Anyone else here forced to retire and scared to death?

[canuck5]

Maybe ask some of your neighbors, friends, relatives, business associates .... anybody you might know, to see if they know of someone looking for an apartment in your area. You "find" your own replacement, for your apartment and see if the Managers will let you go, since there will likely get someone else locked in for another year. No harm no foul? Win - Win?

As easy as picking up the phone? What can it hurt?

 

[daylatedollarshort]

Op will pay $20k for his apartment for 8 mos. He has stated that $800/mo in the Richmond area would suit his needs. If it is worth the extra $13,600 to keep his good credit and to honor his commitments, I not only don't see anything wrong with that but applaud his moral character. I also see nothing wrong with talking to a lawyer to find out what the law says his legal options might be. Either way, I don't think the $13,600 is going to put him in the financial peril that a lot of folks here are suggesting. As well as finding appropriate housing in a close but more affordable area, the Op has made an appointment with a lawyer. I think he is on a good course that will serve him well.

I agree with this advice. If it were me I probably would not focus on breaking the lease. I think what happens over the coming decades is more important than what happens over the lease period. I would take a look at Reddit threads like this and focus on building up a side gig income stream:

https://www.reddit.com/r/beermoney/comments/4vy8gs/who_paid_you_forin_july_here_is_my_list/

And use this time to look for a nice, lower cost of living place to live.

 

[l8_apex]

Since nobody has mentioned this yet - just bribe your property manager with a couple of hundred dollar bills in his/her pocket. I've got a feeling he/she will be willing to cut things short, as I'm assuming there will be no trouble re-renting your unit.

Even if the bribe needs to be $1000, you'll still be way ahead by getting out asap.

As for me, I'd find a new place now, move out, clean the place so it's spotless, take pics of everything, send a certified letter to the property manager outlining all of this, and hand them the keys. They'll have to make a good-faith effort to re-rent it and then the most you can possibly owe is for the time between your departure and the next tenants.

We're all hoping you've taken other actions besides the apartment issue, any updates on those?

You've got choices and keeping to the status quo isn't the best one.

 

[aaronc879]

The OP renewed his lease for a full year. Where I live, almost all leases go month-to-month after the first year. Is this just a local thing? If it's available where you live or where you plan to live, I would make sure that your next lease goes month-to-month after the first year.

To the person who said the OP is broke, are you really that out of touch with the average american? $300K is FAR from broke. With almost $300K AND $1200/mo SS coming soon, he should be able to live a very good life in a low cost of living area that many people can only dream of. For the record, I don't know of a single person(couple) who I personally know who has amassed $300K in savings in their lifetime including myself.

 

[Sunset]

The OP renewed his lease for a full year. Where I live, almost all leases go month-to-month after the first year. Is this just a local thing? If it's available where you live or where you plan to live, I would make sure that your next lease goes month-to-month after the first year.....

Seems strange to me too, as when I've rented after the first year, it was either 6 months, or month to month.

 

[pb4uski]

I have taken everyone's advice that I should move ASAP regardless of my lease term, very seriously. I will likely follow through and break my lease. But to move from an area that I have lived in for over 25 years and break my lease and risk being sued and have my credit ruined, isn't something the typical person does quickly. I have to figure it out. I am all alone in this decision.

I can understand your reluctance to move and risk ruining your credit, etc. Even if the new landlord checked, so you have another lease... what's it to them if you are paying 6-12 months in advance? Besides, they may be sympathetic with your plight and your current landlord's refusal to work with you.

If you have more than one bedroom, could you rent out that room and take in a roommate? That would dampen the cost. My DS doesn't make a lot and shares and apartment with someone about his age... they did not know each other when they first met but it has been a win-win.

Otherwise, the cost of keeping your credit is $10k, about 3% of your savings and if that is worth it to you then ok.

 

[daylatedollarshort]

I have taken everyone's advice that I should move ASAP regardless of my lease term, very seriously. I will likely follow through and break my lease. But to move from an area that I have lived in for over 25 years and break my lease and risk being sued and have my credit ruined, isn't something the typical person does quickly. I have to figure it out. I am all alone in this decision.

I would probably feel the same way unless a lawyer or someone with expertise in my state's lease laws told me otherwise. I've lived in the same place a long time, too, and it would not be an overnight decision to move.

 

[Yarnstormer]

I don't see anyone suggesting you start ridding yourself of stuff. Start selling so that when it's time you can move easily and it won't be so daunting. Also the income might help.
Hope the lawyer was helpful!

Oh whoops i see people have suggested this. I too had to move alone it's scary but you have time to get rid of the stuff thats dragging you down!

Sent from my iPhone using Early Retirement Forum

 

[CountryGal]

As for the notion that the new landlord knows you have 8 months left on the old apt, is that an issue? By the time you find something and are ready to move it will likely be 6 months or less. They don't know how much money you have or what your circumstances are. Perhaps you have found THE apartment and don't want to lose it. Perhaps you need to take your time to transition to the new location and need two places. Perhaps you will be working part time in both places for a period of time... you could have any of these scenarios.

You also may want to take some time to figure out where you want to go and finding the right location that you can afford to live in longer term.

I would ask myself the following questions if I were in this situation:
- Why do I even care if I have a pristine rental/credit rating? I don't plan on buying anything on credit or taking out any lines of credit. If I buy something it will be 'cash'. If I have the 2nd apartment before breaking the lease, I will have 6 months to a year of payments to re-establish credit.
- How long will it take me to downsize to the size of apartment I am moving to? It can take awhile to sort through everything and get rid of it.

Good luck! You have a lot to think about and a lot to do.

 

[38Chevy454]

OK, so the lawyer says the lease does not have any get out provisions, and no luck going to the higher mgmt for the apt and tugging at their emotions. With OP wanting to stay in the area and not sacrifice his credit rating, the only option now is find some employment to cover the additional expense and help get through the end of the lease. Keep looking, seasonal employment, temp agencies, etc. As suggested by several replies many pages back, get yourself looking better with a nice haircut, dye out some of the grey, and change your attitude. Update the resume to state you are retired, but are looking for supplemental income. Don't be too good for a position. Emphasize to interviews that you want to have a job to keep involved and feel like you are contributing, even if the real reason is short term financial gain and no intention of starting a new career.

I have a friend that retired from a technical position and is now back at work, full time even, as a school janitor. He needed extra income, and the janitor job is nights after school so he pretty much just does his thing alone and it works for him. Sure he would rather have a technical job and make higher wages, but this was available and close by his home. My friend is a good example for the OP, to do what it takes given the situation.

 

[ivinsfan]

I have taken everyone's advice that I should move ASAP regardless of my lease term, very seriously. I will likely follow through and break my lease. But to move from an area that I have lived in for over 25 years and break my lease and risk being sued and have my credit ruined, isn't something the typical person does quickly. I have to figure it out. I am all alone in this decision.

On the contrary I think you are getting some good advice here from people who have real world experience. Either break it or don't break it. you seemed convinced you wouldn't break it until the lawyer told you that you couldn't and now suddenly you are going the break the lease.At this rate it will take you until the lease expires for you to figure out what you want to do.

You seem stuck and unable to move forward. Have you checked into cheaper health insurance.

 

[CountryGal]

I think you just need a day or two to process your decision. The lawyer said it was unlikely you would get sued and you have a way to mitigate the poor credit rating risk for renting.

An exercise I went through on a recent decision I had to make: write out everything you are afraid of or concerned about. Evaluate all the pros and cons. It really clarified my answer.

 

[samclem]

I went to the real estate attorney yesterday and he went through my lease very carefully and said there was nothing I could do legally to break the lease. There was no out. He said it was unlikely I would be sued but breaking my lease would end up on my credit and rental report, making it nearly impossible to rent another apartment.

I think there are several flavors of real estate attorneys. An attorney that helps with closings, or who helps clients write and enforce leases for the income properties they own is not the guy you want. You need someone who specializes in tenants' rights, and is familiar with the laws and (especially) the common practices of property management firms in your area. They may even know about the policies and typical enforcement actions of the property manager for your apartment. I would expect that such an attorney might suggest ways to reduce the likelihood of adverse credit reporting, etc. At the very least, I'd expect him to suggest/offer to write a letter to the property manager that you could use if you decide to break the lease . . . putting them on notice that, as your attorney he'll be watching them like a hawk for full compliance with the law (requirement to make good faith efforts to rent the place and stop billing you when they do, that any ding to your credit will be grounds for legal action against them if they haven't crossed every T and dotted every I as required by applicable law, etc). It should be full of citations from tons of applicable laws that landlords must comply with. Basically, let them know that you are not Mr Milquetoast, you have retained a lawyer and you/he intend to be a horrific PITA and cost them a lot of money and court time if they choose to make this difficult. They have no way to know if you are bluffing, and they will not want to take the chance of finding out. They are in the business of renting properties, it is in your interest to help them stay on that course and not go down a possibly expensive legal detour of pursuing you when they could more profitably use their resources to just find another tenant.
Maybe you were talking to the right guy, but the answers and "help" he provided make me wonder.

 

[daylatedollarshort]

There is a recent post on Reddit about some students not being able to rent an apartment because of false evictions on "Realpageinc's renters check" report. I don't know if breaking a lease would have the same impact but it seems like this is the kind of situation the attorney was referring to.

The guy in the previous Reddit link on online work made over $2K last month just with odds and ends online programs plus Mturk. That kind of work is online so it could go with you when you move. There are also sites like gigwalk, field agent and task rabbit. If you can't find a regular job then maybe the gig economy will be a better fit for you.

 

[gauss]

I think there are several flavors of real estate attorneys. An attorney that helps with closings, or who helps clients write and enforce leases for the income properties they own is not the guy you want. You need someone who specializes in tenants' rights, and is familiar with the laws and (especially) the common practices of property management firms in your area. They may even know about the policies and typical enforcement actions of the property manager for your apartment. I would expect that such an attorney might suggest ways to reduce the likelihood of adverse credit reporting, etc. At the very least, I'd expect him to suggest/offer to write a letter to the property manager that you could use if you decide to break the lease . . . putting them on notice that, as your attorney he'll be watching them like a hawk for full compliance with the law (requirement to make good faith efforts to rent the place and stop billing you when they do, that any ding to your credit will be grounds for legal action against them if they haven't crossed every T and dotted every I as required by applicable law, etc). It should be full of citations from tons of applicable laws that landlords must comply with. Basically, let them know that you are not Mr Milquetoast, you have retained a lawyer and you/he intend to be a horrific PITA and cost them a lot of money and court time if they choose to make this difficult. They have no way to know if you are bluffing, and they will not want to take the chance of finding out. They are in the business of renting properties, it is in your interest to help them stay on that course and not go down a possibly expensive legal detour of pursuing you when they could more profitably use their resources to just find another tenant.
Maybe you were talking to the right guy, but the answers and "help" he provided make me wonder.

+1

I'd consider trying to find some sort of professional negotiator, probably a lawyer, who would negotiate an early termination of the lease with AptCo.

Upon a successful negotiation and signed agreement there would be no negative credit reporting, law suite filing etc. but likely a fixed buyout fee paid.

Of course OP would have to be ready to move out to his new apartment and get on to resuming his life.

-gauss

 

[Amethyst]

Aside from bribery being risky in itself, Apartment property managers have no power. They do keep records, so what are you bribing her to do? Falsify the record to say the tenant died and a new tenant was found?

.

Since nobody has mentioned this yet - just bribe your property manager with a couple of hundred dollar bills in his/her pocket. I've got a feeling he/she will be willing to cut things short, as I'm assuming there will be no trouble re-renting your unit.

Even if the bribe needs to be $1000, you'll still be way ahead by getting out asap.

You've got choices and keeping to the status quo isn't the best one.

 

[ivinsfan]

I'm going to have to disagree with the posters who keep telling the OP to put more time and effort into breaking his lease. He has to pay money to live somewhere.
The OP has so many things to do and take care before his lease does expire next Spring. And to be honest, he's not much of a self-starter. And apparently is stressed out when he thinks about more then one task at a time.

My advice is just move on past the lease issue and focus on where he wants to go after the lease expires. This isn't an overnight decision for anybody and the OP has mentioned 2 places thousands of miles apart. A wrong decision here especially as a renter could cost lots of money as well. While he's doing that he should figure out his health insurance costs as the clock is ticking there as well.

 

[daylatedollarshort]

And apparently is stressed out when he thinks about more then one task at a time.

My advice is just move on past the lease issue and focus on where he wants to go after the lease expires. This isn't an overnight decision for anybody and the OP has mentioned 2 places thousands of miles apart. A wrong decision here especially as a renter could cost lots of money as well. While he's doing that he should figure out his health insurance costs as the clock is ticking there as well.

I suspect I have at least a touch of ADD and also find I work best focusing on one task at a time. We had to cut expenses for DH to retire, and doing one cost cutting project at a time worked best for us. I also see the two major items for Forced to Retire as health insurance followed by finding a suitable lower cost of living city and housing before the current lease runs out.

 

[mystang52]

I have to confess I'm not 100% convinced the OP is really looking for help/suggestions. If he is, then I guess he's one of those people who is "frozen into inaction" by being overwhelmed.
He made that list numerous posts back. He should chip away at those tasks. Not necessarily complete any one of them in a day, but at least make some definitive partial actions. If he did that, in very short order he'd have accomplished all of them.

 

[Aerides]

At this point I think the OP would do best to stay put thru the lease duration, find some part time or other non-long-term type employment (not enough to then go "ok well maybe i won't move) but enough to provide some reason to be up and out each day.

Focus the 7+ months on health and well-being, and planning, finding a new location. Take off 50lbs and 5 years very easily. Breaking the lease might be something he regrets - or something he will then use as an excuse "can't buy that condo because I broke that lease, ruined my credit" for years.

Consider the high rent of these next months as an investment in the future to get ducks in a row.

 

[rodi]

Some thoughts....

Re-upping leases do not automatically go month to month... this is a regional thing. I've rented in 4 states and in Pennsylvania the leases renewed for 12 month periods. So you had to think long and hard about renewing if you wanted to make a change (like buy a house, or change locations.) Sometimes clauses were added to allow for specific lease breaking conditions (purchase of a home, job relo)... sometimes not. I suspect VA is similar to PA in this respect.

OP - the advice to start downsizing/prepping for your move at the end of your lease is GOOD advice. Make a commitment to get rid of 1 box of stuff per day. You can sell stuff on ebay or craigslist to help with cash flow. Donate or dump the rest. Get down to the point where you can move into a small 1 br. This will put you in the right mindset to make a move at the end of your lease.

Another GOOD advice given was to find some "gig" jobs... Bringing in income helps you reduce your withdrawal rate. It can also add to your SS earnings which will help you when you start collecting. The dog walking suggestion has a double benefit of improving your fitness while you earn cash. One of my son's friend's mom walks dogs and she's able to afford her apartment here in San Diego and live decently. She uses nextdoor.com to get clients... and now has a great number of regulars. Her rent is similar to yours (San Diego is as expensive as Alexandria) and she feeds a teenage boy to boot. (Teenagers eat a LOT!)

And it was GREAT advice to suggest you learn to live cheap - super cheap. I'd be exploring ways to eat for less (beans and rice are our friends - and healthy too!), need new clothes - check out thrift stores, need a book - use the library. There are a lot of ways to cut back on spending/consumption.

As for the lease breaking.... BTDT... I had a property manager lie to me when I rented my apartment in PA. They told me I could break the lease for purchase of a house or for job relocation. I would not have rented without that assurance. When I bought my house, I went to the rental office and they said I'd need to provide a copy of the home sales contract... I did. They then told me I still couldn't break the lease. I moved anyway. They contacted me after (since they had the sales contract they had my new address.) I consulted a lawyer. The lawyer said it could go either way... The landlords (big corporate landlords) offered me a deal - I pay an extra month rent and eat the deposit and we'd be clear. The apartment was only vacant 1 month - so basically they re-rented and were able to keep the deposit. But - they didn't have to offer the deal, and I wasn't worried about my credit since I'd already closed on my house. I don't think I took a hit on my credit, though.

I have empathy for the situation you're in. But you need to take action on decluttering, finding a gig job, and cutting your expenses. These are all doable.

 

[CountryGal]

Rodi has some awesome advice. Two builds on what was said:
- If you have cable TV, watch Tiny House Hunters - it will inspire you on how little people are able to live with.
- on the food subject, soup is a cheap alternative as well. With an Instant Pot and blender you can make some great soups with cheap ingredients.

On a side note, I think there is a thread on here about frugality that had some awesome suggestions as well.

 

[daylatedollarshort]

Rodi has some awesome advice. Two builds on what was said:
- If you have cable TV, watch Tiny House Hunters - it will inspire you on how little people are able to live with.
- on the food subject, soup is a cheap alternative as well. With an Instant Pot and blender you can make some great soups with cheap ingredients.

On a side note, I think there is a thread on here about frugality that had some awesome suggestions as well.

I love my instant pot. Today I made home made soup in it.

The number one way we cut our grocery bill was by simply changing where we shop. A local outlet store and 99 cent store have prices half or less that the big retail store for the exact same food, same name brands and lots of fresh produce. The local ethnic stores also have much lower prices for fresher looking produce.

 

[Texas Proud]

Some thoughts....

Re-upping leases do not automatically go month to month... this is a regional thing. I've rented in 4 states and in Pennsylvania the leases renewed for 12 month periods. So you had to think long and hard about renewing if you wanted to make a change (like buy a house, or change locations.) Sometimes clauses were added to allow for specific lease breaking conditions (purchase of a home, job relo)... sometimes not. I suspect VA is similar to PA in this respect.

/snip/

From what I understand, you cannot enforce an automatic renewal in a contract... my old boss would usually make people take them out, but if they did not he really did not care... in the 6 years I worked there a couple of companies would call and argue about it, but when I told them the 'law' they stopped calling...



Decided to look it up... AND.... it really just depends... some states allow it, some don't.... some are mixed...

 

[CaliforniaMan]

I have to confess I'm not 100% convinced the OP is really looking for help/suggestions. If he is, then I guess he's one of those people who is "frozen into inaction" by being overwhelmed.
He made that list numerous posts back. He should chip away at those tasks. Not necessarily complete any one of them in a day, but at least make some definitive partial actions. If he did that, in very short order he'd have accomplished all of them.

+1
Yes this.
Many people are talkers, fewer are doers. Have known many people in my life, that once they have talked about something, starting a new business, designing a new product, making a change in their life, etc, they are fine and finished. The talking seems to be as satisfying as doing, and the doing actually takes guts and effort! Excuses are always made so nothing actually ever gets done. Have read this thread from the beginning, and some of the others he has posted, for whatever reason it seems he is not a doer type. Sorry to be so blunt. One can point out solutions, but really it is his life. I wish him well.