Results 1 to 18 of 18

Thread: Own apartment versus Roommates

  1. #1
    Senior Member
    Joined
    Jun 2003
    Location
    boston
    Posts
    138
    Thanks
    0
    Thanked 1 Time in 1 Post

    Default Own apartment versus Roommates

    My lease is up in 1 and half months and Not sure what to do. I can go the roommate path and save money or get my own place and have some peace of mind. I have saved up 10 thousand dollars make an average of 700-1200 doing phone sex and extra 300 dollars a week doing cocktail waitressing. I feel like I'm more than ready to have my own place. This is my fourth roommate and every last on of them sucked. I keep thinking I will get lucky but I am just cursed. I am also really scared because I don't think a landlord will rent to me because I'm 21 and not a professional. I never pursued getting my own place so any tips would be nice.

    Thanks guys
    kisses

  2. #2
    God/dess scarlett_vancouver's Avatar
    Joined
    Jan 2004
    Location
    Vancouver, BC
    Posts
    6,699
    Thanks
    0
    Thanked 22 Times in 20 Posts

    Default Re:Own apartment versus Roommates

    Why not invest your $10000 (or a portion of it anyways) toward a down payment on your own place (condo)? If you have someone who will guarantee/co-sign your mortgage, that is. Then you save money (in the long run) AND have your own place! You could even get a roomate who would effectively pay your mortgage interest!..

    If that's not an option, then I dunno..I would say get a roomate and stock the money you save away every month into an account for future property purchase, but I know how much roomates suck..I personally couldn't do it, I HAVE to live alone, lol. Not even my bf of two years is allowed to move in!

    Good Luck

    Feature costumes for sale!

  3. #3
    Senior Member
    Joined
    Jun 2003
    Location
    boston
    Posts
    138
    Thanks
    0
    Thanked 1 Time in 1 Post

    Default Re:Own apartment versus Roommates

    That probally would make sense in most states but I live in boston. The cheapest you could get is a shitty studio for 250,000. I would totally buy something if I lived in florida but right now thats not a possbillity.
    kisses

  4. #4
    Veteran Member DestinyDevine's Avatar
    Joined
    May 2004
    Location
    Detroit, Michigan
    Posts
    202
    Thanks
    0
    Thanked 2 Times in 2 Posts

    Default Re:Own apartment versus Roommates

    i did the whole roomie thing for a while and loved it we split everything helped out alot on the bills groceries etc. thats always an option you might wanna consider things are so pricey now a days lol
    So you buried all your lover's clothes and burned the letters lover wrote, but it doesn't make it any better. Does it make it any better?
    And the plaster dented from your fist in the hall where you had your first kiss reminds you that the memories will fade. -Dashboard Confessional

  5. #5
    God/dess Bridgette's Avatar
    Joined
    Apr 2002
    Location
    Gettin the fuck outta Dodge!
    Posts
    14,241
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re:Own apartment versus Roommates

    Brendalee if you're making that money doing phone sex and cocktailing, you can do the same in FL, just transfer the numbers and you can cocktail anywhere. Hell I'd pack my little bags and hightail it down to FL with that 10k and buy a condo ASAP!

    Quote Originally Posted by pheno View Post
    When you lead a nontraditional life don't try to measure it with traditional milestones.

  6. #6
    God/dess VenusGoddess's Avatar
    Joined
    Oct 2003
    Location
    Home
    Posts
    13,598
    Thanks
    0
    Thanked 28 Times in 23 Posts

    Default Re:Own apartment versus Roommates

    I agree with Bridgette...the nice thing, too, is that if you have excellent credit, then you can possibly get 100% financing on your new place, so you won't have to dip into your savings. Even if you get 95% financing, you still have low payments, build equity, and are "saving" money. Just think...Boston winters (brrrrrrr)....Florida winters (beach).

  7. #7
    God/dess Emily's Avatar
    Joined
    Feb 2003
    Location
    Las Vegas
    Posts
    11,302
    Thanks
    4
    Thanked 143 Times in 72 Posts

    Default Re:Own apartment versus Roommates

    It's really hard to get one of the great mortgages with a low down payment if you are working a cash job.

    I found the "no doc" or "stated income" to be best for this line of work, but you will need about 10% down with 20% being better. It still beats renting, and you can still have a roommate.

    on a side note....I was in Tampa last month and was floored by how cheap real estate is down there

  8. #8
    Senior Member
    Joined
    Jun 2003
    Location
    boston
    Posts
    138
    Thanks
    0
    Thanked 1 Time in 1 Post

    Default Re:Own apartment versus Roommates

    I know but I have sort established a life here. I'm 21 and wanting to finish school. The Idea of moving is kinda hard right now. It sounds like you guys either own houses or have your own apartments. The other thing is it is kinda hard to find a roommate who is cool with the phone sex thing.
    kisses

  9. #9
    Newbie
    Joined
    May 2004
    Posts
    9
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re:Own apartment versus Roommates

    The whole roommate thing is a money vs piece of mind thing.
    Is the savings on rent & utilities worth the other considerations.. ?

    And not to go tooooo far off the topic.. but since you have some cash saved up.. why not talk to a financial planner.. ?

    Fidelity, Schwab, American Express.. even some insurance companies offer the service.. and the first consultation is usually free. (just remember they are trying to sell their 'financial services&#039

    Since your money is sitting in a bank account.. put it to work for you..

    Maybe form a company..
    You as an individual loan the $10k to the company.. which the company pays back with interest..(paying yourself interest is great)

    The company can buy a place in Florida and rent it out.. with different rates for the high season..

    The company then takes the rent, applies it to the mortage, and anything left over goes to you. (and you get take a vacation when you need it)

    Just an idea.

  10. #10
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re:Own apartment versus Roommates

    Not to be a party pooper, but I'm hoping that you have reported your phone sex and other income on your tax return. If you haven't, purchasing a condo/house or even signing a big ticket lease with a corporate real estate company will generate a transaction report to the IRS. If you have reported enough income to cover the amount you'll be spending (plus enough extra income to cover normal living expenses in your zip code area), then no problemo. However, if the money you saved was NOT covered by the amount of income you reported on your tax return, then going the roommate route would vastly reduce your chances of an IRS audit compared to a big ticket transaction report in your own name only.

  11. #11
    Senior Member
    Joined
    Jun 2003
    Location
    boston
    Posts
    138
    Thanks
    0
    Thanked 1 Time in 1 Post

    Default Re:Own apartment versus Roommates

    melonie,

    I read your post about audits and it scared the shit out of me. I report all of my waitress income down to the last dime. However, I do under report my phone sex income because they never sent me 1099 and they said that by law they don't report my income to the Irs I am not an employee or contractor. I hear your chances of getting audited are pretty low. I do know that they audit waitress all the time because they know that it a cash business. You get something like a 5 on the risk level.
    kisses

  12. #12
    Senior Member Tori's Avatar
    Joined
    Jul 2002
    Posts
    183
    Thanks
    0
    Thanked 2 Times in 2 Posts

    Default Re:Own apartment versus Roommates

    Quote Originally Posted by Emily link=board=6;threadid=9509;start=msg113925#msg1139 25 date=1085521687
    It's really hard to get one of the great mortgages with a low down payment if you are working a cash job.

    I found the "no doc" or "stated income" to be best for this line of work, but you will need about 10% down with 20% being better. It still beats renting, and you can still have a roommate.
    I also agree that a "no doc" or "stated income" loan is good for us as entertainers. But, I know that It Is very possible to get a house with that type of loan with 5 % down because thats what I did exactly 1 year ago.

    Please be careful who you get your advice from because when I was looking for a house I mistakenly told my realtor I was doing a no doc loan and she told me I need 20% down which is bull.... If I didn't know any better I would have gotten discouraged.

    I got a pretty high rate but I didn't mind at all, that's one of the cons of this type loan and being a first time home buyer, just less trips to the shoe department.

    Oh yeah getting off the subject but, my closing attorney was a old customer of mine that I met at work a year prior and just happen to keep his card. It worked out really well because he knew I worked nights so he made it a point for everybody involved in the closing to have it scheduled around 2 -4 pm so I would get proper sleep if I worked the previous night.

    Alot of times its who you know, not what you know.

  13. #13
    Veteran Member DJ_Duane's Avatar
    Joined
    May 2004
    Location
    Honolulu, HI
    Posts
    231
    Thanks
    0
    Thanked 1 Time in 1 Post

    Default Re:Own apartment versus Roommates

    Let me chime-in on this one.

    I have had several roommates since I moved-out from my mom's place. Out of the five I had, only one worked-out. That guy was a good friend and coworker who always paid his share of the rent and other bills in a timely manner.

    Every other roommate I had was a constant pain in the ass about paying their share of the bills. Some brought friends over to stay "for a few days" without asking me if it was okay. Others did drugs in the apartment. One stole money from me.

    The worst of the worst was a guy who had been my best friend - we'd known each other since the age of four - and he stopped paying his rent six moths after we moved-in together. He always had money for himself and his friends, but nothing to pay his share of our expenses. When I kicked him out, it was a sad end for a friendship that had lasted for 21 years.

    The truth is: saving money is a good thing. However, with roommates, you never know if you will save money or not. One day, they're paying their share and the next day they're not. You end-up having to scramble to find money to cover their share of the rent or bills so your credit doesnt suffer and you dont get services cut-off or you get evicted.

    When you live alone, you know how much money you need. No unexpected visitors for a roommate to bring over, you have the place to yourself.

    No need to hear a roommate justify not paying their share by saying "You make so much money at the club. Why do you need mine???". As if you had money to burn.

    If you decide to take-in a roommate, do this one thing to solidify your position: make sure your name is the only name on the lease. That way, if the roommate turns-out to be a deadbeat, you can kick them out. If both your names are on it, you'd need to break the lease, which will cost you money, and go through the process of moving-out anyway.

    Living alone has given me peace of mind that is worth more to me than all the money I could have saved.

    Lonely? Sure, sometimes I wish I had some one to talk to. But, if things go badly, the atmosphere in the apartment will be so thick with tension and resentment that you could cut it with a knife.

    Having lived with roommates and having lived alone, I can say that I prefer to live alone with a certainty as to my financial position at all times, rather than an uncertain situation having roommates.

  14. #14
    Veteran Member
    Joined
    Mar 2003
    Location
    boynton beach
    Posts
    641
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re:Own apartment versus Roommates

    I am a real estate agent in palm beach florida. Let me know if you are interested in real estate, I will e-mail you some pictures of condo's available in the area.

  15. #15
    Veteran Member
    Joined
    Mar 2003
    Posts
    300
    Thanks
    0
    Thanked 13 Times in 4 Posts

    Default Re:Own apartment versus Roommates

    Ryan, that's interesting.

    Exactly how much is real estate going for in Florida right now? My parents want to retire there...if its cheap enough I might retire with them!

    Could you post some figures up on the board of what general prices are for everyone?

  16. #16
    Veteran Member
    Joined
    Mar 2003
    Location
    boynton beach
    Posts
    641
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re:Own apartment versus Roommates

    well, I am in palm beach, a notoriously expensive and exclusive area of florida.

    For a 4 bedroom 3000 square foot new home within 5 miles of the ocean expect to spend around 450,000.

    For the same price you can buy a beautiful condo on the intercoastal and possibly even on the ocean.

    For a Nice condo (1500 square feet, near beach) you can expect to pay around 200,000.

    You can also find a "nice" starter type 3 bedroom in a pretty nice neighborhood for 200,000.

    On the other hand you can rent a nice home (4br, 3000 square feet) for about 2000, rent a nice condo for about 1100 (near beach) or rent a small condo or apt, or even a small home for about 700-1000.

    I guess there's something for everyone here.

    BTW I am talking about the Palm Beach Gardens, Boynton Beach, West Palm Beach, Boca Raton and Delray Beach areas. I have been all over florida and these seem to be the best areas florida has to offer. Especially the delray beach area, it's perfect.

    Dont get me wrong, you can spend 1 mil, or ever 40 mil on a house, but you can buy a beautiful home in a gated neighborhood for under 500,000.

    Florida, since homes increase in value so rapidly, is very ewasy to quilify for a loan. I have seen couples making 50k each buy homes for 600,000. Why I don't know, I guess they want to keep up with the Jonses'. No college fund for their kids....

  17. #17
    God/dess VenusGoddess's Avatar
    Joined
    Oct 2003
    Location
    Home
    Posts
    13,598
    Thanks
    0
    Thanked 28 Times in 23 Posts

    Default Re:Own apartment versus Roommates

    Quote Originally Posted by Emily link=board=6;threadid=9509;start=msg113925#msg1139 25 date=1085521687
    It's really hard to get one of the great mortgages with a low down payment if you are working a cash job.

    I found the "no doc" or "stated income" to be best for this line of work, but you will need about 10% down with 20% being better. It still beats renting, and you can still have a roommate.

    on a side note....I was in Tampa last month and was floored by how cheap real estate is down there
    This is not exactly true. We did a stated doc file when we bought our condo last year...AND we did a 100% loan. We got a bit of a higher rate (around 6.5%) and are currently refi'ing for a lower rate (3.85%). We're going stated again.

    It's not about how much you put down, but how much you know and, very quite possibly, who you know.

  18. #18
    Veteran Member SaraNLA's Avatar
    Joined
    Nov 2003
    Location
    hell a -- just kidding, I really like LA
    Posts
    331
    Thanks
    0
    Thanked 6 Times in 3 Posts

    Default Re:Own apartment versus Roommates

    I think it's better to get your own apartment than risk a bad roommate. It's kind of like, should I live in a bad neighborhood and save cash or live in a safe neighborhood and spend more but feel secure?

    Since you are 21, I don't know if my advice will be helpful or not. I have built up a good credit history, so once someone runs my credit, they know I am safe to rent to. I tell them I am a full-time student (which I am), but offer to pay an extra month of security deposit in advance. (Usually they will want 1st mo and last mo; I also pay one more month as a deposit.)

    If they are strict b/c you don't have a credit history & this is important to you, you could offer to pay 6 months of rent in advance and then every month put that money back into your savings. Then you will have 'credit' built up with the place.

    You can always say that you have money set aside for rent while you are going to school (or whatever the case may be), as to explain why you have that money available....your parents are helping you, etc. They might also want a parent to co-sign but they will want to check their credit too. That's why I recommend offering up the 6 mos. rent and signing on your own.

    It is not a complete waste to pay rent to live without a roommate. You are still building up a credit history that way.

    Remember to make a good impression when you are trying to sign up for an apartment on your own as well -- dress appropriately, shake their hands, be sure of yourself....the little things make a difference.


    Good luck!
    Let your indulgence set me free. - Shakespeare

Similar Threads

  1. Replies: 12
    Last Post: 10-03-2010, 04:01 AM
  2. Fucking roommates
    By Lola_sinn in forum Life Support
    Replies: 20
    Last Post: 02-26-2010, 02:20 PM
  3. Judgemental Roommates
    By 0michelle.michelle0 in forum Life Support
    Replies: 1
    Last Post: 02-25-2010, 10:28 PM
  4. Telling Roommates?
    By DEE_K in forum The Lounge
    Replies: 24
    Last Post: 04-06-2008, 04:00 PM
  5. roommates
    By 4footfine in forum The Lounge
    Replies: 4
    Last Post: 04-05-2004, 07:41 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •