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Huh, I thought the catch for rent to own was that you had to pay for all the repairs and poo poo. For anyone who thinks her rent-a-center thing for electronics makes sense: computers last way longer than two years if you aren’t using them for anything like gaming or CAD drafting (or even if you are). People just install all sorts of Bonzi Buddy bullshit and think the computer is slow when they really just suck as computer owners.
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Apr 25, 2018 16:27
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Back off, Hoodwinker, I got dibs. Leon, is she single?
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Apr 25, 2018 16:27
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22 Eargesplitten posted:Huh, I thought the catch for rent to own was that you had to pay for all the repairs and poo poo. She specifically mentioned that she didn't have to pay for repairs. Maybe she is getting a deal!
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Apr 25, 2018 16:29
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Is rent to own on a house really any more BWM than renting already is? I've known people that rented a house for decades, as well as renters that put in an offer to buy the house they rented because they liked living there.
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Apr 25, 2018 16:31
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zaurg posted:Back off, Hoodwinker, I got dibs. I don't know. I'll check the finger during our post-lunch interviews. Do you like overweight white ladies in their (I'm guessing late 40's or early 50's) with a ton of giant charm bracelets?
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Apr 25, 2018 16:31
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Panfilo posted:Is rent to own on a house really any more BWM than renting already is? I've known people that rented a house for decades, as well as renters that put in an offer to buy the house they rented because they liked living there. I'm pretty sure you pay more every month than you would if you were "just" renting.
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Apr 25, 2018 16:33
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Panfilo posted:Is rent to own on a house really any more BWM than renting already is? I've known people that rented a house for decades, as well as renters that put in an offer to buy the house they rented because they liked living there. I legitimately don't know, because I had never even heard of it until today. But putting 7% of a house's value down, paying extra rent, and maybe not even ending up with a house at the end sounds terrible. Just the fact that I know what this person makes, I have now met them, and the things she has said lead me to believe that this is not a smart financial arrangement marketed to savvy consumers.
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Apr 25, 2018 16:35
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Leon Trotsky 2012 posted:There is an interview panel today. One of the panel members is some lady that I don't know from the department that is hiring. Also what department is she from. Say finance.
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Apr 25, 2018 16:37
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Splicer posted:Who voluntarily proclaims they're committing tax fraud at an official function full of business associates they've never met before? Customer service. Also, she knows the other two panel members.
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Apr 25, 2018 16:39
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Panfilo posted:Is rent to own on a house really any more BWM than renting already is? I've known people that rented a house for decades, as well as renters that put in an offer to buy the house they rented because they liked living there. Renting isn't bad with money.
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Apr 25, 2018 16:39
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Barry posted:I'm pretty sure you pay more every month than you would if you were "just" renting. On the one hand, you could rent, for say $1000 a month. Or... you could rent-to-own for $1000 a month, after putting $10,000 down. Sounds like a deal!
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Apr 25, 2018 16:39
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EAT FASTER!!!!!! posted:Renting isn't bad with money. Seriously. I’d even argue that in some markets and situations, it’s GWM. I almost bought a condo a few years ago, I shudder to think of the bullet I’ve dodged since I would have moved cities for work six months later.
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Apr 25, 2018 16:46
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Who exactly gets the down payment? The owner of the home? Does it just sit in escrow for years until the renter buys? I'm genuinely curious. Again, it's not like you'll have anything to show for renting for decades anyway. Very few people are disciplined enough to leverage whatever advantage they do get from renting into more wealth than homeowners do in many regions. Certainly in the bay area.
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Apr 25, 2018 16:47
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Panfilo posted:Is rent to own on a house really any more BWM than renting already is? I've known people that rented a house for decades, as well as renters that put in an offer to buy the house they rented because they liked living there. Yes, it is bad. Very likely, the rent money isn't going towards the purchase of the house, only the "extra" money she pays per month is. She'd be better off just renting and banking that money. Also I'll bet she can be evicted at any time and the owners can probably keep all that money. The ONLY way I could see this being a good idea is if there's a house you're absolutely in love with but can't afford to buy it now, so you want to lock it in until you're able to afford it. Otherwise under no circumstances is it better than renting or buying, money-wise. Rotten Red Rod fucked around with this message at 16:55 on Apr 25, 2018 |
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Apr 25, 2018 16:53
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When I was getting ready to move to another city I talked to a finance guy about renting out my house I owned instead of selling because I know I would probably be moving back in 5 years or so. He suggested depending on my tolerance for scamming people I could do a rent-to-own and pocket a whole bunch of money.
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Apr 25, 2018 17:03
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Panfilo posted:Who exactly gets the down payment? The owner of the home? Does it just sit in escrow for years until the renter buys? I'm genuinely curious. It is usually a payment for an option to buy, or a non refundable deposit. The seller gets it once she stops renting
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Apr 25, 2018 17:06
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Panfilo posted:Who exactly gets the down payment? The owner of the home? Does it just sit in escrow for years until the renter buys? I'm genuinely curious. I live in a rent controlled duplex in the Bay Area and have for about six years. The mortgage for this unit if it sold at market value would be about 2.5x my rent. I could not afford that mortgage. So, renting is a good deal for me because I can make bay area wages while not paying a bay area mortgage that is 80-90% of my income. The really good with money person is my landlord who paid cash for this minimalist Victorian house in the then-ghetto in the early 1970s. The most bad with money people are my upstairs neighbors who are relatives of my landlord and choose to pay San Francisco rent for three years while the upstairs unit sat empty waiting for them to live in it for free. The man even works in my city, and they had two kids in a one bedroom in SF. But they didn't want to give up ~the city life~
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Apr 25, 2018 17:07
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DariusLikewise posted:When I was getting ready to move to another city I talked to a finance guy about renting out my house I owned instead of selling because I know I would probably be moving back in 5 years or so. He suggested depending on my tolerance for scamming people I could do a rent-to-own and pocket a whole bunch of money. That's the kind of finance guy I want. Not some dumbass trying to sell me lovely mutual funds. Where do you find one of those?
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Apr 25, 2018 17:07
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potatoducks posted:That's the kind of finance guy I want. Not some dumbass trying to sell me lovely mutual funds. Where do you find one of those? Find a certified financial planner. They have a fiduciary duty to help you, which a financial advisor doesn't. They also have a more comprehensive education coming not just investments but also estate planning, real estate, taxes and small business situations. Finally they are also required to have worked under the supervision of another CFP or a CPA for 4000 hours before they can become full CFPs.
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Apr 25, 2018 17:27
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Mocking Bird posted:I live in a rent controlled duplex in the Bay Area and have for about six years. The mortgage for this unit if it sold at market value would be about 2.5x my rent. I could not afford that mortgage. So, renting is a good deal for me because I can make bay area wages while not paying a bay area mortgage that is 80-90% of my income. Conversely, my house would rent for about 2x my mortgage. Sure, I could rent a small 1br somewhere in town for the cost of my mortgage and not have to deal with property taxes / upkeep, but them amount I'm spending in taxes & upkeep is less than the equity I'm building so *shrug*. Plus, I'm a lot happier having space for my hobbies.
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Apr 25, 2018 17:49
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Mocking Bird posted:I live in a rent controlled duplex in the Bay Area and have for about six years. The mortgage for this unit if it sold at market value would be about 2.5x my rent. I could not afford that mortgage. So, renting is a good deal for me because I can make bay area wages while not paying a bay area mortgage that is 80-90% of my income. Yes, if you can get things for half of market price, that is a good deal.
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Apr 25, 2018 17:52
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Twerk from Home posted:Yes, if you can get things for half of market price, that is a good deal. Good with money by being incredibly insanely lucky. Although renting is still better with money than buying in the bay area because for most people buying is literally impossible. The best (only?) way to be good with money in the bay area is to be an engineer making a 6-figure salary so you can pretty much ignore the insane cost of living that financially cripples most people there.
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Apr 25, 2018 17:59
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TrueChaos posted:Plus, I'm a lot happier having space for my victims. FTFY.
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Apr 25, 2018 18:34
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Mocking Bird posted:I live in a rent controlled duplex in the Bay Area and have for about six years. The mortgage for this unit if it sold at market value would be about 2.5x my rent. I could not afford that mortgage. So, renting is a good deal for me because I can make bay area wages while not paying a bay area mortgage that is 80-90% of my income. It's great you were able to find a rent controlled place, but it is also a pretty rare situation. Even people in the bay area qualified for section 8 can end up waiting years for an opening, rent controlled units are probably even scarcer since there will be a ton of competition. And I'm pretty sure there isn't any rent control in the south bay or peninsula.
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Apr 25, 2018 18:41
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Leon Trotsky 2012 posted:There is an interview panel today. One of the panel members is some lady that I don't know from the department that is hiring. Dear god. Is this woman a candidate to be hired or one doing the interviews? I honestly don't know which is worse.
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Apr 25, 2018 18:41
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axeil posted:Dear god. Is this woman a candidate to be hired or one doing the interviews? I honestly don't know which is worse. Interviewer. She's one of the three Deputy Managers for the CSRs at this agency. Zaurg: She is not married, but does have one kid. I can put in a good word. Haven't gotten any more BWM from her in the afternoon interviews. Just talking about work and summer plans. She did say that she has more charms for her bracelets at home and switches them out (she has 3 bracelets that are jammed with a bunch of these little beads and moons). I am guessing there is some BWM potential there, but I'm not going to ask about her collection or how much she spends on it. Leon Trotsky 2012 fucked around with this message at 18:51 on Apr 25, 2018 |
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Apr 25, 2018 18:46
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Leon Trotsky 2012 posted:Interviewer. This may make me an rear end in a top hat, but I feel like if someone shows that startling a display of financial incompetence it implies they're an absolute moron and as a result can't be trusted to do their job correctly. Then again, I work with numbers and interest rate calculations and what not all day so for my industry not understanding time value of money or discounting really would be a disqualifying thing.
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Apr 25, 2018 18:50
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Mocking Bird posted:I live in a rent controlled duplex in the Bay Area and have for about six years. The mortgage for this unit if it sold at market value would be about 2.5x my rent. I could not afford that mortgage. So, renting is a good deal for me because I can make bay area wages while not paying a bay area mortgage that is 80-90% of my income. The S&P500 has returned 10,900% including dividends since 1975; I am guessing that the long-term return on rent controlled rental real estate in San Francisco is worse than that
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Apr 25, 2018 18:57
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Leon Trotsky 2012 posted:Zaurg: She is not married, but does have one kid. I can put in a good word. Good luck, Zuagr! It's usually difficult to marry up in life unless you have some really good game!
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Apr 25, 2018 19:35
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I for one vote that if Zaurg wanted to close his thread because he can’t handle reality, that he then shouldn’t be allowed to post in BFC (6 hour probation if he posts). Every time he posts now it’s just a derail.
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Apr 25, 2018 19:49
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axeil posted:This may make me an rear end in a top hat, but I feel like if someone shows that startling a display of financial incompetence it implies they're an absolute moron and as a result can't be trusted to do their job correctly. But what do we do once all the doctors are unemployed?
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Apr 25, 2018 20:18
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axeil posted:This may make me an rear end in a top hat, but I feel like if someone shows that startling a display of financial incompetence it implies they're an absolute moron and as a result can't be trusted to do their job correctly. You answered it. Your job depends on financial competence. This woman who is a customer service person... maybe she's just great with people, responding to customer complaints, resolving escalated issues, manages her team well, etc. Meanwhile outside work she squanders away her money. You could make a case for the two being unrelated in many scenarios/professions.
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Apr 25, 2018 20:22
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Duckman2008 posted:I for one vote that if Zaurg wanted to close his thread because he can’t handle reality, that he then shouldn’t be allowed to post in BFC (6 hour probation if he posts). Every time he posts now it’s just a derail. Reality? Go read it again, brother. That wasn't reality. I can handle reality and enjoy other threads in BFC that deal with reality. Sorry for continuing your derail. Back on topic.
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Apr 25, 2018 20:23
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Blue Story was an accountant.
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Apr 25, 2018 20:29
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Doc Hawkins posted:Blue Story was an accountant. Was that the woman who couldn't control their crippling Star Wars collectable habit and had a husband that jumped out the window if she peeled a carrot in the same room as him?
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Apr 25, 2018 20:36
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Doc Hawkins posted:Blue Story was an accountant. Wasn’t SlowMo a financial analyst?
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Apr 25, 2018 20:37
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Financial Literacy ≠ Financial Competence
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Apr 25, 2018 20:37
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DariusLikewise posted:When I was getting ready to move to another city I talked to a finance guy about renting out my house I owned instead of selling because I know I would probably be moving back in 5 years or so. He suggested depending on my tolerance for scamming people I could do a rent-to-own and pocket a whole bunch of money. My gf’s dad has done this. Kind of. He bought out people’s mortgages who wouldn’t have been able to refinance and set them up on a rent to own plan to pay him back. If they don’t pay the rent, he gets the house and all their previous payments. He’s had one person walk away with only a couple years to go. He might have a second one doing the same. It’s hosed up and seems super dubious but it’s all legal and above board. E: for his bad with money, he’s a scammer and literally always living on the edge of his finances. Has bought and sold businesses and building for millions,will likely die penniless.
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Apr 25, 2018 20:39
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Rotten Red Rod posted:Good with money by being incredibly insanely lucky. Mid six figures, maybe
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Apr 25, 2018 20:51
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Higgy posted:Wasn’t SlowMo a financial analyst? SloMo was an Actuary but acted like he ran a hedge fund
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