I have had the same landlord for the past two years of college as he is the primary landlord at my college in PA. I have had a few problems with him throughout my time here. 1) last year at the end of the semester, we were told we were to move out 14 days before our lease was up(i renewed a lease with him but to a different building) in order for a cleaning crew to come in. I told them i was unable to do it until a week after they had told me. When i went to pick up my things, all of my electronics were gone(computer, TV,DVDs) yet my bed desk and book case remained. I let them know and they never responded back to this. 2)The rent i signed the lease for is not what im currently paying. Its a modest 10 increase per month but still not what i signed for. 3)He does not give us 24 hour notice of him showing up to our place. Is any of this possible for me to bring him to small claims court? I also fear that I will not get my deposit back as well at the end of this year for "various" upkeeps that he will want to do. thanks for any kind of help|||Your landlord violated several laws. I don't quite understand how they can move you out as you put it for cleaning, and even if they can they cannot remove your belongs without a court order and the presence of a sheriff. A landlord cannot raise your rent if your on a lease. This landlord is the kind that gives us a bad name, take his a** to court.|||I think you have a case against him... get a lawyers opinion......|||You really need to go to an attorney as things are very technical here .
I'd say you have a case probly larger than what Small Claims handles .
Also; MOVE ! There has got to be apartments elsewhere in your town that are NOT owned by this character ...
Go on Roommates.com and Craigslist.com and check out Roommates and / or apartments ....
EDIT: I'm STILL a landlord . I keep all of my leases and tenant's files for five Years .. and even then; I box them up for safe keeping , just in case .... However; i do believe that most landlords keep leases for three years or so ...
Make sure you have a GOOD LEASE ....
Best of Luck !|||When you sign a lease to rent an apt., home etc., then that place becomes your home...you are paying to live there. Of course you must follow any specifics that you agreed to in the signing and on paper, but so must he, and if things where not specifically stated then there are laws that vary by state that he, (Landlord), must follow. In Texas I would have already had him in court. Many lawyers will give you a free consultation...just check the yellow pages. God Bless You and Good Luck|||All your stuff was stolen a year ago and you didn't file a police report and press charges? Are you sure you are a college-educated person?
If you still had a lease in place (whether he told you he wanted you out early or not) the place was YOURS. I ask AGAIN... Did you file police report? Did you file a claim with his insurance company listing all the missing items and their cost?
I take it you didn't keep a copy of the lease and are depending on him to provide the eveidence to use against him? Are you SURE you are a college-educated person?|||It sounds like you have a case, but everything depends on what you have in writing. Do you have a copy of the lease showing its expiration date? Do you have something in writing from him requesting access early to clean? Do you have a written assessment of what was missing and its monetary value? Did you surrender the keys or in any way indicate that he had possession and could enter at will to clean?
If he is charging you above what is in your current lease then that is illegal. However if you have been paying it for a few months then that may imply your consent of the increase so you may not be able to get that back.
With him not providing notice, you need to give him a written request demanding 24 hours notice before he enters. However if you make a repair request, that implies consent and no further notice may be required.
You cannot address the security deposit until you have moved out. He cannot charge for wear and tear. Take photos and document the condition of the unit when you move out, so you can dispute charges if you feel that you need to. He has 30 days to return your deposit after you move out. Make sure you give proper notice as required by your lease, in writing.
If you intend to sue make sure you are very specific in what you are asking for. In actual damages all that I see is the value of whatever items were removed, that is what you would sue for, and possibly the overpayments on the rent.
Thursday, December 15, 2011
Is this a legitimate way to get out of our lease?
My husband is military, we started to rent a place in Arizona, we now have to get out of the lease because he is going to go remote, which means he will be all over the state as the task force needs him. So he will not be able to keeo the rental. My husband had them put in the lease a military clause, but we are unable to produce any papers stating that he is going remote. They are verbal orders. I showed the landlord the line on his orders which states he can be moved anywhere in Arizona per task force needs, but he is saying that he needs something different from the original orders. Something that would state that he is unable to stay in the house because of a change. But my husbands base will not make new orders for something already stated. Please see the military clause I am attaching and tell me, is he right, or are we right, or what can we do? Please Help!
Any other provision of this lease to the contrary notwithstanding, at least thirty (30) days prior to the normal expiration of the term of this Lease as noted under the heading TERM OF LEASE above, Tenant shall give written notice to Landlord of Tenant鈥檚 intention to surrender the residence at the expiration of the Lease term. If said written notice is not timely given, the Tenant shall become a month-to-month tenant as defined by applicable Arizona law, and all provisions of this Lease will remain in full force and effect, unless this Lease is extended or renewed for a specific term by written agreement of Landlord and Tenant.
If Tenant becomes a month-to-month tenant in the manner described above, Tenant must give a thirty (30) day written notice to the Landlord of Tenant鈥檚 intention to surrender the residence. At any time during a month-to-month tenancy Landlord may terminate the month-to-month Lease by serving Tenant with a written notice of termination, or by any other means allowed by applicable Arizona law. Upon termination, Tenant shall vacate the premises and deliver same unto Landlord on or before the expiration of the period of notice.
Military Clause: This Lease is executed with the express understanding by Landlord that Tenant is on active duty with United States Armed Forces. Therefore, the lease may be terminated by Tenant (1) 14 days after Tenant notifies Landlord, in writing, that the Tenant has received involuntary permanent change of station orders to a duty station located more than 50 miles from Phoenix, Arizona. (2) 72 hours after Tenant notifies Landlord, in writing, that the Tenant has been activated for Title 10 orders overseas (3) 14 days after Tenant notifies Landlord, in writing, that Operation Jump Start ends before June 30, 2008. Tenant will provide Landlord with a copy of such documents as may be necessary to substantiate the exercise of this military release clause. When this Lease is terminated through this military clause, the deposit will be returned to the Tenant minus $300 non-refundable cleaning fee and other fees for damages to the property, if any.|||I am understanding the military addendum that was added to the lease stated they would put the move in WRITING. It sounds like you are saying the landlord is O.K. with the move IF you present the move in writing as the military addendum states it will.
IF I am understanding correctly, you have it in writing that the military owes your landlord a letter to get you out of the lease.
Your husband needs to take the lease %26amp; the military portion to whoever he has to in order to get a letter stating his departure. You have it all right there in front of you to prove it.
Just a note, I have been accused of being of being nasty %26amp; rude in my answers to people. Just want to say if I come across rude, I am sorry.|||It does not appear as though your husband's change of duty terms qualifies you to break your lease. This is the clause which is giving you trouble. "the Tenant has received involuntary permanent change of station orders to a duty station located more than 50 miles from Phoenix".
Your husband has not received orders which meet those terms.|||The key here is the statement in the military clause of involuntary permanent change of station, as it reads he will be randomly moved around the state for various temporary duties, thus does not meet within the guidelines. Question is are you going to keep moving with him every week, or month? I believe his home base is still where you are.Yes they will not recut orders, but if by chance I am incorrect in my assumption then a letter from the CO to the landlord should suffice|||Sounds like you need to see logistics at the base. Have them transcript something for landlord, to the effect that your husband has been relocated per military orders and that the Military clause in the lease is now in effect. Something like that. You may need to have him get his CO to do it, or have him call the landlord. But, by reading it, it says that the change of orders, which should be in writing, should be provided to the landlord. Otherwise, there is nothing you can do.
Any other provision of this lease to the contrary notwithstanding, at least thirty (30) days prior to the normal expiration of the term of this Lease as noted under the heading TERM OF LEASE above, Tenant shall give written notice to Landlord of Tenant鈥檚 intention to surrender the residence at the expiration of the Lease term. If said written notice is not timely given, the Tenant shall become a month-to-month tenant as defined by applicable Arizona law, and all provisions of this Lease will remain in full force and effect, unless this Lease is extended or renewed for a specific term by written agreement of Landlord and Tenant.
If Tenant becomes a month-to-month tenant in the manner described above, Tenant must give a thirty (30) day written notice to the Landlord of Tenant鈥檚 intention to surrender the residence. At any time during a month-to-month tenancy Landlord may terminate the month-to-month Lease by serving Tenant with a written notice of termination, or by any other means allowed by applicable Arizona law. Upon termination, Tenant shall vacate the premises and deliver same unto Landlord on or before the expiration of the period of notice.
Military Clause: This Lease is executed with the express understanding by Landlord that Tenant is on active duty with United States Armed Forces. Therefore, the lease may be terminated by Tenant (1) 14 days after Tenant notifies Landlord, in writing, that the Tenant has received involuntary permanent change of station orders to a duty station located more than 50 miles from Phoenix, Arizona. (2) 72 hours after Tenant notifies Landlord, in writing, that the Tenant has been activated for Title 10 orders overseas (3) 14 days after Tenant notifies Landlord, in writing, that Operation Jump Start ends before June 30, 2008. Tenant will provide Landlord with a copy of such documents as may be necessary to substantiate the exercise of this military release clause. When this Lease is terminated through this military clause, the deposit will be returned to the Tenant minus $300 non-refundable cleaning fee and other fees for damages to the property, if any.|||I am understanding the military addendum that was added to the lease stated they would put the move in WRITING. It sounds like you are saying the landlord is O.K. with the move IF you present the move in writing as the military addendum states it will.
IF I am understanding correctly, you have it in writing that the military owes your landlord a letter to get you out of the lease.
Your husband needs to take the lease %26amp; the military portion to whoever he has to in order to get a letter stating his departure. You have it all right there in front of you to prove it.
Just a note, I have been accused of being of being nasty %26amp; rude in my answers to people. Just want to say if I come across rude, I am sorry.|||It does not appear as though your husband's change of duty terms qualifies you to break your lease. This is the clause which is giving you trouble. "the Tenant has received involuntary permanent change of station orders to a duty station located more than 50 miles from Phoenix".
Your husband has not received orders which meet those terms.|||The key here is the statement in the military clause of involuntary permanent change of station, as it reads he will be randomly moved around the state for various temporary duties, thus does not meet within the guidelines. Question is are you going to keep moving with him every week, or month? I believe his home base is still where you are.Yes they will not recut orders, but if by chance I am incorrect in my assumption then a letter from the CO to the landlord should suffice|||Sounds like you need to see logistics at the base. Have them transcript something for landlord, to the effect that your husband has been relocated per military orders and that the Military clause in the lease is now in effect. Something like that. You may need to have him get his CO to do it, or have him call the landlord. But, by reading it, it says that the change of orders, which should be in writing, should be provided to the landlord. Otherwise, there is nothing you can do.
I would like to replace my tenant on a month to month rental lease.?
In N.C. how much notice must be given a tenant when not renewing a month to month lease. I would like to do this fairly, but the tenant never has the rent on time. Can I just inform him in person, or do I need to go through the court system,send a cert. letter, and pay fees that I won't get back as well as the rent that he will probably won't pay. I have tried my best to work with this tenant, but he still hasn't payed all of the security deposit and always has a new excuse for not having the rent.|||30 days notice. Use certified mail just to be safe; NO reason is needed.
"your tenancy will expire as of Sept 30, 2011.
signed.......
if he does not move, you must go to small claims court and get a WRIT OF RESTITUTION
and take that to the sheriff.|||Send them a certified letter giving 30 days notice from the next rent due date. If they refuse to move then you will have to follow the eviction process per you local laws. After he is evicted you can take him to small claims court for any back rent or damages to the property. Good luck|||30 days notice that you're not renewing and it should be in writing and via a certified letter (with return receipt).|||You need to check your local laws...each state is different but basically you need to give him 30 days notice. Sending a return receipt letter is a good idea and be sure it is received in plenty of time. That gives you proof of sending the letter and it's receipt. Keep copies of everything. The 30 days is usually given when the rent is due and then they have that month to move. Let me assure you that small claims court is a real waste of time. Collecting, especially in Texas, is impossible. All you can do is place a lien and renew it every 10 years and ruin their credit. Hardly worth the time and $.|||Yes this site is NC Landlord tenant law.
Most states require a tenant in good standing (paid up) to receive 30 to 90 day written notice to vacate.
BUT when a tenant owes rent or other deposits he has not kept the contract so you do not have to give him notice, and If you have his record of payments what you do have as evidence I'd copy it and personal give him a copy and a 24 hour notice to pay all that's dur or vacate and mention the sheriff going to help him.
This is my opinion and I'd try this to avoid courts and I think it applies:
He might even be in the process of causing fraud as he promised one thing to con you out of rent and has not tried to do as you agreed.
If he does not leave call the sheriff department and explain the situation you have a squatter you want out since he has still not done ANY part of the original agreement. The sheriff departments are very sympathetic to land lords and since you tried to give them a break and was only taken advantage of you probably will not have any problem. Still the 24 hour notice might be enough with him knowing the sheriff gives them one hour to get what they can and leave in most states|||If he isn't paying his rent or hasn't paid the security deposit according to whatever agreement you had, you can give him a 3 day notice to pay or quit. The thing with doing that one is, you need to follow up with filed court papers for eviction which is going to cost you money.
The other route is you would need to give a 30 day notice to vacate, but since this guy hasn't paid, you would do better to follow the legal route, since my guess is, you are eventually going to be stuck doing it that way since he probably won't take you seriously or move. See, he would know he has more time past the 30 day notice because you would have to go to court etc. He basically could buy himself another 72 to 90 days at your place not paying rent.
"your tenancy will expire as of Sept 30, 2011.
signed.......
if he does not move, you must go to small claims court and get a WRIT OF RESTITUTION
and take that to the sheriff.|||Send them a certified letter giving 30 days notice from the next rent due date. If they refuse to move then you will have to follow the eviction process per you local laws. After he is evicted you can take him to small claims court for any back rent or damages to the property. Good luck|||30 days notice that you're not renewing and it should be in writing and via a certified letter (with return receipt).|||You need to check your local laws...each state is different but basically you need to give him 30 days notice. Sending a return receipt letter is a good idea and be sure it is received in plenty of time. That gives you proof of sending the letter and it's receipt. Keep copies of everything. The 30 days is usually given when the rent is due and then they have that month to move. Let me assure you that small claims court is a real waste of time. Collecting, especially in Texas, is impossible. All you can do is place a lien and renew it every 10 years and ruin their credit. Hardly worth the time and $.|||Yes this site is NC Landlord tenant law.
Most states require a tenant in good standing (paid up) to receive 30 to 90 day written notice to vacate.
BUT when a tenant owes rent or other deposits he has not kept the contract so you do not have to give him notice, and If you have his record of payments what you do have as evidence I'd copy it and personal give him a copy and a 24 hour notice to pay all that's dur or vacate and mention the sheriff going to help him.
This is my opinion and I'd try this to avoid courts and I think it applies:
He might even be in the process of causing fraud as he promised one thing to con you out of rent and has not tried to do as you agreed.
If he does not leave call the sheriff department and explain the situation you have a squatter you want out since he has still not done ANY part of the original agreement. The sheriff departments are very sympathetic to land lords and since you tried to give them a break and was only taken advantage of you probably will not have any problem. Still the 24 hour notice might be enough with him knowing the sheriff gives them one hour to get what they can and leave in most states|||If he isn't paying his rent or hasn't paid the security deposit according to whatever agreement you had, you can give him a 3 day notice to pay or quit. The thing with doing that one is, you need to follow up with filed court papers for eviction which is going to cost you money.
The other route is you would need to give a 30 day notice to vacate, but since this guy hasn't paid, you would do better to follow the legal route, since my guess is, you are eventually going to be stuck doing it that way since he probably won't take you seriously or move. See, he would know he has more time past the 30 day notice because you would have to go to court etc. He basically could buy himself another 72 to 90 days at your place not paying rent.
Can I get a mortgage on a property working as an IT contractor?
Hi,
I a few months back was forced to move out of my house, not something that I planned on doing but I'm now renting. I really don't want to rent for long would rather put money into a mortgage than waste it on rent.
I'm 22 am currently I'n a full time role working as an IT contractor. I have been so for around 7months now my first proper job after uni. I have rolling contract which is renewed every year at work.
I'm really looking to get onto the property ladder asap, I under stand that my age and not being a perm employee, will be an issue.
I'm hoping to find a place I'n the range of 100-150k, it would be any great if someone could give me any advice regarding this. Im really looking to find out would it be possible under my current employment status to get a mortgage.
I have no experience I'n this and have no family to turn to for guidance on this matter, what kinda mortgages should I look for, what kind of deposit would I be looking at saving?
Thanks|||well first make sure you can afford a $150K house. what's 35% of your net pay? that's the amount you can afford monthly for taxes, mortgage and insurance. I know you said you had a house before but since you had to leave it, I want to make sure you have your finances in order. especially since it seems your employer could opt not to renew you each year at will. with the job market in the shape it's in, they may opt not to renew next year if they can't afford you.
you'll have to find a realtor with some good mortgage contacts who can pre approve you so you know exactly what your price range is, and then find a lender who will lend to you as a contractor. an underwriting requirement may be some kind of backup from your boss as to how your job works.|||Mortgage lenders want you to have 2 yrs full employment, great credit score, Cash in the Bank. Till you have those you will not be approved|||YOu need 2 years of income tax returns showing the income, once you have that you can buy.|||Rule of Thumb: You can afford to buy a place 2 times annual income, up to 2.5 times, but NOT more than 3 times annual income.
Most lenders want a 2 year job history, and particularly being contractor, this will be necessary.
SAVE for down payment--more you put down, the more likely you are to get approval, and the LESS you pay in interest over the life of the loan. 5-20% down are standard amounts, the more the better.
BUILD your credit rating.
Position yourself for your future, and you can make it happen.|||I would suggest you talk to a lender and go over your situation. It's possible that if you're working in the same field you went to school for, your schooling could count as work history. Are you a self employed contractor or a W-2 employee of the company for which your contract is year-to-year. We have government employees on yearly contracts and with a history of employment with the same company,or field, and a letter of continued employment (probability of contract renewal) you might be able to get a loan. An FHA product would most likely be your best option. FHA requires as little as 3.5% down. FHA Underwriting would probably be more conducive to your situation than a conventional loan. Ask family and friends that have bought homes who they used to get a loan and start there.
I a few months back was forced to move out of my house, not something that I planned on doing but I'm now renting. I really don't want to rent for long would rather put money into a mortgage than waste it on rent.
I'm 22 am currently I'n a full time role working as an IT contractor. I have been so for around 7months now my first proper job after uni. I have rolling contract which is renewed every year at work.
I'm really looking to get onto the property ladder asap, I under stand that my age and not being a perm employee, will be an issue.
I'm hoping to find a place I'n the range of 100-150k, it would be any great if someone could give me any advice regarding this. Im really looking to find out would it be possible under my current employment status to get a mortgage.
I have no experience I'n this and have no family to turn to for guidance on this matter, what kinda mortgages should I look for, what kind of deposit would I be looking at saving?
Thanks|||well first make sure you can afford a $150K house. what's 35% of your net pay? that's the amount you can afford monthly for taxes, mortgage and insurance. I know you said you had a house before but since you had to leave it, I want to make sure you have your finances in order. especially since it seems your employer could opt not to renew you each year at will. with the job market in the shape it's in, they may opt not to renew next year if they can't afford you.
you'll have to find a realtor with some good mortgage contacts who can pre approve you so you know exactly what your price range is, and then find a lender who will lend to you as a contractor. an underwriting requirement may be some kind of backup from your boss as to how your job works.|||Mortgage lenders want you to have 2 yrs full employment, great credit score, Cash in the Bank. Till you have those you will not be approved|||YOu need 2 years of income tax returns showing the income, once you have that you can buy.|||Rule of Thumb: You can afford to buy a place 2 times annual income, up to 2.5 times, but NOT more than 3 times annual income.
Most lenders want a 2 year job history, and particularly being contractor, this will be necessary.
SAVE for down payment--more you put down, the more likely you are to get approval, and the LESS you pay in interest over the life of the loan. 5-20% down are standard amounts, the more the better.
BUILD your credit rating.
Position yourself for your future, and you can make it happen.|||I would suggest you talk to a lender and go over your situation. It's possible that if you're working in the same field you went to school for, your schooling could count as work history. Are you a self employed contractor or a W-2 employee of the company for which your contract is year-to-year. We have government employees on yearly contracts and with a history of employment with the same company,or field, and a letter of continued employment (probability of contract renewal) you might be able to get a loan. An FHA product would most likely be your best option. FHA requires as little as 3.5% down. FHA Underwriting would probably be more conducive to your situation than a conventional loan. Ask family and friends that have bought homes who they used to get a loan and start there.
What to do about creepy\suspicious tenant?
Backstory: I'm a new building manager who took over my current property 2 months ago. The building itself was in poor shape due to neglect and several tenant issues have already come up because the previous manager didn't require the application if people paid their deposits in cash (which he then pocketed).
So my current problem:
There is a tenant who has been behaving in a suspicious manner and I'm not sure what the best thing to do is. When he paid his rent the first month, not only did he fill out the wrong apartment number and name but he hovered in my doorway long enough to ask me if I lived alone and if I had a dog. Then walked away. I try to be plesant to my tenants and have said hello to him in the past and he's never said 2 words to be before this.
Then today when he paid rent the money order was filled out incorrectly again and he looked me over in a very uncomfortable way. Gave me a full head-to toe once over while licking his lips like I was some piece of meat.
He has women over constantly and its obvious and well known in the building that these women are hookers. I've heard him refer to himself under different names which is also suspect, as I don't think this man is who he said he was when he signed his lease. I've caught him hovering outside my apartment door on several occasions and at this point I feel threatened. Luckily, most of my friends are giant, tattooed, sasquatch-looking guys, and they're over fairly often but not all the time.
I'm wondering what the best course of action here is. He's on a month to month lease at the moment and I can just post a 'choosing not to renew your lease' notice, but i'm concerned about retaliation.|||It would depend on your state and their laws. You will have to research ways that you can get rid of this guy. I think after a lease ends, and a month to month commences..you can evict for any reason, as long as you are not evicting on the basis of race, religion, marital status, disability, etc...these are protected statuses under federal law. Kind of like, non contractual, at will employment...a person can be fired for any reason as long as it isn't because of the affore mentioned.
Once again..you may have to contact a lawyer that specializes in tenant rights or housing laws..or do the homework your self. As a property owner, you have every right to decide who rents from you, and to weed out undesirables and potentially dangerous people. If this tenant is entertaining hookers on your property...this is illegal, and you can evict him for that. But you have to prove that they are hookers.|||Put up a 'no loitering sign' or 'no admittance' sign. Good luck.
So my current problem:
There is a tenant who has been behaving in a suspicious manner and I'm not sure what the best thing to do is. When he paid his rent the first month, not only did he fill out the wrong apartment number and name but he hovered in my doorway long enough to ask me if I lived alone and if I had a dog. Then walked away. I try to be plesant to my tenants and have said hello to him in the past and he's never said 2 words to be before this.
Then today when he paid rent the money order was filled out incorrectly again and he looked me over in a very uncomfortable way. Gave me a full head-to toe once over while licking his lips like I was some piece of meat.
He has women over constantly and its obvious and well known in the building that these women are hookers. I've heard him refer to himself under different names which is also suspect, as I don't think this man is who he said he was when he signed his lease. I've caught him hovering outside my apartment door on several occasions and at this point I feel threatened. Luckily, most of my friends are giant, tattooed, sasquatch-looking guys, and they're over fairly often but not all the time.
I'm wondering what the best course of action here is. He's on a month to month lease at the moment and I can just post a 'choosing not to renew your lease' notice, but i'm concerned about retaliation.|||It would depend on your state and their laws. You will have to research ways that you can get rid of this guy. I think after a lease ends, and a month to month commences..you can evict for any reason, as long as you are not evicting on the basis of race, religion, marital status, disability, etc...these are protected statuses under federal law. Kind of like, non contractual, at will employment...a person can be fired for any reason as long as it isn't because of the affore mentioned.
Once again..you may have to contact a lawyer that specializes in tenant rights or housing laws..or do the homework your self. As a property owner, you have every right to decide who rents from you, and to weed out undesirables and potentially dangerous people. If this tenant is entertaining hookers on your property...this is illegal, and you can evict him for that. But you have to prove that they are hookers.|||Put up a 'no loitering sign' or 'no admittance' sign. Good luck.
In desperate need of financial literacy homework help?
Ok so I have been trying to do these problems for a couple hours now, and I still can't figure them out. Please help and give as much detail in your answers as possible so I can understand it. Thank you!
Herman and Grace Rohrbach are in their mid-thirties. They are reasonably well off financially insofar as Grace's mother has established a trust fund to educate their two children. The Rohrbachs lead rather simple lives and have no desires for lavish spending. However, they do face one major financial challenge: how to have sufficient resources in their retirement years. Herman owns his own camera shop and Grace has no employment income, although she often works in Herman's store. The Rohrbachs have accumulated around $50,000 in savings, which is invested in a bond mutual fund, currently earning 5 percent after taxes. They have no other savings programs, either personal or through the business. If Herman retired today, his only income would be Social Security, which he estimates to be $18,000 annually. He would sell the business immediately prior to retirement. He has no idea what it will be worth then, but he believes he could get $100,000 for it today. To live a comfortable retirement, the Rohrbachs think they need an annual income comparable to their current one, which is $60,000 after income taxes. The Rohrbachs clearly need help to determine if they need to increase their annual savings to meet their retirement goal. Finally, the Rohrbachs will live off Social Security and interest from accumulated savings available at retirement. They will not touch any principal in their savings accounts, preferring instead to leave that money to their children. Retirement is planned in 30 years.
1. Social Security is indexed to inflation. IF the inflation rate is 3 percent over the next 30 years, how much Social Security income will the Rohrbachs receive? How much will their income (currently 60,000) be at that time, assuming it grows at the 3 percent rate? How much, then, will be the shortfall -- the difference between the two?
2. How much will be in the bond fund at retirement, assuming that it continues to earn 5 percent?
3. Herman has a very good location for his camera shop and can renew the lease indefinitely into the future. Suppose that its value increases by 10 percent annually over the next 30 years. How much will it then be worth?
4. Combine your answers to questions 2 and 3. The total represents an amount available to the Rohrbachs at the beginning of retirement. Now assume that they sell the camera shop and put the proceeds into the bond fund, and the fund continues to earn 5 percent during their retirement years. Are these annual earnings sufficiently high to meet the income shortfall determined in question 1? Your answer should be "no." Determine how much they must invest each year to accumulate a sufficient amount, which can also be deposited into a bond fund. Assume they earn 12 percent on these annual (end-of-year) investments.|||most of the questions are based on the FV of a single amount formula FV = PV * (1+i/n)^n, where PV is the present value, i is the interest rate per period, and n is number of periods
1) 18,000 * (1.03)^30 = 43,690.72 60,000 * (1.03)^30 = 145,635.70 shortfall of 101,945
2) 50,000 * (1.05)^30 = 216,097.10
3) 100,000 * (1.10)^30 = 1,744,940
4) 216,097.10 + 1,744,940 = 1,961,037 1,961,037 * .05 = 98,051.85 earnings
the last part of question 4 is a little tricky. the way i'd approach it is to determine what total amount they'd need at retirement to earn 101,945 per year (assuming it was a 5% return). once you know that amount, then subtract 216,097.10 from it. then use the FV formula to determine what annual payment invested at 12% will get you to that amount in 30 years|||No wonder you have such a problem the question is boring and it would take a lunatic to answer it.
Herman and Grace Rohrbach are in their mid-thirties. They are reasonably well off financially insofar as Grace's mother has established a trust fund to educate their two children. The Rohrbachs lead rather simple lives and have no desires for lavish spending. However, they do face one major financial challenge: how to have sufficient resources in their retirement years. Herman owns his own camera shop and Grace has no employment income, although she often works in Herman's store. The Rohrbachs have accumulated around $50,000 in savings, which is invested in a bond mutual fund, currently earning 5 percent after taxes. They have no other savings programs, either personal or through the business. If Herman retired today, his only income would be Social Security, which he estimates to be $18,000 annually. He would sell the business immediately prior to retirement. He has no idea what it will be worth then, but he believes he could get $100,000 for it today. To live a comfortable retirement, the Rohrbachs think they need an annual income comparable to their current one, which is $60,000 after income taxes. The Rohrbachs clearly need help to determine if they need to increase their annual savings to meet their retirement goal. Finally, the Rohrbachs will live off Social Security and interest from accumulated savings available at retirement. They will not touch any principal in their savings accounts, preferring instead to leave that money to their children. Retirement is planned in 30 years.
1. Social Security is indexed to inflation. IF the inflation rate is 3 percent over the next 30 years, how much Social Security income will the Rohrbachs receive? How much will their income (currently 60,000) be at that time, assuming it grows at the 3 percent rate? How much, then, will be the shortfall -- the difference between the two?
2. How much will be in the bond fund at retirement, assuming that it continues to earn 5 percent?
3. Herman has a very good location for his camera shop and can renew the lease indefinitely into the future. Suppose that its value increases by 10 percent annually over the next 30 years. How much will it then be worth?
4. Combine your answers to questions 2 and 3. The total represents an amount available to the Rohrbachs at the beginning of retirement. Now assume that they sell the camera shop and put the proceeds into the bond fund, and the fund continues to earn 5 percent during their retirement years. Are these annual earnings sufficiently high to meet the income shortfall determined in question 1? Your answer should be "no." Determine how much they must invest each year to accumulate a sufficient amount, which can also be deposited into a bond fund. Assume they earn 12 percent on these annual (end-of-year) investments.|||most of the questions are based on the FV of a single amount formula FV = PV * (1+i/n)^n, where PV is the present value, i is the interest rate per period, and n is number of periods
1) 18,000 * (1.03)^30 = 43,690.72 60,000 * (1.03)^30 = 145,635.70 shortfall of 101,945
2) 50,000 * (1.05)^30 = 216,097.10
3) 100,000 * (1.10)^30 = 1,744,940
4) 216,097.10 + 1,744,940 = 1,961,037 1,961,037 * .05 = 98,051.85 earnings
the last part of question 4 is a little tricky. the way i'd approach it is to determine what total amount they'd need at retirement to earn 101,945 per year (assuming it was a 5% return). once you know that amount, then subtract 216,097.10 from it. then use the FV formula to determine what annual payment invested at 12% will get you to that amount in 30 years|||No wonder you have such a problem the question is boring and it would take a lunatic to answer it.
I'm a tenant they want to short sale and want me to leave in a month but my lease is not over until june?
I been renting this property for more than a year. I renewed the lease for another year and is not over until June. My landlord wants me to move out in a month.He told me that the loan was being modified now he tells me that the modification dint happen and that they want to short sale the property. What can I do? Whats going to happen to my security deposit? We are responsible tenants that have had no complaints and have paid rent on time. How can we continue to live in the property?|||They cannot force you out before your lease is up just because they want to sell the house. They still have to honor your lease. If they attempt to force you out (ie change the locks and put your stuff out), you need to sue them for constructive eviction. You are 100% entitled to continue living there until your lease is up as long as you are not violating that lease, which it appears you aren't. Of course, they can give you notice that you will have to vacate when your lease is over. This should not affect how/if you get your security deposit back.
However, they can certainly make it worth your while to leave. Ask them about coming to a compromise: you'll leave by the end of April if they cover all your moving expenses, refund 100% of your deposit, and waive April rent so you can put that down somewhere else. If you do come to some sort of arrangement, make sure you get it in writing!|||First off, short sales take quite a bit of time, so the landlord is being a bit shortsighted in asking you to leave early. He would do better to have you in there for the rest of the lease.
Read your lease. A lot of leases are written to protect the landlord if they need to or decide to sell. It usually will be written that they can break the lease and give you a 30 day notice if they decide to sell the property.|||He can't make you move if you have a lease, so just continue to live there if you like. That said, when they sell, you'll get kicked out anyway, so just find a new place and have him pay your moving expenses. It's not worth the hassle to stay.
Get a deal in writing whereby he refunds your entire deposit and he pays your moving expenses.|||If you live in the City of Los Angeles you can call the Housing Department Information Hotline: (213) 808-8888 or toll-free at (866) 557-RENT [7368] or if you live somewhere else you might get a referral.
You can also call your City Hall and ask for the department that deals with rental housing issues.|||If you are still within the lease, then 60 days notice applies. Plus they have to prove that they are really selling, or have no where else to live and need to move in, or that their family member needs to move in.|||legally you can live there till june.|||Hi Friends
However, they can certainly make it worth your while to leave. Ask them about coming to a compromise: you'll leave by the end of April if they cover all your moving expenses, refund 100% of your deposit, and waive April rent so you can put that down somewhere else. If you do come to some sort of arrangement, make sure you get it in writing!|||First off, short sales take quite a bit of time, so the landlord is being a bit shortsighted in asking you to leave early. He would do better to have you in there for the rest of the lease.
Read your lease. A lot of leases are written to protect the landlord if they need to or decide to sell. It usually will be written that they can break the lease and give you a 30 day notice if they decide to sell the property.|||He can't make you move if you have a lease, so just continue to live there if you like. That said, when they sell, you'll get kicked out anyway, so just find a new place and have him pay your moving expenses. It's not worth the hassle to stay.
Get a deal in writing whereby he refunds your entire deposit and he pays your moving expenses.|||If you live in the City of Los Angeles you can call the Housing Department Information Hotline: (213) 808-8888 or toll-free at (866) 557-RENT [7368] or if you live somewhere else you might get a referral.
You can also call your City Hall and ask for the department that deals with rental housing issues.|||If you are still within the lease, then 60 days notice applies. Plus they have to prove that they are really selling, or have no where else to live and need to move in, or that their family member needs to move in.|||legally you can live there till june.|||Hi Friends
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