Hot answers tagged

193

I'd say your tenant is out $750, not you. How you handle it is totally personal preference. If you want to be the super-nice landlord and eat the loss this one time, then you might gain some karma and hopefully they'll be awesome tenants for the remainder of their stay. Are they the kind of tenants you want to be nice to because they deserve it? You (and ...


153

Advice based on USA style system. Do not pay it. Do not talk to the creditor. What you have is old debt. The debt is not still accumulating, it has stopped some years ago, and now, the debt is slowly aging out. After 7 years, it falls off your credit report. After some shorter amount of time, 2-6 years typically, it will become "time-barred" ...


131

Because you don't have the jobs lined up, it makes more sense to rent for a few months for a couple of reasons: A: You should never deplete your emergency fund of 3 to 6 months for non-emergencies B: Once you land a job, you can make a better judgement as to where to live for the commute. C: Car loans and credit cards are expensive forms of debt that ...


91

Barter is a taxable event. You would owe taxes on the full fair market value of the Bitcoin the moment that you trade housing for it. Things would work the same way if you bartered baseball cards or a car for rent. Later, if it appreciated, the appreciation would be taxed as capital gains. But the original receipt is regular income.


86

Cash should never have been placed in the mailbox in the first place; this is what checks are for. I would be a bit surprised if that constitutes your accepting payment, but I Am Not A Lawyer. You need local legal advice; this is the sort of thing where local rulings matter. Definitely report the missing money to the police, no matter what else you do. You ...


86

The rent payment is in principle taxable. However, you should be able to take advantage of the "rent a room" scheme, and the proposed rent falls well under the £7,500/year tax threshold for that. So no tax will be actually payable and you don't have to formally declare it as long as you stay below that threshold. You should also be fairly well legally ...


81

Rent is not a debt because you have not borrowed any money from the landlord. Your current month's rent is a (very) short term liability, as are other payments for services rendered (like utility bills and maid service). Future rent obligated by a lease agreement can also be considered a liability, or you can consider the cost of breaking the lease to be a ...


79

After 8 years, you should have a fundamental understanding that things will not change with this ex-boyfriend. He may not be found, and even if he is, he will not pay any portion. Dragging him through some legal process will cause you to spend money and emotional capital for something that will yield no result. It is a complete waste of time. So really ...


73

The two basic rules for not getting scammed while apartment hunting are: Never sign the contract before you inspected the property in person Never pay money to inspect a property in person Carefully chosen pictures can hide a lot of nasty details. Pictures also don't communicate sound or smell. So insist on a tour of the apartment before you sign the ...


70

There are a few economical reasons to rent instead of buy including if the cost are similar. The first is that you anticipate that you might be moving soon. It is typically expensive to transact real estate and this would include closing cost and loan origination fees. If you know you are going to be moving in a year or two, then it is probably better to ...


67

Compared to the other answers, I feel like I'm taking crazy pills, because: Is my following calculation correct? Sorry to be the bearer of bad news, but no, this is not correct. In 3 years, if the market gets soft, and I have to sell the house for $200,000. Am I still better off than renting, because, $180,000 (taking off 20k for the realtors and ...


66

This is fairly simple, actually. You should insist on payment for the rent payment you never received and stop accepting cash payments. If you want to be nice, and believe the story, allow the tenant additional time or payment in installments for the missing $750, but this is a textbook example of why it's a bad idea to transact with cash. Insist on cash ...


62

Short answer: you're ok, just deposit it all at once and keep records. Long answer: the $10k rule is just what triggers an automatic bank report to the feds. Structuring the deposits into smaller amounts will be more trouble than it's worth, and could trigger the very audit you are trying to avoid! Since this amount is legitimate, don't worry about it. ...


61

what I should think about. How much cash can you put toward a down payment? Anything less that 20% will significantly raise your mortgage amount. What if your roommates decide that they want to move again - will you sell the house or find new roommates? How strict on rent payment are you going to be with them? Will you give them more grace because they ...


57

I'm going to go out on a limb here, and say, based on the facts you presented, that the letter didn't come from your landlord, and someone else is trying to scam you! Here's why: As you pointed out, you have proof that all of the checks were deposited, and your bank can verify it. After the first month your landlord would have contacted you if you hadn't ...


55

Is it normal that rent cannot be paid using electronic methods such as a credit/debit card, or a bank transfer, or Paypal, or anything electronic? It's fairly common, especially with smaller companies/independent landlords. Many of the other more convenient payment methods carry transaction/merchant fees, and many landlords don't have the kind of ...


54

I'm not sure who the proper authorities are - but you can start with the Police, and they can help direct you to the proper authorities to report to. As for whether or not you should do it - Yes, you absolutely should. You lost a ton of money, and while they might not be able to get it back for you, it is still a good idea to report it so that nobody else ...


52

What discount they'd agree to (if any) will depend on a lot of factors. From my discussions with other landlords and reading on landlord discussion boards, many don't want to deal with prepayment. The primary concerns seemed centered around potential for it to be ill-gotten cash or just feeling like anything outside the normal monthly payment was just weird/...


47

National Credit Systems is a genuine and reputable collections agency. It's a member of American Collectors Association and National Apartment Association. The web site and the phone numbers in the letter belong to National Credit Systems. Even without knowing that, the letter doesn't have any obvious signs of a scam: They offer you instructions for ...


44

Just ask your landlord and agree on a date with him. From the way the sentence is worded, I'd assume you are expected to pay by the end of the 23rd, but really, there is no reason not to give your landlord a call to make sure.


44

No. The starting point is what other rentals are going for in the area. Supply and demand dictates a fair starting price. From there, you can adjust up/down for the fact that you know this person. (To be clear, this is the answer, i.e. the renter should neither know nor care what your costs are, only what similar properties rent for.) (Note, there are ...


42

In theory, partner treats home as 1/2 rental unit. This creates a far more complex tax return, forces depreciation and expensing of half of all costs, including all utilities and maintenance costs. They must charge you a 'fair market' rate for rent or have that number considered imputed income. In reality, I don't imagine that any significant number of ...


39

I think your math is fine, and also consider insurance costs and the convenience factor of each scenario. Moving a car frequently to avoid parking tickets will become tedious. I'd rather spend an hour renting a car 20 times in a year rather than have to spend 15 minutes moving a car every three days. And if there's no other easy parking, that 15 minutes can ...


39

Is it normal that rent cannot be paid using electronic methods such as a credit/debit card, or a bank transfer, or Paypal, or anything electronic? It's highly dependent on the landlord/property manager. Can checks be obtained without going into a physical bank? Yes: online bill payment. (I configured my online bill payment service to automatically snail ...


38

Landlords vary wildly on policy, some are more rigid than others on income requirements. In a college town it will be more common for potential tenants to not meet income requirements. For students some landlords will request that parents co-sign, but others will recognize your savings as adequate proof of ability to pay. This is sometimes a concern for ...


36

The carpet seems suspect too unless you trashed it. The $177 feels illegal to me. I might go as far as leaning that way even if the rental agreement included the rule! (Just because something's in an agreement doesn't make it legally enforceable.) Had you taken it upon yourself to reduce your last month's rent by 3 days because you turned the keys in early, ...


35

Your heart is in the right place. Especially since they've got a kid. If you really want to help them, have the uncomfortable conversation with them that they need to have about money. Specifically, how to develop and stick to a budget. It is a painful, but valuable lesson for life. Depending on what type of relationship you have with them, you can ...


35

Do one transaction, and if they ask, explain it: there is nothing wrong with this. Do not split the transaction into multiples to avoid the reporting threshold; that's structuring even if what you're concealing is legal! You aren't taxed on money you're holding for him. If he moves out before the full year is up, you must be prepared to refund the unused ...


35

(ANSWER ASSUMES QUESTION IS U.S. BASED) --- UPDATE --- IN RESPONSE TO DISCUSSIONS IN THE THREAD, it would be helpful if everyone knew whether you've actually talked to your landlady, or is your only communication the letter you say you received? It's also fair to ask, have you (or any other tenant you're aware of) had an issue with your landlady in the past ...


34

You're right, at best this is very strange and at worst they are trying to scam or steal from you. I can not think of a single reason why a landlord would tell the current renters to collect applications and fees from potential tenants. Sometimes a landlord will waive any lease-breaking fees if the current tenant finds someone to replace them immediately ...


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