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renting

minux

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rent money is dead money...save for a house thats my advice

Are you a financial advisor? Your advise is useless. Renting can be beneficial to lower income earners while they save to buy. That said, perhaps he doesn't want to be a deadbeat that still lives with mummy and daddy at 25+?

The only advice I can give, is make sure the landlord knows about the baby on the way. I missed out on countless houses to the 'young family', not totally sure why, just assuming it was partly because i had no references (first time renting) and the young family is guaranteed centreline money, which in a landlords eyes would show big dollar signs.

That said, we refuse to allow young families in. Have seen what many of them do to places, so if we can, they stay out of our rentals. Same as first renters etc. We have professional couples in ours, works a treat and they all pay in quarterly instalments. Oh and for the record, NEVER allow Indians in a property, I saw what they did to a friends house, the saying one person ruins it for everyone rings so true.

To the OP, try and get your parents involved, having them as part of the lease or at least with you when looking can go a very long way.
 

minux

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Only if you don't manage your finances the way you should.

The money you save renting (as renting is cheaper than a mortgage on a cost per week basis), including water rates, rough maintenance costs etc. should be put away into a savings account each week.

After 5 years of saving, using that as a lump sum deposit, you can be ahead of people who purchased a home with a minimal deposit and are paying off some stupidly long 15 year mortgage.

Renting is especially ideal for those people who are single, as buying a house on your own is a very expensive exercise. Move in with two friends, pay $100 a week rent and save the extra few hundred a week as you build up a deposit. The amount you'll save in interest would suprise you, particularly at the start of a mortgage.

On that though, in that 5 years of saving, houses could of gone more than you saved which is what we are seeing now. I personally would not be buying any property for the next 18-24 months, prices wont go up much in this time, but they do have the potential to fall through the arse. based on our financial planners advice, we have sold up 1 place and paid out all mortgages, worse case scenario we own 1 less place with no debt, best case scenario the market dies in the arse, unemployment sky rockets and minux goes into mega debt and becomes asset rich for life. Thats my dreams anyway :p
 

STEALTHY™

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That said, we refuse to allow young families in. Have seen what many of them do to places, so if we can, they stay out of our rentals. Same as first renters etc. We have professional couples in ours, works a treat and they all pay in quarterly instalments. Oh and for the record, NEVER allow Indians in a property, I saw what they did to a friends house, the saying one person ruins it for everyone rings so true.

Didn't Dylan just say its illegal not to give them the house if they apply?
 

Joe Peeps

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Didn't Dylan just say its illegal not to give them the house if they apply?

he means that you cant refuse them for that reason. but this is something you never admit so it isnt illegal ;)

i hate the saying rent money is dead money - so ill informed.
 

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I'm in my 2nd rental place in 2 years (left the 1st one by choice), with 5 uni students each time, and little or no rental history for each of us. You think getting rejected from 5 places is bad? We would have had to apply for closer to 50 houses each time.

It is really hard with no rental history to find a place. Try talking to real estate agents in your area. We were able to find a sympathetic agent this year who did a lot of work for us and put in good words with a lot of landlords.

As others have said, you really can't afford to be fussy with the 1st rental place.

EDIT: Yeah, as Stealthy mentioned, we lost almost all our houses to families so make sure you mention the baby when talking to agents at inspections

I think that is your 1st problem. If I were a landlord I wouldn't let that demographic anywhere near them.

Thats because its against the law to refuse a tenant a house if they have children.
For me and my missus we started out in a **** house but eith no rental history and low income we knew we had to start somewhere. Best advice is to keep trying its a high demand market with lots of people wanting and not enough houses.

No such thing. It may be illegal under the anti-discrimination act to refuse a house because of a child but I doubt you are obligated to rent it to anybody. Of course proving the discrimination is an entirely different matter.

Reaper
 

riggaz

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Me and my mrs have it rather easy, her uncle owns the unit complex we currently rent.

2 bedroom, $150/w,

Getting it was obviously rather easy, however I have rent history as I started being on leases when I was 19, am now 21, never missed a payment, never left the place looking ****.

We're renting now because we are young, we will think about houses after, when we can even afford them.

EDIT; forgot to mention we both have full time, stable jobs, shes manager at subway, I'm manager at an oil depot.

You're job would have a huge impact, not so much how much you earn, but if its consistent (IE FT not casual)
 
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minux

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Didn't Dylan just say its illegal not to give them the house if they apply?

What reasons I deny is my own business. If it were illegal to deny when someone was to apply you would have 400 families living in one house heh...I doubt anyone is stupid enough to say to a tenant i am not letting you have the house because of children. Regardless, fact of the matter is, it is my house, i will choose whoever the **** I want to live in my property, regardless of what laws say what.
 

Joe Peeps

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What reasons I deny is my own business. If it were illegal to deny when someone was to apply you would have 400 families living in one house heh...I doubt anyone is stupid enough to say to a tenant i am not letting you have the house because of children. Regardless, fact of the matter is, it is my house, i will choose whoever the **** I want to live in my property, regardless of what laws say what.

****in ey! :thumbsup: who is the government to dictate what you can do with your own property? (or for that matter let into your business etc). i hate these anti-discrimination laws and i hate affirmative action even more but thats a rant for a different thread. your property = your rules.

to the OP i suggest you offer slightly higher then asking. useful tool that quite a few friends have used to good effect. Also, my girlfriend was in property management and she tells me it definitely improves your chances. gl with the hunt and family
 

hsv8vq

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thanks guys im glad to see the positives of renting .we are both employed full time she is a hairdresser i work as a forklift driver and picker full time 6 days a week . renting is not a waste if you learn how to budget and have a goal . I feel as though il end up in a 2 bed unit in the hallam area its a decent area close to everything . one thing bout a baby on the way is she gets maternity leave paid so when she is ready to go back to work we will be looked after on that side of things . I realy do appreciate the helpp i get from this site . any other hints will still come in handy .

Thanks guys
 

vlv8vic

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The only advice I can give, is make sure the landlord knows about the baby on the way. I missed out on countless houses to the 'young family', not totally sure why, just assuming it was partly because i had no references (first time renting) and the young family is guaranteed centreline money, which in a landlords eyes would show big dollar signs.

then you get the other half of us who don't want young families in our investments - particularly like OP who say they won't be there long. Uni students love to spend money because generally it isn't theirs. I see $$ on those kids.

OP - I'll go against stealthy's advice here and suggest they don't know about the child.
What i'd be asking for:
- Stability, i'd wonder why if you aren't looking to buy and haven't rented before are you already having kids.
- How long you've been with partner.
- How long you've been in your job.
- Where the money comes from when you fall short.
- Is the car paid for or also on borrowed money.
- and a bunch of other stuff but mostly stability related.
 
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