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Old 03-23-2016, 11:41 PM
 
Location: Tucson, AZ
7 posts, read 3,944 times
Reputation: 13

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I didn't read all of the posts so don't know if someone has mentioned this.

I always laugh when I read articles saying that you absolutely will need so many $ millions to be able to retire. I think that depends on what kind of lifestyle you want. If you travel a lot, have a big expensive house, gym memberships, buy expensive clothes, expensive everything, and eat out often, you WILL need quite a bit. But, if like me, you are frugal and cook a lot, don't buy expensive clothes or have manicures and pedicures, or take a cruise every month, you can make it on a lot less. I live on social security of $1300 a month and a small pension of $150 a month and my house (10 years old) and car (1 year old) are both paid for and I have a small stock account for fun and as a safety net. I may lead a boring life but I don't need much to be happy. And am reasonably healthy for a 73 year old, don't take a single medication or over the counter drug, not even aspirin.
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Old 03-24-2016, 12:16 AM
 
26,591 posts, read 52,303,280 times
Reputation: 20438
A lot of my neighbors are like this...

They planned, have no debt, are not into spending and live well.

Mom lives off her social security and saves money each month... she can do whatever she wants... thing is she is just as happy tending to her yard, volunteering and taking daily long walks with her Australian Shepherd...
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Old 03-24-2016, 02:22 AM
 
Location: RVA
2,167 posts, read 1,266,787 times
Reputation: 4460
Quote:
Originally Posted by vicky3vicky View Post
I am confused. It looks like you are taking all of an old womans' income except for $350 a month, the remainder of her income going to you for fixing up her home. If that is the case [and I so hope I am misunderstanding] that is a horrible thing to do to someone.
Yes, that's exactly what we do! MWAHAHAHA, I'm Simon Legreed, and prey on old defenseless women, for profit and fun. What could possibly be the point of your naive post? Really!
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Old 03-24-2016, 06:34 AM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,932,507 times
Reputation: 6716
Quote:
Originally Posted by mathjak107 View Post
35 years in our rental . it was my wife's apartment before we married . with pool , indoor parking and tennis courts we enjoy it here . any maintenance is a note away.

with homes starting at 800k and co-ops starting in the 300k range for a 2 bedroom 2 bath , renting is still a good value .
But it is "rent stabilized" - yes? So the landlord can only raise your rent a certain amount (which doesn't necessarily bear any relation to the real market value). And the landlord can't kick you out if you want to stay. Rentals don't work that way in most of the country. Robyn
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Old 03-24-2016, 06:49 AM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,932,507 times
Reputation: 6716
Quote:
Originally Posted by vicky3vicky View Post
I am confused. It looks like you are taking all of an old womans' income except for $350 a month, the remainder of her income going to you for fixing up her home. If that is the case [and I so hope I am misunderstanding] that is a horrible thing to do to someone.
I look at the situation in exactly the opposite way. Perryinva and other family members were helping an older relative who doesn't seem to be operating on all 8 cylinders (stepson's grandmother) to stay in her house. If they hadn't done this work - it probably would have been only a matter of time before the Florida Department of Adult Protective Services stepped in and removed the woman from her unsafe unsanitary house. And they deserve to be repaid. Robyn
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Old 03-24-2016, 06:54 AM
 
71,626 posts, read 71,751,865 times
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in some buildings they can be way below market like the apartments in the city we own. but our building where we rent has amenities and loads of capital improvements going on all the time so we have the apartment 35 years and are just below market by about 5% . we get capital improvement increases every year so that is it for 35 years . no big rent deal there . for the most part they pretty much have us at market once you figure they get 190 a month per indoor parking spot .

the rent stabilization board voted for the first time i can remember no increase for 2016 . so the building increased the parking fees instead .

some times being stabilized you saw larger increases . we were seeing rents on the open market going down in 2008-2010 . we got voted increases every year and the increases for years have been pretty real world . the days when the rents were manipulated to win votes ended decades ago .

anyone who recently got a stabilized apartment is likely up near market . it is original tenants like the ones we have in our 200 central park south building that have amazing deals on rent .

Last edited by mathjak107; 03-24-2016 at 07:26 AM..
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Old 03-24-2016, 06:55 AM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,932,507 times
Reputation: 6716
Quote:
Originally Posted by Ultrarunner View Post
I have a family that has been with me since 1988...

Over the time I have replaced the refrigerator 3 times... and the stove twice.

I have also painted inside and out two times since they moved in and replaced carpet and linoleum... plus the roof.

Thing is I could get a lot more rent if they were to leave... we have rent control so it does take the incentive away to overdo improvements... I also pay for a gardener.

Funny thing is all my appliances and my cars are much older than my tenants... such is life.
Yes - rent control can be a powerful disincentive. I read an article in Los Angeles Magazine a few months ago about renting. And how it made sense for tenants to make some improvements with their own money. Especially in areas like Santa Monica that have rent control. Robyn
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Old 03-24-2016, 07:01 AM
 
20,775 posts, read 13,763,409 times
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Quote:
Originally Posted by Robyn55 View Post
Yes - rent control can be a powerful disincentive. I read an article in Los Angeles Magazine a few months ago about renting. And how it made sense for tenants to make some improvements with their own money. Especially in areas like Santa Monica that have rent control. Robyn
Back in the day LL's often didn't care if RS tenants made "improvements" to their apartments. Heck it was saving them money if a tenant spent their own to put in new kitchens or whatever. With the over heated RS market in NYC now that has all changed.


Per RS leases it has always been a violation of same to do such things without the express and written consent of LL, but as one said they often looked the other way; not any more. Tenants have been hauled into court and lost their apartments for doing such work. 74-Year-Old Couch Surfing After Eviction From Rent-Stabilized Apartment: Gothamist
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Old 03-24-2016, 07:05 AM
 
71,626 posts, read 71,751,865 times
Reputation: 49225
spot on bugsy . my son is an attorney and when he was in school he had to sit through a lecture in nyc housing court on ethics .

the judge talked about how even changing a light fixture in an apartment can be a lease violation and if you can't produce and put back the original you are in violation of the lease .

the judge told them unethical landlords have been doing just that and starting eviction proceedings but as unethical as they are the law is the law .

apartment modifications can be one way to get evicted from a rs apartment ..
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Old 03-24-2016, 07:16 AM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,932,507 times
Reputation: 6716
Quote:
Originally Posted by eok View Post
The rent vs own issue is likely to change drastically in the near future. It will make more sense to buy in remote areas far from cities, and to rent in cities. Because the internet keeps growing, and eventually might become the main way people interact with each other. The average employee might work from home via the internet, once the bandwidth and reliability increase enough. Most shopping might eventually be done via the internet, not just today's fraction of shopping. Most entertainment might be via the internet, replacing live concerts, museums, etc., till most people hardly ever go anywhere in person for any kind of entertainment. Once the time comes that people rely on the internet far more than they do now, for a much bigger part of their lives, cities will lose their value, and rural real estate will gain value. The opposite of what's been happening for the past 100 years. Right now some who live in cities prefer them for their better internet access. But that factor will also be less in the future, as more internet connections become direct satellite access, where location doesn't matter. Therefore, one of the best long term investments right now is rural real estate. And one of the worst is urban real estate. But only over the long term. Over the short term a lot of cities are likely to do a lot better than a lot of rural areas...
I don't know that rural areas will ever catch up to urban/suburban areas when it comes to internet access/speed. OTOH - some urban/suburban areas have much better access/speed than others. A lot depends on the infrastructure you have where you live/work. The neighborhood where I live has always been very good - because it was one of the first places in the country to have a fiberoptic network (in the mid-1990's). But we're being leapfrogged by other areas that are getting things like Google fiber:

https://fiber.google.com/newcities/

Robyn
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