Once you're an "owner" and you have been burned by renters who fail to pay and also fail to leave. Or by renters who destroy your condo, because they assume you're rich... and you can afford to fix it. Well, that's when owners have to try their hardest to weed out the bad renters from the good. Being a landlord is awful, there are very few people that will actually do the right thing these days. Just saying...
Whoa 3 times the amount of your income? You’ll never obtain 3 times the amount of your income....ever.
Mortgage payments aren't as cheap as you think with tax's,interest & insurance rolled into payment for 20-30 years
Reasoning for 3x the rent in income is to insure that your rent can be paid and that other utilities/bills that you may have could be paid too. St. Augustine rent is high, palm coast is cheaper.
Just saying no one owes you any favors
It's not Manhattan. It's St Augustine. It's where people from Manhattan retire to. There's an affordable housing crisis here that won't be abating any time soon.
I see nothing that is out of the ordinary here. Not sure in some of statements what you are trying to say?
Renters can be good tenants or they can be from hell and damage your property, oh and not pay rent. If they have kids it can take a very long time to get them out.
I worked in property management for 3 years. In order to move into the apartment community you had to make 3 times the monthly rent amount or you were denied. It's a common practice to insure you can afford to pay your rent amount, plus other utilities and bills with no issue.
I understand it is common practice, it is not out of the ordinary, but it is unreasonable! If people made 3x's the amount, had a high credit score, and could afford $5500 just to move in, they'd buy the house!
Staci, agreed. This is why most people rent from complexes. Most don’t even require deposits or very little if any. But then you’re stuck with people all around you. It sucks!
It’s the times we live in though !
I completely agree Staci Lee Steele. I just saw a trailer in Kings estates for 1200/month. 2 Bedroom 30 year old trailer! Um really???!!!! Ridiculous
I would not be a landlord for all the Tea....... I hear so much about tenants trashing homes. If I were to rent I would ONLY rent to folk with good credit and clean background checks. JMHO.
No one is forcing you to rent it lani
Didn't say they were Robert Exley.... Simply said the rent in a shitty area even is ridiculous
Rent has gone up cause prices of houses have gone up and not everyone can afford to buy
Actually, as a landlord willing to take a risk by renting to you, I am doing you a favor. My asset, my risk, my rules! The things you are complaining about are exactly what is necessary to protect my asset
I mean 1800/mo in Manhattan might get you a below ground broom closet.
1800 in jax will get you a 3 bedroom house with a nice sized yard. Mortgage payments with tax and insurance will probably be 1200/month. Also the landlord is responsible for maintaining the place. If the roof leaks who do you call? Broken air conditioner? Etc. plus they pay taxes as its income. So not far fetched.
3.5% down will get you an FHA loan and 0% for a usda loan in certain areas.
Had rentals and many Tenent are dead beats. Not all landlords are RICH!!! Self employed this is a retirement investment. Anyone renting to someone taking less then first last and security is a FOOL. Sold all my rentals wasn't worth the headache for a few hundred dollars a month. So tired of every sad story under the sun when rent was due. But they just got back from a nice vacation or bought a new car but think rent can wait. Can't take sad story's to my bank when mortgage payments are due.
This thread is gold!
*walks into Marriott* why are your rooms 198/night. Budget inn next door is 38/night.
If you were to actually own property and rent it out, you would understand the incredible risk that is involved. 1st month is to cover the 1st month rent, last month is to cover last in case someone decides to just up and leave, security is for tenants that don't take care of the house and even then that deposit only covers about 60% of incidentals.
What I don't get is why does it matter. It's there house, condo, townhouse. This means they can put what ever rules regs and price tag they want. If ppl don't like it then there are other places to rent.