Renting a House For the First Time 

Yes it is and it can be a huge hazard to saving for a down payment!

i know Im pretty randomly asking but do anybody know of a good site to watch newly released series online ?

@Kyng Elian I use FlixZone. You can find it by googling :)

@Luke Ibrahim yea, have been using flixzone for years myself :)

@Luke Ibrahim Thank you, signed up and it seems like a nice service :D Appreciate it !!

That's exactly how it's done! Nice job.

I agree with that! We see that huge walk-in closet or that rooftop terrace and just decide we want it, even if it's not something we truly need or can afford.

Appreciate it! Thanks Zino! :)

I'm on board with those!!

That’s a really good point!! The renting process is a great preview of what you actually use before making that long term commitment.

Financial Lift am with you on this one😅. Mistakes made and leant a lesson.

Most people don't even use all the rooms they have =D

Hey Carer Forever, thanks so much for taking the time to watch my video and leave this comment. It sounds like you've got a tricky living situation but I commend you for making your family members a priority. If there's any way I can help you out with personal finance or money related questions or decisions, please let me know!!

That's the truth. So many people end up renting more than they need and then feel stuck because they can't leverage their income to save a down payment.

Not on RU-vid bro

It's so interesting how quickly the price per bedroom drops on larger properties. I remember renting at 3 bedroom townhome ($1,475/month, 1,500 sq ft) for just a couple hundred dollars per month more than a friend, who was renting a 1 bedroom apartment nearby ($1,250/month, 575 sq ft). It's almost like you need to pay a premium for the smaller space where you'll be living alone.

I'm so glad it was helpful! :)

That's a great point Joshua, and it really highlights some of the issues that people face in areas with a high cost of living. A quick calculation tells me that take home pay of $5K per month would equate to a salary of ~$87K for a single person. That's a pretty great salary in most places, but it just won't cut it in that area. If I were in that sort of situation, I would evaluate where I want to be in 5 or 10 years financially, and determine whether or not my current job and location would facilitate me getting there. If not, then it's time for a change.

Much appreciated! Love the support!!

deelscafe helped me out

Hey Windigo, thank you so much for watching and asking such a thoughtful question. The fact that you're thinking about how to make yourself appear to be a good renter is awesome and shows you're headed in the right direction. Here are three things you can do to make you stand out as a great applicant. First, when you go to visit the rental property, make sure you dress nicely and arrive at least 5 minutes early, especially if you'll be meeting the landlord or property manager. Second, get some letters of recommendation to submit with the application. Obviously you don't have any previous landlords yet (that would be the best option) but people like your supervisor at work or your guidance counselor from school could be great options. I would avoid using a letter from family members since it could appear biased. And third, if you can afford to do it, offer to pay 3 months rent in advance to move in (first month, last month, and a 1-month security deposit). Many rental properties might only require first month's rent and a 1 month security deposit to move in. Hope these tips help and good luck with the rental!!

@@PracticalPersonalFinance I greatly appreciate it!

Thank you Frank!!

Yes this is much more realistic

Hey now, don't get too down on yourself! We are all going through life at our own pace. I made a video about a month ago about finding a new job / career. It was a collaboration video with a career expert. I bet that one would help you out with taking the next step forward. I believe the title of the video was "How to Land a Job You Love" or something along those lines. If you have any other questions or if there's something I might be able to help you out with let me know!!

I highly recommend clipcrack on Instagram that guy is a helper

Much appreciated! Thanks Alex. :)

Awesome, thank you! Glad you enjoyed!!

Hey Anahi! The easiest way to find them is to either type in “by owner” into the search bar, or to look for the listings without professional photos; someone shot them on a phone or something. Best of luck with your rental!!

Thanks for watching Victoria and thanks for the awesome question! If you feel like he’s secure in that job and that you can depend on that income, I would start counting it immediately!

Glad it was helpful!

Thank you Carlena!! Appreciate you leaving a comment!

Thanks for checking out my videos Floris! The requirements will vary based on what type of home you're renting and who the owner is. Sometimes you'll just need to sign a lease agreement and pay a security deposit. Other times, you might need to submit to a background check and pay the last month's rent up front. As far as timing goes, I would start looking for a place to rent 1 to 2 months before it's time to move.

Hey Jacob, thanks for watching and that's a great idea to split with a roommate!! It's awesome that you're thinking of how much you can comfortably afford to spend on rent. I did another video about that exact topic called "How Much Rent Can I Afford", and you're already on the right path! Before I got married, I personally lived with two roommates, so there were three of us total in the house. Lots of 1 and 2 bedrooms in our area were in the $1,000 to $1,400 range (in Miami, at the time) and we found a nice 3 bedroom townhouse for $1,475. We jumped on that one real fast! With the rent split 3 ways I don't know if I ever paid more than $600 per month for my share, and I had the master bedroom. It seems the more roommates you add, the lower the cost goes. But at the same time the chances for chaos go up of course. I'm going to make a video soon about avoiding problems with roommates, make sure you're subbed so you can check it out! :)

@@PracticalPersonalFinance when you rent for the first time can you rent only for one month not more

I too was making about 1k a month but i picked up some extra shifts and i make about 1800 and what no one tells u is that u cant rent based on how much u have its based on how much you make before taxes so youll either have to ask for extra hrs/extras shifts and put in extra work or consider a 2 bed but that requires a loyal roomate and thats just what i know from experience and doing things by myself but if roomates are outta the question your price range is only 450-500 which in most cases is far from work

Hey, thanks for watching and thanks for this great question!! Living with roommates is an awesome way to cut down on your rent costs and get a great rental! Here are a few of the issues I've run into in the past with roommates, and my recommendation for each. 1. Problem: People constantly letting the dishes pile up in the sink. Remedy: Everyone agrees that there will be no leaving dirty dishes in the sink, ever. 2. Problem: Roommates decided that they were moving out unexpectedly, leaving the remaining people including myself with an empty room and higher rent. Remedy: Make sure everyone is on the lease and sign a separate agreement with the stipulations if someone wants to leave mid-way through - such as that they must find a suitable replacement or continue paying the rent. 3. Problem: Roommate has their significant other essentially living at the home. Remedy: Limit the number of nights per week / month that guests are permitted. 4. Problem: Roommate wants to have a party while I'm home but I'm not interested. Remedy: 2 or more guests at once requires approval from all roommates. 5. Problem: Roommate entering my bedroom without my permission when I'm not home. Remedy: Lock your bedroom door when you're not there. Hopefully these help!! This is actually a great topic for a video, I'll add it to my list for the future!!

@@PracticalPersonalFinance if you do make a video about moving in with friends, etc. that would be awesome. thank you for the advice!

Great question!! I personally do not like to include utilities when doing that calculation, since those can vary depending on a lot of different factors. The most important thing is to keep your costs low if you’re renting, so you can save for retirement or for a down payment on a home!

also we’re renting

Thanks for watching Freda! I recently made another video about renting apartments, but a lot of the advice is true for renting houses as well. This one should help you out! Here's the link: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ORutIfxU8KM.html

@@PracticalPersonalFinance okay I will watch that. Thank u

Hope it helps!!! Most important thing is to see the property in person and trust your gut. I’ve rented 3 different homes on CL and all were awesome!

Oof, that's borderline intolerable!

@@PracticalPersonalFinance yeah throw bills in there and I have about 10% spending/saving money

no

Ive been here before and all ima say is push thru it….it doesnt have to look good but as long as u live thru it u are winning JUST LIVE time will pass and more doors will open i have been doing things alone since 2018 i was 15 and my mom passed away and my father is in prison so learning everything by myself since that day has taught me to just sit still if u have to until the door comes open no matter how long u wait just keep looking for a job and find something to distract u while u wait on the calls I personally played video games everyday and night and got a call about a month and a half ago like literally last Christmas my uncle called me a bum because i didnt have anything going for myself and i sat and did nothing all day everyday but this valentines day i got to take a girl on a date for the first time in my life and spent 100 plus and it didnt even hurt my pockets im telling u bro the wait is worth just find a distraction and dont give up

@@TLBstax Videos Games was all I cared about until i decided it was a waste of my time; It also kept me more angry another reason I stopped playing. Your story is almost me but I have both parents (they don't live together nor ever married) and I too wasted over $100 and more on who would became my ex. I can't even view women or relationships the same because of her. She ruined my heart. I loved her so much and I thought she loved me too but now she doesn't even care if I live or died 🥺💔 I'm sorry you had to go through so much bad too but you are clearly a strong person now for it. We seem very much a lot in some areas but I don't want to wait anymore. I'm young but not as young as you. Glad someone took the time to care, thanks.

Reach out this number he will help get you a cheap house okay

910

502

Thanks for watching Khari! I know exactly how you feel when it comes to moving back in with your parents. I felt the exact same way after graduating college, which is one reason why I never moved back!! I've never looked too deeply into rent-to-own possibilities, but from the small amount I do understand, I'm not a big fan for a few reasons. I'm fairly certain that in a rent to own situation, you simply have the option of purchasing the property at a later time for a specific price. Some of your lease payments might go toward the eventual purchase price, but you certainly wouldn't own it free and clear. On top of that, you might be responsible for repairs and maintenance on the property more so than you would otherwise as a renter. It's nice not to have to worry about things like pest control, landscaping, appliances, HVAC, plumbing, and electrical issues while you're renting. It allows you to keep a really lean budget and save up that down payment. If I were in your shoes, I would find a place to rent for a reasonable price and start working on paying off any debt, then saving up an emergency fund, then saving up for a down payment. I've made some other videos on all of those topics. Any other questions please let me know!! :)

@@PracticalPersonalFinance Thank you so much for responding! And for the advice. I just get super discouraged when I look at rent prices some places and multiply by 12 and then realize I could put that towards a house 🥲overthinking for sure lol. I will do more research. In the meantime I will watch more of your videos :) Many blessings to you and your loved ones! 💕

To rent it out, yes!

wait what ?