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Old 11-16-2018, 07:46 PM
 
Location: Planet Woof
3,139 posts, read 3,522,114 times
Reputation: 9889

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Quote:
Originally Posted by joee5 View Post
Gotta ask OP, why not just buy a home of your own?
I am considering that.
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Old 11-16-2018, 07:54 PM
 
Location: Planet Woof
3,139 posts, read 3,522,114 times
Reputation: 9889
Quote:
Originally Posted by mschrief View Post
I could easily afford the subsidized rent but I make about $500 too much than the income guidelines. But cannot afford market rate apartment.

My beef is that I would prefer to sell my home and live with people my own age in a senior apartment building. I will be alone in a 1900 sq ft house. Sad, really.

I could sell the house and use that money to pad my living expenses in a market rate senior housing set-up, but that money wouldn't last very long.

Catch 22 for sure.
How about some roommates along the lines of "The Golden Girls"?
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Old 11-17-2018, 01:15 AM
 
8,996 posts, read 8,147,445 times
Reputation: 19522
Things landlords have to consider.

1. Can a tenant afford the rent. It is a fact any experienced landlord or lender will know,often from experience: If the rent or loan payment exceeds one third income, the odds are, you will have periods where the tenant or buyer will be unable to pay that months rent or payment.

2: The cash flow return on rental property is low. You cannot afford to have a property vacant for any period of time, or having to excessive repair after a bad tenant, and small investors may have to take food of their own table to cover lost rent.

3: Pets can be a serious problem, so a majority of landlords do not allow pets.

4. People with bad credit, are the most apt. not to pay rent on time, or not pay it all.

These are all facts, and the reason for income requirements, credit and previous landlord checks,.

And the reason landlords are so picky on who they rent to, is tenants in the past have made them this way.
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Old 11-17-2018, 06:25 AM
 
4,461 posts, read 2,639,214 times
Reputation: 10431
Quote:
Originally Posted by marino760 View Post
It's not just about trashing an apartment. It's about going after someone for past due rent when they don't pay for 2-3 months and just leave.
Or an elderly senior dies inthe unit rented!

Then theres no more rent, cleaning fee, family to remove the junk or get it taken out, etc.

SS automatically means "old", sorry. And i collect SSDI.

Id be happy to rent to seniors if they would not sue because they fell down in the living room tripping over their little chihuahua!!!!

LL ing is a fickle business. Ask any LL. One lady in our duplex took EVERY SINGLE THING she could. Sold the washer and dryer, fridge and stove, took the fixed lights and electric plate covers and even the blasted toilet and vanity!!! She even took, omf all things, the closet doors.

THAT cost a small fortune to remedy.

Sye told the management agency " by the time you get around to court, ill be long gone and you wont know where i am"!!!

In another instance the tenant took a sledge hammer to the toilet, among other damage.

Both those tenants left of their own accord, NOT EVICTED. imagine if they had been evicted!!

Its not all "rake in the dollars " for landlording. Trust me!!

People dont realize that.

And hoarders are the worst.

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Old 11-17-2018, 06:38 AM
 
12,121 posts, read 5,194,220 times
Reputation: 19195
Quote:
Originally Posted by galaxyhi View Post
Or an elderly senior dies inthe unit rented!

Then theres no more rent, cleaning fee, family to remove the junk or get it taken out, etc.

SS automatically means "old", sorry. And i collect SSDI.

Id be happy to rent to seniors if they would not sue because they fell down in the living room tripping over their little chihuahua!!!!

LL ing is a fickle business. Ask any LL. One lady in our duplex took EVERY SINGLE THING she could. Sold the washer and dryer, fridge and stove, took the fixed lights and electric plate covers and even the blasted toilet and vanity!!! She even took, omf all things, the closet doors.

THAT cost a small fortune to remedy.

Sye told the management agency " by the time you get around to court, ill be long gone and you wont know where i am"!!!

In another instance the tenant took a sledge hammer to the toilet, among other damage.

Both those tenants left of their own accord, NOT EVICTED. imagine if they had been evicted!!

Its not all "rake in the dollars " for landlording. Trust me!!

People dont realize that.

And hoarders are the worst.

Yeah, I've heard horror stories as well from friends who are landlords about renting to seniors. Seniors pose a different set of problems like the probability of dying in the apartment and not being found for several days if they live alone. No one likes to talk about it but it happens probably more often than most people realize. I would hate to have to deal with that.
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Old 11-17-2018, 08:48 AM
 
Location: Tennessee
23,740 posts, read 17,696,480 times
Reputation: 27816
The fact is that one could create so many contingencies across each age group that they are too scared to rent to anyone.
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Old 11-17-2018, 08:55 AM
 
Location: Location: Happy Place
3,707 posts, read 1,889,187 times
Reputation: 11382
Quote:
Originally Posted by HappyDogToday View Post
How about some roommates along the lines of "The Golden Girls"?
Never - I like my own space. And you get some renter in your home and they rob you, trash your house, or just don't pay ret and you can't get rid of them.

Hey, I watch Judge Judy I know (j/k)....
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Old 11-17-2018, 12:33 PM
 
3,759 posts, read 2,219,992 times
Reputation: 4203
Quote:
Originally Posted by oldtrader View Post
Things landlords have to consider.

3: Pets can be a serious problem, so a majority of landlords do not allow pets.

Kids can be a serious problem too, but unfortunately the only thing you can do (at least in my state) is limit the number of legal bedrooms (2 people per bedroom are allowed by law).
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Old 11-17-2018, 12:45 PM
 
Location: Tennessee
23,740 posts, read 17,696,480 times
Reputation: 27816
Quote:
Originally Posted by WouldLoveTo View Post
Kids can be a serious problem too, but unfortunately the only thing you can do (at least in my state) is limit the number of legal bedrooms (2 people per bedroom are allowed by law).
I’d rather have seniors or cats in the apartment than kids or dogs!
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Old 11-17-2018, 01:06 PM
 
Location: Loudon, TN
5,848 posts, read 4,880,982 times
Reputation: 19685
Quote:
Originally Posted by mschrief View Post
I could easily afford the subsidized rent but I make about $500 too much than the income guidelines. But cannot afford market rate apartment.

My beef is that I would prefer to sell my home and live with people my own age in a senior apartment building. I will be alone in a 1900 sq ft house. Sad, really.

I could sell the house and use that money to pad my living expenses in a market rate senior housing set-up, but that money wouldn't last very long.

Catch 22 for sure.
My MIL was in a similar catch 22. Between her little pension and her survivor SS, she made about $25k/year. The max for the subsidized IL places was $23k/year and the market rate places were higher than her entire income! She had a bit of money saved, so she paid the difference for a year or two, and then we moved her in with us before her savings ran out.
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