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I figured the Taxes were different in CA vs WV Thanks for clearing that up also.
I actually was friends with a lady that came to WV from CA she was tell me Taxes on property was the same no matter what it was. I didn't think she had any reason to lie to me.
Mortgage lenders don't immediately rev into legal action mode at a 30-day late payment, landlords do in five days. Something gets landlords worked up that doesn't faze mortgage lenders.
Well, for one thing, your average landlord doesn't have nearly as much money as a big bank like Wells Fargo.
When you're owed money (like a paycheck), don't you expect it in a timely manner? It's not that you need instant gratification -- it's that the person who owed you agreed to pay you at a certain time, and that time has come, so you expect your money.
Quote:
Originally Posted by freemkt
Do your research, landlords commonly require their applicants to have income 3x or 4x (or more) the rent.
How can these landlords NOT requalify their tenants annually? If they do not requalify their tenants annually, then isn't 3x or 4x a meaningless requirement NOT related to ability to timely pay rent? What's to stop applicants from gaming their rental apps by working extra for six months to get to the magic qualifying income?
I think in most cases, once you have rented for a year and have paid your rent on time every month, your landlord just trusts you. It makes sense that a landlord wouldn't immediately trust someone they just met but would somewhat trust someone who has made 12 months' worth of payments on time and have otherwise been decent tenants.
Quote:
Originally Posted by freemkt
as I've said a Zillow times, Renting is where you pay a premium to enjoy temporary, impaired use of property (with nothing to show for it in the end),
That's true. That's why I hated renting. If you hate renting too, you should buy. That's what I did. Some people like/don't mind renting.
Quote:
Originally Posted by freemkt
What would you do it he didn't have a license to drive?
Go get a license to drive.
Quote:
Originally Posted by renter16
But isn't that because you have to pay water, heat, and taxes?
I always had to pay for water and heat when I rented. Not taxes, though.
On a side note, if I were a landlord, I would feel uncomfortable with owing a mortgage on a rental property (especially multiple properties) and needing the rent payments in order to pay the mortgage payments. To me, that seems like skating too close to the edge. It's not my business, but I'm just saying...
Not in Calif:
California’s system of property taxation under
Proposition 13 uses an acquisition-value standard:
county assessors determine a property’s value
when it goes through a change in ownership or
undergoes new construction, and tax is assessed
at 1 percent of this value, plus a rate for voterapproved
indebtedness. Thereafter, the taxable, or
assessed, value of property may increase annually
by the lesser of the rate of infl ation or 2 percent.
Under a split roll, not all properties on the
assessment roll are treated equally. For example,
a split roll may require businesses to pay property
taxes at a rate higher than the rate imposed on
homeowners. There is no split roll in California
for locally assessed real property: property taxes
are imposed without distinguishing property used
as a principal residence, or an apartment building
rented to tenants, or property used for commercial
or industrial purposes. All locally assessed
Proposition 13 property is subject to the same
rules regarding the maximum assessed value and
maximum tax rates.
California is among the minority of states which tax rental and owner-occupied property at the same rate. There ARE organized groups in CA who want to adopt split roll property taxes.
SAN FRANCISCO
Gov. Jerry Brown on Tuesday called efforts to change Proposition 13, California’s landmark property tax-limiting measure, a “tar baby.â€
Brown, speaking at an Urban Land Institute meeting, said he would not advocate removing Proposition 13’s protection for commercial properties, a plan known as a “split roll.â€
Could you guys have gone more off topic on this one?
Property taxes here do not go up for rentals, there used to be a credit that primary homes received but I haven't seen that in a few years and was a small amount at the time as it was only for the school district portion. CA just went from a huge surplus to a $150 million deficit so it makes sense to change their backwards rules on property taxes.
Could you guys have gone more off topic on this one?
Property taxes here do not go up for rentals, there used to be a credit that primary homes received but I haven't seen that in a few years and was a small amount at the time as it was only for the school district portion. CA just went from a huge surplus to a $150 million deficit so it makes sense to change their backwards rules on property taxes.
Not at all off topic... Just interesting how it goes on...off ... on ..off I think this is On topic again
Y'all are looking at things in a back-asswards way, though.
Landlords rent out property to make money.
If you don't like it, buy.
Another slumlord statement. I know they don't want to spend any of it to take care of THEIR Property. But that's not what this thread is about.... off topic again
Another slumlord statement. I know they don't want to spend any of it to take care of THEIR Property. But that's not what this thread is about.... off topic again
I'm not a landlord at all, much less a "slumlord." I am a homeowner, though, so at least I know what that's like.
Since it's so easy to buy multiple properties and screw people over, why don't you guys (Katie and freemkt) go out next week and buy a few places? Maybe single-family residences, maybe an apartment complex or two.
Then, you can be nice like landlords "should be," and let people move in without an income, without references, etc. Let them bring their pets.
Make sure that you respond to every maintenance request so that you aren't "slumlords." If the tenant asks for a new roof or a new HVAC system, you should replace it. Tenants deserve it...it's not like they can afford their own house or something!?
Since it's so easy to buy multiple properties and screw people over, why don't you guys (Katie and freemkt) go out next week and buy a few places? Maybe single-family residences, maybe an apartment complex or two.
Then, you can be nice like landlords "should be," and let people move in without an income, without references, etc. Let them bring their pets.
Make sure that you respond to every maintenance request so that you aren't "slumlords." If the tenant asks for a new roof or a new HVAC system, you should replace it. Tenants deserve it...it's not like they can afford their own house or something!?
Well said. Some peoples view of what a landlord should/shouldn't do is laughable.
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I know they don't want to spend any of it to take care of THEIR Property. But that's not what this thread is about.... off topic again
