All Forum Posts by: Wendy S.

@Derrick E.

Thanks for the clarification.

@Derrick E.

Not sure I totally understand this. First you say your bank will finance up to 80% of either purchase price or appaisal whichever is less.

So if you do minor repairs etc I get the forced appreciation but wouldn't your bank finance up to 80% of the original price which in this case I am assuming would be less than the new appraisal?

Sorry, trying to understand the all cash strategy as well.

@Jack Orthman

@JD Martin

Update

They agreed to the original 12 months at $499.

@Andrew B.

Will check on this tomorrow. Not in the lease

@Andrew B.

Thanks the range is dependent on the room chosen

The $25 came about because initially they quoted a deal price of $499 for 12 months. But when we asked if they had another package they said yes 10 months with an additional $25.

Now our invoice says regular rate $590 plus $25.

I've decided it's a teaching moment for my daughter and console myself in the fact that we are able to pay the rent so she can have her apt experience.

Thanks for all the responses.

@JD Martin

Thanks for your response and clarification.

While I understand renting ahead. This was not a choice its how their lease is set up to start on the 19th.

So there would be no access to apt prior to Aug 19. To me it seems I would have rather the choice for a regular rental. Which could hve started Aug and end some time in May. Plus graduation is the first week in May, so again not utilizing full rental.

So lesson learned.

@Andrew B.

@Jack Orthman

Sorry about the formatting of the post.

So basically that's how their lease terms is set up starting Aug 19th.

@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.