Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You are not crazy. Prices have gone up faster than income. There are forums for discussing that. I'm going to focus on your question. You said your kids got to WJH? That's one of the best schools in MoCo. You're probably not going to find a better deal than where you are now. When they have graduated, hopefully within the next four years, that is the time to move somewhere cheaper. That's what we are doing. Our last kid graduates next year. We will try to move somewhere less expensive and start building our savings up, and paying off debts.
Thank you for not trying to be my doctor. Seriously.
Now, my ultimate goal is to find property owners who bought their town-homes in $170,000-$180,000 range, or owe about the same in mortgages. Such home owners will have enough to pay their dues if they charge me $1200-$1400 month.
In Clarksburg there are town homes now sold for $180K. Why would anyone pay for the same house a $2400/month rent? Yet, that's how much they ask for it on Craiglist.
See, the whole thing is very odd, it does not make sense: we either have too many stupid people here who have bad credits, but have jobs and are willing to pay $2400/month for something they can own for $1400, or I am missing something. Something just doesn't add up here. And I think MoCo currently has a lot of over inflated hype (about supposedly great schools , working and living conditions) that are far from reality. It is not the MoCo I remember it was 20 years ago. After Kathleen Kennedy Townsend was gone it is like Long Island here, and the last 8 years were absolutely the worst: everything became extremely overpriced, cost of living is too high but living conditions are crap and only very few are doing exceptionally well (now compare it to MoCo in 90's, if you were around and remember it then).
Anyhow, I am sure there are at least some decent folks out there who own one of the nice, well maintained, relatively new townhomes which they bought for under $200K and are willing to rent for $1500/month. I just don't know where to find them.
My sister used to own 2 investment properties she bought here in early 2000 (which have tripled in value before she sold both), and the only reason she sold both of her townhomes was that she couldn't get the right people to rent them out. Main problem she had was that people who rented them would stop paying rent after few months, then trash it completely before evicted by order of court.
So she sold both. But there must be people who still own those those types of properties and looking for someone who will take genuine care of their home and pay the dues on time.
Last edited by citydweller7156; 07-14-2016 at 08:29 PM..
Now, my ultimate goal is to find property owners who bought their town-homes in $170,000-$180,000 range, or owe about the same in mortgages. Such home owners will have enough to pay their dues if they charge me $1200-$1400 month. ..... But there must be people who still own those those types of properties and looking for someone who will take genuine care of their home and pay the dues on time.
I think your best option is to place ads in a "wanted to rent" newspaper or Internet listing, describing your wants. If you are in a postion to offer an option to buy, then you would be in a stronger position to negotiate the lower rent with a prospective landlord.
Don't forget that the landlord also owes hefty taxes, licensing fees, possible repair bills and HOA dues in addition to their mortgage. You can't expect them to just "cover their mortgage".
In Clarksburg there are town homes now sold for $180K. Why would anyone pay for the same house a $2400/month rent?
Mainly because it does not matter how much it sold for.... it mattes what the average house in the area is selling for.
For example, guy in my building rented a 1 bd room condo similar to mine for $1475 (comes with a free parking space, right across street from metro). My taxes, mortg, condo fees, etc comes up to around $1100. Why would I rent for less than $1500, if that is what people are willing to pay?
Quote:
Yet, that's how much they ask for it on Craiglist.
See, the whole thing is very odd, it does not make sense: we either have too many stupid people here who have bad credits, but have jobs and are willing to pay $2400/month for something they can own for $1400, or I am missing something. Something just doesn't add up here. And I think MoCo currently has a lot of over inflated hype (about supposedly great schools , working and living conditions) that are far from reality.
People are living off credit cards and paying more in housing than what they should. That is why you see reports of people not having savings. And some even have multiple families/people living in them (I've seen that a lot in Wheaton).
Quote:
Anyhow, I am sure there are at least some decent folks out there who own one of the nice, well maintained, relatively new townhomes which they bought for under $200K and are willing to rent for $1500/month. I just don't know where to find them.
Sure you could find something easily in PG, if you were willing to make that move. Not seen that in your list...
If the market rent is $2000, but you want someone to rent the same house to you for $1300, you're essentially asking the owner to subsidize your housing expense.
Look at it from a different perspective. If you are the owner of the house, would you forgo 700/month in income for a stranger given that you have h.s. age children who will be attending college in a few years?
As for your previous comment regarding the polisci major. He probably has law school on his mind, many poli sci majors do.
You're incredibly entitled. Why do you feel anyone owes you subsidized rent? It costs to live in an area many want to live. I own and rent my home. Why should I possibly rent below market rate? That's silly.
You're incredibly entitled. Why do you feel anyone owes you subsidized rent? It costs to live in an area many want to live. I own and rent my home. Why should I possibly rent below market rate? That's silly.
Oh yes, I am incredibly entitled to have criminals prosecuted, imprisoned and their illicitly earned proceeds confiscated and sold in public auctions! Oh yes, I am!
Since when it's OK for criminals, drug lords and dictators to bring their illicitly earned and stolen cash stacks to USA, so they can use our Real Estate market as unregulated bank account, and inflate the RE prices in the meantime? Huh??? Answer me, you defender of criminals. Perhaps you are sharing in illicit profits, perhaps you are one in bed with criminals, facilitating their ability to hide the origins of the cash via numerous schemes well described in Panama papers? Well, then I am also entitled to see you prosecuted and brought to justice. USA is not a country for criminals to break all laws at the cost of law abiding Citizens.
Oh yes, I am incredibly entitled to have criminals prosecuted, imprisoned and their illicitly earned proceeds confiscated and sold in public auctions! Oh yes, I am!
Since when it's OK for criminals, drug lords and dictators to bring their illicitly earned and stolen cash stacks to USA, so they can use our Real Estate market as unregulated bank account, and inflate the RE prices in the meantime? Huh??? Answer me, you defender of criminals. Perhaps you are sharing in illicit profits, perhaps you are one in bed with criminals, facilitating their ability to hide the origins of the cash via numerous schemes well described in Panama papers? Well, then I am also entitled to see you prosecuted and brought to justice. USA is not a country for criminals to break all laws at the cost of law abiding Citizens.
If the market rent is $2000, but you want someone to rent the same house to you for $1300, you're essentially asking the owner to subsidize your housing expense.
Look at it from a different perspective. If you are the owner of the house, would you forgo 700/month in income for a stranger given that you have h.s. age children who will be attending college in a few years?
As for your previous comment regarding the polisci major. He probably has law school on his mind, many poli sci majors do.
No, the truth is the so called "market rate" is over inflated , by illicit investors who bring illegally earned cash into US via money laundering schemes (some are exposed in Panama papers), and by large rental complex owners who have huge vacancy rates but won't lower the rent prices just to keep the prices up.
The REAL INVESTMENT PROPERTY OWNERS who are out to rent their investment property are struggling to get the right people to rent. My sister sold two of her investment properties because she couldn't get tenants able to pay rent on time. I knew many others who faced similar hardships as investment property owners and sold their rental units just to avoid dealing with renters. If I could find one of those true RE investors out there, I am sure they would be relieved to rent their property to me, knowing they will collect their rent on time and their property will be well taken care of. It appears to me that rental complexes and large portfolio owners who advertise in classified sections are over inflating the rent prices just to keep it artificially high, and they do not really depend on rental revenue (or else why they are content with so high vacancy rates???).
The previous two apartment complexes I lived in N. Bethesda had MAJORITY OF WINDOWS permanently DARK at night, meaning they had no tenants living in those units, but they would never budge and lower the rent cost. What motivates them to do so? Obviously it is not the market, or else they would have high occupancy rates or lower the rental rates to fill the vacancies.
And, as to "subsidizing" part, what a ridiculous claim you make. If someone bought a townhome in Clarksburg for $200,000 and pays $1200 in mortgage and fees, then how renting it for $1300 is subsidizing?
Anyone who is in this business FOR REAL (that is actual property owners who purchase rental homes to rent out) will tell you they would be HAPPY to get back their mortgage and fees in rental collections, and they pray to have a tenant who wouldn't give them a headache of going to court and evict for non payment, and then dealing with trashed by resentful tenants property .
You could say I am asking for "subsidy" if I wished for someone to pay $1200 in mortgage and fees and THEN RENT IT TO ME for HALF the price or ANY PRICE BELOW their cost to own it. But that is not what I asked to begin with.
And $2400 charged for property that costs only $1200 to own is definitely a sign of something terribly wrong going on.
Why would ANYONE want to pay $1000 more to rent than to own ?
I understand some people may have bad credit and no ability to finance a purchase, but how many people in the area must be in deep hole for the rental price to go $1000 above cost of ownership "because those soccer players out there can't own it" ?
And if so many people are in such a deep hole, how come they are able to afford paying such a high rent ???
Something doesn't add up here, and reading the articles (I linked almost a DOZEN in one of my posts above) tells me we are dealing with organized criminals who control the market and who are like vultures continue to leech off and reek profits at the cost of harming our country and ordinary citizens.
What we need is an FBI investigation into all the sources of funds used to purchase RE at over inflated prices in major cities, and also an inquiry how the alleged investors and large portfolio owners stay in business with very high vacancy rates, while keeping rental costs artificially too high.
We need to prosecute criminals and end an era when we were fooled and brainwashed to equate capitalism with criminal syndicates and law breakers.
If you want to know what true capitalism is go read first The Protestant Ethic and the Spirit of Capitalism by Max Weber.
Last edited by citydweller7156; 07-17-2016 at 11:58 PM..
I think your best option is to place ads in a "wanted to rent" newspaper or Internet listing, describing your wants. If you are in a postion to offer an option to buy, then you would be in a stronger position to negotiate the lower rent with a prospective landlord.
Don't forget that the landlord also owes hefty taxes, licensing fees, possible repair bills and HOA dues in addition to their mortgage. You can't expect them to just "cover their mortgage".
As a matter of fact I was thinking of it. I will probably post in "WANTED" section, an offer to rent, price, location and etc.
I do know about the taxes, HOA dues and so on. Just because I don't post here an excel sheet with itemized cost to own doesn't mean I am clueless of additional costs that come on top of monthly mortgage to own property.
As a matter of fact, there are mortgage calculators online which you can utilize to calculate the mortgage, taxes, property insurance (and even PMI if you finance with unconventional loan paying under 20% down).
Go and enter $180,000 property value into blanks, use option for 20% down (this is what INVESTORS must pay, they can't use unconventional loans), add the property tax rate (go to SDAT website for MD and find out what the county and township taxes are depending on what particular area you look for), and assume the HOA fees to be around $200 per month (it's usually higher for condos around here, but I am talking about 2BR town homes around I-270 North, Shady Grove/Clarksburg and nearby areas).
In fact JUST MORTGAGE on full amount of $180,000 at 4% is ONLY $859/months on 30 year loan.
$687 if you deduct 20% (and that is what actual investment property owners must be paying, because they can't qualify for unconventional loans without 20% down). Now what on Earth adds up to $2400/mo?
And btw I never heard that a small portfolio owner (someone who owns couple of investment properties) must have a license to rent. But if they do I wouldn't expect it to cost $1000+ per month.
Last edited by citydweller7156; 07-18-2016 at 12:01 AM..
Last edited by citydweller7156; 07-18-2016 at 12:00 AM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
