Landlord wants me to sign a contract stating that I pay more than I currently do and he’ll give me cash back – suspicious?

Theoretically…

On a month to month lease in Ontario, Canada. I'm guessing he wants to use the property as collateral and refinance. The landlord will give a cash kickback.

This sounds unethical and potentially illegal.

Thoughts?

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(CA- QC) Heavy construction surrounding house, no parking. We were given spots in different garages but they’ve given us a notice that we can’t use them, What?

We rent a very expensive place in Montreal, and 2 spots are included in the rent. For the last like 6 months they've been doing heavy construction and haven't had any reliable parking. At first they gave us 1 spot, then switched it to another, we complained because we need 2 spots, they gave that to us (in different garages all within a 10 minute walk from the house) but they just gave us a written notice today that as of tomorrow we can no longer use the 2 old spots, they've given us 1 new spot in a building 15 minutes away. No rent reduction, this has been a hassle for me, we've all gotten multiple parking tickets just trying to find street parking which isn't available since this construction has at least a hundred people inconvenienced. If you try to find legal street parking after 6pm, it won't happen. Do we have any options?

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Why does nobody talk about housing stability in retirement when discussing house buying?

So, I bought a house about 8 months ago and I don't really regret this decision, but I do have a lingering question. When I was deciding if I wanted to buy, I remember a lot of people arguing that buying houses is generally a terrible investment and posting elaborate calculators for whether or not it made more financial sense to rent or to buy (almost always seemingly coming out in favor of renting). None of these calculators that I saw ever seemed to factor in the benefit of having a paid for place to live in retirement. Why is that? This is one of the main reasons I want a house. (The other is that I just want a place to live that's mine.)

My mother as an example would be much better off if she hadn't sold her paid-for house to move back to the city. Taxes+insurance on her 3 bedroom house are less than she pays on rent for her 2 bedroom apartment. And this checks out for my house in the city as well. The taxes+insurance part of my payment is currently about $8000 a year (heck throw in $2000 a year for hypothetical surprise repairs). So if I owned my 3 bedroom house outright it would cost me about 8-10K to live in it a year. Meanwhile a 1 bedroom apartment in my area is $800+ a month, which is breaking even at best for a much smaller space. If I moved back out to the country (which I plan to do in retirement) I think prices would be considerably less than that. Plus, my state (Texas and I assume others) has a tax exemption for senior homeowners that brings the tax rate down even lower than what I currently pay.

Why is this particular angle not talked about so much? I see a lot of people talking about selling their house to finance their retirement, but it doesn't seem like having a paid for house is a retirement goal unto itself. Should it be? Unless you live in a very hot market, it seems like the price of insurance and taxes are going to stay much more stable than rents which is much friendlier to a fixed income.

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landlord let me out of my lease and I am pretty shocked and VERY skeptical

Hello. my landlord and I came to an agreement, after months of me complaining about random things, that it is best that I leave. I am the one who initiated it, and he agreed to let me out my lease early. I am VERY skeptical. When I took the apartment, there was animal excrement and stuff in the closets, which I told him about right away. Also, as I was cleaning the floor boards, I cut my hand on a rusty nail that was protruding from in between the boards. I also documented that and told him it was unacceptable. I even threatened to sue (i never planned on it, but I was pissed). A month later is when I told him I want out. He was super easy going about it, when the management company is NOTORIOUS for being absolute dickwads. In the release agreement, he stated "tenant releases landlord from all damages, personal or property, while in the unit".

Am I being taken for a fool?

I also posted this in /r/legaladvice

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Advice on home buying of a duplex/quadplex with the intent of renting

For the first time in my life I'm in a position to become a home owner, and I'm interested in purchasing a duplex/quadplex and renting while living in one of the units. I consider myself handy, have spent the last 3 years acting as the onsite caretaker (lawn maintenance + viewing agent) for a 12 unit building, and have learned the hard lessons while streamlining the process.

So renting and maintaining isn't particularly my concern, my questions lie in the buying process:
– Are permits required to rent property as a landlord?
– Do banks/loan officers consider the expected income of your future rentals when considering APR rates and the sale itself?
– To the above, do banks/loan officers still require a roughly 10-20% down payment for rentable properties?
– How do HOA fees and other taxes differ for landlords of multiple unit properties?
– What features of the property were more important to you when buying for renting vs. buying for oneself?
– And lastly, what did you learn when you purchased a multiple unit or rentable property that you wish you had known going into it?

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Two appraisals don’t match, and now I’m out $5,000

Back in April I bought a house that was a complete gut rehab. Had a purchase price of $110,000 agreed upon. First appraisal comes back at $105,000, so I am forced to reduce the price to close. Then I find out a second appraisal is done for rehab homes that are purchased and sold within 120 days, and the second appraisal came back at $116,000. Am I stuck with the $105,000 or can we go back to the original purchase price?

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in TX, Thinking of buying the lot next to us.. best way to finance?

We sit on ~.5 acre and have a neighbor on the left side. There's a dried up creek bed behind us and an empty lot on the right side of us.

So, we only have 1 adjacent neighbor.

The lot just came up for sale (asking 50k, we'd offer 40k and maybe split the difference) and we're thinking about buying for two reasons

  • 1) to keep some privacy

  • 2) investment: outside of our subdivision, all the new lots are all ~.1 acre(some smaller!!) so these larger lots should be more desirable in the future.

Our home is valued ~285k, we currently owe ~86k.

We refi'd back in 2011 at 15yrs / 4.25%.

Credit score ~760

What's the best financing route to take if we wanted to buy this lot?

Thanks a bunch, TC.

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Avoiding conflict of interest

Good morning, I have had my real estate license for a little over three years now. Haven't ever really done a whole lot with it, mostly because I've found that I'm more of a design and planning person as opposed to advertising and marketing. My background has been in civil design and surveying and land planning. Well, I recently was hired as a City Planner. The Director of my department hired me knowing I had a license. My plan was to do no real estate at all within the city limits. I figured that would preclude any semblance of conflict of interest or anything. However! I was recently asked to pull up information on a parcel that is listed by another agent and to determine if price was fair, and if not, what would be fair, as the city may have an interest in buying. There will be a meeting of the powers that be at the City this evening about said parcel. I am to be there as the realtor for the city. I'm nervous about conflict but at this point, as I have in no way led this discussion, I don't yet find conflict. Thoughts and comments from anyone?? Also, I am really nervous about the being paid part. Personally I would really love the commission from this. But I also want to tread lightly. I need some experienced input here please!!

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