All Forum Posts by: Wendy S.

@Andrew B.

@Jack Orthman

The Term of this Lease Contract shall begin at 12:00 noon on 08/19/2019(the “Commencement Date”) and

end at 9:00 AM on 05/31/2020 (the “Expiration Date”).

 Rent: "Rent” shall be paid in 10 equal installments of $590-700 (“Rent Installment”) (plus any incidental additional

charges including, but not limited to, Additional Rent, as set forth in this Lease Contract and all applicable fees and

sales taxes, collectively, “Rent”) for the Term of this Lease Contract. Rent will be due on the 1

st day of the month.

Rent is paid on an installment plan that is unique to student housing versus the first month of prorated rent in traditional

apartment housing. Instead of prorating rent and charging a higher rate in subsequent months, Owner takes the total

sum of Rent and divides it into equal installments.

So that's

@Jack Orthman

So I reached out to them to them. They basically said that's how their leases are structured. Aug 19 to May 31. Or Aug 19 to July 31.

Gave me some bs about it they prorated they would have to charge more for some months than the other due to number of days. So I asked being charged for 18 days VS paying 1 day difference.

So I'd like to hear from others what's the norm for college rentals?

@Jack Orthman

Thanks Jack. I'll bear this in mind when I speak to them.

Good day fellow Bpers, I need your help.

April 2019, my daughter asked me to guarantor an apt for her senior college year in Fayetteville, Arkansas. After asking her to show me the cost savings of doing so I decided ok.

Apt was being offered for $499 deal for 12 months. No payment due until prior to move in Aug 2019.

I then asked my daughter if they had a 10 month contract. They did, but this attracted a $25 monthly fee to facilitate. We agreed this would be fine.

Fast forward to now Aug 2019. She got an invoice for:-

$590 monthly (not $499 deal rate as agreed)

$25 fee for 10 month rental

So $615 monthly recurring rent

Spoke with their office and was told this is the policy as the deal was only offered for the 12 month period. My daughter again called them, after which they pretty much told her the person initially who sent us documents and spoke to us made an error and should have pointed out that the 10 month lease would attract the regular rental rate.

I feel strongly they should take some responsibility and meet us halfway especially as they have also said they can't revert back to the $499/mth for 12 months as the special has gone.

Bear in mind this 10 month would also be from Aug 19, 2019 to May 31, 2020. Meaning we are being charged for the full month of August.

School starts Aug 26.

Am I wrong for feeling taken advantage of? Yes I went through the initial agreement but after reviewing the lease itself and clarifying a few points I deferred to my daughter as ultimately it's her lease.

I would appreciate some constructive criticisms and points for discussion. Tomorrow I am calling again to hopefully speak with someone in authority.

Price difference

$499 x 12 =$5, 988 vs $615 x 10 = 6,150

So while it's only $162 it's the principle I have an issue with.

Also should we pay full rent for August?

Sorry for the long post, just asking for future college costs if any.

@David Wright, @Raymond J. Rodrigues, @Nicholas Covington

Update

I have gotten a conventional preapproval for 7.2% with 20% down-payment.

@Chris Mason

Now I know why you never responded, seems I didn't tag u right. Lol.

I have used Cozy on and off and found it useful. One of the benefits I liked was it helped tenants who are trying to rebuild their credit as they can have their payment history reported.

This has become a Cozy experience forum, but I do hope @ Carolyn was able to get her matter resolved.

So for a small investor starting out, what other affordable rent collection systems are out there that benefits both Landlords and tenants?

@Raymond J. Rodrigues

SunTrust had a Heloc for 4.24 introductory 12 month then 5.25 to 6.47 thereafter with a closing time of about 30 to 45 days. 

Delta credit union had similar with 30 days to close. So knew what I wanted to do later but for now, oh well. 

 Hi Nicholas, thank you. Is it ok if I pm you? 

I knew my reading on no docs loans suggested it was possible but I was concerned about the interest rate. 

Yes but for a HELOC which I would qualify for about $45,000. Was gonna have this on hand for a primary purchase about October as December would make 2 years at my present residence.

I have already scheduled my state exam for recertification with the intent to go back to full time work for about 2 months around September. At least that was the plan. 

But u know opportunity knocks early and I thought if I could get this property now I could refinance in another 6 months. 

Hopefully I'll know my fate today and explore other options, such as private or hard money lenders for a cash purchase then refinance later. 

Thanks again for the information and words of encouragement. 

@Raymond J. Rodrigues

Yes I was actually told if I went back to fulltime employment in my line of work once I get my first payslip I would automatically qualify.

I was actually considering this for 2 months until the loan processed for a primary loan later this year with a 3% down but this opportunity came up.

Well I'll just have to wait and see if the property on its own will qualify with its projected rental income, which would more than cover the mortgage payment.