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Some more incoming personal anecdotes from California I briefly rented a small single family home from an 85 yo woman (managed by her son who lived a few towns
by gnarcoregrizz 9y ago
Some more incoming personal anecdotes from California
I briefly rented a small single family home from an 85 yo woman (managed by her son who lived a few towns away). We quickly found out there was black mold everywhere from a bad leak in the garage and a small one in the kitchen, and that she smoked her whole life in the place. She had no interest in keeping it up, she just "wanted to rent it out." Her son had no interest in dealing with it either as he readily admitted to us. I don't think he had seen the place in a long, long time considering the state of the damage.
We ended up recouping our costs and moving after a few days. She bought it for $150k 20 years ago, pays $600/year in property taxes so there's no incentive for her to give it up (prop 13). It's valued at $500k and was renting for $2500/mo.
Our new place is owned by chinese investors, and also has issues which they aren't interested in fixing. They haven't responded to a single email (I think they are in their early 20s, live in china, and i'm not entirely sure they speak english), we also tried to go thru the property manager who said he won't fix stuff since the landlords are unresponsive. We gave both of them 30 days notice that we need about $500 worth of things fixed. We never heard back, so we did the repairs and just deducted it from the rent, as you're legally allowed to do... come to thing of it, I could propbably not pay rent and squat the place and I'm sure they couldn't give less of a shit.
- jjav 9y agoProperty tax in California is at least 1% (typically a bit higher due to various local fees, but let's say 1% for this example). That means if she bought the property 20 years ago for $150K, the property tax in year one was 1% of 150K, or $1500. Under Prop 13 property taxes go up 2% ever year (compounded). So after 20 years that property tax would be up to roughly $2400.
- emodendroket 9y agoThat's still pretty insignificant, isn't it?
- gnarcoregrizz 9y agoThe assessed value is $61k, the estimated value (according to zillow) is $480k. Property taxes in 2016 were $640. There is a law where 55+ can transfer valuations if they move within counties that participate. https://www.ocgov.com/gov/assessor/programs/55plus#2179 https://www.ocgov.com/gov/assessor/programs/55plus#2179
- real_estate 9y agoYou can probably create a separate bank account, put your rent in there on a monthly basis, and if/when they ask for rent, you have the good-faith evidence, and be legally protected. IANAL.
- astura 9y agoThat's exactly what I would do.