most of the people here work at the lodge.. sort of funny the lodge is like a palace on top of the mt full of lords and ladies and the workers live in huts at the bottom of the mt… but lack of space,& opportunity, makes a lot of stress and so people fight… over dumb things.. like rats in a box… to little of everything.. till you get to the top of the mt ..
When I worked at a hotel, we leased older unused units (in need of renovation) to workers who needed temporary housing (we had a lot of college students and temporary workers). At first we tried letting them stay for free, but then a couple of them got hit with tax bills from the IRS. If you get it for free, the IRS considers it a job benefit, and benefits count as income for tax purposes. They taxed the employee based on what they consider to be the fair market rent for the area, which was pretty substantial. After a few employees got hit with that, we switched to "renting" the units to our employees, far below market rates like $4/day and paying them $4/day extra to cover it (employee was responsible for taxes on the $4/day). But as long as the employee was "paying" for it instead of receiving it for free, the IRS was happy to ignore it.
> one of the bosses at work was thinking of putting up the 3000 to rent a place then sub renting each room 500 for a profit 1000 a month.. crazy hu..
// No, not crazy. I have not seen this done in over a decade, and it was in New York, but yes, this does happen.
Well that's only looking at one side of it. If the housing market crashes, then he's stuck paying $3000/mo and unable to find enough tenants, and losing $1500/mo. Also, even if it works, if one of the tenants should trash the place, he's the one who has to pay to fix it. Basically the $1000/mo difference he's pocketing as profit comes from the risk he's taking using his good credit to sublet to tenants with poor credit, and his ability to even find tenants. Otherwise the landlord would've just leased the place to the sublet tenants at the higher rate directly.
Any chance you could get a few roommates and rent an apartment? That sleeping pod is about $250 per month, with three friends chipping in that much you'd have $1000 which could be enough for a two bedroom apartment. I'm sad that your living conditions took another turn for the worse. :(
And incidentally, "first + last + security deposit" was invented because of tenants who would skip paying the last month of rent because they figured the security deposit would cover it. When in fact it ends up leaving nothing to cover possible damages.
Generally, landlords (I lease out commercial property) don't like having multiple people responsible for a single shared unit. It leads to all sorts of complications when there's damage (they all point the finger at each other), or the tenants get into an argument with each other (like over paying a shared utility bill) and ask the landlord to settle it when it's really not the landlord's responsibility. When the landlord does authorize shared tenancy, the lease contract usually makes each tenant fully liable if one or more of the other tenants should flake out. Which means each tenant has to have the credit and finances to rent the entire unit by themselves. And if they could do that, they wouldn't need partner tenants in the first place.
I do hope that your son's job works out and if it does, I hope that you two might be able to get a place in a nearby town where the housing situation is a bit better and you can still commute to work from there.
Called about a place yesterday but have yet to hear anything back..might wait to see how the things go for the kid and follow if things look more promising.. Leary of long agreement with people I don't know well.. would like to keep cat...
If you do decide to get people to share the rent, make sure everybody's name is on the lease. It'll make it easier to meet the income requirement and also protect you in case somebody wants to leave, break the lease, or pressure you to leave.
Yeah, if you can get a few people together, you all might be able to chip in for a 2 bedroom that goes for 1,250/month or at least around 625 for each person, excluding utilities.
I don't know if you have to be under $700/mo, because there are some in the 750/mo price range as well:
https://www.apartmentguide.com/apartments/Idaho/Sandpoint/
Ugh, application fees that they don't refund if they turn you down are terrible. :( Sounds like the low supply of housing is hurting a lot of people. I wish they'd built more houses in the area, and that regulation preventing more houses from being built is incredibly stupid. $500 a month rent for one room, ugh, that sounds about as bad as New York City. Sandpoint sounds like a lovely place, but if it's not a place you can afford to live in, it might be worth moving someplace with better housing availability. The Rust Belt could be worth a look, lots of cities around here got built up during the better days and are hard to find renters for now, so there might be some bargains.
I've applied for a few more places.. its annoying because you have to pay a application fee..but yeah I have enough if I can find something in the under 700 price.. the northwest (newspaper) had a write up about the lack of housing here.. vacancy rate is .1% in some places .05% they are pointing out that regulations that prevent new housing developments from being built outside the city have pinched the housing market to the point worker are leaving to find places to live.. this in turn hurt businesses that now can't find workers.. and remaining workers need high wages.. rents have gone up 39%.. according to the paper.. one of the bosses at work was thinking of putting up the 3000 to rent a place then sub renting each room 500 for a profit 1000 a month.. crazy hu..
She's making enough for the monthly rent, and saving enough for the security deposit. The roadblock is her credit rating and that her income-to-rent ratio isn't high enough (she can get by spending 60% or more of her income on rent because she's so thrifty, but most landlords go with a 33% ratio).
Usually, the problem with renting is "First + Security", or "First + last + Security", which doubles or triples the move-in cost, plus a credit check to make sure you have already established good credit, because everyone knows that credit score is an accurate indication of a person's "goodness".
Yea, it stinks.
Makaira at 9:18AM, Aug. 28, 2017
When I worked at a hotel, we leased older unused units (in need of renovation) to workers who needed temporary housing (we had a lot of college students and temporary workers). At first we tried letting them stay for free, but then a couple of them got hit with tax bills from the IRS. If you get it for free, the IRS considers it a job benefit, and benefits count as income for tax purposes. They taxed the employee based on what they consider to be the fair market rent for the area, which was pretty substantial. After a few employees got hit with that, we switched to "renting" the units to our employees, far below market rates like $4/day and paying them $4/day extra to cover it (employee was responsible for taxes on the $4/day). But as long as the employee was "paying" for it instead of receiving it for free, the IRS was happy to ignore it.
Keybounce at 8:37PM, Aug. 24, 2017
> one of the bosses at work was thinking of putting up the 3000 to rent a place then sub renting each room 500 for a profit 1000 a month.. crazy hu.. // No, not crazy. I have not seen this done in over a decade, and it was in New York, but yes, this does happen.
Makaira at 8:29AM, Aug. 28, 2017
Well that's only looking at one side of it. If the housing market crashes, then he's stuck paying $3000/mo and unable to find enough tenants, and losing $1500/mo. Also, even if it works, if one of the tenants should trash the place, he's the one who has to pay to fix it. Basically the $1000/mo difference he's pocketing as profit comes from the risk he's taking using his good credit to sublet to tenants with poor credit, and his ability to even find tenants. Otherwise the landlord would've just leased the place to the sublet tenants at the higher rate directly.
Mr Kaos at 11:34AM, Aug. 21, 2017
it is at least better than sleeping in the car.
felonimayhem at 7:45AM, Aug. 19, 2017
Any chance you could get a few roommates and rent an apartment? That sleeping pod is about $250 per month, with three friends chipping in that much you'd have $1000 which could be enough for a two bedroom apartment. I'm sad that your living conditions took another turn for the worse. :(
Makaira at 8:53AM, Aug. 28, 2017
And incidentally, "first + last + security deposit" was invented because of tenants who would skip paying the last month of rent because they figured the security deposit would cover it. When in fact it ends up leaving nothing to cover possible damages.
Makaira at 8:41AM, Aug. 28, 2017
Generally, landlords (I lease out commercial property) don't like having multiple people responsible for a single shared unit. It leads to all sorts of complications when there's damage (they all point the finger at each other), or the tenants get into an argument with each other (like over paying a shared utility bill) and ask the landlord to settle it when it's really not the landlord's responsibility. When the landlord does authorize shared tenancy, the lease contract usually makes each tenant fully liable if one or more of the other tenants should flake out. Which means each tenant has to have the credit and finances to rent the entire unit by themselves. And if they could do that, they wouldn't need partner tenants in the first place.
Nowhereman10 at 9:16PM, Aug. 25, 2017
I do hope that your son's job works out and if it does, I hope that you two might be able to get a place in a nearby town where the housing situation is a bit better and you can still commute to work from there.
rmccool at 7:31PM, Aug. 23, 2017
Called about a place yesterday but have yet to hear anything back..might wait to see how the things go for the kid and follow if things look more promising.. Leary of long agreement with people I don't know well.. would like to keep cat...
felonimayhem at 6:32AM, Aug. 23, 2017
If you do decide to get people to share the rent, make sure everybody's name is on the lease. It'll make it easier to meet the income requirement and also protect you in case somebody wants to leave, break the lease, or pressure you to leave.
Nowhereman10 at 5:22PM, Aug. 22, 2017
Yeah, if you can get a few people together, you all might be able to chip in for a 2 bedroom that goes for 1,250/month or at least around 625 for each person, excluding utilities.
Nowhereman10 at 5:20PM, Aug. 22, 2017
I don't know if you have to be under $700/mo, because there are some in the 750/mo price range as well: https://www.apartmentguide.com/apartments/Idaho/Sandpoint/
felonimayhem at 12:39PM, Aug. 20, 2017
Ugh, application fees that they don't refund if they turn you down are terrible. :( Sounds like the low supply of housing is hurting a lot of people. I wish they'd built more houses in the area, and that regulation preventing more houses from being built is incredibly stupid. $500 a month rent for one room, ugh, that sounds about as bad as New York City. Sandpoint sounds like a lovely place, but if it's not a place you can afford to live in, it might be worth moving someplace with better housing availability. The Rust Belt could be worth a look, lots of cities around here got built up during the better days and are hard to find renters for now, so there might be some bargains.
rmccool at 8:44AM, Aug. 20, 2017
I've applied for a few more places.. its annoying because you have to pay a application fee..but yeah I have enough if I can find something in the under 700 price.. the northwest (newspaper) had a write up about the lack of housing here.. vacancy rate is .1% in some places .05% they are pointing out that regulations that prevent new housing developments from being built outside the city have pinched the housing market to the point worker are leaving to find places to live.. this in turn hurt businesses that now can't find workers.. and remaining workers need high wages.. rents have gone up 39%.. according to the paper.. one of the bosses at work was thinking of putting up the 3000 to rent a place then sub renting each room 500 for a profit 1000 a month.. crazy hu..
felonimayhem at 6:30PM, Aug. 19, 2017
She's making enough for the monthly rent, and saving enough for the security deposit. The roadblock is her credit rating and that her income-to-rent ratio isn't high enough (she can get by spending 60% or more of her income on rent because she's so thrifty, but most landlords go with a 33% ratio).
Keybounce at 10:16AM, Aug. 19, 2017
Usually, the problem with renting is "First + Security", or "First + last + Security", which doubles or triples the move-in cost, plus a credit check to make sure you have already established good credit, because everyone knows that credit score is an accurate indication of a person's "goodness". Yea, it stinks.