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Old 10-05-2017, 01:36 PM
 
17,389 posts, read 11,922,116 times
Reputation: 16136

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Quote:
Originally Posted by freemkt View Post
The Rent Is Too High --> renters cannot save up an adequate down payment --> stuck in crappy rental market indefinitely.


See how that works?
How what works?

I've been a renter, and managed to save for a down payment. Then, after a divorce, a layoff and a move to another state that left me back to square one, I rented for a year and managed to save for a down payment. Now granted, I didn't spend a lot of my money on a storage unit to hold useless junk, but I did have to watch my pennies.

I also have a good friend who has been a renter since she was 20 (she's 55 now) who just bought her first home. And this in one of the most expensive rental AND housing price areas in the country.
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Old 10-05-2017, 03:04 PM
 
Location: Riverside Ca
22,146 posts, read 33,335,213 times
Reputation: 35433
Quote:
Originally Posted by freemkt View Post
The Rent Is Too High --> renters cannot save up an adequate down payment --> stuck in crappy rental market indefinitely.


See how that works?
Or you can work a second job, or find a higher paying job, thus allowing you to save money. In time you can get a retirement or a house

See how that works?
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Old 10-05-2017, 03:16 PM
 
Location: Grosse Ile Michigan
30,707 posts, read 79,517,251 times
Reputation: 39443
If you are paying more when taxes go up you should get a discount if they go down.

Way back when we rented a house, we made a deal with the landlord. I would do any needed repairs or replacements of minor things that I wanted to do like new doorknobs/locks, re-sod,new plumbing fixtures. He would pre-approve materials costs and pay for all materials, I would do the work. This allowed us to continually improve the place where we lived which benefited both him and us, but cost us nothing with no increase in rent. He was so happy with the improvements we made, when we told him we were going to move to a cheaper place to save up to buy a house, he lowered the rent from $1600 to $1200 so we would stay. We helped him find a really good contractor/price when the place needed a new roof and he always gave us a Christmas present (one year it was out un-cashed December rent check).

We also repainted everything and payed with some quirky paint methods with his permission - he said anything would be better than the paint that is there, do what you want. We removed a wall between to tiny bedrooms to make a nursery.

We signed a lease his realtor gave him without really examining it closely. I made some changes, but he said it was not worth it if he had to consult a lawyer, he would just rent to someone who did not make him need to consult a lawyer. I reduced the changes to things he could clearly understand without needing assistance. He was a nice guy we just agreed to a lot of things between us that were not in the lease.

Unfortunately the landlord got old and went to live in a home and his kid took over his properties. When we went to leave he used the onerous lease terms to screw us. He charged us because the quirky painting in some rooms was hard to pain over. He even tried to charge us because some of the sod that I had planted had died. He charged us to clean the second oven and when I told him that was exactly how it was when we moved in because it never worked and we never used it, he tried to charge us to fix the second oven. He went through the lease payment history nd claimed we owed him rent we had failed to pay one December. I sent him a copy of the rent check with "Void- Merry Christmas. Mr. Wu" written on it. He still kept sending us a bill. I just ignored it. He ended up keeping our entire security deposit even thought he house was 2x nicer when we moved out than when we moved in. Demonstrates the importance of writing everything down clearly even if you have a level of trust. Handshake deals only work for as long as the handshaker is around.
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Old 10-06-2017, 12:26 PM
 
Location: Planet Earth Milky Way
1,424 posts, read 1,266,596 times
Reputation: 2786
Quote:
Originally Posted by Electrician4you View Post
Or you can work a second job, or find a higher paying job, thus allowing you to save money. In time you can get a retirement or a house

See how that works?
The problem is housing prices and values are over inflated.
Yes, he should buy but only when the market shifts to a more affordable level.
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Old 10-06-2017, 01:15 PM
 
Location: Riverside Ca
22,146 posts, read 33,335,213 times
Reputation: 35433
Quote:
Originally Posted by lluvia View Post
The problem is housing prices and values are over inflated.
Yes, he should buy but only when the market shifts to a more affordable level.

Says who exactly? What may be unaffordable to you may be easily affordable to me. And what may be unaffordable to me may be easily affordable to someone else.

The ol' buy low sell high or hold tactic. Yeah that works. If you can time the market. Most people can't time the market and even if they did most don't have the finances to do anything about it anyway.
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Old 10-06-2017, 01:26 PM
 
2,360 posts, read 1,903,066 times
Reputation: 2118
Hate leases honestly.. Because you can find cheaper places soon as you get moved in. Be nice to go month to month with a lock rate.
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Old 10-06-2017, 01:50 PM
 
Location: Riverside Ca
22,146 posts, read 33,335,213 times
Reputation: 35433
Quote:
Originally Posted by hitpausebutton2 View Post
Hate leases honestly.. Because you can find cheaper places soon as you get moved in. Be nice to go month to month with a lock rate.
Sure I'll do a month to month and lock your rate for 12 continuous months. But it won't be at the yearly lease rate. In fact I offered this to a couple recently. They sold their house and were looking for a house to buy and only needed to be in the property for a few months. My price was 25% higher.
Why? Because they were looking at a very short term. Three kids two dogs and month to month. I'm taking all the risk and the potential down time once they. Loved which would require painting cleaning etc
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Old 10-06-2017, 06:25 PM
 
2,360 posts, read 1,903,066 times
Reputation: 2118
So jacking up month to month increase a risk how again? vs long term. To me month to month allows me to find a cheaper place and jacking up a months rent just makes it even more fun to find a cheaper place. If you (any property manager) can price match others in the area with same sq and quality, be better for the renter and you as the LL. Both parties takes risk, its just fact of doing business. If you cant handle the risk, then get out of the rental business. Like going to MCD asking for ketup and charging you for it, its part of the business you have to eat up..
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Old 10-06-2017, 09:19 PM
 
Location: Riverside Ca
22,146 posts, read 33,335,213 times
Reputation: 35433
Quote:
Originally Posted by hitpausebutton2 View Post
So jacking up month to month increase a risk how again? vs long term. To me month to month allows me to find a cheaper place and jacking up a months rent just makes it even more fun to find a cheaper place. If you (any property manager) can price match others in the area with same sq and quality, be better for the renter and you as the LL. Both parties takes risk, its just fact of doing business. If you cant handle the risk, then get out of the rental business. Like going to MCD asking for ketup and charging you for it, its part of the business you have to eat up..
You don't really understand how doing a month to month increases risk vs a long term locked in lease? Seriously? Because when you leave I go through the same screening process to find another tenant and possibly have to do repairs because I dint know if I'm going to get a trashed place back. Especially since I know you're pointedly telling me you're only going to rent short term as those people who were looking for a house. I know you're not a long term renter.
Why should I take a short term over a full year lease? You want the convenience of not being tied tong term lease and the ability to move at the drop of a hat you're going to pay for it. I'm not exactly sure how you're taking a risk by doing a short term with a locked in rate. Can you explain that! I can't raise your rent. About the only thing I can do is give you 30 day notice to vacate. Which leaves me with a empty rental I have to rerent. So how exactly are you risking anything?

Depending on when you leave it may take me 1-2 months possibly more to find a tenant if you leave n November I guarantee I'm not gonna find a qualified tenant until March. It wouldn't be better for me because you could move in and move out in a month. Now I got downtime to rerent not to mention do repairs to items that got damaged when you moved and lived there. While tenants moving isn't a unheard of thing, why should I rent it if he's just gonna move out in two months.

I have no problem matching the rent. On the same lease terms as everyone else I'm competitive. Since nobody offers short term rentals in my area and if they do it's very high (higher than I am anyway and I have not seen one rental advertising short term, other than a AirBNB or a hotel you don't have any short term house rentals. AT ALL. Everyone wants a year lease) you're paying for the connivence of the flexibility of leaving anytime wth 30 day notice.

Last edited by Electrician4you; 10-06-2017 at 09:48 PM..
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