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when you move in the rents are very near market or at market . the lag in rents happened many many years ago , decades in fact , when the rents for original tenants were manipulated to win votes .
just about all the apartments in our building are at market or a hair under but nothing that will influence your life either way . the only way you are ahead is to have been in the apartment already for decades .
it is all about the turnover the apartments saw over the years and the capital improvements in the building .
Yes, i know that, I said the window closed years ago. I'm talking about people who got in around the 1950s and 1960s and have lived there 50 or so years. As you know, a small number of them are still in their ancient rent-controlled units, and some well-known names have been publicized over the years. The key to success in this endeavor is to avoid turnover.
my wife is in ours 35 years . but we are very close to market because the building is always going through capital improvements .
for 35 years we should be paying a lot less . but i like the building and new cost money . we have a pool and tennis courts . some of the apartments that are renovated are now decontrolled since the rent finally reached the threshold ,.
Last edited by mathjak107; 11-26-2015 at 10:42 AM..
Owner financing is rarely available on low-end condos. Most are rentals and landlords usually don't sell with seller financing. The owner-occupants in low-end condos are usually encumbered by a mortgage and due-on-sale clause, so they cannot owner finance.
I disagree. I've been online shopping for a condo for about a year now in a particular area and I see owner financing come up all the time. Why? If the owner wants to sell and buyers can't get a mortgage because the complex has too many renters, or just because the mortgage would be so small, then offering owner financing is how they sell it. If they have owned the condo for any length of time, the mortgage is small or paid in full already. It's often not an impediment to the seller.
I disagree. I've been online shopping for a condo for about a year now in a particular area and I see owner financing come up all the time. Why? If the owner wants to sell and buyers can't get a mortgage because the complex has too many renters, or just because the mortgage would be so small, then offering owner financing is how they sell it. If they have owned the condo for any length of time, the mortgage is small or paid in full already. It's often not an impediment to the seller.
This may have been possible at some point in US history - for *some people* - but, it sure as hell is NOT TRUE NOW.
Poor people buy things such as Xbox, flat screen TVs, beer, clothes - or whatever you want to begrudge them - because they have to "make it through the night". The metaphoric "night" that is grinding poverty.
I am not a techy, showy person. Hell, I don't even have a smart phone, and I don't care. I don't smoke. I don't use drugs. But I can have empathy for poor people who need these things to carry them through the devastation of a life of poverty.
Ask yourself - would I trade my life for the life of a poor person? No way. I do not judge them.
It's Thanksgiving. I am very thankful for what I have.
People need clothes.
No one needs an XBox, flat-screen TV or beer, no matter how much they think they do.
There is a real, unfortunate confusion between "need" and "want."
I disagree. I've been online shopping for a condo for about a year now in a particular area and I see owner financing come up all the time. Why? If the owner wants to sell and buyers can't get a mortgage because the complex has too many renters, or just because the mortgage would be so small, then offering owner financing is how they sell it. If they have owned the condo for any length of time, the mortgage is small or paid in full already. It's often not an impediment to the seller.
Fair enough; it makes sense and I'm not in the condo market to observe differently. There was a lot of owner and creative financing in the early 1980s when mortgage rates were in the neighborhood of 15 percent.
I guess it depends on which minimum you are referring...
A family I know recently bought a home here in the Bay Area... they are from the Philippines... Mom and Dad work in a residential care facility... they both are custodians/janitors.
They have adult children that work at McDonalds as does their son-in-law...
Lots of low wage jobs combined was enough to buy a home...
By the way... minimum wage here in Oakland is $12.25 and hour... the family earns over a 100k together... family working together to help each other...
Their fondest wish is for their granddaughters to grow up to be Registered Nurses....
You know, with just a small buffer (couple hundred bucks) one can avoid overdraft fees, payday lenders, pawn shops, etc. Is that a solution to poverty in and of itself? No. Does it help one avoid financial traps? Absolutely.
Yes, exactly. It's all about focusing on what one can do vs. thinking "oh saving on that monthly bank fee won't make that much difference".
The bank fee subject is particularly salient to me right now as I have a friend who is in the process of breaking the poverty mindset. For her, she really did need to earn more money. Now that she actually is earning some money (and we're talking only somewhat above minimum wage at this point), she now has enough saved in the account so that she doesn't have to pay that monthly bank account service fee. And she's like...."What the heck was I thinking all that time? When I made less money and had to pay the fee, it didn't bother me. Now (that I have some money) I don't ever want to have to pay that stupid fee again!" For her, that was a major breakthrough in shattering the poverty mindset.
If excuses paid dividends some of the CD posters would be millionaires
Perhaps even billionaires.
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That's crazy talk 
It's all about focusing on what one can do vs. thinking "oh saving on that monthly bank fee won't make that much difference". 
