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Enough with the Renting!

Enough with the Renting! published on 10 Comments on Enough with the Renting!

legal-eviction-notice

Are you pretty well set in your career and still wasting money on rent?  Come on, take the bullfighter by his nuts and let’s get this show on the road. From the Bushwick native getting angry about gentrification to my Williamsburg friend Judy who may get lucky enough to be bought out by the building’s new owner, it’s time to make wine out of those sour grapes!

Ok, so I don’t know the Bushwick woman’s situation. On the other hand, Judy is sane enough to know that her eviction can potentially lead to something positive. She has her head on straight and will do the right thing. But for those of you making excuses as to why you can’t buy your own place, I’ve got counter logic. *This doesn’t pertain to you if you really don’t want to/cannot own for good reason.

So how is being priced out/evicted a positive thing? Well, I’m a firm believer in “Something better will come along.” That better scenario is YOU becoming the property owner so that nobody can control your housing situation ever again. Unless of course, you default on your mortgage or you happen to live where some developer wants to build a stadium.

Prices are too damn high? Well the first thing you need to ask yourself is why you are being such a diva. No, you don’t have to live in Cobble Hill/ Park Slope/ West Village/ Williamsburg/ insertoverpricedneighborhoodhere. Get over yourself! Haven’t you heard that Queens is the new Brooklyn and The Bronx is the new Queens? Parts of New Jersey are affordable. What about Yonkers? Did you know that you can get a cute Victorian for $150k in Beacon? Look at this $28,900 house in Newburgh! Holy crap, I might buy it myself!

Down payment and loan issues? Ok, lemme go back to my first house when we didn’t have a pot to piss in and my credit was in the toilet. Luckily, our mommies helped out. We are far from being trustafarians and in fact, my folks were totally working class. But a few dollars from each mom plus a co-signing from my mother on the loan helped. Unfortunately, not everyone has family members (Don’t forget to hit up brothers and sisters!) who can help.

So, you gotta come up with your own shekels. Do you realize how much you can actually put away if you tried? Give up the lattes, the cigarettes, the beer. Cook dinner instead of ordering in. Use coupons. Skip the vacation. Buy second hand clothes (It’s vintage. It’s cool.) It won’t be terribly fun, but give it a shot for a few months and you just might come up with the closing costs (yeah, don’t forget to include that).

Buy a fixer upper. You don’t want to or you don’t know anything about renovating? Boo hoo. Learn how, you milksop. Buying a “renovated” place does not mean it won’t turn into a money pit. Do it yourself so you know what’s behind those walls. Pay less. Work on it over time. Put some sweat into it.

“But I’m not handy.” There are people out there who fix drains and roof leaks for a living. They are called contractors and handypersons. Hire them. But really, you should have a basic understanding of your house because a large percentage of these folks will rip you off. True story! Or just buy a condo and pay for maintenance.

Finally, try for a two family. Let those sorry ass tenants pay your mortgage this time around. Feels good, doesn’t it?

10 Comments

The Bushwick story made me laugh. Gentrification is part of the cycle, I’m sure her family displaced someone back in the day.

I agree with being a homeowner if possible. I also don’t understand long time renters who won’t even paint a room because they don’t own their apartment.

RE: Newburgh. I know. I got excited because I saw that it was Liberty Street and there’s an area of Liberty that’s really cool. But I just mapped it and it’s not on that one good block in Newburgh.

If your rent is insanely low AND you are happy there AND know that you’ll be able to stay for as long as you like, then you are part of that “*This doesn’t pertain to you if you really don’t want to/cannot own for good reason.” crowd. Lucky you!

I disagree with the article you linked to because my own experience tells me otherwise. Buying our first home was the best single financial move we ever made. We were able to purchase the others because that one was such a good investment. With the exception of our Beacon house, which was a splurge near the height of the market and a “we just want out” at rock bottom, we’ve had some decent profits from the sales. Even Beacon, where we lost money, was equivalent to paying $1800 rent per month during the years we lived there. More than I’d ever want to pay a landlord, but we loved that house so!

My Rockaway house remains to be seen. Prices dropped after the storm, but the rents are taking care of mortgage and upkeep while I wait for them to bounce back. Anyway, that one is apples and oranges. We’re talking about buying a home to live in while that one is strictly an investment.

I’m actually really worried about what will happen in my case. Will the new landlord resort to some of the illegal tactics I’ve seen other landlords pull? Or will this be a fairly agreeable process (ha)? I’ve lived in my place for nearly 20 years and as annoying as Williamsburg is, it has been my home. I’m really sad about losing it, but trying to be optimistic about the future. TRYING!

Tenants have rights in NYC and you have a lawyer! You have more control than you might think.

As someone who’s never lived in a single place for an entire 20 years (my parents moved around too), I’m trying to grasp what you’re saying. Everybody is different but my personal feeling is that change should be exciting and not feared. Yeah, I’m an “everything happens for a reason” and “it will all work out” kind of gal. Annoying, huh?

I don’t like limbo either. Plus, I lack patience and hate when things are not in my control. I’d be seriously searching for a new place already. Of course, the lack of patience sometimes backfires, as in “not waiting for the buyout”.

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