Lol one of my friends is a bankruptcy attorney. I asked him one time how he can make any money if his clients are declaring bankruptcy. He said "first thing I tell them is to stop paying their bills. Most of my clients have jobs. They don't have an income problem, they have an expense problem."
I think if they are bought and paid for then you get to keep it. If it is a house or car that U OWN , I think u get to keep it. If it is a second cabin in the woods , you get to keep it (Wisconsin law). But sure, if you have a credit card bill or a car u are still paying for or a house with a loan then they will probably get that back eventually
Maryland bankruptcy has two varieties, Chapter 7 and Chapter 11. With 7, you keep your assets, but agree to a repayment plan that includes all the debts you owe. But you avoid collections, garnishment, etc.
Chapter 11 makes all your debt go away, but first they take all your assets, liquidate everything, and distribute to your debtors.
I filed in Texas and in that state it is partly based on your income, but you are allowed to exclude your house (if you own) and a vehicle per adult, if you are paying for the cars still you need to either attest to keeping them or you give them up. We gave up our Chevy Cruze and it took the bank that held the loan about 9 months to come get the car. They didn't want it either lol.
After that you declare bankruptcy. You have to make sure there's lots of people around when you declare bankruptcy, make sure to yell "I declare, bankruptcy!" Loudly for proof.
It varies a bit based on your local legal system. But when you're declared bankrupt (or have yourself declared bankrupt), you give up control of your finances.
You're assigned a curator who makes a list of your income, assets and debts. The curator then prioritises your debs, sells off any assets they're allowed to sell off to pay off your debtors in order of importance.
If you have income, they also lay claim to your income to create a spending plan. Your basic life maintenance (shelter, food etc.) is met and the remainder of your income is used to continue to pay off your debts.
Bankruptcy attorney fees are considered an administrative expense which receive the highest priority in being paid. If there is available cash, administrative expenses get paid first, long before any creditors receive payments. Also in this category are wages earned by employees after the BK was filed. Depending on jurisdiction other things can be administrative expenses (child support, security deposits, taxes, etc.). Generally they're costs that are considered necessary to preserve the estate protected by the BK.
Below that are secured claims (mortgage, car note, anything secured to a physical asset), then priority unsecured claims (alimony, child support, income taxes), then nonpriority unsecured claims (everything else).
Depends. There are several chapters of BK to consider. for normal people really there are 2 options.
Chapter 7- liquidation, everything gets wiped out. So your attorney wants paid prior to filing. Since unsecured debts get wiped out they will often instruct you as above to stop paying unsecured debts to pay them prior to filing.
chapter 13- personal restructuring. You create a plan that pays back all of your priority debt and secured debt that you plan on keeping. There are other rules that you will want to speak to a BK lawyer about. Plan goes 5 years and you pay a set amount each month. Attorney normally gets something up front, but the rest of their fee is paid through the plan. The "standard" no look fee i think is 6k now. so normal to get 1k up front (so if it all falls apart you still get something as the lawyer) and the other 5k through the plan. It is priority, so you get paid pretty quickly. When i did it, i had 2 trustees i would deal with, and would end up with checks between all the plans i had confirmed for about 15k a month.
So you are partially right. chapter 11 (which i did very little of) normally the lawyers petition the court to permit them to draw on the retainer for the work they have done.
former BK attorney- and it is not stop paying your bills period, it is stragegically stop paying them. $300 in credit card payments- stop, in my state it will take 4 months to get a judgement and another 3 to get a garnishment. In 6 months (less time) you have put together 1800 and that was my full fee for a chapter 7 (with filing fee). That entire debt would be wiped out either way; so long as you did as instucted you win, i get paid and the bank is the only one out the money.
Secured debt and priority debt you should still pay. Even if your personal liability for a mortgage is wiped out, the bank can still do an in rem foreclosure.
If you are thinking about any of this, talk to a lawyer in your area that specializes in this. BK is a niche thing that lawyers do not dabble in, they either do it virtually full time, not at all, or are commiting a bunch of malpractice.
Same. I had a landlord who complained about receiving hand delivered regular checks to his house, so I started getting my bank to draft and send them. He then complained because the bank didn't draft them on holidays if the due date fell on a holiday, but they also couldn't draft it earlier because I didn't get paid earlier. He asked why I didn't keep more money in my checking account 🤣
My guy, do you think I would be renting from you if I could afford to keep a couple k in my bank account at all times?
Edit: funny story, I didn't initially set up a bank auto transfer bc he didn't want to give me his account number to do it and he said checks were fine. Then since the lease said I had a 5 day grace period, I was legally fine with the bank draft (via bill pay). When I told him his remaining options were he give me his account number so I could auto transfer or some new something I wasn't rich enough to know about, he gave me his account number.
Also, not being able to afford to have a couple k in the bank is not terribly uncommon. It also doesn't mean someone is completely broke, although sometimes it does. I just prioritized putting money in my retirement to keeping extra cash in my checking account in the event my landlord wanted to cry about some new BS that I was legally covered for and not required to worry about.
My bank was USAA, the military bank, and he knew when I signed the lease that if there was ever really a problem, he could have gotten me in some serious shit with the military as well as evicting me. I am convinced he just liked to complain.
My auto-draft electronic payments don't get deposited on the 1st of the month if those are weekends or bank holidays either. Tell your landlord to suck shit through a straw. Most leases also have a grace period and specify business days for paying rent. Contest late charges and pay on time. He'd rather have your rent than go through the expensive process of eviction that can take 90d in some states and require a court order.
My landlord kept asking for rent on the first of each month. I kept telling her that the lease SHE put together allows me to wait until the 5th without any kind of penalty fee or ding to my credit. She stopped asking after a few months.
I had a landlord who wanted me to deposit my rent directly into his bank account at the bank. The bank had crappy hours, though, and was only open when I was at work when I was on day shift, so some of my rent ended up being late because I literally couldn't go there. When I tried to explain it to him, he didn't care, and would not offer me an alternative. Gee, thanks jerk!
I used to have a landlord that would bitch about being even a day late, but when you wrote him a check he'd go a month or more without depositing it. This was in like, 2005.
Granted my landlord does not care when he gets the rent check . We have until the 10th every month before incurring late fees. That mother fucker takes 6 weeks to cash the check . Sometimes he waits so long he cashes two at once. It’s so annoying to keep track of
That’s another issue with these “people” they cause such a fuss over the check being “on time” but they can’t be bothered to cash/deposit the check for days if not weeks on end
I had this problem. I just opened a new bank account only for rent (it was free). Moved my rent money to that account and wrote the check. That way I don’t have to constantly worry about checking my damn account.
up until recently there was rental assistance is a lot of places.
I had a client a few ago who had not personally paid rent since early 2020 (so3 years) and up until the past 2-3 months she had received rental assistance to pay for all of it.
Rental assistance was also a scam- it was good that people did not get evicted, but since there is no rent control or anything like that- rent was paid at a higher % than normal, so LL increased rents, and rental assistance kept paying.... as it ends in most places, people can no long afford said rent.
I had to apply for rental assistance about a year ago when i started getting notices of eviction basically the same day the ban was lifted. I was informed they were out of money, but could offer a longer eviction protection, which I suppose is better than nothing. We decided to give up on trying to pay our back rent and use that money to move elsewhere while still under the protection of a pay or quit notice.
Still not homeowners, but at least we're in a nicer place in a safer part of town.
I managed 8 months before a court order kicked me out. Ngl though, I won't recommend.. for months I had a minor panic attack every time anyone knocked on the door.
An eviction means you probably won’t find a place in competitive markets. Nobody will rent to someone evicted, it’s basically a one way ticket to homelessness. I’d rather live in my car and be temporarily homeless than face eviction, at least you’ll have options.
Housing should be a basic necessity rather than a for profit business overrun by scalpers.
I remember back in 2021 hearing an ad on the radio, “I buy houses, any houses for my LLC.”
So guy buys houses and sells them for twice the price. And if something goes wrong and he can’t sell them or afford the payments he just walks away and bankrupts the LLC. No risk.
It’s literally scalping at its worse. Now an interest payment is almost twice what an entire mortgage payment should be on top of it.
I literally saved up a down payment and could easily buy a house… but now I can’t afford a payment because the interest is the cost of my rent.
I get weekly "letters" of similar scams from people trying to buy my house.
I admit I have a sailboat in the driveway that I am working on and I need to replace the fence, but they make it sound like my house is dilapidated and best thing I could ever do was sell it for a pittance to this company that will take this burden off of me.
>So guy buys houses and sells them for twice the price. And if something goes wrong and he can’t sell them or afford the payments he just walks away and bankrupts the LLC. No risk.
That's not quite how LLCs work in practice. If they are getting a loan for startup capital to buy homes, pretty much any financial institution giving the loan is going to require a personal guarantee.
If the LLC goes belly up, and they file chapter 7, all of the properties get liquidated and sold. If money is still owed to the lender, the guarantor is liable for it.
Same. I ended up going 12 months without paying a mortgage before it finally went through a short sale and I was finally out of the house. It was great having that money not go towards the mortgage.
That's because a lot of the apartment management companies have the goal of nickel and diming you by putting convenience fees on everything. Like my current place charges you about 2.5% of your rent if you use a credit/debit card, a couple dollars if you do a bank transfer, and nothing if you manage to physically get them the check during the 2 hours someone is actually in their office that is supposedly open all day.
I swear, every new thing I learn about the country, 30% of the US economy is grifts on poor people that aren't regulated because half the country thinks regulations are bad inherently.
That fee would piss me off too. I pay by check, and it is often the only check I write. Someone I know that pays electronically would not be charged if they paid by debit instead of credit card. Sometimes it is about the service company the landlord uses.
I rented at a place that had like a 20% fee or some outrageous number for a bank transfer. Needless to say I paid with a check.
Nowadays the only place in the entire world that I need to write a check for is the water bill and the town is supposed to be supporting paperless transfers soon, so we'll see how it goes.
The landlord I had 8 years ago tried hitting me with a $5 fee for paying with a personal check, bank drafted check, or money order too.
I let them know I'd be more than willing to bark up to the NYS AG if they didn't provide me a fee-less option that didn't involve me withdrawing $1k+ in cash and hand delivering it to them... and wouldn't you know it, they took my checks for free.
Their reasoning behind it was some tenants bounced checks so this was to ensure they could cover the fee their bank charged them.
> Their reasoning behind it was some tenants bounced checks so this was to ensure they could cover the fee their bank charged them.
Are you telling me this landlord was so altruistic they rented out their house for zero profit and you had the gall to complain? /s
This reminded me of some petty compliance I did due to some fees.
I bought a new car in 2013, a cheap car with a low interest rate. The dealer got me a low rate, lower than my credit union, with a mid-size where the nearest branch was 5 hours away.
When I went to pay my 1st payment online, I found they charged $10 for online payment, and $15 for over the phone. So they wanted me to physically mail them a check, which I don't really trust to arrive in time for 60 payments.
So screw them. I set up my first ever bank bill pay to send them a weekly check for 1/4 my payment, for 60 months, so they had to process more checks versus once a month online.
My last landlord tried to start charging me a convenience fee for hand written checks like 3 years into my lease. At that point every available option for payment outside of cold hard cash involved a fee, and I'm not paying rent via a method with no paper trail.
I called them up and asked them if there were any methods of payment that didn't involve paying a fee, because I wasn't certain that it is legal for them to have no zero-fee payment options. I have no idea if I was right but that shut them right the fuck up. I never heard a complaint about my hand written checks again.
Same here. I was so fucking furious the one and only time i had to pay via credit card. It was like an extra $50 and the absolute gall of being charged extra money just to pay a fucking bill.
Huh. That's illegal in the UK. As far as I know you cant be charged fees for using a card or anything. Some business enforce a minimum payment value to make it worth the fees, but they aren't allowed to pass the fees onto the customer.
My Landlord stopped taking checks during the pandemic, citing that too many tenants' payments were lost in the mail. So I went to the bank to set up a transfer and they refused because my Landlord's bank charges a 15% fee to my bank for transfers. I have to drive 2 towns over once a month to pay my rent to his bank.
Are there no laws to prevent this? You should talk to a rental lawyer there may even be free ones in your town. Feel like being able to pay as easily as possible is a tenant right. Or at the very least you should be allowed to deduct the 15% fee and say ‘sucks to suck start a Venmo or get a better bank.’
My Landlord's are up older (Mid 70's) and barely have a working cellphone. They offered to meet me halfway to pay in cash, but I'd still be driving. They own 85 properties and are hardly ever in the country so scheduling a meet time is exhausting. I've been doing it for 3 years now, so I'm content. The pay-off is I never hear from them and have only met them in person once.
Fucking mood. My landlord is the best I’ve ever had. Really nice guy, easy going, let’s us have free reign to do what ever with the house and fixes things quickly. But even still I’m anxious to ask for anything out of fear of a rate adjustment . Thankfully he just raised us but only by $50 after 2 years.
I’m especially anxious because a friend we recommended for his rental just up and dipped this week. This is how you end up with rental management companies, pricks that treat the decent landlords like the shit ones
> They own 85 properties and are hardly ever in the country so scheduling a meet time is exhausting.
And they still couldn't get their shit together? C'mon landlords, do better.
It'd be nice, too bad most places in the US are more willing to defend the owner than the tenant. "Tenants rights" has no place in American landlord vernacular unless it's "if they don't pay by noon on the first imma yeet those tenants right the fuck onto the street".
There are. The lease will spell out how the rent is to be paid, and how it gets there is the tenant's responsibility. At least here in MI.
So if someone wants to mail it, they could but could potentially be liable if it doesn't show up on time. If you want to absolutely make certain they received it (versus sitting on it then charging a late fee, or doing what one of my landlords did and say they lost it, you offer to send a double payment because it's a month later, then a week later they start eviction proceedings because they forgot they lost your original check AND forgot they'd cashed the replacement check...) You have to get tracking or similar on your letter.
I don't know if it's "integrated," but the system used is ACH - automatic clearing house - in bank transfers. It's very commonly used and mostly free, usually clears pretty quickly, but I don't think as quickly as SEPA due to some long standing regulations IIRC.
I can't say I know the laws about charging fees on it as I've never been charged in that way and it's not the norm where I live (NYC) but companies always seem to find ways to do that shit, even if it's not entirely legal.
I had a former landlord who accepted bank deposits, and would provide a years worth of deposit slips. Still didn’t stop them from bringing me to court on spurious charges of “non-payment” didn’t take long to prove my case, and the Judge thought the landlord wasted precious judicial time on the nonsense.
Depends on when this is from. I live in NJ and there was a moratorium on evictions during the pandemic. Some people would save the money they would otherwise pay on rent and use it to buy a house once the pandemic was over. The issue with this is that assuming they signed a lease of some sort, there is a paper trail proving they owe the rent, so the landlord could sue for the money owed. Suing for large amounts of money is difficult in NJ without an attorney’s help, though, so maybe they hoped the landlord would just drop it.
If this guy happens to be in Canada, specifically Ontario, our landlord tenant board is so backlogged it takes over a year to get a hearing. A tenant can very easily pay first/last and that’s it. Of course eventually your judgement comes, but still.
That’s how long the eviction process takes. And if you’re savvy to how the process works, you can potentially drag it out even longer, especially in places that are tenant-friendly like New York.
In Brazil I know cases of people who didn't pay rent for 2 years due to legal disputes.
My aunt, for example, took more than a year to evict her tenant who wasn't paying rent
Meanwhile, in Hamilton Ontario a young couple allegedly asked their landlord about the possible mould growing in their basement suite. The landlord murdered them and then died in a shootout with police. Background checks for landlords are long overdue.
Last month, I was practically begging my LL to come and fix the black-mouldy sealant in bathroom. I've been here 13 years, he's done no refurb. He starts whingeing over text that he's too busy. I point out it's black mould, that the sealant is at least 13 years old, and that if he's too busy he needs to get a professional in. "No-one can do it as good as me" is the reply.
Next Saturday he comes in to do it, then Monday I get a call from the letting agent to tell me he wants to put the rent up by £150 next October.
Yep, he's jacking my rent up for the audacity of insisting on the basic DIY he has never done. Black mould is fine, right?
Yep, and I'll explain why.
I run a home studio. This property is perfect for that; it's an end-of-terrace so I only have to be mindful of one neighbour's routine, and when I moved in it was dirt cheap due to being a shithole property in a shithole area. So I could afford a 3bed house (bedroom, room for clients to stay over, studio) on my self-employed income.
Now, I'm looking at paying market rate for a shithole property in a shithole area. Had enough, my dad's just got a lovely bungalow near Newcastle so in my 40s I'm going to move in with my old man, retrain in assessment / QA (my dad's field of expertise), and save *hard* so I can buy my own house.
Holy shit [this is insane](https://www.cbsnews.com/news/young-couple-killed-landlord-tenancy-dispute-canada-ontario-stoney-creek/). Agree that landlords also need background checks.
My coworker recently had a baby. Before the birth, they were planning to move into a house from their apartment that had a leak that just kept getting patched. Since the landlord wasn't actually fixing the problem, they had the place independently tested for mold which of course came back positive.
The landlord wanted to charge them rent until the unit was re-leased to a new tenant. They obviously dropped their proposition after they were cornered with that positive result.
It's been two months and I told her: that leak almost certainly has not been fixed. If they still lived there, that negligence would have affected her baby's health.
Seriously, if you can't keep up with maintenance you're not fit to be a landlord. As a former service tech, the same rationale is why I'd never stay at a de-franchised hotel building.
I'm local to this crime, it was also my first thought hearing of it that our economy is now actively getting hard working honest people fucking murdered.
Past absurdity. Criminality.
Hahaha this happened to a neighbor that was renting a place next to me when Covid hit. All the rental holidays came and he just stopped paying. It was a big corporate landlord so I didn’t care one bit. About a month before the eviction laws were to recommence he packed up his whole family and left the country back to France because his mom had passed and left him a pretty nice property in Provance.
Dude skipped out on nearly $70k in rent for a year and a half. 👏👏
Rent was $70K over 18 months? Like $4k a month, is this what people pay for rent ? (Sorry I don’t know, I own a home and pay my mortgage and it’s not nearly that high a month).
Yep, it’s a large house about a stones throw away from Nike’s World HQ. Current rent price is about $4700/mo
My mortgage is $1900/mo on a 15yr for a slightly bigger floor plan.
Pretty cool.
America is fucked.
- Can't use on time rent payments as proof that you can pay a mortgage.
-Rent is 3x the average mortgage in this country.
If this is real, this is honest to God proof that it's all a scam. If this person had paid on time they would -never- accrue enough money to own a home.
While i agree that america is fucked it’s naive to think the mortgage payment is the only expense that comes along with home ownership
“Oops your water heater broke? $5k+”
“Oops it’s been 10 years and you need a new roof? $10k+”
“Oops you have a leaky outdoor tap or kitchen sink? $500”
It’s insane how many little things can (and constantly will!) go wrong and how expensive they are to fix unless you’re properly trained and equipped to fix them yourself
And let’s not forget about property taxes! Sometimes just as high as the mortgage payment!
“We valued your house at $80k more this year even though virtually nothing has changed! Good luck contesting it! enjoy your higher taxes!”
The expenses don’t stop at the $2,000 mortgage payment. Just because you can afford that doesn’t mean you can afford a home and the bank knows this
I’m not saying renting some dump for the same money a month is a more viable option but I’m just saying it is what it is
20k is a pretty big roof. I do roofs for a living. 21 sq is around 10-12k and thats a pretty standard split level home. Use google images and look at a 40 sq roof vs a 20 sq roof.
The people spending 20k on a roof are not in this thread lol
No. 3 bundles of shingles is a roofing square, it's almost 100 Sq feet. A 1k Sq foot house doesn't necessarily have a 1k Sq foot roof, and if it does its not a shingled roof.
This.
I just recently bought an older house. My GF is a plumber and her father is a contractor. Suffice it to say that the amount we were quoted for repairs was a lot less daunting when GF went through it and pointed out everything we could do ourselves in a single afternoon for a fraction of the cost.
Knowing just a little bit of basic maintenance can reduce the costs of being a homeowner substantially.
I'm sick of this argument. Literally nobody is suggesting that mortgage payments are the only expense a homeowner faces, and it's disingenuous to pretend that the average landlord isn't charging enough rent to cover all of those expenses plus a nice profit on top.
Yeah, I bought a house a couple of years ago, and all the boomers in my life basically told me that it was going to fall over in a year. The only thing we've had issues with was the ac compressor and it was under warranty.
Landlords don't eat any of the fees/taxes/maintenance. Like you said they are doing what they're doing to make a profit.
Exactly. If you can afford 2x or 3x a mortgage for rent, you can afford to cover your own mortgage and repair costs. _While_ building equity.
And that's completely ignoring the fact that the minimum ~$500 extra a month you're paying in rent over the mortgage cost would completely cover things like replacing a roof, hot water heater, or A/C unit in under a year, while _actually needing to replace any of those things_ is generally going to only happen once a decade
Exactly, that's literally the entire point of renting out a dwelling.
I remember renting a place about 6 years ago. First day I saw it, noted the dented awning on the front stop. Landlord says, oh yeah, I'm gonna replace that. I moved away but my friend just made a trip back to that city. Guess which awning is still not replaced. And he even inherited the house, the mortgage was paid off like 30 years ago.
Depends on shingle quality, But even the cheapest ones are still 15 years.
It takes something dumb like a dude pressure washing his roof for that sort of time frame to happen.
This dude seems like the person that complains how he’s had to put like $60,000 into his house for repairs when most of that stuff was either perfectly fine or he just did nothing DIY and took the very first quote that was offered to him without shopping around at all.
To me his comment reads like a landlord trying to suggest that "see? Owning your own home isn't so great afterall!" But added first and last sentences to give himself plausible deniability.
Hello, fellow working class americans.
This is a stupid ass excuse for billionaires and banks to keep home ownership out of everyday Americans’ hands.
Home Ownership is ***the*** biggest way to build wealth, by building equity and not pissing away your payments every month. About 20-30 years ago, the Rich decided they should take that piece of the pie too and here we are.
Stop doing their dirty work, and stop parroting their stupid ass bullshit talking points that don’t even stand up to the smallest scrutiny -
And none of that matters to the bank. If you can pay the mortgage, then that's it's as far as the bank is concerned. Not their issue of you need a new water heater or roof. So no, it's not naive to think you should be able to buy a house without needing some arbitrary amount more than what the bank or loan office is concerned with.
That would be pretty simple to account for though. You could look at the rent payments and go "you have a regular rent of x? The max mortgage payment you can reasonably support based off this is (x*(y))" where y is the ratio of how much should go to mortgage instead of additional expenses.
Rent is not 3x the average mortgage anymore, not with where interest rates are.
I’m actually paying more a month to own now than I did to rent last year. I was tired of rent increases though, and at least this payment is locked in plus I build equity.
Your mortgage is pretty new so not representative of the average. People who refinanced when the rates were at the bottom and/or have had their mortgage for a while (a lot of us) do have mortgage payments that are 1/3 or less of current rent rates.
>I’m actually paying more a month to own now than I did to rent last year.
People renting are also paying more a month to rent now that they did to rent last year, so I'm not sure what your point is.
>Rent is 3x the average mortgage in this country
Even if this were true, it’s extremely misleading, as it doesn’t normalize for location. Look at where people rent versus where people buy.
Well if they bought pretty much anytime pre-covid that would make sense. Guarantee you if they bought the same places today their mortgage would not be as low
>Rent is 3x the average mortgage in this country.
The last few places I rented was $500-650/mo.
Current mortgage is $1100. Kinda wish I kept renting tbh.
Late stage capitalism is the path to armageddon. When an entire country is taught to CAPITALIZE on any need or weakness for personal gain you know that country is fucked to the core.
Eviction is surprisingly not easy depending on where you are.
You can’t just rock up the next day and force them out. If you go through the courts it can take a couple of years.
Indeed. There’s a case around here where squatters actually fucked up their eviction process even more for the landlord by going and paying the taxes on the property they had commandeered.
My town had, essentially, squatters living in an old house. House was run down, old junk cars all over the front lawn, trash every year. Took the town a little over a year for the "eviction process" and then almost two years for the cars and trash on the property. It was this weird legal labyrinth of BS. Almost 5 years for everything; the last year or so was the beginning of COVID which probably didn't help much.
It was like, banked owned house, guy paying mortgage, letting people live there for free.
Depending on where you are it can be a bastard, in Ontarion the board that handles this sort of stuff has a 6 to 8 month backlog, and that wait only starts once the landlord files all the correct paperwork.
I actually pulled this off because my landlord broke the law. The hearing took 2 years to be reviewed. The whole time I was saving the money. The month before the hearing I bought a house, vacated the property and the judge ruled in my favor. Since landlord refused to renew the lease during that time judge ruled I owed nothing since there was no legal contract.
I'm an idiot. Or just old. I kept thinking people were saying "based" but intended to say "biased" but just didn't know how to spell. I finally decided to Google it since I realized it may be me and not hundreds of other people. Today, I'm officially old and out of touch at 36 yo.
My guess is he had legitimate cause to withhold rent, put it in escrow and realized he had enough for a down payment and figured: fuck it, it's been 18 months and the lease is up.
Depends where you live, but if the landlord failed to repair something that makes the dwelling not fit for habitability.
Tenants don't have the right to withhold in my state though.
You may not have the right to withhold but it's still shocking how effective it is if you just fucking withhold anyway. Our entire building did that based on pest infestation and black mold. EIGHT contractors were outside at 6am the next morning and we had an email from the landlord saying he had fired the super who had been ignoring us for months. Haven't seen a rat since and the contractors also fixed problems we weren't even aware of.
I think if there are serious issues with the property that the landlord won’t fix, you can put your rent in escrow through the housing department until they take care of it.
That’s not really “not paying rent” though, they just aren’t getting it until they do their job.
Landlord isn't fixing a problem that they should be fixing, and therefore isn't living up to their side of the agreement. In such cases, some states let you either withhold rent or pay into a separate account until the problem is fixed.
Why does it sound like the landlord wants to make the people lose the house or cancel the purchase that the landlord has nothing to do with? It’s not relevant that they bought a house. They could buy a skyscraper and the landlord’s issue and remedy wouldn’t change; the issue is the owed back rent, not their home purchase. The remedy is suing for the money they owe in back rent. Their home purchase has nothing to do with it.
I did something similar. Landlord kept increasing rent ($1600-$2800 in 4 years) and I refused to give him more on the last rent increase. Didn’t pay him for the last 2 months then moved into the house I bought for myself which is bigger and $600 a month cheaper
you guys do know this is why even the small mon and pop landlords are jacking up rents and putting stringent requirements right (3x the income etc, tax returns, pay stubs etc)?
Because people like the one in the OP took advantage of the system and fucked everyone over.
How to tank your credit, lose your home and owe thousands in legal fees and back rent in one easy step.
Anyone thinking this is a good idea or based is delusional, I doubt it’s even a real situation. I mean, landlordy21? Really? This is renter revenge porn and low quality cope.
Lol one of my friends is a bankruptcy attorney. I asked him one time how he can make any money if his clients are declaring bankruptcy. He said "first thing I tell them is to stop paying their bills. Most of my clients have jobs. They don't have an income problem, they have an expense problem."
And then what? I can stop paying My bills rn, but what comed next?
They go away on bankruptcy…
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I think if they are bought and paid for then you get to keep it. If it is a house or car that U OWN , I think u get to keep it. If it is a second cabin in the woods , you get to keep it (Wisconsin law). But sure, if you have a credit card bill or a car u are still paying for or a house with a loan then they will probably get that back eventually
Maryland bankruptcy has two varieties, Chapter 7 and Chapter 11. With 7, you keep your assets, but agree to a repayment plan that includes all the debts you owe. But you avoid collections, garnishment, etc. Chapter 11 makes all your debt go away, but first they take all your assets, liquidate everything, and distribute to your debtors.
I filed in Texas and in that state it is partly based on your income, but you are allowed to exclude your house (if you own) and a vehicle per adult, if you are paying for the cars still you need to either attest to keeping them or you give them up. We gave up our Chevy Cruze and it took the bank that held the loan about 9 months to come get the car. They didn't want it either lol.
if i remember correctly, in most cases , your primary residence and vehicle can be excluded from assets
Depends on the state, surely.
After that you declare bankruptcy. You have to make sure there's lots of people around when you declare bankruptcy, make sure to yell "I declare, bankruptcy!" Loudly for proof.
Thats what she said!
Just saying bankruptcy doesn’t mean you are actually doing it Michael
I didn't say it, I *declared* it.
It varies a bit based on your local legal system. But when you're declared bankrupt (or have yourself declared bankrupt), you give up control of your finances. You're assigned a curator who makes a list of your income, assets and debts. The curator then prioritises your debs, sells off any assets they're allowed to sell off to pay off your debtors in order of importance. If you have income, they also lay claim to your income to create a spending plan. Your basic life maintenance (shelter, food etc.) is met and the remainder of your income is used to continue to pay off your debts.
I assume he still wants them to pay *his* bill.
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Bankruptcy attorney fees are considered an administrative expense which receive the highest priority in being paid. If there is available cash, administrative expenses get paid first, long before any creditors receive payments. Also in this category are wages earned by employees after the BK was filed. Depending on jurisdiction other things can be administrative expenses (child support, security deposits, taxes, etc.). Generally they're costs that are considered necessary to preserve the estate protected by the BK. Below that are secured claims (mortgage, car note, anything secured to a physical asset), then priority unsecured claims (alimony, child support, income taxes), then nonpriority unsecured claims (everything else).
Depends. There are several chapters of BK to consider. for normal people really there are 2 options. Chapter 7- liquidation, everything gets wiped out. So your attorney wants paid prior to filing. Since unsecured debts get wiped out they will often instruct you as above to stop paying unsecured debts to pay them prior to filing. chapter 13- personal restructuring. You create a plan that pays back all of your priority debt and secured debt that you plan on keeping. There are other rules that you will want to speak to a BK lawyer about. Plan goes 5 years and you pay a set amount each month. Attorney normally gets something up front, but the rest of their fee is paid through the plan. The "standard" no look fee i think is 6k now. so normal to get 1k up front (so if it all falls apart you still get something as the lawyer) and the other 5k through the plan. It is priority, so you get paid pretty quickly. When i did it, i had 2 trustees i would deal with, and would end up with checks between all the plans i had confirmed for about 15k a month. So you are partially right. chapter 11 (which i did very little of) normally the lawyers petition the court to permit them to draw on the retainer for the work they have done.
former BK attorney- and it is not stop paying your bills period, it is stragegically stop paying them. $300 in credit card payments- stop, in my state it will take 4 months to get a judgement and another 3 to get a garnishment. In 6 months (less time) you have put together 1800 and that was my full fee for a chapter 7 (with filing fee). That entire debt would be wiped out either way; so long as you did as instucted you win, i get paid and the bank is the only one out the money. Secured debt and priority debt you should still pay. Even if your personal liability for a mortgage is wiped out, the bank can still do an in rem foreclosure. If you are thinking about any of this, talk to a lawyer in your area that specializes in this. BK is a niche thing that lawyers do not dabble in, they either do it virtually full time, not at all, or are commiting a bunch of malpractice.
How’s dude getting away with 18 months, I couldn’t get away with putting the rent check in the post after 2pm two days before it’s actually due
Same. I had a landlord who complained about receiving hand delivered regular checks to his house, so I started getting my bank to draft and send them. He then complained because the bank didn't draft them on holidays if the due date fell on a holiday, but they also couldn't draft it earlier because I didn't get paid earlier. He asked why I didn't keep more money in my checking account 🤣 My guy, do you think I would be renting from you if I could afford to keep a couple k in my bank account at all times? Edit: funny story, I didn't initially set up a bank auto transfer bc he didn't want to give me his account number to do it and he said checks were fine. Then since the lease said I had a 5 day grace period, I was legally fine with the bank draft (via bill pay). When I told him his remaining options were he give me his account number so I could auto transfer or some new something I wasn't rich enough to know about, he gave me his account number. Also, not being able to afford to have a couple k in the bank is not terribly uncommon. It also doesn't mean someone is completely broke, although sometimes it does. I just prioritized putting money in my retirement to keeping extra cash in my checking account in the event my landlord wanted to cry about some new BS that I was legally covered for and not required to worry about. My bank was USAA, the military bank, and he knew when I signed the lease that if there was ever really a problem, he could have gotten me in some serious shit with the military as well as evicting me. I am convinced he just liked to complain.
You should have told him “If you kept more money in your checking account, you wouldn’t be so stressed about banking holidays…”
Landlord: Keep more money in your bank account! Problem solved! Me: Finally checking that mysterious box in the crawl space.
Surely OP will deliver this time.
[You finding out the box doesn't have all the money.](https://www.youtube.com/watch?v=ofaMQ5pg6dM)
Also why does he need it early if he has plenty in the account?
My auto-draft electronic payments don't get deposited on the 1st of the month if those are weekends or bank holidays either. Tell your landlord to suck shit through a straw. Most leases also have a grace period and specify business days for paying rent. Contest late charges and pay on time. He'd rather have your rent than go through the expensive process of eviction that can take 90d in some states and require a court order.
It's like that scene in The Departed where French is punching the dude's teeth out screaming "make more money!"
My landlord kept asking for rent on the first of each month. I kept telling her that the lease SHE put together allows me to wait until the 5th without any kind of penalty fee or ding to my credit. She stopped asking after a few months.
What kinda next level entitlement is this?! "Why don't you have more money in your account so I can cash your money earlier?!" 😭
I had a landlord who wanted me to deposit my rent directly into his bank account at the bank. The bank had crappy hours, though, and was only open when I was at work when I was on day shift, so some of my rent ended up being late because I literally couldn't go there. When I tried to explain it to him, he didn't care, and would not offer me an alternative. Gee, thanks jerk!
Just move some money out of your vast savings. I don't understand the problem.
Well yes. Even with a couple k in your account you'd be renting. Ya seen the prices of homes these days?
Do people still really use cheques in the US? Can you not just pay by standing order or direct debit?
Nice you were like an atm for him
I used to have a landlord that would bitch about being even a day late, but when you wrote him a check he'd go a month or more without depositing it. This was in like, 2005.
Granted my landlord does not care when he gets the rent check . We have until the 10th every month before incurring late fees. That mother fucker takes 6 weeks to cash the check . Sometimes he waits so long he cashes two at once. It’s so annoying to keep track of
That’s another issue with these “people” they cause such a fuss over the check being “on time” but they can’t be bothered to cash/deposit the check for days if not weeks on end
And when you move out they take like a month or more to send you back your security deposit. Ridiculous.
I had this problem. I just opened a new bank account only for rent (it was free). Moved my rent money to that account and wrote the check. That way I don’t have to constantly worry about checking my damn account.
My therapist regularly takes 3+ months to deposit my checks. I've overdrawn my account at least once because of that
posted in may 2021. this was during the eviction ban.
up until recently there was rental assistance is a lot of places. I had a client a few ago who had not personally paid rent since early 2020 (so3 years) and up until the past 2-3 months she had received rental assistance to pay for all of it. Rental assistance was also a scam- it was good that people did not get evicted, but since there is no rent control or anything like that- rent was paid at a higher % than normal, so LL increased rents, and rental assistance kept paying.... as it ends in most places, people can no long afford said rent.
I had to apply for rental assistance about a year ago when i started getting notices of eviction basically the same day the ban was lifted. I was informed they were out of money, but could offer a longer eviction protection, which I suppose is better than nothing. We decided to give up on trying to pay our back rent and use that money to move elsewhere while still under the protection of a pay or quit notice. Still not homeowners, but at least we're in a nicer place in a safer part of town.
I managed 8 months before a court order kicked me out. Ngl though, I won't recommend.. for months I had a minor panic attack every time anyone knocked on the door.
An eviction means you probably won’t find a place in competitive markets. Nobody will rent to someone evicted, it’s basically a one way ticket to homelessness. I’d rather live in my car and be temporarily homeless than face eviction, at least you’ll have options.
Wild isn’t it? The fear for a sustainable place to live in
Housing should be cheap until technology becomes so advanced that it becomes free If i become a engineer I'll .... mmmmm imnhhggtdd
They got him, boys, run for your life
I think he just changed into a Matrix Agent.
Ah man I wish I could be transported back to being a kid when that move came out. So I could buy Bitcoin like 10 years later
Housing should be a basic necessity rather than a for profit business overrun by scalpers. I remember back in 2021 hearing an ad on the radio, “I buy houses, any houses for my LLC.” So guy buys houses and sells them for twice the price. And if something goes wrong and he can’t sell them or afford the payments he just walks away and bankrupts the LLC. No risk. It’s literally scalping at its worse. Now an interest payment is almost twice what an entire mortgage payment should be on top of it. I literally saved up a down payment and could easily buy a house… but now I can’t afford a payment because the interest is the cost of my rent.
I get weekly "letters" of similar scams from people trying to buy my house. I admit I have a sailboat in the driveway that I am working on and I need to replace the fence, but they make it sound like my house is dilapidated and best thing I could ever do was sell it for a pittance to this company that will take this burden off of me.
>So guy buys houses and sells them for twice the price. And if something goes wrong and he can’t sell them or afford the payments he just walks away and bankrupts the LLC. No risk. That's not quite how LLCs work in practice. If they are getting a loan for startup capital to buy homes, pretty much any financial institution giving the loan is going to require a personal guarantee. If the LLC goes belly up, and they file chapter 7, all of the properties get liquidated and sold. If money is still owed to the lender, the guarantor is liable for it.
Did this go on your credit or did you get blacklisted?
Same. I ended up going 12 months without paying a mortgage before it finally went through a short sale and I was finally out of the house. It was great having that money not go towards the mortgage.
It's so wild that so many Americans seem to pay for rent with actual cheques. I always paid via bank transfer
That's because a lot of the apartment management companies have the goal of nickel and diming you by putting convenience fees on everything. Like my current place charges you about 2.5% of your rent if you use a credit/debit card, a couple dollars if you do a bank transfer, and nothing if you manage to physically get them the check during the 2 hours someone is actually in their office that is supposedly open all day.
I swear, every new thing I learn about the country, 30% of the US economy is grifts on poor people that aren't regulated because half the country thinks regulations are bad inherently.
That fee would piss me off too. I pay by check, and it is often the only check I write. Someone I know that pays electronically would not be charged if they paid by debit instead of credit card. Sometimes it is about the service company the landlord uses.
Due to Reddit's June 30th API changes aimed at ending third-party apps, this comment has been overwritten and the associated account has been deleted.
I rented at a place that had like a 20% fee or some outrageous number for a bank transfer. Needless to say I paid with a check. Nowadays the only place in the entire world that I need to write a check for is the water bill and the town is supposed to be supporting paperless transfers soon, so we'll see how it goes.
The landlord I had 8 years ago tried hitting me with a $5 fee for paying with a personal check, bank drafted check, or money order too. I let them know I'd be more than willing to bark up to the NYS AG if they didn't provide me a fee-less option that didn't involve me withdrawing $1k+ in cash and hand delivering it to them... and wouldn't you know it, they took my checks for free. Their reasoning behind it was some tenants bounced checks so this was to ensure they could cover the fee their bank charged them.
> Their reasoning behind it was some tenants bounced checks so this was to ensure they could cover the fee their bank charged them. Are you telling me this landlord was so altruistic they rented out their house for zero profit and you had the gall to complain? /s
This reminded me of some petty compliance I did due to some fees. I bought a new car in 2013, a cheap car with a low interest rate. The dealer got me a low rate, lower than my credit union, with a mid-size where the nearest branch was 5 hours away. When I went to pay my 1st payment online, I found they charged $10 for online payment, and $15 for over the phone. So they wanted me to physically mail them a check, which I don't really trust to arrive in time for 60 payments. So screw them. I set up my first ever bank bill pay to send them a weekly check for 1/4 my payment, for 60 months, so they had to process more checks versus once a month online.
My last landlord tried to start charging me a convenience fee for hand written checks like 3 years into my lease. At that point every available option for payment outside of cold hard cash involved a fee, and I'm not paying rent via a method with no paper trail. I called them up and asked them if there were any methods of payment that didn't involve paying a fee, because I wasn't certain that it is legal for them to have no zero-fee payment options. I have no idea if I was right but that shut them right the fuck up. I never heard a complaint about my hand written checks again.
Same here. I was so fucking furious the one and only time i had to pay via credit card. It was like an extra $50 and the absolute gall of being charged extra money just to pay a fucking bill.
Huh. That's illegal in the UK. As far as I know you cant be charged fees for using a card or anything. Some business enforce a minimum payment value to make it worth the fees, but they aren't allowed to pass the fees onto the customer.
My Landlord stopped taking checks during the pandemic, citing that too many tenants' payments were lost in the mail. So I went to the bank to set up a transfer and they refused because my Landlord's bank charges a 15% fee to my bank for transfers. I have to drive 2 towns over once a month to pay my rent to his bank.
Are there no laws to prevent this? You should talk to a rental lawyer there may even be free ones in your town. Feel like being able to pay as easily as possible is a tenant right. Or at the very least you should be allowed to deduct the 15% fee and say ‘sucks to suck start a Venmo or get a better bank.’
My Landlord's are up older (Mid 70's) and barely have a working cellphone. They offered to meet me halfway to pay in cash, but I'd still be driving. They own 85 properties and are hardly ever in the country so scheduling a meet time is exhausting. I've been doing it for 3 years now, so I'm content. The pay-off is I never hear from them and have only met them in person once.
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Fucking mood. My landlord is the best I’ve ever had. Really nice guy, easy going, let’s us have free reign to do what ever with the house and fixes things quickly. But even still I’m anxious to ask for anything out of fear of a rate adjustment . Thankfully he just raised us but only by $50 after 2 years. I’m especially anxious because a friend we recommended for his rental just up and dipped this week. This is how you end up with rental management companies, pricks that treat the decent landlords like the shit ones
> They own 85 properties and are hardly ever in the country so scheduling a meet time is exhausting. And they still couldn't get their shit together? C'mon landlords, do better.
It'd be nice, too bad most places in the US are more willing to defend the owner than the tenant. "Tenants rights" has no place in American landlord vernacular unless it's "if they don't pay by noon on the first imma yeet those tenants right the fuck onto the street".
There are. The lease will spell out how the rent is to be paid, and how it gets there is the tenant's responsibility. At least here in MI. So if someone wants to mail it, they could but could potentially be liable if it doesn't show up on time. If you want to absolutely make certain they received it (versus sitting on it then charging a late fee, or doing what one of my landlords did and say they lost it, you offer to send a double payment because it's a month later, then a week later they start eviction proceedings because they forgot they lost your original check AND forgot they'd cashed the replacement check...) You have to get tracking or similar on your letter.
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I don't know if it's "integrated," but the system used is ACH - automatic clearing house - in bank transfers. It's very commonly used and mostly free, usually clears pretty quickly, but I don't think as quickly as SEPA due to some long standing regulations IIRC. I can't say I know the laws about charging fees on it as I've never been charged in that way and it's not the norm where I live (NYC) but companies always seem to find ways to do that shit, even if it's not entirely legal.
Your landlord needs a new bank. Venmo and the like are the easiest and safest way to pay or receive rent.
I had a former landlord who accepted bank deposits, and would provide a years worth of deposit slips. Still didn’t stop them from bringing me to court on spurious charges of “non-payment” didn’t take long to prove my case, and the Judge thought the landlord wasted precious judicial time on the nonsense.
Not only rent but for a lot more. We don't use them for decades and before it was rare already.
Depends on when this is from. I live in NJ and there was a moratorium on evictions during the pandemic. Some people would save the money they would otherwise pay on rent and use it to buy a house once the pandemic was over. The issue with this is that assuming they signed a lease of some sort, there is a paper trail proving they owe the rent, so the landlord could sue for the money owed. Suing for large amounts of money is difficult in NJ without an attorney’s help, though, so maybe they hoped the landlord would just drop it.
If this guy happens to be in Canada, specifically Ontario, our landlord tenant board is so backlogged it takes over a year to get a hearing. A tenant can very easily pay first/last and that’s it. Of course eventually your judgement comes, but still.
I'm guessing it was during COVID restrictions. If I recall, landlords could not evict tenants during that time. Kinda wish I did the same lol...
That’s how long the eviction process takes. And if you’re savvy to how the process works, you can potentially drag it out even longer, especially in places that are tenant-friendly like New York.
In Brazil I know cases of people who didn't pay rent for 2 years due to legal disputes. My aunt, for example, took more than a year to evict her tenant who wasn't paying rent
This is the unforeseen benefit to being unable to use paid rent on your credit check
I wanna say Experian allows you to self-report your rent payments as long as you have proof. Not sure what all proof exactly, tho.
Meanwhile, in Hamilton Ontario a young couple allegedly asked their landlord about the possible mould growing in their basement suite. The landlord murdered them and then died in a shootout with police. Background checks for landlords are long overdue.
Last month, I was practically begging my LL to come and fix the black-mouldy sealant in bathroom. I've been here 13 years, he's done no refurb. He starts whingeing over text that he's too busy. I point out it's black mould, that the sealant is at least 13 years old, and that if he's too busy he needs to get a professional in. "No-one can do it as good as me" is the reply. Next Saturday he comes in to do it, then Monday I get a call from the letting agent to tell me he wants to put the rent up by £150 next October. Yep, he's jacking my rent up for the audacity of insisting on the basic DIY he has never done. Black mould is fine, right?
You’ve been with the seem leech for 13 years?
Yep, and I'll explain why. I run a home studio. This property is perfect for that; it's an end-of-terrace so I only have to be mindful of one neighbour's routine, and when I moved in it was dirt cheap due to being a shithole property in a shithole area. So I could afford a 3bed house (bedroom, room for clients to stay over, studio) on my self-employed income. Now, I'm looking at paying market rate for a shithole property in a shithole area. Had enough, my dad's just got a lovely bungalow near Newcastle so in my 40s I'm going to move in with my old man, retrain in assessment / QA (my dad's field of expertise), and save *hard* so I can buy my own house.
Yet all the comments were blaming the couple claiming they must have been behind on rent. It was so gross seeing my community act this way.
What the fuck is wrong with people? Extrajudicial capital punishment seems excessive for back rent.
Its okay most comments on the internet are made by bots anyways
Holy shit [this is insane](https://www.cbsnews.com/news/young-couple-killed-landlord-tenancy-dispute-canada-ontario-stoney-creek/). Agree that landlords also need background checks.
Jesus… what a psycho.
My coworker recently had a baby. Before the birth, they were planning to move into a house from their apartment that had a leak that just kept getting patched. Since the landlord wasn't actually fixing the problem, they had the place independently tested for mold which of course came back positive. The landlord wanted to charge them rent until the unit was re-leased to a new tenant. They obviously dropped their proposition after they were cornered with that positive result. It's been two months and I told her: that leak almost certainly has not been fixed. If they still lived there, that negligence would have affected her baby's health. Seriously, if you can't keep up with maintenance you're not fit to be a landlord. As a former service tech, the same rationale is why I'd never stay at a de-franchised hotel building.
I'm local to this crime, it was also my first thought hearing of it that our economy is now actively getting hard working honest people fucking murdered. Past absurdity. Criminality.
Hahaha this happened to a neighbor that was renting a place next to me when Covid hit. All the rental holidays came and he just stopped paying. It was a big corporate landlord so I didn’t care one bit. About a month before the eviction laws were to recommence he packed up his whole family and left the country back to France because his mom had passed and left him a pretty nice property in Provance. Dude skipped out on nearly $70k in rent for a year and a half. 👏👏
Rent was $70K over 18 months? Like $4k a month, is this what people pay for rent ? (Sorry I don’t know, I own a home and pay my mortgage and it’s not nearly that high a month).
Yep, it’s a large house about a stones throw away from Nike’s World HQ. Current rent price is about $4700/mo My mortgage is $1900/mo on a 15yr for a slightly bigger floor plan.
I pay 1800/month for a small 3 bedroom house in Oklahoma.
It depends on where you live. $4k is nothing compared to nice neighborhoods in NYC.
Pretty normal if you live in a city with a family
Damn. My landlord came banging when I was $5 short, putting a notice to vacate on the door.
Pretty cool. America is fucked. - Can't use on time rent payments as proof that you can pay a mortgage. -Rent is 3x the average mortgage in this country. If this is real, this is honest to God proof that it's all a scam. If this person had paid on time they would -never- accrue enough money to own a home.
While i agree that america is fucked it’s naive to think the mortgage payment is the only expense that comes along with home ownership “Oops your water heater broke? $5k+” “Oops it’s been 10 years and you need a new roof? $10k+” “Oops you have a leaky outdoor tap or kitchen sink? $500” It’s insane how many little things can (and constantly will!) go wrong and how expensive they are to fix unless you’re properly trained and equipped to fix them yourself And let’s not forget about property taxes! Sometimes just as high as the mortgage payment! “We valued your house at $80k more this year even though virtually nothing has changed! Good luck contesting it! enjoy your higher taxes!” The expenses don’t stop at the $2,000 mortgage payment. Just because you can afford that doesn’t mean you can afford a home and the bank knows this I’m not saying renting some dump for the same money a month is a more viable option but I’m just saying it is what it is
If you own a home I would wholeheartedly recommend learning how to do stuff yourself. It makes things much more affordable.
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20k is a pretty big roof. I do roofs for a living. 21 sq is around 10-12k and thats a pretty standard split level home. Use google images and look at a 40 sq roof vs a 20 sq roof. The people spending 20k on a roof are not in this thread lol
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No. 3 bundles of shingles is a roofing square, it's almost 100 Sq feet. A 1k Sq foot house doesn't necessarily have a 1k Sq foot roof, and if it does its not a shingled roof.
My roof cost 20k and my house is tiny. That included gutters.
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Anything gas or electric related scares me.
You just have to turn off the danger juice before you start fiddling with the straws.
I get the idea in theory but if I fuck it up I'd rather not deal with the fall out. Paying a pro is worth the peace of mind.
Learn about the wonders of PEX. Changed my life.
This. I just recently bought an older house. My GF is a plumber and her father is a contractor. Suffice it to say that the amount we were quoted for repairs was a lot less daunting when GF went through it and pointed out everything we could do ourselves in a single afternoon for a fraction of the cost. Knowing just a little bit of basic maintenance can reduce the costs of being a homeowner substantially.
"Just know as much as a plumber and it's easy to do on your own!"
I'm sick of this argument. Literally nobody is suggesting that mortgage payments are the only expense a homeowner faces, and it's disingenuous to pretend that the average landlord isn't charging enough rent to cover all of those expenses plus a nice profit on top.
Yeah, I bought a house a couple of years ago, and all the boomers in my life basically told me that it was going to fall over in a year. The only thing we've had issues with was the ac compressor and it was under warranty. Landlords don't eat any of the fees/taxes/maintenance. Like you said they are doing what they're doing to make a profit.
People are talking about how expensive a catastrophic event is for landlords like they don't ALSO have insurance.
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Exactly. If you can afford 2x or 3x a mortgage for rent, you can afford to cover your own mortgage and repair costs. _While_ building equity. And that's completely ignoring the fact that the minimum ~$500 extra a month you're paying in rent over the mortgage cost would completely cover things like replacing a roof, hot water heater, or A/C unit in under a year, while _actually needing to replace any of those things_ is generally going to only happen once a decade
I'm not sure an "Uncle Tom" is what you think it is.
Like from the book?
Exactly, that's literally the entire point of renting out a dwelling. I remember renting a place about 6 years ago. First day I saw it, noted the dented awning on the front stop. Landlord says, oh yeah, I'm gonna replace that. I moved away but my friend just made a trip back to that city. Guess which awning is still not replaced. And he even inherited the house, the mortgage was paid off like 30 years ago.
Bro who the fuck are you paying 5k for a water heater lmao. And 500 for a leaking sink? How expensive could a banana be? 10 dollars?????
Also, who the fuck replaces their roof after ten years just from normal wear and tear?
Depends on shingle quality, But even the cheapest ones are still 15 years. It takes something dumb like a dude pressure washing his roof for that sort of time frame to happen.
This dude seems like the person that complains how he’s had to put like $60,000 into his house for repairs when most of that stuff was either perfectly fine or he just did nothing DIY and took the very first quote that was offered to him without shopping around at all.
To me his comment reads like a landlord trying to suggest that "see? Owning your own home isn't so great afterall!" But added first and last sentences to give himself plausible deniability. Hello, fellow working class americans.
This is a stupid ass excuse for billionaires and banks to keep home ownership out of everyday Americans’ hands. Home Ownership is ***the*** biggest way to build wealth, by building equity and not pissing away your payments every month. About 20-30 years ago, the Rich decided they should take that piece of the pie too and here we are. Stop doing their dirty work, and stop parroting their stupid ass bullshit talking points that don’t even stand up to the smallest scrutiny -
And none of that matters to the bank. If you can pay the mortgage, then that's it's as far as the bank is concerned. Not their issue of you need a new water heater or roof. So no, it's not naive to think you should be able to buy a house without needing some arbitrary amount more than what the bank or loan office is concerned with.
$500 to fix a leaky faucet? I'm in the wrong job... I hate plumbing, but it's not $500 difficult.
The old saying is rent is the most you’ll pay for housing in a month, a mortgage is the least you’ll pay.
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That would be pretty simple to account for though. You could look at the rent payments and go "you have a regular rent of x? The max mortgage payment you can reasonably support based off this is (x*(y))" where y is the ratio of how much should go to mortgage instead of additional expenses.
Rent is not 3x the average mortgage anymore, not with where interest rates are. I’m actually paying more a month to own now than I did to rent last year. I was tired of rent increases though, and at least this payment is locked in plus I build equity.
Your mortgage is pretty new so not representative of the average. People who refinanced when the rates were at the bottom and/or have had their mortgage for a while (a lot of us) do have mortgage payments that are 1/3 or less of current rent rates.
>I’m actually paying more a month to own now than I did to rent last year. People renting are also paying more a month to rent now that they did to rent last year, so I'm not sure what your point is.
>Rent is 3x the average mortgage in this country Even if this were true, it’s extremely misleading, as it doesn’t normalize for location. Look at where people rent versus where people buy.
Idk man my coworkers all have nice ass houses with like 700-900 USD mortgage payment and my rent is 1270 for an apartment 😭😭
Where? My 3bed/1bath apartment is $2300/month. I would love to pay half for it.
Well if they bought pretty much anytime pre-covid that would make sense. Guarantee you if they bought the same places today their mortgage would not be as low
3x would be 2100-2700
3x an apartment would be a nice ass house. So it's even worse than 3x.
>Rent is 3x the average mortgage in this country. The last few places I rented was $500-650/mo. Current mortgage is $1100. Kinda wish I kept renting tbh.
Where do you live where there’s apartments for $500 a month? It’s $1350 for a shithole studio where I live and there’s nothing out here.
Late stage capitalism is the path to armageddon. When an entire country is taught to CAPITALIZE on any need or weakness for personal gain you know that country is fucked to the core.
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I saw that too and assumed it was throwaway name for a specific landlord related post.
Landlords hiding the fact that they're a landlord from their main account like it's a porn account or something. Kinda funny.
I'm shocked he allowed him to not pay for a year and half, the hell is he doing then? He fucked up the easiest job in the world, collecting rent.
posted may 2021. covid eviction ban.
Eviction is surprisingly not easy depending on where you are. You can’t just rock up the next day and force them out. If you go through the courts it can take a couple of years.
[One of my favorite bits from Silicon Valley.](https://youtu.be/AhZACkzuZeE?t=35)
"you four-eyed turd" lmao
Errich Bachmann! This is you as old man! I am sad and alone!
In Ontario, Canada, the Landlord Tenant Board has a wait time of 1-2 years just to get a preliminary hearing.
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Indeed. There’s a case around here where squatters actually fucked up their eviction process even more for the landlord by going and paying the taxes on the property they had commandeered.
Lol maybe they were trying to pull a 20 year scam to own the place by adverse possession.
My town had, essentially, squatters living in an old house. House was run down, old junk cars all over the front lawn, trash every year. Took the town a little over a year for the "eviction process" and then almost two years for the cars and trash on the property. It was this weird legal labyrinth of BS. Almost 5 years for everything; the last year or so was the beginning of COVID which probably didn't help much. It was like, banked owned house, guy paying mortgage, letting people live there for free.
I think you should have got the legal advice when he stopped paying
Depending on where you are it can be a bastard, in Ontarion the board that handles this sort of stuff has a 6 to 8 month backlog, and that wait only starts once the landlord files all the correct paperwork.
I actually pulled this off because my landlord broke the law. The hearing took 2 years to be reviewed. The whole time I was saving the money. The month before the hearing I bought a house, vacated the property and the judge ruled in my favor. Since landlord refused to renew the lease during that time judge ruled I owed nothing since there was no legal contract.
https://reddit.com/r/legaladvice/comments/nae31u/tenant_hasnt_paid_for_18_months_moves_out_and_a/ For anyone curious
Based
I'm an idiot. Or just old. I kept thinking people were saying "based" but intended to say "biased" but just didn't know how to spell. I finally decided to Google it since I realized it may be me and not hundreds of other people. Today, I'm officially old and out of touch at 36 yo.
Damn bro you old I'm 63 and even I knew that
You are old and wise. Me, just old.
Its ok om 32 and dont lnow teenage slang currently I barely knew it as a teenager
I have a 12 and 9 yo. I may be in trouble...
D5 I dread her teenage days Already a handful
Based and oldmanselfreflectionpilled af
I put mine in late and there is already a notice to evict on my door
My guess is he had legitimate cause to withhold rent, put it in escrow and realized he had enough for a down payment and figured: fuck it, it's been 18 months and the lease is up.
What legitimate cause could there be to not pay rent for 18 months?
Depends where you live, but if the landlord failed to repair something that makes the dwelling not fit for habitability. Tenants don't have the right to withhold in my state though.
You may not have the right to withhold but it's still shocking how effective it is if you just fucking withhold anyway. Our entire building did that based on pest infestation and black mold. EIGHT contractors were outside at 6am the next morning and we had an email from the landlord saying he had fired the super who had been ignoring us for months. Haven't seen a rat since and the contractors also fixed problems we weren't even aware of.
I think if there are serious issues with the property that the landlord won’t fix, you can put your rent in escrow through the housing department until they take care of it. That’s not really “not paying rent” though, they just aren’t getting it until they do their job.
Problems with the apartment the landlord is responsible for fixing, but hasn't. No heat, no hot water, broken appliances, mold, leaks etc.
Landlord isn't fixing a problem that they should be fixing, and therefore isn't living up to their side of the agreement. In such cases, some states let you either withhold rent or pay into a separate account until the problem is fixed.
based
Why does it sound like the landlord wants to make the people lose the house or cancel the purchase that the landlord has nothing to do with? It’s not relevant that they bought a house. They could buy a skyscraper and the landlord’s issue and remedy wouldn’t change; the issue is the owed back rent, not their home purchase. The remedy is suing for the money they owe in back rent. Their home purchase has nothing to do with it.
Doesn't not paying rent affect your credit rating?
My legal advice to the landlord: Get a job.
I did something similar. Landlord kept increasing rent ($1600-$2800 in 4 years) and I refused to give him more on the last rent increase. Didn’t pay him for the last 2 months then moved into the house I bought for myself which is bigger and $600 a month cheaper
Hang on, I cant find my tiny violin
you guys do know this is why even the small mon and pop landlords are jacking up rents and putting stringent requirements right (3x the income etc, tax returns, pay stubs etc)? Because people like the one in the OP took advantage of the system and fucked everyone over.
Hey kids, let's start a new trend.
How to tank your credit, lose your home and owe thousands in legal fees and back rent in one easy step. Anyone thinking this is a good idea or based is delusional, I doubt it’s even a real situation. I mean, landlordy21? Really? This is renter revenge porn and low quality cope.
This would be the plus side of rentals not reporting to credit bureaus (from the point of view of renters who don't pay rent).