Man pre-pays $732,000 in rent for 61 years. Now the landlord is trying to renege.

[klientel]

Lmao what kind of scam shyt is this

I’m surprised the courts even entertained this

 

[jdubnyce]

I'm confused by this tenant's strategy

 

[EndDomination]

There would have been no rent increases for 61 years. It would have stayed 1000 a month until July 2085

Leases are limited by statute in almost every state from 3-5 years unless notarized and filed with the recorder's office.

Anything that long is a land-contract and going to be subject to other statutory conditions giving the "tenant" a permanent interest in the property

 

[IsThatBrothaMouzone?]

Well it depends how you view it because 1000 a month for a whole house over 61 years, with inflation, taxed, maintenance, as the years pass that 1000 will become more and more chump change to the landlord.

Also, one particularity about this case is that the tenant claimed he prepaid 144k of rent cash to the son (in other words, he says he prepaid 12 years of rent cash) and he had a signed receipt from the son...

Good points.

If breh really got paper like that, he could just rent a crib and invest the rest of the money.

Would you rather give your kids a house worth $400k + $100k in cash.....or put $500k into some nice index funds and let them inherit whatever that turns into?

Most people put their $$$ in a house because that's the one investment vehicle that average people "understand." If you're heavily liquid, you don't really need to buy a house unless you just want one. You can turn the cash into more cash. A house is like a compulsory savings account, that'll likely increase significantly in value...BUT ALSO has much higher expenses (taxes, insurance, repairs etc).

Long term capital gains tax is like 20%...and that's about all you'd have to pay to cash out.

 

[Turbulent]

Leases are limited by statute in almost every state from 3-5 years unless notarized and filed with the recorder's office.

Anything that long is a land-contract and going to be subject to other statutory conditions giving the "tenant" a permanent interest in the property

I followed this case while it was happening and i remember reading in the comments something similar to what you said, but they also said it's not law in Michigan which is where this case is taking place. Admittedly, i didn't verify if that's true or not.

EDIT: Also i tend to believe there is no such statute in Michigan cause the judge would have brought it up as soon as the tenant showed the 61 year lease.

 

[Lord_nikon]

I'm confused by this tenant's strategy

breh and landlord are in cahoots

 

[Conan]

This is true, Home ownership is lots work and unexpected, example.. I gotta have a new hot water heater,, my shyt is leaking,,,

With that being said, this is probably a scam

My landlord came out of pocket $12,000 for a new water heater , that ain't life. God bless y'all

Are you retarded? I was responding to someone that suggested he did not want the responsibility of home ownership, which you do not have while having a CONDO! You have nowhere near as much responsibility OR maintenance with owning one versus a house. If you are living in one spot then paying all that money is retarded to rent.

Owning a fukking condo is way more preferable then pre paying a lifetime of rent, what type of dumb shyt is that to try to argue against? You literally have an asset that can be re sold. If you want to move somewhere else, sell it and buy another one which you cant do when you give ownership level money for a rental unit.

Next time mind your fukking business before you speak since it seems you cant do so without being ignorant as fukk. No one was speaking to you hoe.

Now I know you're retarded

1. nikka, yes you do have a significant amount of responsibility owning a condo. What do you think HOA fees and special assessments cover? Besides that, you are responsible for maintaining all the shyt that needs to be repaired in the house.

2. Owning a condo or a home is a personal preference you mongrel , it's by no means the objective solution. Plenty of people with bread build equity via other means than owning a residential property.

3. When you post on a public forum, your moronic posts no longer become your business, since you do us the disservice of having to read your drivel

4. You got me mistaken for your mom, she's the ho. Was tryna give me top for $20, told her to get lost

 

[Loose]

nikkas talking about some people don't want responsibility of home ownership and rather pay damn near 1mm for someone else mortgage's . And yall wonder why we a permanent bottom class

 

[BangBike]

I put 6k on my MetroCard..

 

[ScoopNScore]

If you had that type of cash on hand why not buy outright

Someone prolly scared him off in telling him he still gotta pay taxes and water bills n shyt and he hit the without calculating the long term value

 

[Conan]

What Is Loss Assessment Coverage?

Loss assessment insurance works with a condo or homeowners association policy to provide additional out-of-pocket expense coverage for qualifying perils.

www.progressive.com

Insurance wouldn't cover expected maintenance. All the examples are expenses caused by unexpected events.

nikkas talking about some people don't want responsibility of home ownership and rather pay damn near 1mm for someone else mortgage's . And yall wonder why we a permanent bottom class

I promise you owning a home ain't the only way to build wealth

 

[Loose]

Insurance wouldn't cover expected maintenance. All the examples are expenses caused by unexpected events.



I promise you owning a home ain't the only way to build wealth

Land is one of the best ways of building wealth, yes theirs others but this is why we're a permanent bottom class. This type of dumb ass thinking

 

[thefloorislava]

Obvious scam, if he had that kind of money he would just buy a house. Not even half retarded football players with truckloads of money would pay 61 years in advance to “stay focused on family”.

You need to have an explanation for having that kind of disposable income and the breh already admitted that he’s a felon. Hes trying to stall through the legal system so he can continue squatting.

 

[num123]

nikkas talking about some people don't want responsibility of home ownership and rather pay damn near 1mm for someone else mortgage's . And yall wonder why we a permanent bottom class

People really coming out of the woodwork to show how retarded they are, trying to explain why someone waste all of that money on a rental. Even if you were completely lazy you could get a company to manage the property and give them a cut. Some real fukking idiots here.

 

[num123]

My landlord came out of pocket $12,000 for a new water heater , that ain't life. God bless y'all



Now I know you're retarded

1. nikka, yes you do have a significant amount of responsibility owning a condo. What do you think HOA fees and special assessments cover? Besides that, you are responsible for maintaining all the shyt that needs to be repaired in the house.

2. Owning a condo or a home is a personal preference you mongrel , it's by no means the objective solution. Plenty of people with bread build equity via other means than owning a residential property.

3. When you post on a public forum, your moronic posts no longer become your business, since you do us the disservice of having to read your drivel

4. You got me mistaken for your mom, she's the ho. Was tryna give me top for $20, told her to get lost

Aight, you are definitely retarded. Keep extolling the virtues of paying rent 61 years in advance with no return, when you could of instead bought property and made money from the value of the house/condo.