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Over in the Renting forum, the prevailing landlord opinion is that tender of a full year in advance is a red flag which should generally disqualify an applicant.
to me it indicates a red flag for sure and someone that i may end up having to evict at years end when they used the rent up and will not get out .
good tenants demonstrate not only an ability to pay but a willingness to pay . if they are offering a years rent in advance one of those two parameters is lacking for sure .
Sometimes I wonder and this is said in all honesty.
I have managed a lot of low income rentals in California and some going back to the 1980's
One of my tenants was a Grandmother at 31 and her grandson was born with a heart defect... he received over a million dollars of medical care at Stanford and Ronald McDonald House put up the family each time... and believe it or not at 17 the grandson is very good in sports.
Other families have sent their kids to Disney Grad night... Washington DC and even to Hawaii... none have earned income.
If your really don't own much and know how to maximize assistance much is available...
A couple of years ago a study said a family of 4 would need about 65k earned income to approximate available assistance.
It is also a different mindset knowing everything will be taken care of from the roof over your head, medical, food, discounted or free utilities, etc...
One of my families was headed by a 38 year old Grandmother... she had custody of her grand-kids as both mothers were drug addicts... still remember she wanted me to come out for something and I told I needed to get my tax return in the mail as tomorrow was April 15th and she asked why it had to be done because of April 15th... she was head of household and never held a job.
Point is we do a pretty good job of providing for families with little or no means...
Thank you. I've been saying that all along. The poor are being well taken care of and they don't even understand that they are.
But there are people just above the income limits who fall through the cracks.
to me it indicates a red flag for sure and someone that i may end up having to evict at years end when they used the rent up and will not get out .
good tenants demonstrate not only an ability to pay but a willingness to pay . if they are offering a years rent in advance one of those two parameters is lacking for sure .
??? ??? 15 years ago I had an abrupt health collapse and extended hospitalization, with loss of income (unable to work, no employer leave time or other benefits) and all of my open accounts were closed and charged off, with two money judgments. Those two money judgments don't go away so my credit is indefinitely trashed. I have always paid rent on time the past 15 years but NO credit activity other than the two judgments renewed.
So what is my solution for this problem? My low wage allows me to pay the rent and utilities on time and not much beyond that.
Thank you. I've been saying that all along. The poor are being well taken care of and they don't even understand that they are.
But there are people just above the income limits who fall through the cracks.
??? ??? As a denizen of CL cheap rooms for rent; I have shared housing with several poor people living on SSI ($700) or SSDI ($1,000) and none of them could afford to have any sort of life after paying rent and utilities.
Vast difference between baby mommies getting numerous subsidies plus unreported help from parents, grandparents, siblings, boyfriends, and baby daddies...and childless adults living on disability benefits.
I went to school right after high school, but also got a degree later in life so have a little bit of a different eye towards what is going on with the new grad.
Things where so much easier in the past. Compared to today, it was like taking candy from a baby. Don't let all these people fool you into talking about how tough their life was.
When I first went to school
Tuition - Just under $1,000 for the year (not counting summer), I believe it was $968
Minimum wage - $4.25/hr
Entry level wage - $38k/yr and no experience was needed at all, just the degree was good enough and getting multiple offers was normal. Finding a job was a given, no one even questioned it.
My first house - $205k
Today, same school, same exact house
Tuition- $8,523/yr (not counting summer)
Minimum wage - $10/hr
Wage for same position - $45k/yr and you better have a couple internships or else you won't even get a look
Same house - $700k+
Kids these days do not have it easy.
Maybe we really should be looking at that immigration thing again...huh? Why? Put it into perspective...in 1975 there were about what? 225 million here? Now? 315 milling just 40 years later....did jobs grow 50%? No. Sooooo, you have all these folks who believe English is a second language, suck the every loving Shiite out our benefit structures, and competition for any job has suppressed wages, not cost of living, for the last 40 years straight.
Net net? You have 1.5 as many people fighting for jobs that have been optimized and downsized to death...musical chairs with very few chairs left.....no, it's not easier nowadays but, true work ethics don't seem all that energetic either. I wonder if factory jobs were able to come back (not) most who complain of 35K wages on an MBA wouldn't take them.
So the problem is a bit two-fold. High expectations of employment simply based on a degree, usually advanced, in a time where there are fewer and fewer jobs pursued by many who are highly educated with little to no business or better yet, work experience whiling away at that GD parents/boomers house paid off 10 years ago?
Or, for the jobs that are available, albeit lower and lower paying, are not taken by the Italian Romance literature MBA currently working at Starbucks....
Guess what? It won't get better. Maybe it's time to consider hanging up the blinking "NO VACANCY" sign on the statue of liberty? We have all the "teeming masses" we can stand and while that is appaling to those on the left, I think, with time, most will believe it is better to HAVE a job than to work at Starbucks opining about one?
Said another way, perhaps you should learn a trade, go to work which is incredibly hard and settle for 150-300K a year if you are good rather than wishing you could blow your way to that wage in corporate America. Sure, you might get your hands dirty (count on it) and your neighbors may look at you sideways as you enter that, ahem, "700K" house (as if) but hey, at least you will be able to pay for it?
Also, lest you forget, houses back then (70's) ran about 50-120K on average. That house never remotely resembled the McMansions of today which every kid feels entitled to. Maybe some could take a page out of their parents book and realize that it is better to live BELOW your means so that someday, you too might actually be able to pay it off instead of the Gordon Gecko wannabe's espousing how smart they are with interest only loans while they heavily "invest" in God knows what.
Those homes were a LOT more like "Archie Bunker's home" and quite a bit less like Steve Jobs house, don't you think? The earnings were relevant to the lifestyles. Many of us grew up with, dare I say, 6 kids in a 3 bedroom house sharing ONE bathroom. How many do YOU know do that today? In those conditions....with those wages.....many a masters degreed engineer back then clocked out at 60-90K, AFTER 20-25 years experience.....
Having ONE car was not uncommon and vacations, like McDonalds, were a luxury. It wasn't ALL rosey back then. And our parents had it exponentially worse (think depression era Americans).
Today's generation faces tough job choices but, I have yet to see unemployment, despite Obama's best efforts to the contrary, reach 20-25%? 1 out of 4 or 5 americans in 1930-1935 were unemployed....know anyone of today that has faced THAT? And there was nooooooooooooooooooooooooooooooooo WIC, STIC, or whatever for THEM?
Our comforts alone in society make the odds of a decent lifestyle almost assured by comparison.
Back to the salt mines privates....can't keyboard your way out of that. Not even today.
Want some MORE contrast? Parents bought their house in 1969 for 41.5K.....a whopping 38 years later, when they died, we got a whopping 107.5K for it.....adjusting for inflation I think it was actually a loss? Again, it wasn't ALL rosey......
Also, when they bought it, per you the "equivalent" of a 700K home today (as if) my mom, the RN in surgery, and dad, the engineer had a combined income of less than 55K.....he had a masters, mom an RN...typical.....
Last edited by Caleb Longstreet; 08-18-2016 at 05:10 PM..
??? ??? 15 years ago I had an abrupt health collapse and extended hospitalization, with loss of income (unable to work, no employer leave time or other benefits) and all of my open accounts were closed and charged off, with two money judgments. Those two money judgments don't go away so my credit is indefinitely trashed. I have always paid rent on time the past 15 years but NO credit activity other than the two judgments renewed.
So what is my solution for this problem? My low wage allows me to pay the rent and utilities on time and not much beyond that.
Now it all falls into place...
Health Issues can be devastating on many fronts... never quite realized a saying of my Grandfathers when I was a child... he was fond of saying, "Your Health is Your Wealth"
Another way to look at it is money can't buy everything.
the same money i paid to buy my house in 1987 for 169k which is worth 600k today in the fidelity insight growth model which was my portfolio since then , is worth 3.71 million that is using nothing special fidelity funds .
i could subtract every penny of rent today ,taxes too and buy multiple homes with that difference .
so if you want to compare apples to apples ,there is an outcome we would have had .
everyone is going to have different outcomes .
you have different amounts of resources ,investment skills and investor behavior going on . but one thing is certain ,people have choices as almost 40% of all sales today are all cash deals . some are even renters who can do better in investment property's rather than their own home . that is us too .
Don't confuse 'em w the facts. They want us renters to think we blew it. 😉 We didn't as long as we invested all along. 👍👍😉
??? ??? 15 years ago I had an abrupt health collapse and extended hospitalization, with loss of income (unable to work, no employer leave time or other benefits) and all of my open accounts were closed and charged off, with two money judgments. Those two money judgments don't go away so my credit is indefinitely trashed. I have always paid rent on time the past 15 years but NO credit activity other than the two judgments renewed.
So what is my solution for this problem? My low wage allows me to pay the rent and utilities on time and not much beyond that.
In 15 years have you built up even for a down payment on property?
Quote:
Originally Posted by freemkt
??? ??? As a denizen of CL cheap rooms for rent; I have shared housing with several poor people living on SSI ($700) or SSDI ($1,000) and none of them could afford to have any sort of life after paying rent and utilities.
Vast difference between baby mommies getting numerous subsidies plus unreported help from parents, grandparents, siblings, boyfriends, and baby daddies...and childless adults living on disability benefits.
We have a number of friends and neighbors who are getting $700 to $800/month from SSI or SSDI. They are predominately homeowners.
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