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Thread: ahh Denver rent

  1. #11
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    Yes, no doubt it is best to buy at the bottom of the market, but there is often no way of telling when that is. I also think that sometimes it is cheaper to buy than to rent, depending on your market, and if you can look at more distressed properties.
    Zoe, I found this interesting article on buying a HUD house after a bankruptcy:
    http://www.betterbankruptcy.com/bank...er-bankruptcy/

    I have only bought one HUD house, and it was an investment, and I don't qualify for the good neighbor program, but you probably do. I found buying through HUD a little rigorous, but pretty straightforward and fun. I know they work with people who have had bankruptcies-- here is an article from FHA about that process:

    https://www.fha.com/fha_article?id=305

  2. #12
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    I find the ways cities are changing very interesting. They mirror the great income chasm happening all around us. We are in the oddball situation of being both renters and landlords now that we have retired. The housing market was so tight here in Colorado Springs that the only house we liked and could afford had tenants in it through May. It's not like the Denver market but going in that direction. However, our tenant somehow just bought a little old house downtown by putting 3% down so still somewhat affordable here. The Austin that we left was booming but even with a household income of $100K (which is a lower income there now), we knew we could not retire and live a similar lifestyle without leaving. White flight of a different nature I guess.

  3. #13
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    Sorry for the bad news and all those fees...then to have the pool not maintained is just gross. That is quite a jump. I hope you are able to find something else - wish they could guarantee no raise in rent/fee for two years instead of having a yearly turnover of people looking for the 'move-in special'. The cost of just moving around town has got to be quite a bit.
    Float On: My "Happy Place" is on my little kayak in the coves of Table Rock Lake.

  4. #14
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    Yes, I will have to weigh the cost of moving which I totally hate. I have really liked living somewhere nice, the apartment was totally remodeled before we moved in and the complex is beautiful, I can see mountains and a pond from my deck. So maybe I will try to make it work, split the cost 3 ways between my son, his girlfriend and myself. He pays some bills and a lot for his car, but I pay the basic rent. I just want to put as much into savings if possible the next couple years! Not doing much so far

  5. #15
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    Quote Originally Posted by Zoe Girl View Post
    Yes, I will have to weigh the cost of moving which I totally hate. I have really liked living somewhere nice, the apartment was totally remodeled before we moved in and the complex is beautiful, I can see mountains and a pond from my deck. So maybe I will try to make it work, split the cost 3 ways between my son, his girlfriend and myself. He pays some bills and a lot for his car, but I pay the basic rent. I just want to put as much into savings if possible the next couple years! Not doing much so far
    If two other adults are living there, then I don't think it's fair that you are paying the basic rent. I was just listening to Dave Ramsey podcasts about this very topic yesterday.
    In my opinion, you aren't in good enough shape (because of the divorce, the student loan debt,and the foreclosure; you are doing great with your job and handling money!!) to subsidize other adults at this point in time. I have to tell myself this, too, because I don't make enough to do things like save for a new car, etc., so I am not in good enough shape, either, and I have to stop subsidizing other adults.

  6. #16
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    Quote Originally Posted by Tybee View Post
    If two other adults are living there, then I don't think it's fair that you are paying the basic rent.
    I agree. Since my 20 year old dropped out of college and is working two jobs he pays us rent, pays his share of cell phone bill, helps with food budget and gas (he and I share a car currently). If he goes back to college somewhere then we'll drop the rent.
    Float On: My "Happy Place" is on my little kayak in the coves of Table Rock Lake.

  7. #17
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    Quote Originally Posted by jp1 View Post
    i'm not a real estate expert, but if prices to buy are going up faster than people's salaries then it's likely we're headed for another real estate bust and now is precisely the wrong time to buy.
    People's salaries have mostly been flat for decades. I can't imagine how people are buying houses now.

  8. #18
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    I agree too. It was hard for me to charge my kids rent but we did it for a few years. I remind myself often that what we were charging them was still about half of what they would pay if they were living in a different arrangement. My kids even recognized how well we were treating them and didn't mind paying it. It's just a mom thing… but we do them a favor by having them pay their own way in life.

  9. #19
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    plus if you buy a foreclosure it may need work and you need the $ to do that. Also houses have to be maintained which costs $. REnts here have been going up again 8-9%. House prices are also going up and houses in our neighborhood are selling in a few days. We have realtors bugging us constantly to sell. I say this is our retirement home and where would we go. It only makes sense to sell if we intend to leave the area which we don't. right now we have a housing shortage with so many people moving in so now they are building again.

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