New Laws To Help Renters
Renters need help transitioning to homeownership and some help may be on the way thanks to some new laws! On this week’s episode, we will discuss a few laws that will help renters save money and prepare for homeownership. Check out the full episode and if you have questions about how to get started with Homeowner Prep, be sure to reach out to us or drop your question in the comments.
What You’ll Learn from this Episode:
- What new laws are passing to help renters
- How new laws and regulations will help first time home buyers
- Why paying rent is keeping you from generational wealth
- And much more!
00:00 New Laws To Help Renters
00:32 Welcome To The Homeowner Prep Podcast
01:01 New Bill for Security Deposit Limits
01:55 Rent Control Is On The Rise
03:34 Getting Started With Homeowner Prep
04:09 Connect With Us On Social Media
“We want to help people save money so they can buy their first home, and they can start to build their own wealth instead of paying the mortgage off for their landlord.”Eric Hellon
Full Episode Transcript:
Renting a home can be very expensive and can be holding you back from buying your first place. So on today’s episode, we’re gonna talk about some of the help that’s on the horizon for renters.
Welcome to the Homeowner Prep Podcast, where every week we educate and encourage inspiring homeowners to help them buy their first home faster. If you aspire to own a home, you’re in the right place. So enjoy. Do us a favor and leave a review, a rating, and be sure to subscribe. Now, let’s get to this week’s episode.
Hello and welcome to another episode of the Homeowner Prep podcast. I’m your host, Eric Hellon, and on today’s episode, we’re gonna focus on the things that are actually impacting renters and some changes that are set to come.
Now, you may or may not know this, but there’s been a lot of talk in government, and especially here in California, about some of the things that are holding renters back from buying their first place, and one of those is actually your initial deposit.
So there’s actually a new bill that was introduced and is going through the local government stating that landlords can only charge one month’s rent as a security deposit and this is a big deal because let’s say your rent is gonna be $4,000 right now, that landlord can actually charge two months of rent, which would be $8,000 plus your initial payment. So you’re looking at $12,000 just to move into a place, which is a big hurdle to overcome and it’s almost a down payment if you ask me.
So with the new bill passing, they’re gonna limit that to only one month, and then the initial lease term. So again, if you’re in that $4,000 rental amount, then it’d be $4,000 for the deposit, $4,000 for your initial rent, and that’ll take that number down a little bit and help those who are just trying to stay afloat and pay for rent in their area.
Another key thing to keep in mind is that rent control is on the rise here in California. Now, I don’t know how it is where you live, but there are more and more communities that are talking about rent control, that are trying to pass bills for rent control and there’s some pros and some cons.
You know, if you’re a landlord, then sure you don’t want rent control because you can charge higher amounts, but the majority of folks who are renting, who are trying to get ahead and trying to save up to buy their first home, they’re gonna need something in place to combat these rent hikes that are taking place.
Rent has been increasing dramatically over the years and as we look at California, there is a bill that controls rent increases from year to year over the state, but now even more local communities, cities, counties, are doing more and more to try to control the increase in rent and really it comes down to trying to help people get out of renting and become homeowners.
So from that standpoint, I’m all for it. Even if I own real estate as a real estate investor, I understand that we want to help people buy. We don’t want people paying rent for the rest of their life. They have no advantages and they have no possibility of leaving long-term generational wealth to their kids and grandkids.
So yes, rent control has its pros and cons, but mostly pros, and honestly this new bill that’s passing about the deposits required to move into a rental is a good thing. We want to help people save money so they can buy their first home and they can start to build their own wealth instead of paying the mortgage off for their landlord.
If you have any questions about the rent that you’re paying or you feel like you’re tired of paying rent and you’re ready to buy your first home, reach out to us. We’d love to help you put together a game plan to help you transition from renting to owning. The fastest way to get ahold of us is to text the word START to 619-848-3700 from there you’ll be able to set up a free initial consultation with Homeowner Prep and we can help you put that plan together.
You can also reach us on our website at www.homeownerprep.com/start and from there you can actually fill out an online form to see just how close you are and how ready you are to buy your first home.
If you just have a general question or scenario that you wanna bring to us, feel free to reach out to us on any of the social media platforms. We tend to get the majority of our questions on Instagram, but you can find us on all platforms @HomeownerPrep.
I hope you got some great value from today’s episode. If you’re currently renting, try to put some money away, try to put together a game plan to buy your first home, don’t pay rent for the rest of your life. I look forward to providing you with some more great content on the next episode, and until then, be blessed.
If you’ve enjoyed this show and got some great value from it, please be sure to rate and review and if you’re checking it out on YouTube, please be sure to subscribe. That really does help us to continue the show and bring in some great guests to help you on your home buying journey.
Connect with Homeowner Prep:
Want to buy a house, but not sure how to get started? Visit our Start Page and we can help you, no matter where you’re at on your homeownership journey. If you enjoyed this episode of The Homeowner Prep Podcast, be sure to subscribe on iTunes and leave a review. It means so much to hear your feedback and we’d love for you to help us spread the word!