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Tired Of Renting

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youngidealist

Junior Member
What is the name of your state (only U.S. law)?
California.

My LL pays the mortgage on a condo I'm renting with the rent money that I pay him, plus he makes a profit from it. I know it happens a lot but I'm not happy with that kind of deal. I'd rather be the one with the cheaper home loan payments looking to own. Am I right in understanding that the only difference between him and me to the bank is that he has better credit? Are there options out there that I don't yet know about that would make me a home owner?
 


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Antigone*

Senior Member
youngidealist said:
What is the name of your state (only U.S. law)?
California.

My LL pays the mortgage on a condo I'm renting with the rent money that I pay him, plus he makes a profit from it. I know it happens a lot but I'm not happy with that kind of deal. I'd rather be the one with the cheaper home loan payments looking to own. Am I right in understanding that the only difference between him and me to the bank is that he has better credit? Are there options out there that I don't yet know about that would make me a home owner?
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You need to educate yourself about homeownership. This is a legal website, and if they question you are asking is, is it legal for this man to charge me more than what he is paying for his mortgage, then the answer is a resounding yes.
 
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Cvillecpm

Senior Member
What a SILLY rational....you do not know what your landlord's costs are - mortgage, re taxes, insurance, HOA dues, repairs.....RARELY is there anything left over EXCEPT after income taxes when the paper depreciation is calculated and applied to their federal/state TAX BITE!!!
 
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ecmst12

Senior Member
Landlording is a business. Of course he is out to make a profit. Why else would he be doing it? Renting has advantages and disadvantages, so does owning. And so does renting out a property that you own.
 
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Alaska landlord

Senior Member
The difference may have been that he worked harder, was willing to save and set a goal of home ownership. It’s never too late to start saving. Set a goal and develope a plan to achieve that goal. I know of many people that started with just the purchase of a duplex. That’s what I always tell people to start with. Also, don’t buy pre 1978.
 
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youngidealist

Junior Member
Of course I do understand that it's legal, I'm just tired of it. I definitely have some goals in the works, I've just had constant unfair struggles since I turned 18 and I would do whatever it took to get out of it if only the opportunity were there.

My single parent never supported me past the age of 18 and this was after she refused to let me get an early GED so that I could be independent by that age and in community college. Then I joined the military for a chance to have something solid to stand on and while I left with my heart still beating I didn't leave with the savings I had planned initially because the place I was stationed required me to find my own way to work 60 miles away from the barracks, no buses were available. I didn't even have a drivers license going in. Now I've somehow made it to a university independently, but the school I'm at doesn't have the accommodations for students of poor backgrounds I was expecting to find. I don't know, maybe if they considered that having one parent can be like being half an orphan or grounds for being a partial ward of the court. I just want something about my situation to be fair.

I'll be planning to move to a cheaper state, Oregon, in about two years, so maybe I'll be lucky enough to be ready for the move before then.
 
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Alaska landlord

Senior Member
You can’t blame everything on your parents. So you made some wrong choices and may of had some bad breaks. You can learn from your experiences and use them to your advantage. If I were you, I would find a mentor or read about how others have done it.
Download the book “Rich Dad Poor Dad.”
 
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youngidealist

Junior Member
Alaska landlord said:
You can’t blame everything on your parents. So you made some wrong choices and may of had some bad breaks. You can learn from your experiences and use them to your advantage. If I were you, I would find a mentor or read about how others have done it.
Download the book “Rich Dad Poor Dad.”
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No, I can't blame everything on them, which is why I blame in part the system. And no I haven't been making bad decisions. No drugs, no credit cards, no risks other than being willing to put my life on the line for my country. I've been cheated and the system and my parents openly allowed it to happen this way. But I am definitely not here just to complain and do nothing about it, so I'll take a look at that book you mentioned.
 
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Gail in Georgia

Senior Member
My parents never provided support after I turned 18 and I managed to pay my way through undergraduate and graduate school, getting a nice career, owning my own home and now owning several rental properties.

It can be done. Although both California and Oregon are fairly expensive places to live in.

Gail
 
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Cvillecpm

Senior Member
Share rent with roommate(s) (Hello, CRAIGSLIST!), take a part-time job....GET EDUCATED * Oregon is NOT CHEAPER because everything is GREEN * getting out of CA is certainly a good first step; however leaving the LEFT COAST is a better idea.....GO EAST YOUNG MAN * VA, NC and SC all have low unemployment and relatively low housing costs...
 
Zigner

Zigner

Senior Member, Non-Attorney
youngidealist said:
No, I can't blame everything on them, which is why I blame in part the system. And no I haven't been making bad decisions. No drugs, no credit cards, no risks other than being willing to put my life on the line for my country. I've been cheated and the system and my parents openly allowed it to happen this way. But I am definitely not here just to complain and do nothing about it, so I'll take a look at that book you mentioned.
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Ok, sometimes there is NOBODY to blame. Stop trying to place blame and you'll be able to move forward.
 
TigerD

TigerD

Senior Member
Zigner said:
Ok, sometimes there is NOBODY to blame. Stop trying to place blame and you'll be able to move forward.
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******** DING DING DING, We have a winner.

Want to get rich - it's simple. Stop wasting money. You don't need pop - drink water. You don't need to eat out. Make dinner. You don't need internet access or cable -- borrow a free book from the library.

cut your living expenses to no more than 70 percent of your income. Save 10 percent to invest with. Use the remaining 20 percent to pay off all of your outstanding debt.

It isn't difficult.

DC
 
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ecmst12

Senior Member
If you are a vet, then you can get a home loan through the VA. No down payment required and good rates. Even if you can't get many other VA benefits, this one is probably available to you. Talk to them.

Like I said, there are advantages to renting. If the house breaks, you don't have to pay to fix it. You're not in a boatload of debt. When you want to move, you just give notice and move, you don't have to worry about selling the house you're in now or anything like that. Your insurance is way cheap (renters insurance is around $150/year) and you don't have to pay property taxes. Those kinds of things. It's not a conspiracy by landlords to keep you down :)
 
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