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Old 10-15-2009, 06:21 AM
 
Location: Beautiful beaches of Florida!
207 posts, read 402,241 times
Reputation: 65
Quote:
Originally Posted by snorkey View Post
When they apply and have interviews, most renters say I will use and fix the house as it was my house. If they do really mean it, then they are saying they will fix it as they would if they owned it.
I don't think you want to lease million dollar homes to just anyone. Interviews are very important IMHO.

If I am a renter am I going to pay to repair a leaky roof, new hot water heater or maintenance on an AC in my RENTAL? No way. Most renters dont anticipate throwing money away on repairs for a rental otherwise they would buy.

People dont always do what they say they will..same goes for the landlord.

Whoever mentioned million dollar homes?
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Old 10-15-2009, 11:47 AM
 
100 posts, read 203,483 times
Reputation: 50
Quote:
Originally Posted by nwc07 View Post
If I am a renter am I going to pay to repair a leaky roof, new hot water heater or maintenance on an AC in my RENTAL? No way. Most renters dont anticipate throwing money away on repairs for a rental otherwise they would buy.

People dont always do what they say they will..same goes for the landlord.

Whoever mentioned million dollar homes?
You are right. I wouldn't want to pay for the leaky roof, hole on a siding, etc on rentals.
As for renting, I thought they don't buy because they can't afford it. I always thought house is something good to have and it is American dream to own a house.
As for million dollar homes I have mentioned, my bad, that was meant from my rental. I have one small rental and that is where more problem is at.
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Old 10-15-2009, 12:16 PM
 
Location: Falls Church, VA
722 posts, read 1,212,480 times
Reputation: 306
Quote:
Originally Posted by snorkey View Post
You are right. I wouldn't want to pay for the leaky roof, hole on a siding, etc on rentals.
As for renting, I thought they don't buy because they can't afford it. I always thought house is something good to have and it is American dream to own a house.
As for million dollar homes I have mentioned, my bad, that was meant from my rental. I have one small rental and that is where more problem is at.
Actually, there are reasons not to buy (as much as I personally complain about renting!) beyond cost. Key quote, though to be fair some of this does not apply to NoVA:

If anything, our government policies should encourage renting, not buying. Homeownership occupies a central place in the American Dream primarily because decades of policy have put it there. A recent study by Grace Wong, an economist at the Wharton School of Business, shows that, controlling for income and demographics, homeowners are no happier than renters, nor do they report lower levels of stress or higher levels of self-esteem.


And while homeownership has some social benefits—a higher level of civic engagement is one—it is costly to the economy. The economist Andrew Oswald has demonstrated that in both the United States and Europe, those places with higher homeownership rates also suffer from higher unemployment. Homeownership, Oswald found, is a more important predictor of unemployment than rates of unionization or the generosity of welfare benefits. Too often, it ties people to declining or blighted locations, and forces them into work—if they can find it—that is a poor match for their interests and abilities.


As homeownership rates have risen, our society has become less nimble: in the 1950s and 1960s, Americans were nearly twice as likely to move in a given year as they are today. Last year fewer Americans moved, as a percentage of the population, than in any year since the Census Bureau started tracking address changes, in the late 1940s. This sort of creeping rigidity in the labor market is a bad sign for the economy, particularly in a time when businesses, industries, and regions are rising and falling quickly.
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Old 10-15-2009, 01:04 PM
 
Location: Censorshipville...
2,439 posts, read 3,676,297 times
Reputation: 1196
Yeah not everyone should own a home, I mean who would rent my house then...
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Old 10-17-2009, 08:25 AM
 
409 posts, read 487,866 times
Reputation: 265
Thought you guys would be interested to know that I rented out a house in Arlington yesterday where the owner was asking for a $200 repair deductible! I told the other agent that was ridiculous and got the owner down to $100 which my renters finally agreed to.
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Old 10-18-2009, 11:02 AM
 
386 posts, read 837,250 times
Reputation: 119
So, your renters were infact willing to pay that deductible.. Hmm, interesting. If I may ask, how much lower than the market value was the rent, particularly compared to the apartments nearby? I presume it only makes sense to the tenants if the difference were to be significant enough that they are willing to take the chance (as you really have no clue what the state of the property is, not like you are doing an inspection or anything as a tenant before you move in)..
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Old 10-18-2009, 02:25 PM
 
409 posts, read 487,866 times
Reputation: 265
Quote:
Originally Posted by vauser View Post
So, your renters were infact willing to pay that deductible.. Hmm, interesting. If I may ask, how much lower than the market value was the rent, particularly compared to the apartments nearby? I presume it only makes sense to the tenants if the difference were to be significant enough that they are willing to take the chance (as you really have no clue what the state of the property is, not like you are doing an inspection or anything as a tenant before you move in)..
It's a SFH, not an apartment, in Arlington and the rent is about equal with other rents in the area. But my clients are German and they said repair deductibles are standard there. They were more than willing to pay the $200 but I told them it was crazy.
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Old 11-01-2009, 02:50 AM
 
35 posts, read 49,405 times
Reputation: 33
Quote:
Originally Posted by lindy112 View Post
It's a SFH, not an apartment, in Arlington and the rent is about equal with other rents in the area. But my clients are German and they said repair deductibles are standard there. They were more than willing to pay the $200 but I told them it was crazy.
They were crazy to agree to ANY deductible and you were crazy to even consider leaving it in the lease at all. Both agents were remiss in their duty to their clients.

The land lord's agent by ensuring that if anything happens in the house, damage will not be reported until AFTER the repair costs exceed $200/$100.

You, by negotiating this deductible down rather than out.

It doesn't matter what your clients did while living in German. Arlington is not Germany and US landlords' interpretation of maintenance is not consistent with Germany.

You sold your clients a bill of goods and I hope they are not $100 dollared to death during the terms of their lease.

====

My neighbor who is renting a privately owned town house from a realtor who owns less than 4 properties has been leasing on a month-to-month since her original lease expired. In mid-September, the landlord sent an email (followed up with a voice mail) telling her that her October 1 rent will be increased by $200/month. My neighbors had no choice but to pay the rent increase with only two weeks notice, and included their 2 months notice to vacate the premises with their October rent payment.

Because of the "4 properties" exclusion, she can get away with this. But she is a very savvy realtor who KNOWS the law and uses it to her advantage, including limiting the number of rental properties she can own before held to the more restrictive rental laws.

I bet you know her.

Last edited by Junes_reston; 11-01-2009 at 03:04 AM..
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Old 11-01-2009, 05:55 AM
 
Location: Central Maine
1,305 posts, read 1,442,549 times
Reputation: 987
Quote:
Originally Posted by lindy112 View Post
It's a SFH, not an apartment, in Arlington and the rent is about equal with other rents in the area. But my clients are German and they said repair deductibles are standard there. They were more than willing to pay the $200 but I told them it was crazy.
My concern, as the landlord, would be whether the tenants are going to repair anything, or report anything, until it becomes devastating. Let me give you an example. I'm renting a townhouse. I've reported to my landlord that water leaks under the patio onto the new wood floor in the living-room when it rains hard. Now, if I had a deductible, why would I worry about it? So what if the floor gets ruined eventually or water leaks down the downstairs wall and ruins the wall, or mold grows eventually or............................

I think landlords are penny wise, pound foolish by doing this.
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Old 11-01-2009, 07:42 AM
 
409 posts, read 487,866 times
Reputation: 265
Quote:
Originally Posted by Junes_reston View Post
They were crazy to agree to ANY deductible and you were crazy to even consider leaving it in the lease at all. Both agents were remiss in their duty to their clients.

The land lord's agent by ensuring that if anything happens in the house, damage will not be reported until AFTER the repair costs exceed $200/$100.

You, by negotiating this deductible down rather than out.

It doesn't matter what your clients did while living in German. Arlington is not Germany and US landlords' interpretation of maintenance is not consistent with Germany.

You sold your clients a bill of goods and I hope they are not $100 dollared to death during the terms of their lease.

====

My neighbor who is renting a privately owned town house from a realtor who owns less than 4 properties has been leasing on a month-to-month since her original lease expired. In mid-September, the landlord sent an email (followed up with a voice mail) telling her that her October 1 rent will be increased by $200/month. My neighbors had no choice but to pay the rent increase with only two weeks notice, and included their 2 months notice to vacate the premises with their October rent payment.

Because of the "4 properties" exclusion, she can get away with this. But she is a very savvy realtor who KNOWS the law and uses it to her advantage, including limiting the number of rental properties she can own before held to the more restrictive rental laws.

I bet you know her.
Ouch! My clients had already lost 3 rentals with another agent due to not agreeing to certain terms of the lease or the properties going to someone else. They were pretty desperate by this point and were willing to accept anything. The bottom line is they're adults and can decide what they are and are not willing to accept. They were actually quite happy that I got the deductible down to $100. Sorry - more and more landlords are requiring these deductibles and whether you and I agree with them (which I don't) doesn't matter.
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