Renters Become Their Own Landlords
The New York Times this weekend chronicled the housing woes of Mariah and Dominique Freda, two sisters who started out by playing the rental game in Park Slope. They were leasing a two-bedroom for $2,050, but the poor conditions and the inflexibility of the landlord motivated them to look into buying a place of their…
The New York Times this weekend chronicled the housing woes of Mariah and Dominique Freda, two sisters who started out by playing the rental game in Park Slope. They were leasing a two-bedroom for $2,050, but the poor conditions and the inflexibility of the landlord motivated them to look into buying a place of their own. The buying game turned out to have obstacles of its own, but the sisters eventually settled on a 1,400-square-foot, two-bedroom, three-bathroom condo in Park Slope with a spiral staircase leading to a basement recreation room. The apartment had started out with a price tag of $639,000 but had recently been reduced to $599,000 and had a deal fall through; with some help from Dad, they were able to make an all-cash offer that beat out a higher, competing bid. The common charge and taxes were slightly less than $400 a month. “I didn’t realize how annoying a landlord is until I didn’t have one anymore,” Dominique told the Times. From the article, it seems that the Freda sisters could not have purchased the condo without their father’s assistance, who provided the up-front cash and is acting as the girls’ mortgage lender—a luxury that not all renters have—but their story is also one of renters who persevere to take matters into their own hands.
Theirs to Fix and Fix Up [NY Times]
Photo by Angel Franco for The New York Times
“I doubt any of you in the same circumstances would think otherwise. As if none of us would do the same thing for our families if we could and it was needed.”
Bxgrl;
I would kindly ask you to speak for yourself. I AM in a similiar situation – I have a 25 year-old daughter – and I DO have the means to replicate this Daddy’s “kindness”. I chose not to, and I think my daughter is the better for it.
My daughter was renting a place on Union St. that was a sh#thole. You know what she did recently, all by herself? Talking advantage of the weak rental market, she was able to get a much better place in Greenwood Heights for just a few dollars more. I am pleased with her maturity.
As I said at the beginning of this thread, this is a philosophical issue. There is no right or wrong answer, it comes down to one’s value system, really. If this father wants to do this for his daughters, it is his right to do so. In my opinion, he has done them no favors.
the new season of 90210 starts tonight. at least the rich daddy’s girls in the 90210 zip own their spoiledness. cant really same the same for 11217 (not the poster)
*rob*
snappy- really.
some of these people make it sound as though they personally offended them. Silly.
waterballons. ’nuff said
*rob*
Tybur, let’s go ahead and assume that they are not repaying their father for the apartment. I say again, so effing what?
It’s their money and their father who has the right to decide how he wants to spend it. I doubt any of you in the same circumstances would think otherwise. As if none of us would do the same thing for our families if we could and it was needed.
And I am with snappy. WTF, indeed.
Snappy… I think everyone’s panties are in a bunch because we have two 15 year olds with a biological ages of 24 and 26, with barely any income between them, being basically handed a $600,000 apartment.
Do you think they are really paying dad the $2,000-3,000 a month for the “mortgage”? And the additional $1,000 a month for maintenance and taxes? I really don’t think either of them paid the full amount when they were renting… why should they start now?
This story could take place in any neighborhood. The size of the property would just change.
They are little princesses that got to be in the newspaper! We should be so proud of them.
And I’m so over this whole ‘renting is stupid’ bullshit. Not everyone wants to buy. Not everyone can buy. WTF???
i read this, and took it to simply mean that renting is stupid, and that buying is the way to go. how it’s financed is irrelevant.
dad is a smart guy.