Warranty misleading

   / Warranty misleading #61  
CloverKnollFarms said:
Except the gap in housing prices and income has never been greater. There is that.
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Income might be greater but inflation and the devalued dollar offsets that by a pretty wide margin. Like the current UAW contract, in reality they got NOTHING, The 'raise' they got amounts to a decrease in wages because of inflation and of course the automakers raised the bar (price) accordingly so no one benefits, not even them actually.

Today you buy a new ride and it costs upwards of 75 grand but in reality it's only worth about 1/4th of that. Technology has not advanced that much to warrant the cost, in my opinion.
 
   / Warranty misleading #63  
Like the one couple that rents from me. They had pie-in-the-sky aspirations of buying a piece of land and building a 'Barndominium' on it... Until reality hit them square in the face and they found out real quick that maybe renting from me ain't so bad. They will rent from me a long time simply because they cannot afford even the 20% down payment and live the lifestyle they choose to live. Always wanting to buy the home they rent from me and my patent answer is... you cannot afford it so don't ask.

It's a beautiful home on acreage with all the conveniences and it's not for sale to them anyway.

Best they will ever be able to afford now or in the future, is a dump and even that dump is getting farther and farther away from affordability for them as inflation eats up their buying and borrowing power.

I'm gonna raise their rent end of the year as well because, it's business for me and like any business, I need to make money on it (them). I have more than one home.
 
   / Warranty misleading #64  
Part of the problem for many in the younger generations is their expectations. Our first place was a dump when we bought it, but we fixed it a bit and took some equity into the next place...rinse and repeat.

Kids seem to want a house on par with the one they remember...our 4th or 5th.
 
   / Warranty misleading #66  
The reality of first home ownership and reality tends to escape the younger set entirely it seems. I own (2 outright and one that is almost paid off that are very nice homes and I'm extremely careful who I rent them to. I do a in depth credit check and require a 2 month security deposit which I put in a separate account for them and leave it there until I either terminate the lease agreement or they do and then I deduct any damages from it and they get the balance, if there is any.

I have an iron clad yearly lease-rental agreement drawn up by my attorney as well. I don't allow any pets, no smoking and a raft of other stipulations and violating any of them results in they move..

No section 8 either. I don't play that crap. If they aren't financially responsible, the app goes in the round file and because none of them are 'dumps', I have no problems renting them, ever and my renters tend to be long term despite the 'national average' of a year and move on, all my renters have been there for multiple years now.

All brick ranches on acreage, all central air, newer HF furnaces (I don't allow any other form of heat in the winter like a wood stove or that crap and they pay for the propane (I own the bottle) and they fill with my supplier only and they pay the electric bill as well. What we did was we have the utility bills come to us and we forward them to them and they pay it.

No pets, no smoking and no crap or out they go and I have a contractor that handles all the repairs, I don't do it, don't want to. So far it's worked out quite well. I have had some 'dead beat' renters in the past but I now have enough experience that I can actually 'smell' a bad renter. Comes with experience I guess. They mow their own lawns and I don't supply a mower, they do. I do clear the drives of snow in the winter and trim the shrubs, but that is it.

I's like to sell them all, however, selling them would be a Capital Gains tax bad dream so I'll just leave them all to my wife and let her deal with them. She's even more 'hard line' than I am actually.

All of them have appraised at over 275 grand btw.
 
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