How to make up rent difference
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Anonymous
| I’d love to rent my relative my rental condo. However it rents for $2000, all of which I need in order to cover my expenses. She could only afford to pay $1400. She has a good job but it’s low pay like 50k think entry-level NGO type. Are there any programs that would be available to her to help close the gap? Trying to brainstorm as best I can, she wouldn’t need the parking space so I could try to rent that out separately, but I doubt it would rent very well due to its location. TIA! |
Anonymous
| She can take a part time or weekend job to cover the difference or take a roommate. |
Anonymous
| Why would government cover for her lifestyle choices. |
Anonymous
| She can’t afford it, so needs a part time job or roommate. Or you take the loss. |
Anonymous
| How many bedrooms? Would she be willing to take on a roommate? |
Anonymous
| What dumb post is this, either you are a crappy business and take a loss or gets better renter |
Anonymous
This. Why should my tax dollars support your relative? They can’t afford to live there solo, lots of people have to make these decisions without depending on tax payers. |
Anonymous
| you should rent it to her if you own it outright and its something you can afford to do out of kindness but there are not any programs that will pay you for renting to a relative at a below market rate. there are some buildings with “workforce” apartment rentals that have reduced rent and income caps which she might separately qualify for. |
Anonymous
The government covers a lot of different peoples poor lifestyle choices. She at least is hard-working. She will be working full-time during the day and then going to school in the evenings. It’s only a one bedroom. I’ve considered trading it up for a two bedroom in the same neighborhood, but I think it will take me a while to get that going. |
Anonymous
I’m just trying to get the landscape on any programs that might actually exist. So your tax dollars are already supporting peoples poor choices. Don’t get all wrapped up about it. She would just be one of the additional people using your tax dollars. The good news is that she’s incredibly hard-working and upwardly mobile so she wouldn’t be using your tax dollars for that long. Unlike some people who stay on the dole for their whole lives. |
Anonymous
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If she is finishing school and then expects her income to increase, I wonder if there is a program with the university?
You might try posting this question on the money section. What about you (or another family member) offer a personal loan (there are websites that manage this) with a low interest rate and no payments due until 6 months after her degree is completed? |
Anonymous
She can have a roommate if she can’t afford it (one person takes the living room.). That’s what I did when I had a low paying but prestigious job out of college. There’s no govt credit that is going to subsidize you as a landlord for her decisions (the progressive nature of our tax code should help her some.) |
Anonymous
What is the market rate for a typical 1 bedroom apartment in the area? Can't she reduce her other expenses so she can pay full rent? I certainly did when I was in college and working full time--cut down to 2 meals per day (one of which is beans and rice,) no cable/netflix/hulu. Handwash/hang dry clothes instead of going to the laundromat, etc. |
Anonymous
| She needs to figure out how to make this work, not you. |
Anonymous
That’s not going to make up $600/month. OP this isn’t going to work unless she also gets a PT job and/or roommate. But it sounds like she already has a full schedule. |