To the Readers' Forum:
What's it like to be a landlord in Jamestown, and why continue,
Well, let's look at things most non landlords don't realize:
1) Landlords are one of the biggest property taxpayers in the city.
2) The average landlord over a five year period will lose six months of rent to not being paid.
3) Landlords pay an average of $500 in cost to perform evictions in the city.
4) Landlords have judgments placed against their property when tenants do not honor their debt with the BPU so they get stuck. I know of landlords who owe many thousands of dollars for old BPU bills.
5) Landlords pay out an average of 6 months rent for repairs maintenance, clean up, painting etc.
6) We do not as a rule qualify for grants for repairs etc. as they are mainly for the not for profits.
7) Most folks are not aware that a grant from the city, county and state was given to Bradmar of $1,000,000 to upgrade their housing on Martin Road.
That the average cost per unit for the new housing on Second Street was over $350,000 per apartment (don't forget this is your money).
8) The new apartments on 2nd Street pay a in lieu of tax fee to the city however the county receives no tax income.
9) When these low income houses are built, for every unit built an existing unit starts a degrading life as there is negative growth in the city so instead of building new units the government should try to help homeowners with the ones that are already there.
10) When there are government funds available to help landlords on a 50/50 basis, the landlord's 50 percent cost is many times double what they could get the job done for using a local contractor - reason being is they are only allowed to use specific contractors approved by the grant provider.
11) We are lucky the last few years with the higher taxes, losses on rents and BPU charges if we make a little money for the headache. Also the value of rentals in Jamestown is not going up but is declining mainly due to oversupply.
Douglas Barmore
Gerry