From Reuters:
US apartment rents rise at highest rate since ’07 -Reis
Renting an apartment in the U.S. became even more expensive during the second quarter, as vacancies set a new 10-year low and rents rose at a pace not seen since before the financial crisis, according to real estate research firm Reis Inc.
The average U.S. vacancy rate of 4.7 percent was the lowest since the fourth quarter of 2001, down 0.2 percentage points from the prior quarter, according to preliminary data Reis released on Thursday.
Asking rents jumped to $1,091 per month, 1 percent higher than the first quarter and the biggest increase since the third quarter of 2007. Excluding special perks designed to lure tenants, like months of free rent, the average effective rent rose 1.3 percent to $1,041.
“The improvement in rents is pretty pervasive,” said Ryan Severino, Senior Economist at Reis. “Even in places like Providence and Knoxville, which you don’t think of as hotbeds for apartment activity, landlords felt the market was strong enough to raise rents on their tenants.”
…
Severino characterized the broad increase in rental prices last quarter as “pretty amazing.”Apartment dwellers have been facing higher rents since late 2009 but the pace of increase has been picking up steam over the past three quarters.
The surge in rental prices stems from a growing number of people who are looking for places to live, but are not willing or able to buy a home because of the ongoing slump in the housing market and tight lending conditions.
A dearth of new construction has also led more and more people to squeeze into tight urban areas at higher prices.
Generation Y has also been a driving force for higher rental prices in urban areas, particularly in cities like New York and San Francisco, where job markets are relatively strong. Even though home ownership costs less than renting, young professionals prefer to rent apartments in tightly packed cities than move out to the spacious suburbs, Severino said.
“This generation doesn’t hold home ownership on a pedestal the way prior generations did,” he said.
…
The particularly dense and expensive rental market of New York City loosened up slightly in the second quarter, with vacancies inching up 0.2 percentage points. Yet with a vacancy rate of 2.2 percent, New York remains the tightest market in the country and is by far the most expensive.New York’s effective rents rose at a rapid 1.7 percent clip from the previous quarter and 3.9 percent from a year earlier. The average renter’s effective monthly tab of $2,935 beats the second-most expensive city, San Francisco, by over $1,000.
I know you have been naughty New Jersey.
From the WSJ:
Rents Increase as Vacancies Dry Up
With the economy slowly recovering, more people are looking for their own places. But many are opting to rent rather than buy due to tighter lending standards—including higher down payments—and because of concerns about job security.
Market psychology also has shifted greatly from the boom years, when buyers were concerned that prices would rise if they didn’t move fast. Today prices are stagnating—or even falling in some markets—so buyers are asking: what’s the hurry?
“I’m just not ready for those roots yet,” said Tiffanie Salisbury, who is looking for a rental in Atlantic Highlands, NJ., hoping to pay about $1,100 a month. “I’m 31, and I don’t know where life’s going to take me.”
From Bloomberg:
States Steal Federal Foreclosure Funds at Their Own Peril
The U.S. housing market is showing tentative signs of life as demand for new homes and housing prices begin to rise in some areas.
Yet pitfalls remain, including about 12 million borrowers who still owe more on their “underwater” mortgages than their homes are worth. To help some of those people, the recent $25 billion national mortgage settlement required five large banks to pay states $2.5 billion for foreclosure prevention and other housing-related efforts.
Here’s the problem: many states — including some hardest hit by the housing bust — are diverting more than $1 billion of that settlement money to fill budget gaps, fund public universities and even bankroll litigation against defective Chinese drywall, according to a Bloomberg Government report. In doing so, states are robbing troubled borrowers of assistance and jeopardizing their housing recoveries in the process.
The motivation is understandable: State finances haven’t fully recovered from the recession, which sapped tax receipts and prompted steep cutbacks in personnel and services. States face an estimated $68 billion gap in fiscal 2012, according to the National Association of State Budget Officers, and most of them have to balance their budgets. The housing market’s modest revival raises slender hopes that the foreclosure problem will solve itself. But robbing Peter to pay Paul may further hobble states.
First
“This generation doesn’t hold home ownership on a pedestal the way prior generations did,” he said.
Sure, go ahead and rent at prestigious Port Liberty. Then tell me how that Public School #29 experience is working out for your kid. If his name is Pearce, Preston or Brad, you may want to change it.
The European Central Bank cut interest rates to a record low and said it won’t pay anything on overnight deposits as the sovereign debt crisis threatens to drive the euro region into recession.
Free money, maybe the spainards can refinance.
You know why people are renting, cause it is cheaper!! six years from peak of bubble and mortgage rates at record lows I looked at an REO with three price cuts. Guess what after factoring in every cost, vs. rent I break even.
Young people also dont have to rent, their is always mommy and daddys place, plus roomates, move in with GF or BF or back to grad school.
When I was in my 20s my Jeep and my bag packed is all I needed. I gave up my apt as it was a waste of money, between my summer rental, ski weekends, vacations, sleeping over GFs house and crashing on friends couch in city what was I paying rent for. I did buy as housing was a good investment, and did well. But back in the last dark period of housing from 1989 to 1999 hardly anyone bought.
ZIRP won’t matter when we’re all roaming the country in armed packs and sleeping in the open.
Generally one big advantage of buying over renting is that your costs are more fixed, while rent rises with inflation, so overtime its much cheaper.
This is not-true for the tri-state though as property taxes rise faster than inflation. Better to rent then leave.
Who cares about the GOP?…..fka the enemy….the Obamunist is actively on the campaign trail grandstanding about evil corporate America, when he could have fixed at least part of this problem with a little effort over the last 4 years…..he is sending the next wave of leading technology companies out of the country…
Fabius Maximus says:
July 4, 2012 at 11:35 am
#112 Chi
” utterly disgusting….and the idea that the Obamunist is being advised of this information and willingly ignores it is pathetic and speaks to his utter lack of understanding of his job….”
Are you serious? You seem to have some irrational hatred going on!
The tax code has for the most part be untouched by O. It is the same code left by GWB. To the overhaul of the tax code in the way that article is proposing, would require the disfunctional congress to get its act together and come up with a proposal. With Bonehead and Palpatine leading the GOP off in the wilderness, don’t expect anything soon.
What if someone pre-pays their mortgage and then refinances? The initial mortgage payment is generally far greater than the property tax portion of the payment, wouldn’t you agree? That would lower your monthly payments. I don’t see how you can do that as a renter.
Really, costs aren’t fixed in either scenario as the homeowner (bagholder) is always paying for repairs and upkeep. As a renter, you can just b1tch at your landlord when your house needs repairs.
When I rented, it was pretty much a guarantee that the property management company was going to raise my rent every year.
Really, one thing you can count on is that as an owner, property taxes will never go down.
As a renter, count on your rent going up, your landlord has to pay for that rising property tax bill somehow ;)
9.Richard says:
July 5, 2012 at 8:53 am
Generally one big advantage of buying over renting is that your costs are more fixed, while rent rises with inflation, so overtime its much cheaper.
This is not-true for the tri-state though as property taxes rise faster than inflation. Better to rent then leave.
chicagofinance says:
July 3, 2012 at 3:08 pm
JJ: Jets Sanchez secretly hooking up with Eva Longoria: report
Jets quarterback Mark Sanchez has been secretly hooking up with young-man-loving actress Eva Longoria, according to a published report today.
The two are doing their best to keep their budding romance under wraps, In Touch magazine said.
The 37-year-old Longoria, previously married to San Antonio Spurs point guard Tony Parker, even went as far as donning a blonde wig last month when she, The Sanchize and pals dined at New York’s Hotel Griffou, the mag reported.
Weeks after the Griffou date, they pulled off a quiet island-hopping adventure in the Caribbean, In Touch said.
Longoria, who just wrapped her long run on “Desperate Housewives,” was married to the 30-year-old Parker for 3 ½ years before their divorce was finalized early last year.
The spitfire actress recently broke up with Spanish singer Eduardo Cruz, 27.
Sanchez, 25, has also been linked with Sports Illustrated model Kate Upton.
JJ:
At Wimbledon, Madness Off Court
Arends: Along with this year’s surprising upsets, the tournament is scene to one of the strangest bond manias in the world.
These bonds, however, come with a twist. The annual coupons are paid, not in pounds sterling, but in a more formidable currency: tickets to the tennis tournament itself. Each debenture entitles the holder to a ticket for each day of the two-week championships. You can buy debentures for Center Court seats, or for the adjacent Number One court.
http://www.smartmoney.com/invest/bonds/at-wimbledon-madness-off-court-1341255859204/
Initial Jobless Claims: 374K vs. 386K consensus (prior week revised to 388K from 386K). Continuing claims +4K at 3.30M.
June ADP Jobs Report: +176K vs. +136K prior (revised from 133K) and expectations of 95K.
Sanchez must like them broken in and really short, next thing you know he will be “dating” Madonna.
This what Sanchez is going to be signing when he gets benched 1/2 way through the season because he cannot focus on football. Tebow will be starting by Game 9.
http://www.youtube.com/watch?v=JTMVOzPPtiw
The 5 myths of the great financial meltdown: Round 2
http://finance.fortune.cnn.com/2012/07/05/financial-crisis-myths-2/
” My last column, looking at five myths and misconceptions that have emerged since the financial crisis first surfaced five years ago, clearly hit a nerve. It elicited more than 500 online comments, an unusually large response. Most commenters were critical of what I wrote, which is par for the course.
The major criticism, as I determined with assistance from my colleague Omar Akhtar — between us, we actually read all the comments — was of my first point: that having the government do nothing was not a realistic option. Dozens of commenters said that cleaning up the mess should have been left to the private markets, which would have done things better than the Federal Reserve, Treasury, and rest of the government did.
What most of those people probably don’t realize, though, and what I had no room to discuss in my last column, is that private markets took the first big swing at recapitalizing troubled financial institutions — and struck out.
By my count, eight capital-needy U.S. companies – Citigroup (C), Fannie Mae, Freddie Mac, Lehman Brothers, Merrill Lynch, Morgan Stanley (MS), Wachovia, and Washington Mutual — raised a total of $93 billion from investors from late 2007 through July 2008. That’s a lot of money. Much of it came from some of the best, brightest, and richest investors in the world, ranging from TPG Capital (WaMu) to Davis Selected Advisors (Merrill) to sovereign wealth funds from Kuwait and Abu Dhabi (Citi). The full list is at the bottom of this story.
Oops. Those savvy, deep-pocketed investors sustained staggering losses in the blink of an eye, as the world’s financial problems rapidly worsened. After that, without government backing there wasn’t going to be much private capital for troubled institutions. That’s why Uncle Sam had to step in.”
-snip-
“We also need to remember that for all the criticism (including mine) of particular tactics, Hank Paulson and Tim Geithner and Ben Bernanke bailed out the U.S. financial system at no net expense to America’s taxpayers. An impressive achievement.
Instead of a discussion about what happened, we’ve gotten into a government-vs.-free-market shoutfest. These fragmented days, many people tend to see things in black and white terms, in ways that reinforce what they want to believe. The real world is more complicated than that. Black and white have their places — but to understand the financial meltdown, you need to see some gray.”
I’m getting $4,245 revenue per month from my multi (not to mention the tax breaks). If I tried to sell it, I would probably get $385,000 for it. On a 30-year mortgage @ 3.25%, the monthly payment is $1675 (ignoring the downpayment). Throw in $100 per month for insurance and $1,250 per month for taxes and the carry cost works out to $3025. So you would clear $1220 per month. Figure $300 per month for maintenance (which is a little high in my opinion) and you still clear over $900 per month. Even if prop taxes went up $1,000 per year, that’s $83 per month to be raised from our two tenants which works out to less than a 2% increase in rent. Ain’t no way renting in Montclair is cheaper than owning, even with Montclair’s insane taxes.
The Captain Cheapo move is to buy a multi and move into one of the two units and rent out the other. I know it sounds familiar, but in my adult life, there has never been a better time to let some chump pay your mortgage and a good portion of your taxes as you essentially rent from yourself at rates 1/3rd of what everyone else is paying. Especially when you consider how hard it is to find any low-risk high-yield investment vehicles to park your downpayment in the environment we’ve been in for the majority of the last decade.
Here’s another way to look at it. A 20% downpayment on a 385K house is 77K. $900 monthly revenue on a 77K downpayment is almost a 15% return. Did I mention the tax deduction too? Or the fact that after 30 years, you get your downpayment back plus whatever the house is worth?
Eh…better for a first time homebuyer to ruin their lives getting their own place and sleep uncomfortably at night wondering if they’ll have to sell cakes from their home to make the mortgage payment.
Real world tax rate:
http://www.oftwominds.com/blogjuly12/real-world-tax-rate7-12.html
“We can argue fruitlessly about how many tax angels can dance on the head of a pin, but all the caveats and quibbles don’t change the basic fact that real-world tax rate for the “middle class” earning more than $34,500 in taxable income in high-tax locales is a confiscatory 75%.
Please don’t tell me the U.S. is a “low-tax” nation; I might suffer a breakdown that I couldn’t afford due to exclusions in my “voluntary” healthcare coverage. “
BB,
“We also need to remember that for all the criticism (including mine) of particular tactics, Hank Paulson and Tim Geithner and Ben Bernanke bailed out the U.S. financial system at no net expense to America’s taxpayers. An impressive achievement.”
No…they kicked the can down the road at no expense to America’s taxpayers. And it’s not like there was no expense. My commuting costs alone have gone up by over a grand per year, not to mention everything else as my wages have stagnated. Worst of all, these tactics have given the remaining financial firms the go ahead to take on even more questionable risks as Uncle Sam’s got their back through too big to fail and mark-to-market or similar rewards for criminal behavior. I’m not sure the government shouldn’t have stepped in to stop the contagion, but their efforts on the backside to keep the same problem from occurring again in the future have been, to be nice, lobbyist dollar directed and completely powerless. There’s a ruling class in this country that the ‘Occupy’ people were against. Unfortunately, they were simply terrible with their articulation as well as their resolve. Meanwhile, the top 1% have stomped through the minefield almost completely unscathed.
BB,
“We also need to remember that for all the criticism (including mine) of particular tactics, Hank Paulson and Tim Geithner and Ben Bernanke bailed out the U.S. financial system at no net expense to America’s taxpayers. An impressive achievement.”
No…they kicked the can down the road at no expense to America’s taxpayers. And it’s not like there was no expense. My commuting costs alone have gone up by over a grand per year, not to mention everything else as my wages have stagnated. Worst of all, these tactics have given the remaining financial firms the go ahead to take on even more questionable risks as Uncle Sam’s got their back through too big to fail and mark-to-market or similar rewards for criminal behavior. I’m not sure the government shouldn’t have stepped in to stop the contagion, but their efforts on the back to keep the same problem from occurring again in the future have been, to be nice, lobbyist dollar directed and completely powerless. There’s a ruling class in this country that the ‘Occupy’ people were against. Unfortunately, they were simply terrible with their articulation as well as their resolve. Meanwhile, the top 1% have stomped through the minefield almost completely unscathed.
BB,
“We also need to remember that for all the criticism (including mine) of particular tactics, Hank Paulson and Tim Geithner and Ben Bernanke bailed out the U.S. financial system at no net expense to America’s taxpayers. An impressive achievement.”
No…they kicked the can down the road at no expense to America’s taxpayers. And it’s not like there was no expense. My commuting costs alone have gone up by over a grand per year, not to mention everything else as my wages have stagnated. Worst of all, these tactics have given the remaining financial firms the go ahead to take on even more questionable risks as Uncle Sam’s got their back through too big to fail and mark-to-market or similar rewards for criminal behavior. I’m not sure the government shouldn’t have stepped in to stop the contagion, but their efforts on the backside to keep the same problem from occurring again in the future have been, to be nice, lobbyist dollar directed and completely powerless. There’s a ruling class in this country that the ‘Occupy’ people were against. Unfortunately, they were simply terrible with their articulation as well as their resolve. Meanwhile, the top 1% have stomped through the minefield almost completely untouched.
Grim,
The last 2-3 posts I’ve tried are ‘awaiting moderation.’
I can’t figure out what is objectionable?
Libtard you’re getting a great yield on that which makes a big difference. I’d think >13% is unusual, I pay my landlord less than that for an apartment that costs twice your level, so that math doesn’t work out so well for him.
Lib,
All due respect, there’s a work aspect to being a landlord in any circumstances, much less living under the same roof as your tennant. Anyone who wants that job is welcome to take it for as much as they can get for it.
Plus, I’m tired of living 5″ away from anyone not related to me, much less someone who I am involved in a business transaction with. That someone is almost certain to do some damage at some level or another to an expensive piece of my property, and it will be my responsibility to fix it. That’s all balled up in the rantal payment, of course, but I don’t see that it’s free money or even passive income.
#19 Libtard,
Your numbers do not include vacancy times neither painting, cleaning, fixing up the place every couple of years. I guess you’ve been blessed, and St Joseph and the Virgin Mary are renting your place. More realistic situations will chop down that 15% number. I think there is a lot of room for rents to go up, and they will
I didn’t get a chance to say it earlier, but CONGRATS! to Gary.
Getting a full-time job is an inspiration to contract workers throughout NJ! There is hope!
The difference between full-time employees and contract workers: Management went around at 3:00 Tuesday (day before the 4th) at a NJ Big Pharma and said that everyone can go home now. All the full-time employees left and all the (hourly) contract workers stayed hours later till the regular ending time.
Moose/Carlito:
Yes…I’ve been quite lucky, but the owner occupied argument is a strong one for someone starting out. We did it for 7 years, which was two years longer than we expected to. We originally planned to sell the place after five years, but the bubble bursting kind of got in the way. As for the tenant turnover/painting/cleaning. That $300 per month is going mainly towards that. Of course we were blessed to have one tenant for 8 years. Captain Cheapo is no slumlord. You don’t obtain these kinds of rents and long-term tenants by treating them like garbage.
I’m not trying to put down people who buy homes. I’m simply trying to point out that a lot of first time buyers go too large before they know what they are doing. The multi route is cheap, plus it gives you the opportunity to make mistakes on your starter home, rather than your ‘real’ home. Too each their own. If you’re handy, you’d be a fool to not consider it at least.
another one closes in The ‘Fly:
Last LP: $985,000 ML#: 1213612
Addr: 192 ELM ST
Twn: TENAFLY Zip: 07670
Orig LP: $985,000
Sold: $975,000
Taxes: $18,993.00
SD: 7/2/2012 UCD: 5/1/2012 DOM: 16
Off topic, but this group has always been a helpful sounding board in any issue. I’m 99% sure I’m doing a renovation on my home, does anyone know any “uber” contractors? I’m in Bergen County. Thanks.
I know someone from my HS class who is an ER doc half the year and a river rafting guide the other half. She has a nice lakefront home on 2.2 Acres. She bought it for $65K in 2002 and her property taxes are $264 per year. Coalmont, TN. Her and her husband don’t have any kids so who gives a rat’s ass about schools?
BOOM GOES THE DYNAMITE!
Seriously, aren’t rental increases set by the local health departments?
And if so, then how can these rates be applied to pre-existing tenants?
Is this article implying massive rental turnover, perhaps due to the thriving job markets ???(sarc-off)
Besides, the CPI for the BLS area shows only 2-ish% cost increases.
Libtard,
As a reference, I purchased a 4 unit in Warren county in the 90’s for half of the price mentioned in your posts. Rents are obviously lower out there, but I receive about 90% of your income while costs are much lower, especially taxes. I spent all day painting a newly vacated apartment there yesterday. Yes, it was July 4th, but with my schedule, I can’t fit time anywhere else. Besides, a one day holiday is a waste. The vacated tenants lived there for almost 6 years. They said keep the 1 1/2 month security as they left the place in a rush. Minimal damage, even keeping the same carpeting as a new tenant wants it for 8/1.
I consider 1 or 2 days of sweat equity worth it if I receive a 15% cash back rate of return. This does not even consider tax benefits, and buildup of equity as I pay down the mortgage. My vacancy rate has probably averaged < 5% over the years.
Thank you renters. But keep in mind, I provide affordable living in a nice neighborhood. The renters know there is hardly anywhere it gets better in that part of the state. Barely existent crime. Slower pace of life and easy access to everywhere. All in a small town atmosphere.
25 Sima,
Contractors have to stay thru the day until their home office advises them differently. Their customer’s aren’t their direct supervisors.
Sima [25],
Thank you! And I’ll never forget the treatment American temp workers have to bear at the expense of the so-called privileged full timers. The firm I’m going to is small and doesn’t know the contracting world.
Contractors have to stay thru the day until their home office advises them differently. Their customer’s aren’t their direct supervisors.
Then why do their “customers” treat them like they’re a piece of sh1t? Every contract I ever had never involved my “home office.” The only time you come in contact with the “home office” is when you’re hired and when you’re terminated or quit.
X,
It’s a good deal. Yes, there’s a little sweat equity. By the end of a year, I probably donate about 30 to 40 hours to it in total.
#2
There was a time, not long ago, when 31 year olds had a basic clue as to where they were headed.
Shore [36],
Go easy on them. Life is tough you know. There’s a lot of stress keeping with the latest technology and making Beemer lease payments. I mean, going without electricity or living on oatmeal is one thing but falling behind the times can be devastating! You know… the old folks had to live through a depression and a world war but it was so much simpler than today. They have no idea what a struggle it is today! (dripping sarcasm off)
[36] Shore – that was my first chuckle of this morning too.
There was a time, not long ago, when 31 year olds had a basic clue as to where they were headed.
Forgive me if this has been posted/discussed already, but it seems BoA is out $40 Billion as a result of its shotgun wedding to Countrywide.
BofA’s Blunder: $40 Billion-Plus
I like how its now ‘BoA’s Blunder’, like they just tripped over the closing table and ended up in bed with Tan Man Mozilo’s bastard child. At least the article has the decency to mention how the feds left BoA completely unprotected, cash and carry, like they were selling off a persian rugs at the bazzar. No mention of the knife point at KLs back, though.
See also, BofA-Countrywide: A $40 Billion Mistake By the Numbers
Freddie Mac says the 30-year fixed-rate mortgage averaged 3.62% with an average 0.8 point for the week ending July 5, down from 3.66% a week ago and 4.60% at this time last year. The average 30-year fixed-rate mortgage has matched or hit a new record low in 10 of the last 11 weeks.
The 15-year FRM this week averaged 2.89% with an average 0.7 point, down from 2.94% last week and 3.75% a year ago. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.79% this week, with an average 0.6 point, the same as last week and down from 3.30% a year ago.
That sounds good on paper. But $1,220 a month profit is hardly profit at all. It sounds like a hobby. I trade at work at lunchtime and one breaks. I average around 5-10K a month trading. Wife did not like the last rental I wanted as she threw in my face that I would only profit 1k a month and then we would have a big liability, could get sued and lots of work involved getting tenants and repairs. Final insult was why dont you just push the buttons on your PC at lunchtime one or two more times if you need an extra grand a month.
Women drive me nuts. I told her Cars and RE are nice to have, I mean I cant brag about my brokerage account.
Libtard in Union says:
July 5, 2012 at 10:09 am
I’m getting $4,245 revenue per month from my multi (not to mention the tax breaks). If I tried to sell it, I would probably get $385,000 for it. On a 30-year mortgage @ 3.25%, the monthly payment is $1675 (ignoring the downpayment). Throw in $100 per month for insurance and $1,250 per month for taxes and the carry cost works out to $3025. So you would clear $1220 per month. Figure $300 per month for maintenance (which is a little high in my opinion) and you still clear over $900 per month. Even if prop taxes went up $1,000 per year, that’s $83 per month to be raised from our two tenants which works out to less than a 2% increase in rent. Ain’t no way renting in Montclair is cheaper than owning, even with Montclair’s insane taxes.
BOA made a fortune buying Merril Lynch. Win some you lose some.
I only wish I bought more countrywide bonds. Brian does not have balls to BK them.
The usual suspects are c-o-c-k-tail and so-c-i-a-l-i-st, also maybe s-c-a-t
joyce says:
July 5, 2012 at 10:31 am
Grim,
The last 2-3 posts I’ve tried are ‘awaiting moderation.’
I can’t figure out what is objectionable?
Landlords: all it takes is one serious POS renter and you will change your tune….
Lib: original plan in around 1999-2000 was to buy a Hobobken brownstone in 3-4 apartments and slowly take the whole building over as finances allowed…..too bad….it would have been a fun thing to do……
Landlords: all it takes is one serious POS renter and you will change your tune….
You are right, but I’m very selective. It helps that the rental market is hot.
chi that’s why you can make over sized returns on rentals, it doesn’t come for nothing. You have risk(on the property value, various maintenance costs, etc) and it “can” be a tremendous pain depending on your tenant.
[44] I know some forums where instead of your post going into mod, they statically replace the “bad” words. “a$$h*le” is always replaced with “fluffy kitten”, for example.
I recall once I was a bad renter. I was in my 20s and we trashed a place in Hamptons. I subletted from person on lease. Owner came by early on last day of lease when I was there with some of the other subletter but no one was there who was on the lease. Of course he flipped out. Of course I just bolted.
Anyhow a few days later I get a call from the girls on the lease, screaming at me to pay them. I am like first of all I would love to by I have no money. Second I am not on lease, third tons of people trashed house, so you aint getting nothing from me. She then goes I will put my BF on phone, he will kick your butt. Meanwhile BF stuttered when he was nervous so as he tries to tell me off he starts sturttering, I start laughing as it is just too funny. Then girl gets back on phone, and I am still laughing, I go maybe you and stuttering steve can come over this has got to be even funnier in person.
Only fall out I had was a year later I tried to do her friend and she was like, you stiffed my friend made fun of her boyfriend that is not nice, all at once I recall the incident and start laughing out loud, she then goes she was going to consider forgiving me but not if I still am laughing about it, she goes dont you know she married that guy and I was in her wedding party. I start laughing again, how long were those vows, IIIIIIIII DODDDODDODODOD . She then just walked away, dang it I wanted to do her. Serves me right for letting guest wipe their butts with owners towels and sheets.
chicagofinance says:
July 5, 2012 at 1:04 pm
Landlords: all it takes is one serious POS renter and you will change your tune….
Lib: original plan in around 1999-2000 was to buy a Hobobken brownstone in 3-4 apartments and slowly take the whole building over as finances allowed…..too bad….it would have been a fun thing to do……
middle class real-world tax rate:
http://www.oftwominds.com/blogjuly12/real-world-tax-rate7-12.html
#49 joyce. Yup. I do not concur with the 75% number, but I’ve done similar calculations when comparing #s with friends in Germany and France. Add to the list in the article the cost of college (my case, 3 kids) and we are not in very different levels…
re # 48 – One crazy summer we were sued by a half share. Crazy as crazy gets during summer at the beach with the constant partying and late night shenanigans our naive half share did not know what to do, and she could not really understand how grown educated working men and women acted like this. The half share was a stuck up lawyer that did not hook up and barely drank and seemed sheltered as well as did not get along well with any of the women in the house which was a sure sign of trouble. She was not happy about the constant partying and the fact that people were sleeping and screwing in her bed which was only hers half of the time. She was out by the the end of July 4th weekend after 72 hours of nonstop partying in the house and no sleep for anyone whatsoever, she had a mental meltdown and bolted for good cursing us all the way out the door saying she would sue us as we all laughed hysterically as she departed. Well true to her words the letters started arriving a week later demanding a refund and damages. Guy who ran the house and was on the lease and collected the money took up a collection to pay her back. We held a fund raiser in a bar and managed to collect enough to pay her back. Moral of the story never invite a lawyer to the party.
15 yr fixed 2.8%
JJ and ChiFi
Something just came through from Trefis.
There was a Fed ruling that will allow the banks to retire Trups.
The country’s biggest lenders stand to gain from one of the Federal Reserve’s recent rules regarding trust preferred securities (TruPS) in a big way – with JPMorgan (NYSE:JPM) and Citigroup (NYSE:C) using it to plan recalls of as much as $16 billion worth of these high interest rate securities. [1] The banks jumped on the opportunity to save millions in interest payments while at the same time getting rid of the securities which are currently classified as Tier 1 capital, but would no longer be recognized so once stricter regulatory norms come into force.
http://www.trefis.com/stock/jpm/articles/128558/jpmorgan-to-save-millions-from-feds-stance-on-trust-preferred-securities/2012-07-05?from=email%3Anotd
JJ and ChiFi
From Trefis, on a Fed ruling and retiring TruPs:
http://www.trefis.com/stock/jpm/articles/128558/jpmorgan-to-save-millions-from-feds-stance-on-trust-preferred-securities/2012-07-05?from=email%3Anotd
So do you have any recommendations on where to buy tile?
Libtard in the City says:
July 3, 2012 at 10:40 am
3b: sorry
As for kitchens, do your research wherever you choose. Then head down to http://www.wholesalekitchencab.com/ in Perth Amboy. They do not work on commission, hence their prices are way better than any we could find elsewhere. They move a lot of product and they have all of the common brands at all different price levels. They are not service oriented though so do your research elsewhere and just buy through them. 3.5% sales tax to boot. Also, never ever buy tile at a tile store. What a rip off. For your granite or marble, use the Polish outfit Marble.com. I think Grim used them too. No-nonsense, excellent service and stone is stone so why pay a premium for it. They are also mad fast. I think it was in 3 days after I chose our stone. Worked out to like $35 per square foot. Crazy cheap and less than Corrian.
JJ and ChiFi,
I just tried to post a link to something on Trefis about a Fed ruling and the banks being allowed to retire TruPs faster, but my posting disappeared twice. Search Trefis for JP Morgan.
Whoops …there it is. I guess it got delayed but not blocked.
At least somebody gets it.
“It should be painfully clear to anyone considering soci@lism as a viable option for America that this kind of system requires fiscal discipline and a vast amount of SAVINGS. Notice I say “savings” and not “money”. Money is a carnival ride; an illusion of wealth that can be printed from thin air. Savings is an actual concrete storage of real capital, an ongoing surplus of manufacturing and production capability resulting in the stockpiling of working credit and ample employment. Most of the countries of the EU do not have such savings, and never did. In fact, most European countries have operated for decades on a loss. They have never been able to live with the direct and indirect investments of outside players. Because of this, EU countries are utterly unable to keep up with the grand concepts of soci@lism, and have buried themselves under the crushing debts generated by entitlement programs.
America is no different.”
http://www.zerohedge.com/news/guest-post-socialization-america-economically-impossible
#28: If you find one, let me know. Mine went out of business.
Well here it is short sale offer accepted in under two months. At my offered price 19% below ask & just a hair over 1/3 of what the bank is holding on the mortgage. Happy days!
Montclair’s new post-reassessment tax rate is out and it is 3.252%. Montclair…the new Irvington. Ouch!
Gator tell Stu to check work e-mail.
Gator what was it before?
Meat,
What does he mean that soci@lism isn’t an option? We’re already soaking in it.
Describing genuine capitalism to people now is like describing clouds to a fish.
A. West “clouds to a fish” love that one.
MIW –
I guess congratulations are in order. I’m curious to know the details of the transactions but I’m not one to pry. When is the closing?
oops – transaction
Grey Matters do not have date set yet, do I know you a different handle perhaps. I put in a cash offer it is in Sussex County. Mortgage held by Beneficial which is in receivership.
“Europe Worries Drive Stocks Lower” if I had a dollar for every-time I saw that ………..
Mike 63 – Pre-reassessment 2.561. And Stu’s in AC winning me a deck.
70-Wow Gator that is a nice piece of change, talk to Stu after he breaks the house!
Mike,
Follow JJ to the bond desk for the bailout special du jour and you will. Good luck with the new digs.
“Europe Worries Drive Stocks Lower” if I had a dollar for every-time I saw that ………..
Howdy! Do you know if they make any plugins to protect against hackers? I’m kinda paranoid about losing everything I’ve worked hard on my own blog, every day I write many articles about buy online crestor and I don’t want lose it all… Any tips? Thanks I really appreciate your job