Yep NYC is VERY tenant friendly. I have family in the Village who have been on rent control since the 40’s.

If emotionally it makes you feel better, then sure. It really depends on your situation and calculations.

In the 2008 financial crisis, we were a single-income family and my dad was unemployed (6-8months) and taking short contract work where he could. My mom was the stay-at-home-parent but self-taught herself trading/investing. She pulled out all the money from her investment accounts to lump sum pay off the mortgage since the instability of steady income had mortgage interest payments eating away at savings.

Her reasoning was that property tax would be less instead of letting the mortgage slow bleed money away. Luckily my dad found a really great government job a few months later. I think they were close paying it off anyways, so she just accelerated it by a few years.

For my husband and I, we put down 20% and had locked in a low 3.01% fixed rate for next 4-5 years. So for us the question is where can the same money get better returns. For example, we keep part of our emergency fund in a high-yield (5%) GIC for 6 months.

Even if we could buy our place for full cash, I'd probably still only do 20% downpayment (maybe higher if it's an investment rental property and I'd calculate the most efficient time/money ratio to see returns) because the house equity is probably not going to outpace the money being invested in something else with higher returns.

Also, I would want to diversify and not have majority of net worth be tied to something as illiquid as housing.

Why? Rent is paid one month in advance already so why would you prepay? As another redditor said you could put money into an interest bearing instrument like a CD or T Bill. Or just keep it in your bank account for piece of mind.

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No. There is no currency devaluation. I do not live in a developing country.

The yield is 5.89%, and that is it. As noted before, this isn't the US.

This is also irrelevant to the topic so I won't be responding further.

Edit: the yield of cash is 5.89% here. The currency is not weak relative to major economies USA/EURO/YEN. Not sure why I got downvoted. Pissy about the higher cash yield?

If you do this, try to negotiate a discount. Some landlords will give like a 10% discount for this

Sometimes is goon look like a smart move and other times you just end up regretting it. But it’s always a 60% chance super idea

If your cash yields 5.89% I would ask to compare the value of your currency against the US dollar, the euro, and check if you’re not actually getting a negative return due to currency devaluation

I'd put any extra cash into an account and set up post dated online payments (e transfers, ETFs etc) so the money sits there and gets sent out early to the landlord. I tend to set it to send 5 days early each month so he gets it and I don't have to get about it. I get my email confirmation hes recieved the e transfer (email money transfer) and file it away.

This is a terrible idea. You’re basically giving your landlord a free loan and putting that liquid at a much higher risk. Unless you’re getting a massive discount, definitely don’t do it.

Yeah it sounds like he just moved so I bet they can't verify his new address.

3.3 falls within the 3-5% I gave in my example.

Personally, my cash yields 5.89% but that's not in USA. The reason I gave a 3-5% estimate was for a rough estimation, and that's all.

3.3% beats 0%, regardless.

don't think so, i bought a new car last week and they were able to pull my credit for that

no

i have two bank accounts

If I was a landlord and a prospective tenant offered to prepay rent, that would be a huge red flag. There is no logical reason to prepay rent unless the applicant is up to something nefarious.

Doubtful. That's just more for bank know your customer laws. Probably due to public records mismatch, such as address, etc.

You can get money orders to pay for your rent, save them somewhere safe, and drop off the rent when due. The money is already taken out of your account. Unless you cant pay that way, but I wouldn’t recommend it since you’re in NYC. My husband and I moved up and out of the Bronx/Manhattan.

i technically start my job tomorrow, but the applications asked for my occupation. maybe that could be the reason?

I live in LA and a neighbor booked a commercial or something and wanted to pay 6 mos of rent in advance and the bldg mngmnt wouldn't let them. I wondered if it had something to do with taxes on their end.

If you've got so much cash saved up that you could pay rent upfront for a long time, maybe it's time to look for a house?

Instead of rent money going directly to the landlords pockets, it would go toward a home you don't pay rent to live, ofc. there are maintenance costs and you'd have to do most of the work yourself, but it's something I did when I reached a position were I had enough to buy a small house.

Turns out it was the best thing I ever did, because the land + house appreciated so much over the last 10 years that it's now evalutated at 3x the price I gave for it, plus the fact I've lived rent free with just 3K in maintenance costs the last 10 years, so it can be a very lucrative investment.

Nothing to do with age, credit, or any type of payments.

Very probable that it has to do with the information you entered and what it was compared to for identity verification.

Side tangent - I actually am in a situation where priority repairs aren’t being done (I live in California) and I’ve never broken a lease before but plan to. How successful is threatening legal action against a landlord (corporate landlord) when it comes to breaking a lease early? I have a letter that has been reviewed and edited by an attorney stating all the violations that the landlord has broken but I’m just anxious because I haven’t had to break a lease early before. How do you even claw your deposit back when it gets to that point?

Edit: typo

They will usually send a letter in the mail with the specific reason fyi, wait about a month and see

Is your credit frozen?

Have you been a victim of identity theft or even at risk due to data leaks?

Have you had a bank account before?

i think a percentage makes sense. get your house appraised, and then divide your equity by the appraisal

It would be a fine idea, if whomever you're renting from is willing. Make sure you get it in writing that you've paid already for this many months.