Re: Hi ... my name is Trix and it's ...
12-10-2012 08:43 PM
Thank you. Sadly, I don't think they truly understand how it works with renting. In their minds, I must be super rich becuase they are giving me money each month. What they do not realize is that having them "rent" from me has extra expenses that I normally would not have. I choose to beef up my insurance coverage (4x the risk that something will happen to my place), get an umbrella policy (just in case they do something stupid or harmful on my property), pay local and federal tax on the rental income (even though technically I don't have to claim it, I am), higher wear and tear on things, and I have to have a reserve fund to pay for "emergencies" like when they stuffed food down the kitchen drain and I had to call a plumber. (STILL waiting to get reimbursed for that bill!) And I had to take out a loan to do some "repairs" that I felt needed to be done, so I have THAT loan payment on top of the mortgage and other increased expenses. I don't make a penny in profit with them here. They know they have an excellent deal here. And when the female starts threatening to move, I tell her to go ahead - I don't mind. All of us know she can't touch another rental for the price she has here. Her words are empty threats and she is learning that it won't work to manipulate me into doing what she wants. There is no lease - just a month to month verabl agreement. <------ I thought that would be scary, but it's actually working out great. Of course, if I have to evict them, it's on my dime and I can't go after them for it. But at this point, they pay the rent and their utilities on time. It (eviction) is unlikely to be an issue.
Lol - but comparing apples to apples,
- they drive a newer, nicer car than me.
- they eat out several times a week.
- she has at least 30-50 pairs of shoes! (I have the bare minimum shoes to get around in.)
- she has a lot of jewelry (I have little).
- they spend weekly on themselves -- I don't. I have to be pushed to purchase clothes for me, etc.
- they put money into savings each week -- I go paycheck to paycheck.
- they have a car payment -- I do not.
- they do pay for somethings with credit -- I try to pay cash for everything.
- they must have new everything -- I am ok with second hand and used stuff.
- they rent -- I (almost) own (have the mortgage).
Hang in there, keep good records of things in your rental house, and keep working towards the goal of being able to buy your own house! And remember to have a maintenance budget and reserve account to handle things that need to be taken care of in your very own house.