Let's Lynch the Landlord...

[LeftyStrat]

Our landlord just sent me an email that I have to either; buy the house for $480k, move out, or start paying $2295 a month rent. This guy over the last ten years has increased our rent on average five percent a year. He has invested very little into the house over the last ten years.

In fact when the furnace stopped working, the guy he sent out said it would be $800 to fix. I realized it was sticky relays and found the control board on eBay for $75 and installed it for him. He credited us $75 on the next rent.

Now in the past I have been a landlord. My first house I purchased was a duplex and I lived on one side and rented out the other side. It can be a bitch being a landlord, because you have to be ready to fix anything; new fridge, new plumbing, etc. But when you have tenants that pay on time and don't trash the place, you kind of want to keep them.

I can't afford to buy a house in this neighborhood. A three bedroom house is somewhere between $450k and $800k. But I need to stay here until my last kid graduates in 2018.

Looks like I'm going to be selling off a shitload of amp parts very soon. Transformers, reverb tanks, pre-drilled Wreck chassis, Dumble chassis, and more. It's likely the place I move to won't have room for this stuff, or my milling machine and woodworking equipment.

http://www.youtube.com/watch?v=VP1NyV60WzA

[ER]

That sucks, I had to leave my horizontal mill and radial drill behind on our last move. I'm thinking my next shop will be all 110V and on a bus/truck ala Von Dutch so when it comes time to move you drive it away.

[Reeltarded]

Tell him you could live in a used Lamborghini for less than that. You can't really, but for that second while he is thinking about it punch him in the stomach really hard after every line in the Constitution.

[LeftyStrat]

You know, I always think about the fact that before Europeans arrived on the continent, you could live by your wits and there was no concept of property. Today, even if your property is fully paid for, you still have to pay taxes on it, which means you need a source of income, which means you will always have to work for the man.

In other words, we're all fucking renters.

[JazzGuitarGimp]

From the sound of it, I'm thinking the terms of his mortgage just changed abruptly, and now it's time he pays the piper, so to speak. If you've had a reasonably good relationship with him in the past, perhaps you might be able to get him to open up about what he's going through. Then together, the two of you may be able to reach a compromise that works for both of you.

Just thinking out loud here.

[LeftyStrat]

Here's the email we received from our "landlord":

"In a word I can longer afford to keep my negative-cash-flow rental units.

Please consider this your fifty-nine (59) day Notice to Vacate the Premises no later than midnight, 15 Aug 13.

Or:
1. Buy the house for the non-negotiable price of $480k, or....
2. Beginning,15 Aug 13, pay $2295/month in rent-monies.

Please acknowledge this email."

[gktamps]

Man, that sucks, Lefty.
Not sure if you've seen this info:
http://www.tenantsunion.org/rights/rule ... -increases
Looks like in the city of Seattle you get a 60 day notice if you don't have a lease.
Same thing happened to me years ago. Crappy.
Greg

[vibratoking]

Sending an email is a piss poor way to communicate that type of information. The least you deserve is a face-to-face meeting to discuss the situation. Especially since you have been a more than good tenant.

He is basically giving you 60 day notice. Do you have a lease or rental agreement that expires in that time frame? I assume so. Either way, it's a shitty deal, but no level of goodwill is going to overcome the financial reality of him being in the hole on that property. You can try to negotiate, but his email indicates that it is not likely. I assume he sent the email to avoid a face-to-face 'confrontation'. You should setup a meeting and work him as best you can. Then decide what you have to do.

Best of luck with a shitty situation.

[JazzGuitarGimp]

When we rent from someone, we really have no way of knowing if they are financially responsible. It sounds like your landlord isn't good at managing money - it sounds like he has mortgaged the property to the hilt - he may even have multiple mortgages on the home. It's a shitty situation to be sure. Best of luck on this, Lefty. I don't know how it is in your area, but finding a place to rent in the tiny town we live in is a worse-than-needle-in-a-haystack proposition. Especially this time of year, when all the pot growers are ramping up for their grows, which brings a lot of transient "hired help" into town in the hopes of finding pickup work tending gardens, and then trimming weed at the close of the season.

[Cantplay]

If he paid 500k and put 20% down he's paying at least 2k a month mortgage, plus property tax and insurance.

Tenants rights vary considerably by state. in NYC it would tax a year to force you out if you fought the eviction and continued paying the old rent.

John

[Leo_Gnardo]

I got a similar notice in Jan. '96. I'd been living in this place for 10 years. Reasoning that 1) it's going to take months to move, and during that time I'll be non-productive, and B) all my customers know where I am, I made the decision to stay. I also wanted to avoid the inevitable parade of real estate wankers with other potential buyers in tow. (Been there, done that, way beyond annoying.) Was lucky to find a sympathetic mortgage officer at a local bank, and we cut a deal.

Also lucky for me, my landlord was a very nice gentleman indeed. In fact he grew up in this house. I told him he could stop by anytime to reminisce - and if he sold the house to strangers that wouldn't be an option. Well that sealed the deal.

It hasn't always been easy, but I've managed to make my mortgage payments (sometimes a little late but officially I'm allowed 15 days over with no cash penalty.) In fact, when I had better cash flow, prepaid the mortgage principal with an occasional extra c-note. That cut a 30 year mortgage down to 21.5 years and it will be done @ 4 years from now.

Lefty I know you're not quite as friendly with your landlord BUT I'd recommend you have a jaw wag with a couple mortgage officers before you toss in the towel. One advantage is we are in the lowest mortgage rate period, ever, and if you can snag a rate 3 to 4 % that would be xlnt. It ain't going to get any cheaper and there's already a strong indication that the cheap money era will soon come to an end. Also the asking price is at the low end for similar properties in your area. You'll want to get an engineering inspection, in case there's anything you don't know about that would be a deal killer. And an appraisal, to ensure that you're not buying an overpriced property. And a lawyer - you may already know a good one I hope. Even if everything goes smoothly, you want someone on your side to make sure that it does, and also to make sure there's no funny business in any sales & mortgage contracts.

And - moving is a stone drag, man! But you already know that.

I didn't think I could do it - - - so far so good - - - I can say that I did. Maybe you can too. Rap with some mortgage officers first. Avoid mortgage brokers unless you get turndowns from all the MO's you can find.

[Structo]

Lefty, does this landlord drink a lot?

If so, maybe he was just showing his frustration with his cash flow.

If he seems approachable, talk to him in person if possible just to see if you can reach a more satisfactory arrangement.

Best of luck.

[ER]

You can go to the county and see what liens are on the property.

Commercial law and the central banks hidden agendas are catching up with everyone, it's only going to get worse. Hopefully the impossibility of it all will get on the radar of even the average idiot that still thinks that some candidate or new policy can fix it.

There are lots of tax sales up in Washington, it's a crappy way to get a house but with the system such that it is sometimes survival takes precedence over principal. I was happy for the old lady that paid 46K for my house to the county at auction when the bank wouldn't take her short sale offer for considerably more.

Whether I buy or rent, I'll never have a mortgage again.

[briane]

aggh that sucks - I guess you live in the high end of town - rentals in N seattle are more like 12-1500/month 3 bed ramblers. 2300 is bellevue money.

It costs if you want to live in the upscale neighborhoods - you have to pay the piper for those golden jelly beans.

I'd move - but I understand what a pain that is - thats why I bought so noone can do that to me - except the feds.

Looks like I'm going to be selling off a shitload of amp parts very soon. Transformers

I recall you mentioning some original dynaco OT's pulls- why dont you pm me - I could use at least one of those.

[LeftyStrat]

Yeah, I'm in Ballard. I don't want to pull my kids out of their current schools. My oldest daughter starts her senior year this fall.

I'll give you a pm after I've gone through everything. I have some old iron I haven't even gotten around to testing.