UPDATE: at 12:30 pm I got it
Reading this sub reddit might make you feel like shit but for those who are saving for a house, you can do it without rich parents.
I had 7k of debt, worked 2 jobs and saved £3.5k for a 5% deposit on a house.
For those who are desperate it took me 18 months to do, i was depressed and technically homeless.
Don't look at this subreddit and be disheartened, my tale isn't something I'm advocating or promoting. I am just trying to offer an alternative outlook
TL;DR : landlord tells us to bring a $500 deposit to "reserve" a house we want to rent since he has others interested. We change our mind and he yells at me. Note that we haven't passed his reference check, submitted an application, or seen an actual lease yet. AITA?
We (me 28F + partner 31M) were looking for an apartment in Denver and ended up finding this 1950s split level with a great yard. The landlord, we'll call him Don, was a bit intense throughout the tour.
In Don's defense on this, I was anxious and so was smiling and agreeing as much as possible, felt he would get angry if I talked back. He might have been more flexible if I had asked. Also, I can’t deny that he was being very upfront about all his requirements.
I text Don the next evening around 8pm to say we are interested. He responds at 11pm saying he has other applicants so he's glad I texted him, we should come by to drop off a $500 deposit at 3:30 the next day to "reserve" the place.
Next day, in the car on the way to drop the deposit we call our current landlord and he offers us a break on rent if we stay at our current place-- $2000 instead of $2350. This is significant to us, so we decide we will stay. I call Don, he doesn't pick up, so we continue to tell him in person.
We get there, I explain saying I'm very sorry, we spoke to our landlord (since we knew we would need the reference) and he offered us less rent. I asked to walk around one more time alone just to check, he says ok. I come back and he says "You're going to go with your landlord aren't you." Its a little creepy. I say "Yes <insert niceties and best wishes>" and try to leave. This is where he gets weird...
He sits down in a chair/crosses his arms/leans back and says "Funny how things just work out like that sometimes.. for YOU anyway.... I guess you guys just got a better deal out of all of this. I already told... keep reading on reddit ➡
After moving out in August 2018, and receiving a satisfactory checkout inventory check, our landlord agreed to return the deposit.
Fast forward to December 2018 and the deposit still had not been returned and the landlord completely cut off communications. We therefore raised a dispute with the deposit company as the deposit was about to become unprotected. The landlord had 6 months to respond to the dispute, and they eventually again refused to return the deposit in June 2019.
After compiling all of our evidence and submitting to the DPS, the landlord refused to use the deposit company's arbitration service. They then had another 6 months to file a court claim against us.
5 months and half months later they submitted their claim against us in small claims court, and a court date of early January 2021 was assigned.
After again compiling our letter, defence statement, witnesses statements, and sending all these to the court and landlord, we found out last week that the landlord never paid the court fee.
The case was therefore struck out. We sent the email confirmation of this from the court to the DPS, however the DPS are refusing to release the money to us unless they get a court ruling telling them who to release the money to. The court is refusing to give a ruling however, because there is no case.
Any ideas how we should proceed with this? I presume we should probably file a claim against the landlord in small claims, but it's just so frustrating that this will mean another 2 years of waiting.
Please be gentle, it's my first story.
Many moons ago, after my divorce, I saved up enough money to move from my apartment (a building with 12 units) and buy a house. I was really excited and told my favorite neighbor. He told me not to even bother trying to get my security deposit back because the landlord never returned security deposits.
I turned in my notice. The landlord didn't bother to do a final walk through. After 30 days, I emailed her and asked about my deposit. No response. I filed a small claim court case for the deposit.
This lovely lady's strategy was to hire a lawyer and bump it up to the next higher court. Most people quit after she bumped it up to the next higher court.
I had some spare time, and have always loved a good game of strategy. I double checked with the court to make sure I could represent myself (FYI- anyone can). I then sent a certified letter to her attorney asking for a full disclosure of the evidence being presented. A huge thank you all those TV shows that explain what full disclosure is.
A week later I received a call from the lawyer called asking what I wanted in order to avoid court- settlement accomplished. The petty revenge. I let my neighbor how to get his deposit back when he was ready to move. He let the other tenants know how to get their deposits back.
OP +1 Landlord -12
My life was turned upside and put on hold when I was diagnosed with a rare cancer at 31 two months ago. My original goal before was to save for a deposit to buy a property in London (through a help to buy or shared ownership), however I feel this might not be feasible anymore because I don’t know how long I have left.
I’m a 31F, professional and single, but currently on furlough since last April when I fell very ill with covid and then led to my diagnosis. I’m still off work whilst I sort myself out and undergoing chemo treatment. I receive full salary from work and whilst they have been supportive and have not rushed me to return until I’m ready, I know I will have to go back to work soon. I am not sure if I will ever be able to go back working full time because of treatment - which will affect my income dramatically I think.
I have almost £80k in savings with no student debt and original plan was to save another year to buy a place. I’m currently living at home and know it is my comfort zone and my parents want me nearby because of my cancer, so they would rather I stay at home, but I want to move out to have my own space one way or another.
I feel knowing I have cancer, I don’t know if I can afford to play with the idea of owning property anymore because I don’t know how long I have and once I’m gone, what is going to happen with the mortgage. I’m single and no one to share the mortgage with unless it’s my brother but I don’t wish to burden him with that responsibility.
Or should I just find a place to rent? What would you do if you was in my position? I feel renting is flexible but the money could go to better use if I owned the place but I can’t help but feel grim reaper is waiting around a corner. It could end up being more complicated if something does happen to me.
Noticing a lot of people in the same boat would help to have a mega thread.
Tldr - this sub’s standard answer as to investment horizon for future house purchase is overly cautious as it fails to take into account the risk tolerance of the investor, the risk associated with undeployed capital, and the flexibility of most investors’ time horizon to purchase a house if a devastating market event occurs.
I see the question “I plan to buy a house in x years should I invest in Y etf” at least once a day in this sub.
Invariably, the comments go something along the lines of “you shouldn’t invest money in an etf with an investment horizon of less than 5 years.” Some people say 5-7 years, but I have even seen people say 10 years!
Clearly, almost nobody will be hoping to buy their first house in 10 years time, that’s a long time to be saving for a house deposit especially if you are, or want to be, financially switched on (and thus you came to this sub for answers). So the common advice on this sub ends up being “no, don’t invest your house deposit, which you plan on using in (for example) 5 years, because the recommended investment horizon is 5-7 years and that’s too risky.”
I disagree with the thinking (or lack thereof) behind these comments, for three main reasons. First (and this may be subjective and personal), it fails to take into account the risk appetite of the investor. I personally would be comfortable investing with a time horizon of 3+ years knowing full well that I may lose money. I don’t see the market as guaranteed returns for doing nothing, I see it as an opportunity to make money from taking on (calculated) risk and deploying capital effectively. My personal risk tolerance is absolutely irrelevant for what anybody else should do, but it highlights that the standard advice isn’t applicable to everybody and if you have a higher risk tolerance (as most young people should relative to the population), you might want to invest your house deposit over a 3, 4 or 5 year horizon despite the possibility of losing money.
The second reason is that it fails to take into account the opportunity cost of not investing for (eg) 5 years. Every day that your money is sitting in a low interest HISA making 1%, house prices are getting further and further away from you. While past performance isn’t a predictor of future performance, equities tend to outperform property (albeit most people are leveraged, so gains may be higher here overall) which outperforms fixed interest, which outperforms cash. You may find that house prices are 30% hi... keep reading on reddit ➡
Edit : Thank you for all the upvotes and to the anonymous redditor for my first gold reward 😍😊 Happy New Year to all the hard core Crypto fans 🙌
Might be a controversial suggestion I don’t know
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REFERRAL CODE: HARRYRWRIGHT
Google IRS Transcript or copy and paste this address https://www.irs.gov/individuals/get-transcript
Select, Get Online Transcript
Login or create an account
Select ‘other’ as reason for transcript
When you access your information there will be four types of information available, in blue headings, each with years you can click on. Under ACCOUNT TRANSCRIPT, in the blue lower left header, click on 2020
Look at the TRANSACTIONS section to see if you have any 2021 deposits.
Let the curious minds know please!!
UPDATE: 1:41 pm est looks like some people that bank with BBT, Regions, Chase, BoA, Wells Fargo, NAVY FEDERAL CU, First National Bank of Texas, First Convenience Bank, TD Bank, USAA Bank, Huntington, 5/3 Bank and others are starting to get theirs. There’s hope guys!!
UPDATE: bank with Delta community credit union. Mine is pending as of 430pm est. Irs website still shows payment #2 status unavailable. Thank you for all the update guys.
Is it a safe way to make these transactions in terms of paper trail and legality? This is my first time renting with an individual landloard. I am located in Ontario
I file taxes every year, and even received a small refund through direct deposit last year. Just checked “Get my Payment” and saw that a check will be mailed on January 6th😡 I am beyond livid!!!
Mailboxes are always being broken into in this neighborhood-why would they do this?!! So frustrating 😡
Title says it all really.
Started saving recently as we're now in a position to put quite a lot away each month.
Uncertainty around covid has made all mortgages pretty much available at 15% deposit or even higher.
We're hoping that we can just focus on saving 5-10% in the hope that things calm down a bit next year and by the time we have that saved more favourable mortgages return to the market.
Is this a reasonable outlook or are we going to have to get used to the idea of saving double that? Feels like with high deposit mortgages and the help to buy being capped really low next year its next to impossible for first time buyers even ona decent income to get on the ladder.