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CosmicJoke
happy mutant



Registered: 04/05/00
Posts: 10,848
Loc: Portland, OR
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Applying to rental home before seeing it.
#21947678 - 07/15/15 02:36 PM (8 years, 6 months ago) |
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Jesus Christ this city is so aggressive, never in my life have I applied to a rent a house before seeing it.... and it appears for $500 you can hold anyone else from seeing/applying.
Such a seller's market here, it's really frustrating...
I was looking at a 1br in a pretty fun neighborhood, had really good rapport with the landlord, we liked each other.... until he told me there'd be a 10% hike in rent yearly
The price was quite affordable for me... $1600/mo
but, unless my math is mistaking here
1600x.10=160
1600+160=1760
0-1YR
1760x.10=176
1760 + 176= 1936
1YR-2YR 1936 x.10=193.6 1936+ 193.6= 2129.6
2YR-3YR
2129.60x.10 =212.96 2129.60+212.96=2341.96
3YR-4YR
2341.96x.10 =234.10 2341+234.10=2575.10
4YR-5YR 2575.10=257.51 2575.10+257.51 =2832.16
$1600 apartment to $2832 in 5yrs?
Is this shit ridiculous or is this just me...?
-------------------- Everything is better than it was the last time. I'm good. If we could look into each others hearts, and understand the unique challenges each of us faces, I think we would treat each other much more gently, with more love, patience, tolerance, and care. It takes a lot of courage to go out there and radiate your essence. I know you scared, you should ask us if we scared too. If you was there, and we just knew you cared too.
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CHeifM4sterDiezL
Chief Globerts


Registered: 07/28/10
Posts: 22,541
Loc: United States
Last seen: 7 minutes, 44 seconds
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Re: Applying to rental home before seeing it. [Re: CosmicJoke]
#21947699 - 07/15/15 02:40 PM (8 years, 6 months ago) |
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yeh no i wouldnt sign up for that. Is this some kinda rent to own or summin?
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CHeifM4sterDiezL
Chief Globerts


Registered: 07/28/10
Posts: 22,541
Loc: United States
Last seen: 7 minutes, 44 seconds
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if anything id give u money off after 5 years for being a good renter n not fucking shit up n stuff
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CosmicJoke
happy mutant



Registered: 04/05/00
Posts: 10,848
Loc: Portland, OR
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No just a greedy west coast city where the market has changed greatly for the worse in the last 5yrs... My landlady lost her job and is selling my house so I need to find a new rental by sept 1st.... Can't tell you how stressful this shit is.
-------------------- Everything is better than it was the last time. I'm good. If we could look into each others hearts, and understand the unique challenges each of us faces, I think we would treat each other much more gently, with more love, patience, tolerance, and care. It takes a lot of courage to go out there and radiate your essence. I know you scared, you should ask us if we scared too. If you was there, and we just knew you cared too.
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Shroomslip
Architekt



Registered: 11/25/12
Posts: 23,651
Last seen: 52 minutes, 2 seconds
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Re: Applying to rental home before seeing it. [Re: CosmicJoke]
#21947740 - 07/15/15 02:47 PM (8 years, 6 months ago) |
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No way in hell I'd sign up for that, even if I could afford it.
By the end of the 5th year you will have paid over 182,000 in rent. Surely you could buy a house with that much money.
--------------------
With my face against the floor I can’t see who knocked me out of the way. I don’t want to get back up but I have to so it might as well be today. Nothing appeals to me no one feels like me, I’m too busy being calm to disappear. I’m in no shape to be alone contrary to the shit that you might hear. You can't wake up, this is not a dream. You're part of a machine, you are not a human being With your face all made up, living on a screen. Low on self esteem, so you run on gasoline
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JohnnieYen
Okay



Registered: 03/15/11
Posts: 3,529
Loc: City Z
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Re: Applying to rental home before seeing it. [Re: CosmicJoke]
#21947772 - 07/15/15 02:53 PM (8 years, 6 months ago) |
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10% per year increase is ridiculous. Just a cash grab by the landlord. Tell that guy to go fuck himself. If 1600 a month is no big deal why not buy an apartment or condo? charge yourself an extra 10% per year and see how fast you pay that sucker off
-------------------- [center
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I_was_the_walrus
eggshells



Registered: 05/01/02
Posts: 11,887
Loc: next door
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Re: Applying to rental home before seeing it. [Re: CosmicJoke]
#21947781 - 07/15/15 02:54 PM (8 years, 6 months ago) |
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Dude you could buy a house for half that rent a month. Fuck that shit.
I was looking for a house to rent several years ago. I called the guy and he said I needed to go online and apply to see it (with a fee). I laughed hysterically before hanging up on him.
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CHeifM4sterDiezL
Chief Globerts


Registered: 07/28/10
Posts: 22,541
Loc: United States
Last seen: 7 minutes, 44 seconds
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dat down payment tho
Edited by CHeifM4sterDiezL (07/15/15 02:57 PM)
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CosmicJoke
happy mutant



Registered: 04/05/00
Posts: 10,848
Loc: Portland, OR
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So the problem is that any house in a hip neighborhood over $350k is basically a flash sale paid in full cash and a major bidding war driving a 100yr old house up Up to $450k... Usually by landlords that want to convert the place to a duplex or whatever to make that Much more money
-------------------- Everything is better than it was the last time. I'm good. If we could look into each others hearts, and understand the unique challenges each of us faces, I think we would treat each other much more gently, with more love, patience, tolerance, and care. It takes a lot of courage to go out there and radiate your essence. I know you scared, you should ask us if we scared too. If you was there, and we just knew you cared too.
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nooneman


Registered: 04/24/09
Posts: 14,561
Loc: Utah
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Re: Applying to rental home before seeing it. [Re: CosmicJoke]
#21948010 - 07/15/15 03:38 PM (8 years, 6 months ago) |
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The real estate market is fucked. There are a lot of great deals in isolated places, but anywhere that someone thinks they can "flip that house" is just fucked. Big corporations buy up tons of houses as an "investment" and then rent them out for an outrageous price. This drives both housing prices up and rental prices up on properties that aren't inherently worth anywhere near the amount that people are charging for them.
The core problem is that the real estate market learned absolutely NOTHING from the real estate bust that caused the last recession. They're still employing the exact same tactics that lead to the bust in the first place. They're driving homes that are worth maybe $150,000 into the $500,000+ range hoping to make a profit.
Then one day, they drive the price so high that no one is willing to pay, and then the market busts again.
TLDR: the real estate market is fucked.
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DOBAS



Registered: 07/06/13
Posts: 1,002
Loc: Virginia
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Re: Applying to rental home before seeing it. [Re: nooneman]
#21948313 - 07/15/15 04:49 PM (8 years, 6 months ago) |
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Dude that's a terrible deal. And $1600 for a 1 bedroom what the fuck?
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badchad
Mad Scientist

Registered: 03/02/05
Posts: 13,372
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Re: Applying to rental home before seeing it. [Re: Shroomslip]
#21948336 - 07/15/15 04:56 PM (8 years, 6 months ago) |
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Quote:
Shroomslip said: No way in hell I'd sign up for that, even if I could afford it.
By the end of the 5th year you will have paid over 182,000 in rent. Surely you could buy a house with that much money.
Probably not. The reason a 1 bedroom can get $1600/month is because of demand. It's likely the purchase price of a home is similarly marked up.
-------------------- ...the whole experience is (and is as) a profound piece of knowledge. It is an indellible experience; it is forever known. I have known myself in a way I doubt I would have ever occurred except as it did. Smith, P. Bull. Menninger Clinic (1959) 23:20-27; p. 27. ...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely. Osmond, H. Annals, NY Acad Science (1957) 66:418-434; p.436
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Patlal
You ask too many questions



Registered: 10/09/10
Posts: 44,797
Loc: Ottawa
Last seen: 5 hours, 43 minutes
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Re: Applying to rental home before seeing it. [Re: badchad]
#21948354 - 07/15/15 04:59 PM (8 years, 6 months ago) |
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I would love to own the building you are trying to rent
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CosmicJoke
happy mutant



Registered: 04/05/00
Posts: 10,848
Loc: Portland, OR
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Re: Applying to rental home before seeing it. [Re: DOBAS]
#21948425 - 07/15/15 05:14 PM (8 years, 6 months ago) |
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I've actually owned before when I lived in the Midwest, it's one of the reasons I'm hesitant to buy again because I was trapped trying to sell the place as the housing market wasn't budging and I was longing to return to the PNW. I took a $20k loss on that house (which was a mere $130k to begin with) just to GTFO. My mortgage in Columbus, OH was $1k and included taxes lol... And the house was fucking comfortable, it was a 3br ranch house built in like '64, it had great insulation and central air and heating, the temperature was always exactly what I wanted it to be, but it was on the north side of town in a cul de sac and the whole city felt culturally flat to me. Here there are hundreds of restaurants with vegetarian options, great concert venues and live music scene, good bars etc. The location is just worth the $1600/mo, but the problem is the annual rate hikes can be absurd....
I've always really enjoyed being single and on the prowl on the weekends, but sometimes it seems like a relationship seems like a good financial decision Great motive for having a relationship .
-------------------- Everything is better than it was the last time. I'm good. If we could look into each others hearts, and understand the unique challenges each of us faces, I think we would treat each other much more gently, with more love, patience, tolerance, and care. It takes a lot of courage to go out there and radiate your essence. I know you scared, you should ask us if we scared too. If you was there, and we just knew you cared too.
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Shroomslip
Architekt



Registered: 11/25/12
Posts: 23,651
Last seen: 52 minutes, 2 seconds
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Re: Applying to rental home before seeing it. [Re: badchad]
#21948437 - 07/15/15 05:17 PM (8 years, 6 months ago) |
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Quote:
badchad said:
Quote:
Shroomslip said: No way in hell I'd sign up for that, even if I could afford it.
By the end of the 5th year you will have paid over 182,000 in rent. Surely you could buy a house with that much money.
Probably not. The reason a 1 bedroom can get $1600/month is because of demand. It's likely the purchase price of a home is similarly marked up.
I don't mean buy a house that's neighboring the rental property, but would you really have to go too far away to find one? A half hour commute or so extra would be worth it to save on that kinda price gouging. At least to me. Plus at least at the end of paying out that much you have something of value out of it. You're not just throwing nearly 200 grand into a black hole.
--------------------
With my face against the floor I can’t see who knocked me out of the way. I don’t want to get back up but I have to so it might as well be today. Nothing appeals to me no one feels like me, I’m too busy being calm to disappear. I’m in no shape to be alone contrary to the shit that you might hear. You can't wake up, this is not a dream. You're part of a machine, you are not a human being With your face all made up, living on a screen. Low on self esteem, so you run on gasoline
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