Can I help this friend?

MissKittyDanger · February 2018

banana468 said:

short+sassy said:

banana468 said:

I'm wondering if the issue is that these people are walking in with huge down payments?

I know when friends of ours in Ffld county were looking for a rental they were immediately shoved out of places when people could show up with a year's worth of rent in cash.

I was very surprised to find out on my real estate investing forum that this is against landlord/tenant law in most of the country. There is usually a limit as to how much rent people can pay in advance. But it may have been fine where that was or landlords/tenants just did it anyway.
It's allowed where I live and my very first tenants paid 6 months rent, up front, to waive the additional $300 pet deposit. It was pretty sweet! They moved out 13 months later because they bought their own home a couple blocks away, lol. They (and their dogs) left the place in perfect condition, so it was a real win-win for me.

Interesting. It was in Ffld county in CT so I have no idea what the law was but it was frustrating for our friends.

@mrsconn23 my FIL used to work in some of those homes and they were well....crazy. He worked in home heating oil and one client actually had them quote out the cost to build a refrigerated room for all of the wife's fur coats.

A ROOM. FOR THE FUR COATS.

I'd like to have these problems .... I will also refer to my cats as fur coats if they can get their own room {maybe not refrigerated ....}

levioosa · February 2018

My old boss used to buy a house every time he was in the country. It was always cash. The cheapest house he bought was $3 million. He would buy $20 million houses regularly in cash. One time his wife threw a plastic Vons bag at me full of receipts so I could organize them and give them to accounting. The bag had almost $10K in cash in it. She had no idea. She didn’t even notice it was gone. If I’d been inclined, I could have taken the money and no one would have been any the wiser. Must be nice, to have so much money misplacing $10K doesn’t even register.

Edit for words

MissKittyDanger · February 2018

levioosa said:

My old boss used to buy a house every time he was in the country. It was always cash. The cheapest house he bought was $3 million. He would buy $20 million houses regularly in cash. One time his wife threw a plastic Vons bag at me full of receipts so I could organize them and give them to accounting. The bag had almost $10K in cash in it. She had no idea. She didn’t even notice it was gone. If I’d been inclined, I could have taken the money and no one would have been any the wiser. Must be nice, to have so much money misplacing $10K doesn’t even register.

Edit for words

Wow, your boss is 100% lucky! :O

kvruns · February 2018

@levioosa Woah! what kind of job was that

charlotte989875 · February 2018

eileenrob said:

kvruns said:

short+sassy said:

eileenrob said:

kvruns said:

Is the down payment $600-800K or is the entire cost of the house that much?

The houses cost $600-800,000. Other buyers keep offering the entire asking price, which is why we’ve been unable to compete. So the DP and paid in full are kind of the same thing.

That actually sounds much more reasonable! I thought $500K was a 20%-25% DP and was gasping for air, lol.

same here, I was thinking these were like $3M homes

Nope! There are a few LI towns with $3M homes, but not where we’re looking. I can’t imagine having that kind of money. And the super-expensive towns aren’t walkable...and I highly doubt we’d fit in personality-wise. Over the summer when I’m off from school I do a little guidance counseling on the side and help incoming 12th graders get a jumpstart on their college applications. A coworker told me I could double my hourly rate if I advertised in certain towns’ forums. I ended up in one home where when i asked where the bathroom was, the mother told me “the help uses the bathroom down the hall on the left”.

I'd be all "this help is working to help get your annoying kid into a good college so he can make his own money and move away from his terrible mother".

Can I help this friend?

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