Episode #125 of the Stack Overflow podcast is here. We talk Tilde Club and mechanical keyboards. Listen now

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192

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 ...


152

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 ...


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 ...


85

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 ...


80

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 ...


80

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 ...


71

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 ...


68

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 ...


65

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 ...


63

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 ...


55

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 ...


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 ...


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 ...


37

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 ...


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 ...


33

The simplest way to handle this is for you to rent the apartment and sublet to the girlfriend and friend. I'd split the utilities evenly, one-third from each. The reason for this is that each of you contribute evenly to generating the utility bills. It's not like your income makes the water cost more for you. Utilities are driven by usage. Dividing ...


32

Prior to having children we did exactly what you describe. We would visit my mother in law about four to six times a year, a 350-mile-each-way trip for a weekend. We'd simply rent a car, drive down, drive back, return it, out $150 or so for the weekend, a total of under $1000 a year; far cheaper than owning. You should factor in whether you will save ...


31

"...instead of all of us draining our money into a landlord..." Instead, you are suggesting that still everyone (except you) will drain their money into a landlord, just that now the landlord is you. I guess what that really means is that you will need to have landlord tenant agreements between you and your roommates. When things break or need replacing ...


31

Your dad isn't an owner, that is equivalent to any stranger down the street charging you rent for a house your company owns, unless he lives there. If your dad lives there, then he is beholden to the tenant agreement with the landlord which is the LLC. If the LLC lets him charge rent, then he can charge it. The real question then becomes, why is he ...


31

@Adam Klump gave the advice I would personally follow, but I want to give a third possibility. I'm not from the US, but it seems to me that you don't have to buy the house outright in cash, you still have the possibility to take a loan. You'll still be able to pay it off whenever you want, and may be able to negotiate low interest rate and have the money ...


30

I used to be the sort of person who would tell you that I've left money for you somewhere and in fact not have done so, and I also used to be the last person you'd expect to do something like that. I've not done this exact thing but I've done similar. Not gonna go into detail but at that time I was in a state of poverty, barely able to buy food and drink, ...


29

I would recommend against this. Your condo is not really empty; it is securing your personal property against theft, tampering, and accidents. It's also there for you for sick days, stay-at-home vacations, snow days, and company holidays. What happens when you're sick and contagious with flu? Who's responsible if there's a break-in potentially due to tenant ...


29

It depends on the terms of the lease, but it's hard to imagine a lease that would allow to do this unilaterally with no strings attached. That means it actually depends not on how much you like your landlady, but on how much she likes you. In general, by signing the lease you assume a contractual obligation to pay the rent every month for the entire term ...


28

It's very possible that someone would lie to their landlord/landlady, but not be prepared to lie to the police. So here's what I would do. Advise your tenant that since her money has been stolen from your letterbox, she should report the theft to the police. If she refuses to report the theft to the police, then her story is probably a lie. In which case,...


28

There are other things you need to account for in your math: Property Taxes Home Insurance Utilities Maintenance Neighborhood dues (maybe) Yes you build up equity in the house, but you still pay interest on your mortgage plus all of the above factors. Closing costs of getting a mortgage should also be considered, but that's a one-time upfront cost and ...


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