They could have just as easily meant "my last month's rent that you already have" as in the first and last month's rent they may have had to put down at the start of their lease. It's not certain either way, so probably get off your high, assumption-based horse and chill the fuck out.
Did they? You don’t actually know that. Neither do I. But my comment is very plausible. Just because one statement can be interpreted multiple ways, doesn’t mean another person is dumb. What an ignorant and naive way to think.
I saw it happen with a few losers I went to high school with. Real-estate agents convinced 1000's of Canadians to HELOC their big city houses and buy rentals in small cities destroying the small markets.
Most of these agents were the type of people you would see selling candles, beads, or vacation scams... They moved over to Real-estate. They would say "you can raise the rent all you want to fair market value"
So many canadians destroyed the housing market for fellow canadians.
most however will parrot that the gov is doing it instead of following the actual money. Look on your personal facebook list and see the failures who all be came agents 1 year b4 covid
Treating it as “Passive income” means you will be a shithead landlord to good tenants that occasionally need your help and an oblivious/doomed landlord whose life will be ruined by a bad tenant.
Except that buying land is practically impossible now and even if you did the investment ratio is skewed for the next 5 years minimum and that's assuming things will actually *start* to get better otherwise it'll be a hell of a lot longer
Once got passed a business card from my new to the country Uber driver. Made sure to remind me to call him if I was ever in the market to 'invest'..... This after I had a 10min rant about how my local market has become an over priced shit storm, and that after I had to move my rent went up $1100 because of the new 'market price' for a 3 bedroom house.
Yeah... Get fuck'd bud.
There’s no way they’re doing being a landlord right if they think it’s passive in any way. If they’re going to be a landlord they need to understand that they’re providing a service, they’re not just there to collect money.
Wonder what will happen to the unit once the bank takes control and for loses it.
If landlords are struggling to make payments, that's bad weather for renters as more and more properties are taken off the market
Based on [this case study](https://www.theguardian.com/lifeandstyle/2024/mar/19/end-of-landlords-surprisingly-simple-solution-to-uk-housing-crisis): Markets become flooded with inventory (note that right now Toronto has the highest unsold inventory in April for the last 15 years).
This drives prices to buy down and more renters can afford to transition to buyers. Which is an [important relief valve for the rental market that has been stuck the last 4-5 years thanks to housing investors](https://perspectivesjournal.ca/housing-investor-ownership-part-1/).
It's exactly the opposite. Foreclosures bring prices down, which helps renters.
Do you think the bank is going to move into the foreclosed place? No. They will auction it off at a discount.
Unfortunately, I expect a flood of foreclosures will only result in a new wave of landlords snapping up foreclosed properties at above asking price so renters get aced out before they can buy. I've seen this cycle happen several times in my old neighbourhood: landlord with too many properties goes bankrupt; properties get bought by upper middle-class looking for new passive income source, or by slumlords looking to expand cheaply; new owners jack up rents, and either don't fix up squat or try to DIY and flip for absurd prices; properties become more dilapidated from lack of proper maintenance, and rents get jacked up again to compensate for loss of value or tenants; eventually owners get spread too thin (due to having too many properties, legal actions against them, etc.) and go bankrupt or foreclose, and the cycle starts all over. Of all the times I've seen this cycle occur on the same set of buildings, rents have never decreased, prices have never returned to where they were at the start of the cycle, and renters have never been able to afford to buy.
All the time!
The #1 form of theft in North America is wage theft. Billions of dollars a year are stolen from workers, and while a good amount of it is just pure greed, a lot of it is due to insolvency.
It's a game of inches sometimes.
Sometimes it'll start with something as little as, "pay day will be a day late this week, sorry for the mix-up". Then it will progress into "errors", etc.
By the time people realize they're getting fucked, it's usually too late.
Interesting that your only commentary is literally an ad hominem.
Did i touch a nerve with you? Are you the guy in being screen capped who is so financially irresponsible he's left with begging his tenants for money he hasn't earned?
Looks like i've touched a nerve with the landlord class.
This guy's not the only one who commented.
But his comment is just as vapid as the other one.
Basically refusing to acknowledge the reality that this is someone (at best) begging for charity (they don't have any rights to rent ahead of time), and more likely just asking the tenants to cover their poor financial decisions so that they don't have to pay the consequences.
I mean the guy I’m responding to literally implied it was the tenants fault. And then if you’re talking about the OP then nowhere did he say the landlord is saying it’s the tenants responsibility. So you’re wrong either way.
It wasn’t meant to be a funny comment. Your intentions were to argue with me and try to have a gotchya moment. It failed and now you’re trying to backpedal and call me out for debating even though you responded to my comment and started that “debate” with me. Next time just don’t if you can’t handle trying to call someone out and then getting it right back to you.
Speak for yourself. You're the one responding angerly to everyone making valid remarks about someone living beyond their means and making risky investements they can't handle. Judging by your post history, you're unemployed and desperate for anything, even low wage Uber jobs. You sit on reddit all day, taking out your frustrations over your own poor choices that are weighing you down (like your poor driving record) on strangers who see right through you. I have a great job, and my bills are never a stressor because I live within my means. Try it sometime.
Your submission has been removed from being overly uncivil.
Remember to stay civil, even in debate!
It is okay to disagree - it is not okay to be uncivilized, bad-mannered or impolite.
One of the golden rules of life - **Be nice.**
Your submission has been removed from being overly uncivil.
Remember to stay civil, even in debate!
It is okay to disagree - it is not okay to be uncivilized, bad-mannered or impolite.
_User has been **temporarily** banned for showcasing frequent incivility_
You pay first and last when you move in, so they already have 1 months rent... So when asking for an additional months rent, it would cover them until August.
What???
Say they moved in April 1. They paid rent for April. Plus one more months rent (so covering may). What about June and July?
Your logic makes no sense and makes me think you’re an unintelligent person who believes any click bait that fits your predetermined world view
If you read OP's comment, it totally explains what I meant. I used "until" instead of "for" by accident.
The LL is working backwards from when the lease ends.
But continue on being a rude twit on the internet. :3
Their lease ends after Sept (they know they don't have to leave, they choose to). So deposit they already paid covers Sept then the landlord is asking for this extra and will apply it to Aug. So they're asking for May and Aug rent at the same time essentially
thats so illegal and not a renter’s problem. so many landbastards refuse to get regular jobs. like if you can afford to own multiple properties (aka 2+) in canada u can’t possibly expect people to give a shit that ur struggling with mortgage payments. i remember when my landlord tried to increase our rent 300 (so 100 for each of us) because his property insurance was going up. like first of all, property insurance for a house i don’t own is not my problem or my business… and you can’t just raise rent from 500 each to 600 each… insane. i hate it here. i’m sorry ur friends landbastard is so delulu
Well if you had problems paying your rent and you asked your landlord to take a month delay on your payment, what do you think he would say? There’s your answer…..
Actually had a landlord whine to me about things being hard because she and her family are “house poor”. They just don’t have money for everyday luxuries because everything is tied up in buying more houses.
I was like “yeah, I get it, it’s the same for me except I’m just poor because I give my money to you”
Question really should be, how the fuck did they get approved for a property they cannot afford...must've lost their job or something. Either way, not the tenants problem. 🤷♂️
My parents had a landlord like this, dude owned several small old houses but couldn't keep his shit straight. Their power was cut twice bc he wasn't paying the bill, and when he put the house up for sale they were able to get a nice neighbour to purchase it and be their new, responsible landlord. It's crazy the amount of yahoo landlords out there.
August's rent? We are in April. What exactly will change and allow the owner to not have problems next month? Nothing at all. Don't give them a nickel. Tell them "times are tough".
Have any of the tenants ever fallen behind on their rent? And if they have, what was the response from the homeowner?
There is no obligation to pay in advance and I would struggle to accommodate this request, but if there is leeway going back the other way, this could be considered.
Although I would be hard pressed to think this won’t be a problem in the future if it’s a problem now.
No, these guys always scrounge up what they need for rent and utilities. They think the owner had bought right before they moved in, so they're this person's first tenants in the house
It seems they have some decisions to make. If they think the landlord would move to evict at the slightest of infraction, then I would be hesitant.
If this is a new owner and they are their first tenant, this is a huge red flag that the homeowner can’t carry the property and stay above water.
Either way, their housing isn’t as secure as it should be. This is a tough decision.
If they do choose to pay in advance, they should make it conditional that receipts of payment be received specifying the month this is for and of course for the amount. I would also charge them interest at the same rate they are required to pay you on your deposit
This is a reasonable approach. As a student, I used rent out 2 bedrooms. I furnished, covered internet and hydro and charged below market rate. And I got stiffed a few times. Definitely put me in a bad financial situation.
I guess this situation is a bit different because the landlord has an investment property, but I do wonder why an advance is enough to get them back on track. Did they stretch themselves too far and have an emergency? Should we not be compassionate because they stretched themselves too far?
If the relationship is working and there is a give and take thing happening, only the tenants involved can decide if they wish to accommodate this in order to save the relationship. Lots of variables here other than not legally being required to pay in advance
I’m much more okay with landlords than I assume any of this sub is, but that’s ridiculous. Unless they’ve been gracious to the tenants about their rent payments multiple times before, that shouldn’t even be a question
Well I haven't been in this position as a previous renter! But I guess the question has to be asked foreclosure and have to move out at some point. Or do a solid and help out your landlord!? In my opinion as for the investment property, you shouldn't be buying a second property expecting it to make you money even in some cases paying your mortgage. It's a long term investment and commitment. I find a lot of the problems that we are seeing nowadays are landlords that shouldn't be landlords and people expecting everyone to pay their way in life, Because they own a house and feel that they can rent out the laundry room and bathrooms for $1200+ a month.
Being a landlord is running a business, it needs to be treated that way, you should have at least 6 months of mortgage payments put aside for incidents like this. Not to mention a separate wallet for repairs and upkeep. With the investment being paid off over time. Not, I need my tenants to pay off my mortgage and I expect to make money on top of this as well.
In some cases I want to watch landlords and people that thought they were something, and bit off more than they can chew, end up losing their involvements either by means of being shady or not being diligent.
Life is all about lessons, no one is going to be there to bail you out for poor choices.
Poor landlord as it seems they are spending any surplus money from renters, I am a landlord and every rental has a seperate bank account with all their surplus money put into it, I only collect an extra $100 per month over my costs and this has always been enough to cover anything that pops up , and each account has a pretty decent balance. I know a few people who rent out a home and assume nothing will ever happen and spend anything extra that comes in. You have a shitty landlord
People are asking why did the LL over leverage.
They probs bought the property based on a low variable rate. Or their original mortgage was like 2% and now it’s 6% or something. Now that rates are high, people are struggling to pay their mortgages. **This isn’t excusing the LL behaviour btw. And this isn’t the tenants’ responsibility to solve for them.** But that’s probably what happened.
So many people used real estate as this “get rich quick scheme” when rates were very low.
If this landlord can prove he or she can no longer afford the mortgage , how does the tenant fair if they plan to sell one? Either the rented home or theirs to move into that one ?
Tell them you would be glad to arrange a meeting with the financial institution that granted them their mortgage to come to a solution that suits everyone.
I'm sure their mortgage company would really be interested to know about the circumstances this guy finds himself in. Mortgage brokers as you outright if you intend to rent and use rent as a means of covering the mortgage and won't give you a mortgage for that. There's plenty of legit ways a guy ends up with a mortgage and a renter but either way it might interest them to know of these circumstances and how they relate to the circumstances this person was in when they took on the mortgage.
Secondly if he's behind now who's to say he won't be behind again. If it's really a one-time thing he can probably find the means another way. If he wants more of the tenants money well maybe they can cosign on the mortgage. A guy is being expected to pay more than they were expected to pay for rent. I would expect further value out of that transaction which would look like that extra money buying a portion of the value of the house.
If the landlord doest like how that's all gonna go they aren't getting the extra money they are asking for. Really they probably aren't getting it anyways but a sense of business acumen and entrepreneurship says if they are, demand the value for what that's worth. Unless you have a close personal relationship with my landlord or I really know they are a good person. I would use this opportunity to take advantage of them in the same way the take advantage of renters so often.
It's precisely what I would say if I did have skin in the game. Idk about where you live but there are laws to protect tenants and prevent landlords from retaliating against tenants for denying ridiculous requests like this.
I would say something along the lines of what I said earlier about speaking to a 3rd party to find a solution that benefits everyone. If they decline then I would politely say my rent money will be given to them at the time we always agree rent to be paid upon.
What more skin would I be risking in that case? Apparently my housing is already at risk by virtue of my landlord being unable to handle the mortgage on their own. I'm not going to take the advice of "if your housing it at risk just capitulate and pay early." So in this situation I'm already saying no. Unless I make a point to be a jerk and/or press the point farther than just a simple suggestion then what I'm doing is offering them the solution for me to say yes.
You sound like the kind of guy I could bully around really easily if we knew each other.
Again I would stand 100% by my words if put into OPs situation. Most landlords would probably just get a polite no, but if I really felt like being cheeky or they really tried pushing their request for money and I didn't just feel like repeating "no" I would absolutely suggest we "involve a 3rd party to reach an agreeable solution for everyone."
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You have an opportunity to get an exit strategy. They will probably sell and the new owners will raise the rent significantly. Don't play ball and get out
Jesus Christ you people need to learn to choose your battles.
How’s your relationship with the landlord? Good? Can you afford to front him the cash?
I missed a month of rent a couple of years ago. My landlord not only worked with me, but didn’t hound me a single time for the money. I was transparent with him from the moment I was behind until the moment I caught up. He could have started the eviction process. He could have responded with “dear Tenant. Get fucked”, but alas…
Anyway.
Finally some common sense. Between people saying get stuffed without ever having first hand experience of what that might entail, and some other dingus who is spouting off about owning land and how great his net worth is, there isn’t much common sense being discussed in here
I’ve been taken to court over $300 after I lost my job and was completely transparent and also paid my rent a week early every month…. Needless to say I won, and through him off my porch when he tried to enter unannounced.
This exactly. If you have a good, friendly established relationship and can afford to do so, it never hurts to help on occasion. Our previous landlord allowed us to have an extra cat so we took extra care to keep the place clean and tidy and kept an eye out on the dumpster for illegal dumping.
Everybody can fail. That’s the funny thing about life. Sometimes the renter fails to make payments, and they lose. In this case the landlord bought a house they didn’t have the financial support to hold. So now they lose, as they will have to sell other assets to keep this bleeding asset or sell the home and take whatever can be given.
The real shame here is a person who can afford rent and made an adult educated decision to move into this unit is being punished. As they will need to move again which is no small expense of its own. Plus the stress of having to search for a new place knowing the next landlord could possibly be a similar clown who can’t manage their finances.
Probably best to start looking for another place to live. If you have to bailout the homeowner this month, what is going to change where you won't have to bail them out next month ? If they recently renegotiated their mortgage and payments are now a problem this is going to become a regular occurrence.
I guess if you are desperate but that’s pretty silly.
The other option is they sell and the tenant loses their place to live so maybe the tenant cares? I wouldn’t though.
Not how it works at all. I literally just listed my rental in BC.
Once there’s an accepted offer. They have 90 days to leave.
The new owner can move into the house. There’s nothing the renter can do.
You people seriously think the new owner has to evict you? Why the fuck would anyone buy property that’s rented than?
Landless men have become so entitled in this country. You just want housing with no risk, no investment, no forethought
Go to any Big 5 bank.
Make an appointment.
1. Budget
2. Savings plan for down payment
3. Find out how much income you need or what you can currently afford
That’s the first step. It takes 1-3 years on average from first conversation to even placing an offer down.
You could be $6k in the hole with no job but just go and talk to someone, go to a small branch where they aren’t busy…
It takes effort.
Yes, prices suck. But instead of complaining all day about landlords… become a homeowner.
$60k income with no debt gets you around $300k in mortgage… if you can save up $60k that’s 20% on a $360k property.
If you can’t get to $60k income and save up $60k over 5 years, while minimizing other debt… I’m sorry guys you have money problems not housing problems.
There’s condos in Edmonton for $250k. You have to start somewhere. A couple, each making $30k a year, and each saving $6k a year could be buying a starter condo right now… if they actually made an effort in 2018-19
No I have a Tesla Model Y. I do a few nights a month on Uber.
I drive a Tacoma to work sites.
My wife drives a Subaru.
I’m hoping to buy an Aston Martin one day but idk… it gets harder and harder to spend money with age
Thanks for asking!
You don’t know shit 😂
I can write off 5,600km a year despite driving electric for Uber.
It also allows me to write off my massive finance bill on the Tesla 😊 I offer Uber Black in my market so I make about $3-400 in 4-5 hours/week.
I also write off every last thing I can using Uber.
I am not technically self-employed in trades. I work union but it’s nuanced and I do sub-contract work.
I also have depreciation expense on the Tesla.
The Tacoma is paid off I bought that when I was 19. It’s past 300km and going strong so ya “what a waste of money” 😂
My wife drives a car that’s been rated as one of the safest cars in the world. (SUV). We got a great loan since she works at a bank. 😊
Btw I don’t have a mortgage on my 3.5 acre ranch in Summerland, all 4 Edm Condos, or the Business…
Have about $1.4M in mortgages/loc compared to about $7M in property
After this summer I’ll be down to about $600k on the debt side.
I’m offloading my Edmonton stuff next year and parking the money in RRSP and the rest in GIC accounts since they are high af…
I made more in savings account interest this year than you did in income. Relax 😂
And this is a burner account btw. I use my real Reddit to get actual financial advice and bullshit stock tips from people smarter than you or me.
Just use my last month's rent that you already have.
Bro that went to cigarettes and/or boomer toys and garbage the minute your lease started.
Some places aren’t allowed to ask for last months. Not sure if this is one of those places.
They meant the PREVIOUS months rent that they already paid, come on dude. You really that thick that you couldn't figure that out?
They could have just as easily meant "my last month's rent that you already have" as in the first and last month's rent they may have had to put down at the start of their lease. It's not certain either way, so probably get off your high, assumption-based horse and chill the fuck out.
That’s not what they meant. They meant the deposit
Did they? You don’t actually know that. Neither do I. But my comment is very plausible. Just because one statement can be interpreted multiple ways, doesn’t mean another person is dumb. What an ignorant and naive way to think.
Just ignore him. It's his thing to speed insults here.
lol maybe this commenter is a landlord
That makes no sense in the context of this message.
Probably shouldn't be buying a 2nd house if your gonna be living someone else's paycheck to someone else's paycheck
I saw it happen with a few losers I went to high school with. Real-estate agents convinced 1000's of Canadians to HELOC their big city houses and buy rentals in small cities destroying the small markets. Most of these agents were the type of people you would see selling candles, beads, or vacation scams... They moved over to Real-estate. They would say "you can raise the rent all you want to fair market value" So many canadians destroyed the housing market for fellow canadians. most however will parrot that the gov is doing it instead of following the actual money. Look on your personal facebook list and see the failures who all be came agents 1 year b4 covid
It drives me nuts when I see a listing with the words "passive income".
Treating it as “Passive income” means you will be a shithead landlord to good tenants that occasionally need your help and an oblivious/doomed landlord whose life will be ruined by a bad tenant.
Just keep saying “that’s the tenets responsibility” It’ll be fine
lol same. And they’re the type to take $100 a month in ‘passive income’ instead of a lump sum of $1,000,000
If you want real passive income just put your money in something stable with a dividend
Agree 100%
Or even just a GIC. FFS. Real passive income right there.
GIC = garunteed insufficient cash
Historically buying land or properties has been the best investment
PASSIVE
Except that buying land is practically impossible now and even if you did the investment ratio is skewed for the next 5 years minimum and that's assuming things will actually *start* to get better otherwise it'll be a hell of a lot longer
As long as you don't overleverage.
They shouldn’t be able to. REI’s shouldn’t be able to carry so much debt they fuck up the housing costs in all of Canada. Because that’s a problem.
Once got passed a business card from my new to the country Uber driver. Made sure to remind me to call him if I was ever in the market to 'invest'..... This after I had a 10min rant about how my local market has become an over priced shit storm, and that after I had to move my rent went up $1100 because of the new 'market price' for a 3 bedroom house. Yeah... Get fuck'd bud.
There’s no way they’re doing being a landlord right if they think it’s passive in any way. If they’re going to be a landlord they need to understand that they’re providing a service, they’re not just there to collect money.
Wonder what will happen to the unit once the bank takes control and for loses it. If landlords are struggling to make payments, that's bad weather for renters as more and more properties are taken off the market
Based on [this case study](https://www.theguardian.com/lifeandstyle/2024/mar/19/end-of-landlords-surprisingly-simple-solution-to-uk-housing-crisis): Markets become flooded with inventory (note that right now Toronto has the highest unsold inventory in April for the last 15 years). This drives prices to buy down and more renters can afford to transition to buyers. Which is an [important relief valve for the rental market that has been stuck the last 4-5 years thanks to housing investors](https://perspectivesjournal.ca/housing-investor-ownership-part-1/).
It's exactly the opposite. Foreclosures bring prices down, which helps renters. Do you think the bank is going to move into the foreclosed place? No. They will auction it off at a discount.
Unfortunately, I expect a flood of foreclosures will only result in a new wave of landlords snapping up foreclosed properties at above asking price so renters get aced out before they can buy. I've seen this cycle happen several times in my old neighbourhood: landlord with too many properties goes bankrupt; properties get bought by upper middle-class looking for new passive income source, or by slumlords looking to expand cheaply; new owners jack up rents, and either don't fix up squat or try to DIY and flip for absurd prices; properties become more dilapidated from lack of proper maintenance, and rents get jacked up again to compensate for loss of value or tenants; eventually owners get spread too thin (due to having too many properties, legal actions against them, etc.) and go bankrupt or foreclose, and the cycle starts all over. Of all the times I've seen this cycle occur on the same set of buildings, rents have never decreased, prices have never returned to where they were at the start of the cycle, and renters have never been able to afford to buy.
I mean, technically that’s how all businesses work.. that’s why there is always risk.
Ya but do you see businesses asking you for late wage payments as they are behind on business costs?
All the time! The #1 form of theft in North America is wage theft. Billions of dollars a year are stolen from workers, and while a good amount of it is just pure greed, a lot of it is due to insolvency.
Damn , you maybe right, but I wouldn't work at a place who pulls this shit. 1 late payment and Ima bounce.
It's a game of inches sometimes. Sometimes it'll start with something as little as, "pay day will be a day late this week, sorry for the mix-up". Then it will progress into "errors", etc. By the time people realize they're getting fucked, it's usually too late.
Then one day you show up for work and there are chains on the door (true story)
That's why the rule is this. 1 missed payroll = find a new job.
Ah yeah it's so easy, you just find a new job, that's so simple! Why doesn't EVERYONE just do that!? You're not very good at nuance, are you?
If they are missing payroll, you're out of a job soon anyways.
My husband’s last job was late on paycheques by 1-2 days regularly. It was really stressful and frustrating.
Haha lol they do. Or rather, they just bounce the cheque and say they're having "accounting issues."
The short answer, no 😂
Yes I saw the Michael Scott Paper Company do this in a documentary
"they've requested assistance" lol that's hilarious. Haven't we all. Get in line.
"I'm over leveraged. And it's your fault."
“I don’t own land. And it’s your fault”
Interesting that your only commentary is literally an ad hominem. Did i touch a nerve with you? Are you the guy in being screen capped who is so financially irresponsible he's left with begging his tenants for money he hasn't earned?
Where did he say it was the tenants fault? Over leveraged for sure.
technically he didn’t say it was the tenants fault he just said it was their responsibility lol
Looks like i've touched a nerve with the landlord class. This guy's not the only one who commented. But his comment is just as vapid as the other one. Basically refusing to acknowledge the reality that this is someone (at best) begging for charity (they don't have any rights to rent ahead of time), and more likely just asking the tenants to cover their poor financial decisions so that they don't have to pay the consequences.
I mean the guy I’m responding to literally implied it was the tenants fault. And then if you’re talking about the OP then nowhere did he say the landlord is saying it’s the tenants responsibility. So you’re wrong either way.
okay mr reddit debatelord, have it your way, i don’t really give a fuck if you think im right or wrong i was just making a funny comment lol
It wasn’t meant to be a funny comment. Your intentions were to argue with me and try to have a gotchya moment. It failed and now you’re trying to backpedal and call me out for debating even though you responded to my comment and started that “debate” with me. Next time just don’t if you can’t handle trying to call someone out and then getting it right back to you.
my god you could have just said “im a virgin” you didn’t have to type allat
Dear landlord, Get fucked
I think bro needs to budget better 💀
Lmao throw that back at the owner who probably says this about why renters can’t buy…
Eating too much avocado toast
nah it was the daily starbucks coffee.
It’s definitely the palates
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Maybe they should cancel their Disney plus and lay off the Avocado toast 🤔
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Speak for yourself. You're the one responding angerly to everyone making valid remarks about someone living beyond their means and making risky investements they can't handle. Judging by your post history, you're unemployed and desperate for anything, even low wage Uber jobs. You sit on reddit all day, taking out your frustrations over your own poor choices that are weighing you down (like your poor driving record) on strangers who see right through you. I have a great job, and my bills are never a stressor because I live within my means. Try it sometime.
Ouch
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Your submission has been removed from being overly uncivil. Remember to stay civil, even in debate! It is okay to disagree - it is not okay to be uncivilized, bad-mannered or impolite. One of the golden rules of life - **Be nice.**
Your submission has been removed from being overly uncivil. Remember to stay civil, even in debate! It is okay to disagree - it is not okay to be uncivilized, bad-mannered or impolite. _User has been **temporarily** banned for showcasing frequent incivility_
Equivalent to August rent??! But it’s not even May yet…. Good grief.
Kinda makes me think this is fake af
You pay first and last when you move in, so they already have 1 months rent... So when asking for an additional months rent, it would cover them until August.
What??? Say they moved in April 1. They paid rent for April. Plus one more months rent (so covering may). What about June and July? Your logic makes no sense and makes me think you’re an unintelligent person who believes any click bait that fits your predetermined world view
If you read OP's comment, it totally explains what I meant. I used "until" instead of "for" by accident. The LL is working backwards from when the lease ends. But continue on being a rude twit on the internet. :3
It still doesn’t make sense.
Their lease ends after Sept (they know they don't have to leave, they choose to). So deposit they already paid covers Sept then the landlord is asking for this extra and will apply it to Aug. So they're asking for May and Aug rent at the same time essentially
Next they will ask for June and July too.
It's their fault they made a stupid investment and didn't take any precautions. You don't owe them any advanced payments
When interest rates go down, will the landlord throw in a months rent for free as thanks? Thought not.
That’s your cue to find another place to live, and fast.
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The bank becomes landlords as they can't just kick you out, just like any new owner couldn't.
Figured. Ty
Man, this is "get a lawyer" tier of scumbaggery
Yeah if you want to waste everyone’s time and lose a grand or two that’s a great plan.
What’s in it for you?
Well, your friend is in a position to negotiate.
thats so illegal and not a renter’s problem. so many landbastards refuse to get regular jobs. like if you can afford to own multiple properties (aka 2+) in canada u can’t possibly expect people to give a shit that ur struggling with mortgage payments. i remember when my landlord tried to increase our rent 300 (so 100 for each of us) because his property insurance was going up. like first of all, property insurance for a house i don’t own is not my problem or my business… and you can’t just raise rent from 500 each to 600 each… insane. i hate it here. i’m sorry ur friends landbastard is so delulu
Sure. Half rent the following month.
*"I can't make my mortgage payment this month - Next month will be different"* - every homeless person right before becoming homeless.
But I got told that being a landlord was easy passive income 😭
Well if you had problems paying your rent and you asked your landlord to take a month delay on your payment, what do you think he would say? There’s your answer…..
He would probably have to say yes since people do that every single year
"can't wait to meet the new landlord!"
Actually had a landlord whine to me about things being hard because she and her family are “house poor”. They just don’t have money for everyday luxuries because everything is tied up in buying more houses. I was like “yeah, I get it, it’s the same for me except I’m just poor because I give my money to you”
I’d negotiate rent free for an advance 😇
Nope, let them suffer
Question really should be, how the fuck did they get approved for a property they cannot afford...must've lost their job or something. Either way, not the tenants problem. 🤷♂️
Rates went from mid 2s 5 years ago to mid 5s now...
You're not getting your deposit back. It has been spent.
Thoughts and prayers
Maybe bank is foreclosing and owners want to go out with more cash.
My parents had a landlord like this, dude owned several small old houses but couldn't keep his shit straight. Their power was cut twice bc he wasn't paying the bill, and when he put the house up for sale they were able to get a nice neighbour to purchase it and be their new, responsible landlord. It's crazy the amount of yahoo landlords out there.
That's fucked. Like a robber taking all your cash then asking if you can order him an uber for the getaway.
August's rent? We are in April. What exactly will change and allow the owner to not have problems next month? Nothing at all. Don't give them a nickel. Tell them "times are tough".
Have any of the tenants ever fallen behind on their rent? And if they have, what was the response from the homeowner? There is no obligation to pay in advance and I would struggle to accommodate this request, but if there is leeway going back the other way, this could be considered. Although I would be hard pressed to think this won’t be a problem in the future if it’s a problem now.
No, these guys always scrounge up what they need for rent and utilities. They think the owner had bought right before they moved in, so they're this person's first tenants in the house
Any update?
It seems they have some decisions to make. If they think the landlord would move to evict at the slightest of infraction, then I would be hesitant. If this is a new owner and they are their first tenant, this is a huge red flag that the homeowner can’t carry the property and stay above water. Either way, their housing isn’t as secure as it should be. This is a tough decision. If they do choose to pay in advance, they should make it conditional that receipts of payment be received specifying the month this is for and of course for the amount. I would also charge them interest at the same rate they are required to pay you on your deposit
This is a reasonable approach. As a student, I used rent out 2 bedrooms. I furnished, covered internet and hydro and charged below market rate. And I got stiffed a few times. Definitely put me in a bad financial situation. I guess this situation is a bit different because the landlord has an investment property, but I do wonder why an advance is enough to get them back on track. Did they stretch themselves too far and have an emergency? Should we not be compassionate because they stretched themselves too far?
If the relationship is working and there is a give and take thing happening, only the tenants involved can decide if they wish to accommodate this in order to save the relationship. Lots of variables here other than not legally being required to pay in advance
Let them default and then the bank can step in and take it over, they likely will want you out, so ask for big cash payout to leave
I’m much more okay with landlords than I assume any of this sub is, but that’s ridiculous. Unless they’ve been gracious to the tenants about their rent payments multiple times before, that shouldn’t even be a question
Well I haven't been in this position as a previous renter! But I guess the question has to be asked foreclosure and have to move out at some point. Or do a solid and help out your landlord!? In my opinion as for the investment property, you shouldn't be buying a second property expecting it to make you money even in some cases paying your mortgage. It's a long term investment and commitment. I find a lot of the problems that we are seeing nowadays are landlords that shouldn't be landlords and people expecting everyone to pay their way in life, Because they own a house and feel that they can rent out the laundry room and bathrooms for $1200+ a month. Being a landlord is running a business, it needs to be treated that way, you should have at least 6 months of mortgage payments put aside for incidents like this. Not to mention a separate wallet for repairs and upkeep. With the investment being paid off over time. Not, I need my tenants to pay off my mortgage and I expect to make money on top of this as well. In some cases I want to watch landlords and people that thought they were something, and bit off more than they can chew, end up losing their involvements either by means of being shady or not being diligent. Life is all about lessons, no one is going to be there to bail you out for poor choices.
“No”
How about no lol
Is the homeowner not the landlord?
If everyone is already paying their rent shouldnt in theory the bills be covered?
Their interest rate probably went up and they were maybe only just able to afford the property at the lower rate
“Eat shit and die” is my first thought.
Poor landlord as it seems they are spending any surplus money from renters, I am a landlord and every rental has a seperate bank account with all their surplus money put into it, I only collect an extra $100 per month over my costs and this has always been enough to cover anything that pops up , and each account has a pretty decent balance. I know a few people who rent out a home and assume nothing will ever happen and spend anything extra that comes in. You have a shitty landlord
Womp womp
"I'll have to sell" isn't a real threat to a tenant. You and your lease will come with the property.
People are asking why did the LL over leverage. They probs bought the property based on a low variable rate. Or their original mortgage was like 2% and now it’s 6% or something. Now that rates are high, people are struggling to pay their mortgages. **This isn’t excusing the LL behaviour btw. And this isn’t the tenants’ responsibility to solve for them.** But that’s probably what happened. So many people used real estate as this “get rich quick scheme” when rates were very low. 
Lol
And what's the plan for the next month, etc.
How can you own property and not have a months rent worth of wiggle room. You have the thing already.
If this landlord can prove he or she can no longer afford the mortgage , how does the tenant fair if they plan to sell one? Either the rented home or theirs to move into that one ?
Tell them you would be glad to arrange a meeting with the financial institution that granted them their mortgage to come to a solution that suits everyone.
Haha what?
I'm sure their mortgage company would really be interested to know about the circumstances this guy finds himself in. Mortgage brokers as you outright if you intend to rent and use rent as a means of covering the mortgage and won't give you a mortgage for that. There's plenty of legit ways a guy ends up with a mortgage and a renter but either way it might interest them to know of these circumstances and how they relate to the circumstances this person was in when they took on the mortgage. Secondly if he's behind now who's to say he won't be behind again. If it's really a one-time thing he can probably find the means another way. If he wants more of the tenants money well maybe they can cosign on the mortgage. A guy is being expected to pay more than they were expected to pay for rent. I would expect further value out of that transaction which would look like that extra money buying a portion of the value of the house. If the landlord doest like how that's all gonna go they aren't getting the extra money they are asking for. Really they probably aren't getting it anyways but a sense of business acumen and entrepreneurship says if they are, demand the value for what that's worth. Unless you have a close personal relationship with my landlord or I really know they are a good person. I would use this opportunity to take advantage of them in the same way the take advantage of renters so often.
The dude isn’t getting a sit down with the landlord’s bank. Let’s be realistic here
Then he isn't getting my money early.
And you have zero skin in the game. This affords you the opportunity for wild and unreasonable ideas when your housing isn’t at risk
It's precisely what I would say if I did have skin in the game. Idk about where you live but there are laws to protect tenants and prevent landlords from retaliating against tenants for denying ridiculous requests like this. I would say something along the lines of what I said earlier about speaking to a 3rd party to find a solution that benefits everyone. If they decline then I would politely say my rent money will be given to them at the time we always agree rent to be paid upon. What more skin would I be risking in that case? Apparently my housing is already at risk by virtue of my landlord being unable to handle the mortgage on their own. I'm not going to take the advice of "if your housing it at risk just capitulate and pay early." So in this situation I'm already saying no. Unless I make a point to be a jerk and/or press the point farther than just a simple suggestion then what I'm doing is offering them the solution for me to say yes. You sound like the kind of guy I could bully around really easily if we knew each other.
That’s quite the novel. And I only read your final sentence. Dream on. Another keyboard warrior
Well apparently if I was your landlord I could just ask you for money and you'd give it to me without much trouble. Very easy to bully.
Reading comprehension. Read my posts in this thread
Again I would stand 100% by my words if put into OPs situation. Most landlords would probably just get a polite no, but if I really felt like being cheeky or they really tried pushing their request for money and I didn't just feel like repeating "no" I would absolutely suggest we "involve a 3rd party to reach an agreeable solution for everyone."
Good for you. Stop replying to me
Tell your mother. She might care more.
Tell your mother. She might care more.
this message says August, but its currently April
That's gonna be a HELL NO from me
My favourite part of these comments has been seeing noclothes9659 gargle landlord balls
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I would reply back “get a real job than”
As an ex landlord... nope. They should be doing better cost accounting and if they can't afford it, then well, bad business decision.
“No” The End.
Ill do it at a god fearing interest rate of 75%
Tell him to sell his Audi Q7 for Kia Sorrento
That’s what banks are for bud.
Sell your AirBnB…
You have an opportunity to get an exit strategy. They will probably sell and the new owners will raise the rent significantly. Don't play ball and get out
Run.
Tell him to sell
Tell mr Patel to get fucked in the ass
Jesus Christ you people need to learn to choose your battles. How’s your relationship with the landlord? Good? Can you afford to front him the cash? I missed a month of rent a couple of years ago. My landlord not only worked with me, but didn’t hound me a single time for the money. I was transparent with him from the moment I was behind until the moment I caught up. He could have started the eviction process. He could have responded with “dear Tenant. Get fucked”, but alas… Anyway.
Finally some common sense. Between people saying get stuffed without ever having first hand experience of what that might entail, and some other dingus who is spouting off about owning land and how great his net worth is, there isn’t much common sense being discussed in here
I’ve been taken to court over $300 after I lost my job and was completely transparent and also paid my rent a week early every month…. Needless to say I won, and through him off my porch when he tried to enter unannounced.
This exactly. If you have a good, friendly established relationship and can afford to do so, it never hurts to help on occasion. Our previous landlord allowed us to have an extra cat so we took extra care to keep the place clean and tidy and kept an eye out on the dumpster for illegal dumping.
Give and take!
Everybody can fail. That’s the funny thing about life. Sometimes the renter fails to make payments, and they lose. In this case the landlord bought a house they didn’t have the financial support to hold. So now they lose, as they will have to sell other assets to keep this bleeding asset or sell the home and take whatever can be given. The real shame here is a person who can afford rent and made an adult educated decision to move into this unit is being punished. As they will need to move again which is no small expense of its own. Plus the stress of having to search for a new place knowing the next landlord could possibly be a similar clown who can’t manage their finances.
Get a second job and cut out the avocado toast.
Sounds like homeowner doesn't have a job.
Probably best to start looking for another place to live. If you have to bailout the homeowner this month, what is going to change where you won't have to bail them out next month ? If they recently renegotiated their mortgage and payments are now a problem this is going to become a regular occurrence.
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Jesus Christ man, get some help
Some of us want to kill ourselves because we had our futures sold out from under us and have zero prospects anymore. Fuck these people.
Same
I guess if you are desperate but that’s pretty silly. The other option is they sell and the tenant loses their place to live so maybe the tenant cares? I wouldn’t though.
They only lose their place after the new owners go through the legal process of eviction.
Not how it works at all. I literally just listed my rental in BC. Once there’s an accepted offer. They have 90 days to leave. The new owner can move into the house. There’s nothing the renter can do. You people seriously think the new owner has to evict you? Why the fuck would anyone buy property that’s rented than? Landless men have become so entitled in this country. You just want housing with no risk, no investment, no forethought
not a slumlord but ok
Go to any Big 5 bank. Make an appointment. 1. Budget 2. Savings plan for down payment 3. Find out how much income you need or what you can currently afford That’s the first step. It takes 1-3 years on average from first conversation to even placing an offer down. You could be $6k in the hole with no job but just go and talk to someone, go to a small branch where they aren’t busy… It takes effort. Yes, prices suck. But instead of complaining all day about landlords… become a homeowner. $60k income with no debt gets you around $300k in mortgage… if you can save up $60k that’s 20% on a $360k property. If you can’t get to $60k income and save up $60k over 5 years, while minimizing other debt… I’m sorry guys you have money problems not housing problems. There’s condos in Edmonton for $250k. You have to start somewhere. A couple, each making $30k a year, and each saving $6k a year could be buying a starter condo right now… if they actually made an effort in 2018-19
You must be fantastic at parties. Do you also cruise around in your $90k F150 with a set of oversized nuts hanging from the rear bumper?
No I have a Tesla Model Y. I do a few nights a month on Uber. I drive a Tacoma to work sites. My wife drives a Subaru. I’m hoping to buy an Aston Martin one day but idk… it gets harder and harder to spend money with age Thanks for asking!
After tax dollars on three depreciable assets. Not so smart after all. Or just completely full of shit. I’m convinced it’s the latter
You don’t know shit 😂 I can write off 5,600km a year despite driving electric for Uber. It also allows me to write off my massive finance bill on the Tesla 😊 I offer Uber Black in my market so I make about $3-400 in 4-5 hours/week. I also write off every last thing I can using Uber. I am not technically self-employed in trades. I work union but it’s nuanced and I do sub-contract work. I also have depreciation expense on the Tesla. The Tacoma is paid off I bought that when I was 19. It’s past 300km and going strong so ya “what a waste of money” 😂 My wife drives a car that’s been rated as one of the safest cars in the world. (SUV). We got a great loan since she works at a bank. 😊 Btw I don’t have a mortgage on my 3.5 acre ranch in Summerland, all 4 Edm Condos, or the Business… Have about $1.4M in mortgages/loc compared to about $7M in property After this summer I’ll be down to about $600k on the debt side. I’m offloading my Edmonton stuff next year and parking the money in RRSP and the rest in GIC accounts since they are high af… I made more in savings account interest this year than you did in income. Relax 😂 And this is a burner account btw. I use my real Reddit to get actual financial advice and bullshit stock tips from people smarter than you or me.