moonman
  • moonman
  • Herf-A-Holic Topic Starter
Tuesday, February 23, 2016 6:34:19 PM
My landlord has raised our rent. He now is asking that we give him additional $ towards our security deposit so that it equals what our new monthly payment is. Is this legal? Security deposits are paid once upon moving into a new residence, this is what I have experienced previously. Thank You in advance to anyone that has any knowledge regarding this.
victor809
Tuesday, February 23, 2016 6:36:45 PM

My landlord has raised our rent. He now is asking that we give him additional $ towards our security deposit so that it equals what our new monthly payment is. Is this legal? Security deposits are paid once upon moving into a new residence, this is what I have experienced previously. Thank You in advance to anyone that has any knowledge regarding this.

moonman wrote:

Probably going to depend too much on local laws for you to get much help here. I know our rent goes up every year and we've never (to my memory) paid more for the security deposit. But at the same time, the landlords here are required to pay us interest on the security deposit they hold....

Brewha
Tuesday, February 23, 2016 6:40:36 PM
You should read you lease. It may be in the terms, it may not be.

It could be delayed as a fixed deposit, with a variable lease rate......

frankj1
Tuesday, February 23, 2016 6:58:20 PM

Probably going to depend too much on local laws for you to get much help here. I know our rent goes up every year and we've never (to my memory) paid more for the security deposit. But at the same time, the landlords here are required to pay us interest on the security deposit they hold....

victor809 wrote:

interest paid assuming the security is not needed to repair stuff, like urine soaked footprints.

victor809
Tuesday, February 23, 2016 7:01:19 PM

interest paid assuming the security is not needed to repair stuff, like urine soaked footprints.

frankj1 wrote:

don't forget the hepatitis C they have to clean off the floor every time we walk inside.

frankj1
Tuesday, February 23, 2016 7:14:14 PM
you'll be getting hit up for more deposit $$$ very soon.
Abrignac
Tuesday, February 23, 2016 7:32:17 PM

My landlord has raised our rent. He now is asking that we give him additional $ towards our security deposit so that it equals what our new monthly payment is. Is this legal? Security deposits are paid once upon moving into a new residence, this is what I have experienced previously. Thank You in advance to anyone that has any knowledge regarding this.

moonman wrote:

As stated already check the lease. If you're month to month you could tell him to pound sand and he could tell you to pack depending on where you live.

Why rent anyway? You're paying his mortgage. Buy and a part of your payment goes to principal and you'll be able to count it as a deduction if you're able to itemize.

MACS
Tuesday, February 23, 2016 7:34:56 PM

As stated already check the lease. If you're month to month you could tell him to pound sand and he could tell you to pack depending on where you live.

Why rent anyway? You're paying his mortgage. Buy and a part of your payment goes to principal and you'll be able to count it as a deduction if you're able to itemize.

Abrignac wrote:

Great advice, provided you have the means to afford it. I rented until I could afford to buy. Some folks prefer to rent.

Abrignac
Tuesday, February 23, 2016 7:42:23 PM

Great advice, provided you have the means to afford it. I rented until I could afford to buy. Some folks prefer to rent.

MACS wrote:

True

rfenst
Tuesday, February 23, 2016 8:05:03 PM
Pay or move on.
teedubbya
Tuesday, February 23, 2016 8:10:48 PM
Actually there have been several economic models as of late that show leasing is the most beneficial economically. It's not as clear cut as it was a decade or two ago. It's out dated advice in many cases.

As for the op pay it or get out. You don't need the fight.

moonman
  • moonman
  • Herf-A-Holic Topic Starter
Tuesday, February 23, 2016 9:03:46 PM
Okay, good advice from all. Thank You for taking the time to help.
bgz
  • bgz
  • Herf-A-Holic
Tuesday, February 23, 2016 9:08:43 PM

As stated already check the lease. If you're month to month you could tell him to pound sand and he could tell you to pack depending on where you live.

Why rent anyway? You're paying his mortgage. Buy and a part of your payment goes to principal and you'll be able to count it as a deduction if you're able to itemize.

Abrignac wrote:

We rented till the bubble burst and the interest rate dropped, then we bought :)

No clue when the next one is going to burst though, that's tough to predict.

jackconrad
Tuesday, February 23, 2016 9:31:27 PM
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zerohourhero
Tuesday, February 23, 2016 9:43:40 PM

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jackconrad wrote:

Seriously. Had a landlord once have a mood swing on me when she was going through some stuff in her personal life. Started talking about daytime noise complaints. I have two small kids, noise happens. She had my wife a bit scared until I pulled up the lease and local laws and pointed out that there is no such thing mentioned in either. I also pointed out that complaints against a tenant must be documented and unless she could provide me with documentation of these complaints they effectively didn't exist.

No more problems after that, I still live in that complex, and shes leaving in June to move to TX at which point a new property manager will take over.

sd72
Tuesday, February 23, 2016 11:00:16 PM
I'm not sure how leasing/renting would be better. Unless you're constantly moving from state to state or something. An economic model that maps out constant payments till you die, and at that point you own nothing, doesn't sound very beneficial in the long term. And who owns the place you're leasing? Are they providing housing at a loss?
teedubbya
Tuesday, February 23, 2016 11:07:14 PM
It largely depends on how long you intend to live there, housing prices, maintenance, taxes, insurance etc. but there is more to it. There is often a good argument for leasing.

I buy. I also buy my cars. But it's not as clear cut as it once was.

teedubbya
Tuesday, February 23, 2016 11:10:30 PM
If I remember it also considers the cost of credit in terms of the possibility of using the resources somewhere else. I dunno. I'm no expert.
teedubbya
Tuesday, February 23, 2016 11:30:26 PM
Here's an excerpt from time.com. It's not as comprehensive as some models I've seen and does not account for some of the things mentioned earlier. It does say it's normally better to buy but this is one scenario. It's not always clear cut.

Going further, it’s not hard to come up with realistic scenarios where buying costs more than renting in many local markets. For a millennial with little savings and no Bank of Mom and Dad, an FHA loan might be the only option. If our hypothetical twentysomething is not in a tax bracket that makes itemizing worthwhile and only stays put five years (those young people are restless), buying ends up costing more than renting in 27 of the 100 largest metros. Those 27 include not only pricey coastal markets, but also in markets like Phoenix, Las Vegas, and Colorado Springs. On the expensive coasts, it’s not even close. For instance, in this scenario, buying costs 30% more than renting in Orange County. Thus while an FHA loan might be within reach for many first-timers, in many costly parts of the country, it doesn’t make buying cheaper than renting.

teedubbya
Tuesday, February 23, 2016 11:38:37 PM
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