eh ngl it's kinda shitty you're having other people pay your mortgage, then again the bloated housing prices are ridiculous and you are actually using the real estate yourself.

        You should at least be completely honest with your tenants tho, they deserve to know the whole situation.