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Oh no what are we going to do ?? ( I think we will be okay update )

post #1 of 23
6/26/10 at 12:34pm
Thread Starter 
Today we received a letter int he mail that our Rent is going to be increasing to $1000.00 a month and so will our security deposit . So for August first rent with be $2000.00 this gives us 30 days to come up with this money and be in a month to month lease or we need to find a new place by the end of July and still have to come up with money for First months rent and security.

I have no idea what we are going to do. We own a piece of land but do not have the money to build anything right now.

I am so scared I will end up living in our car or camping on our land. My husband and I are both self employed I feel like everything is just caving in beneath us.

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post #2 of 23
6/26/10 at 12:36pm
Don't you have a security deposit already? If so, I would guess that you would have to just make up the difference.
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post #3 of 23
6/26/10 at 12:41pm
I also would be very leery of putting down such a big security deposit on a month-to-month lease. Is the landlord willing to sign a longer lease? Is that what you want? Seems like by signing that lease, you are at a high risk of ending up in exactly the same situation you are in now.

Do you own the land outright? Can you mortgage the land for a little bit of extra cash to buy a trailer?
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post #4 of 23
6/26/10 at 12:45pm
Thread Starter 
yes we do but it was not that much that we had to pay So we still need to come up with about $800 or so.
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post #5 of 23
6/26/10 at 12:45pm
I don't understand how they can increase your rent, and charge such a big deposit. Is a full month's rent as a deposit usual in your area?
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post #6 of 23
6/26/10 at 12:47pm
Thread Starter 
yes we own the land outright. We do not want to stay where we are and were also told that if we had to move out in August we would get 60 days but that is not happening now.
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post #7 of 23
6/26/10 at 12:48pm
Thread Starter 
yes and we would only have to pay the deposit once then our lease would be month to month $1000.
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post #8 of 23
6/26/10 at 12:55pm
Can you ask the landlord to break up the security deposit over a few months? Maybe tell him you will definitely stay the entire time you are paying the deposit and put that in writing?
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post #9 of 23
6/26/10 at 1:04pm
Thread Starter 
Our landlords are an elderly couple that live out of state. There is no negotiations basically they have bumped up the rent to an extremely high price so all the tenents leave. They are trying to sell the buildings as they no longer want to take care of them.
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post #10 of 23
6/26/10 at 1:16pm
Is the amount of increase legal? It doesn't sound like it... if it's not, you can show them that and see what they do.
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post #11 of 23
6/26/10 at 1:26pm
Thread Starter 
Yes it is legal. The Letter we received was from their Lawyer.
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post #12 of 23
6/26/10 at 1:29pm
I'm so sorry, mama.

I would start looking for another place, tbh. Do you have friends who could help you move?
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post #13 of 23
6/26/10 at 1:32pm
Here is what I think I might do in your situation. Some of this might not be possible where you are because of different cost of living, etc., but maybe you can take part of my ideas and make them work.

I would let this apartment go. I would try to get very basic housing as cheaply as possible, knowing that it is just for the short term. A one bedroom, maybe? and then a storage unit to deal with what wouldn't fit there. I would hope that the deposit and first month's rent would be something less than the $1000 you would owe in rent by staying where you are. I would then explore getting a direct loan from the USDA rural development program (assuming that the land is rural enough to qualify) to build myself a house on that land. I would live in the apartment until the house was done.

The rural development program means no down payment and a very low interest rate. They are also a little bit more willing to work with self-employed people than a traditional bank program. The downside is that they have rules about building to code and building a modest house. It is hard to finance farm buildings through them or do something unconventional, like a yurt or a straw-bale house.
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post #14 of 23
6/26/10 at 2:13pm
Quote:
Originally Posted by Peacemamalove View Post
Yes it is legal. The Letter we received was from their Lawyer.
Keep in mind that just b/c a lawyer sent it doesn't mean their actions are legal. I worked in tenant/landlord law here and saw landlord's lawyers do all types of things that weren't legal, but they didn't think they would be called on it.

I still would find a new place if I were you, but it might not hurt to contact a local tenant's rights place and see if it is legal and if you might be able to buy yourself a little more time.
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post #15 of 23
6/26/10 at 2:55pm
I just googled Vermont Tenants Rights and Vermont Renters Rights and found several links.... There is also a number for free legal advice. Good Luck!

Just checked, they have to give you 60 days notice http://www.cvoeo.org/htm/Housing/ten...increases.html
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post #16 of 23
6/26/10 at 3:14pm
Quote:
Originally Posted by QuestionGal View Post
I just googled Vermont Tenants Rights and Vermont Renters Rights and found several links.... There is also a number for free legal advice. Good Luck!

Just checked, they have to give you 60 days notice http://www.cvoeo.org/htm/Housing/ten...increases.html
So, it looks like rent can't legally be raised until September 1st, if and only if your lease is already up. If, say, your lease is up in January, they can't increase until then, unless the lease says they can (Please tell me you didn't sign a lease that gives the landlord the right to increase rent at anytime!)
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post #17 of 23
6/26/10 at 5:19pm
Thread Starter 
I guess my freak out was a little premature. After contacting a few people we do have until September 1st not August.

There are some rents in the area and a few family members said they will help us out if we end up needing it in the end.

I think things will be fine it was just so overwhelming all at once!
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post #18 of 23
6/26/10 at 5:20pm
Thread Starter 
and Thanks everyone for all the advice
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post #19 of 23
6/26/10 at 5:48pm
Glad to hear you have a bit more time than you thought and family members willing to help out!
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post #20 of 23
6/26/10 at 6:37pm
Quote:
Originally Posted by Defenestrator View Post
I would let this apartment go. I would try to get very basic housing as cheaply as possible, knowing that it is just for the short term. A one bedroom, maybe? and then a storage unit to deal with what wouldn't fit there. I would hope that the deposit and first month's rent would be something less than the $1000 you would owe in rent by staying where you are. I would then explore getting a direct loan from the USDA rural development program (assuming that the land is rural enough to qualify) to build myself a house on that land. I would live in the apartment until the house was done.

The rural development program means no down payment and a very low interest rate. They are also a little bit more willing to work with self-employed people than a traditional bank program. The downside is that they have rules about building to code and building a modest house. It is hard to finance farm buildings through them or do something unconventional, like a yurt or a straw-bale house.

I agree with the yurt idea!

http://whitemountainyurts.com/
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