Author Topic: What's it worth to you: Rent, own, squat, co-inhabitants, peace of mind..?  (Read 4167 times)

Bearblastbeats

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My situation...

I currently am not paying rent in a soon to be foreclosed house. The Home owner (my mother) passed away and it's been three years and the bank has done nothing to grant me owner ship (Not that I even want it) or start foreclosure procedures.
I have two of my friends living with me and we split the utilities 3 ways. I have also offered up my couches to two more of my as of now homeless friends.

I am enjoying the company, the ease of small bills to pay and pretty much the fun we all have together. Sometimes are more trying than others of course, mainly between everyone else. I don't bother to get in arguments with anyone anymore. I also get to use the living room for band practice which happens 2-4 times a week.

The downside is the huge lack of privacy, kind of lacking full security, and just sometimes I would like to come home to an empty house and not a ton of trash and dishes and filth everywhere. I also hate waking up in the morning to shower and see cat shit outside of the litter box because one roommate is too lazy to keep up on it regularly. BUT HEY, ITS FREE LIVING!?!?!


On the other hand, my good friend wants me to go in on renting a house with him and his gf. We once lived together (at my current residence now...) but he moved out to be with his gf. I like the idea of living with him because we are both clean individuals and have more fun hanging than the other people I have mentioned before.

I try and tell him that I enjoy living rent free and financially I should ride this gravy train until the bank takes it from me. I also tell him that I would rather own a house and pay a bank for a tangible asset as opposed to paying a landlord.

I have no idea when the bank will take it so we are all traveling light and not holding onto much material possessions.

Anyone in a weird situation like this?

Nate R

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I'm not in a similar situation. But if I was living rent-free, I'd clean the litter box myself if it helped me "enjoy" the rent-free living.

.22guy

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Kick them out?

Bearblastbeats

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Kick them out?

I don't have legal ground to do this.

Plus, one other person other man myself have a job. So, it's more of me helping them out.

CanuckExpat

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So this doesn't answer your main question (short answer: hard to beat free rent), but have you looked into the adverse possession laws in your state/jurisdiction? Three years is a long time, you might be part way to owning the home...

Bearblastbeats

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So this doesn't answer your main question (short answer: hard to beat free rent), but have you looked into the adverse possession laws in your state/jurisdiction? Three years is a long time, you might be part way to owning the home...

Adverse possession for NH is 20 years. If they will count that I moved into the house with my mother in 2001 then I will only have 8 years left. If they only count the time after she passed 3 years ago, then that is another story. However, I have no interest in this particular property.

1) It's in one of the most terrible neighborhoods in the city
2) The back taxes on the property itself are probably a couple of grand at least.
3) Due to lack of sufficient maintenance and wear and tear (such as roof repairs, plumbing, new furnaces, patches a ton of holes, etc.) would cost me closer to 10k

It's not something I would be interested in to be honest.

stevedoug

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Does the bank know you are there?

Done by Forty

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I'm not in that situation, but, if you're young and generally enjoy spending time with others, I'd continue on and use this time to save in a way that is probably not possible later.  If the real problem is that people aren't cleaning, you might try to get everyone to agree to a power hour of cleaning every Saturday (key: remember to include beer during power hour for proper motivation).  My old buddies hosted a weekly barbeque, mainly, to get the house clean.  They noticed they only really cleaned when girls were coming over.  So they invited a bunch of people over for a big bbq every Wednesday, and the house somehow got cleaned every time.  It worked great.

If getting your roommates to clean isn't working, it may still be better financially to hire a cleaning lady rather than letting the frustration of a dirty house push you to an ultimately more expensive living situation.

e.g. - the refusal to pay a cleaning lady $100 every two weeks, causes you to take on $700 in additional rent every month.  Financially, it's best to clean your house, of course.  Still, better to take the 2nd best option than the distant 3rd.

Another factor is your inability to later choose to go back to your current living situation; but you can, and will forever be able to, rent or buy a place and share the costs with other people should you choose that later. 

As for owning vs. buying, it's important to really run the numbers.  I agree that it feels better to see how you're owning an asset but there are cases where renting (especially if you're setting up a rental situation wherein you split costs with a bunch of people) can be better financially.

Bearblastbeats

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The bank is or should be aware. I've been trying to contact them since my mother passed 3 years ago, sent them her death certificates, sent them all my information to contact me, check my credit to approve me for a loan and what have you to no avail.

I eventually gave up.

The cleaning isn't going to drive me that insane, and i can't offer beer for power hour since I live with a bunch of drunks as it is. Last night however the cat owner finally clean the box and took his desk and computers out of the living room or (his bedroom extension). So it was great to sleep through the night and not get woken up at 3 AM with him fighting with his gf or them watching movies all night on the other side of my bedroom.

For the price of zero dollars there isn't much I can do about some things. The POS who lives up stairs won't let us go in and check what is flooding our bathroom everyday. Half the ceiling fell down and is now just water everywhere. It's also a constant battle for parking in the driveway, though the driveway can fit 10 cars somehow it's still an issue.

Oh, and wanting to play my drums, 2 occupants say (You can't play your drums everyday, blah blah) but I just want to reply with something like "Well, if you want, you can go find an apartment and pay rent for peace and quiet." For a bunch of squatters, there is still plenty to complain about. lol

CNM

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Kick them out?

I don't have legal ground to do this.

Plus, one other person other man myself have a job. So, it's more of me helping them out.

Yeah, but I would think that if you invited your friends to squat at your house they would understand if you wanted them to get the hell out.