Korean Job Discussion Forums

[ambvalent]

I am thinking about renting an apt with a Korean university student in the Sinchon area. I hardly know him, but having conversed with him, I think he's cool.

He wants to have me as a roommate for obvious reasons: English.

Apts we are looking at are looking at about a 10,000,000 won keymoney cost and 600-700 thousand a month.

He wants to put up the capital for the keymoney deposit.

My questions:

1) What is a fair distribution of the cost if he puts up all the keymoney? How do you calculate interest, or actual value + risk? How do you go about reasoning this number with a Korean, to achieve fairness?

2) Does this sound like a good idea? I think it would be interesting to live with a Korean student. He's 1 year younger than me, so we're not too different in age, and our lifestyles seem to coincide. He seems progressive, and has spent time living abroad. Wouldn't mind my girlfriend sleeping over. I also asked him "tolerance" questions like "how would you feel about me having a bunch of my gay friends over?" and he was all for it. (Gay Koreans?? They exist???)

anyway, your feedback is much appreciated.

Oh, and i haven't posted in a long time. Hello to everyone again

[Cheonmunka]

It's not much risk, and if banked not much in interest loss. But, it is a bit of time arranging stuff, and the little costs of running errands arranging it adds up. Also, there could be a real estate fee (200K?) that your friend didn't tell you about. So you should help out. Here's how:

If you're looking at what's fair then from his position he gets someone to help him pay the rent in a decent apartment. He gets your English but, you get his Korean insight, too. If you get exasperated discuss it gently.

You should ensure you throw money at the utilities, pay for both of you sometimes. Really share the costs because there will be a burden on him for arranging all the utilities. Also, order delivery lunch on that moving day in your new place and pay for it. Throw the cash around a bit and make a good impression. Clean the place up together. etc.
You could even take him to a furniture store and buy him something, or buy something you both need, like a frig.

Then, there is the unknown part. Sometimes people say they don't mind but then find they have all sorts of jeolousies etc when living with roommate's girlfriend. It's possible they won't hit it off and so create some strains there. The way around that is to spend time with your roommate, too. Make sure you don't just retire to your room. Go out together without your girlfriend, and his, now and then.

[ambvalent]

That makes good sense.

What percentage of the rent do you think would be fair for me to pay?

[Cheonmunka]

I don't really know, but I would hazard a guess at 1/2. Will the rooms be the same size? I guess that's what it comes down to.

There will probably be some imperciptible misunderstandings based on not quite getting the cultural things. But, if you embrace his family and friends as your own I reckon you'll get on well. The Korean way is to have close-knit relations, even, and especially with roommates. You should pay attention that when you are in a solo mood to force yourself to mingle and spend that time together. And, don't retire when his family comes. Greet them heartily, have something to eat or drink.

Even I should naturally not wish to be with people in my Korean family side (because I'm a little melancholy at times), but, when I do take the time it creates an awesome good feeling amongst my family members. And me, too, whether I believed it would or not. It's just taking time for others, them taking time for me, and it comes out reciprocated tenfold. Not in money but in good feelings.

He is somewhat embracing you, that means he has faith in you, and he may be opening his friendship base with you. Be friends. Be fun and cool. Spend a little money around the house.
The interest loss on 10 mill is 300K with the bank and up to a mill privately lent. So, you could offer to pay those utilities to balance it out.

I think this kind of friendship opportunity is really excellent. I hope it goes well for you.

[ambvalent]

Cheonmunka,

Thanks! I am really excited about this too. I get the most out of my Korean experiences when I do it one on one with someone who threads me into their family / social affairs. I like the guy, the area, and this opportunity.

He suggested to me that if he put down the initial deposit of 10 million won, and rent is 600, that I pay about 80%. That to me seems a bit unfair, since the net interest loss is not that much. And although I hate to toot my "i got mad native english skillz" horn, he *is* getting a live-in English tutor.

If I am in fact right, that this is a bit off-balance, then how should I best approach talking about this with him? I initially said to him in conversation "yeah, that souns about right" which is kind of like a verbal agreement, but then after looking at the interest on 10 million and realizing it's actually quite low, I don't know how he'd feel if I "suddenly" say it's not cool anymore.

A question of cultural finesse...

[Cheonmunka]

He may be intending to cover all utilities within the rent. So elec/gas/water/telephone being part of your rent reduces this high percentage.

I don't know about the English thing. I wouldn't make it a part of a selling factor with monetary value. It's part of culture and who you are; what makes you a good flatmate choice. You can help out and say stuff in English but ultimately what you are both seeking is someone you can trust and somewhat enjoy living with.

[babtangee]

80% Does he plan to work in sales - or as a wonjang? I'd rather deposit 50% on the key money. Tell him he's dreamin'.

60-40 rent, gas, elec is fair, I'd say. He's getting a bigger/better pad because you're throwing in for rent.

Plus he's living with a foreigner: forget about the English services you will provide for free; that's nothing compared to the fact that he doesn't have to feel uncomfortable and scrutinized when his flatmate's Korean parents/family visit. Few Koreans enjoy that "family time".

[ambvalent]

Yes, I agree my English is an intangible cultural quality and not a marketing tool, but I just didn't see any reason why I should be paying *more* than him. His Korean skills / cultural assets are in no way more valuable than mine. He *wanted* to put down the key money, and wanted me to pay more of the rent-- his specific request.

Yesterday afternoon I sent him an email asking him if he was flexible on the rent percentage because looking at interest / cost over time I thought my end was a bit high...and now he hasn't called back / answered his phone. So I think it's a wash. Too bad...would've been an interesting experience.

[chiaa]

A rule of thumb is that for every 10 million deposit, 100,000 is taken off the monthly rent.

[Zyzyfer]

[bellum99]

No one else said it, so I will. Do you have any protection at all? He will put the key money and the house will be in his name. This looks bad for you....I would really reconsider it because I have had bad room mates before. Make sure you can live with him before you decide to. You need ground rules and things to be clear.
Just in case make sure you have a backup place to live. Really this doesn't sound so good to me. When things don't work out, then its you hitting the pavement, not him.

[Cheonmunka]

Yeah, maybe a wash. Usually eager people check their e mail constantly, expecting news.
If he's playing some hardball game forget him, don't need this in your life.
Don't feel bad or anything, more times things don't work out, even get off the ground, than what does work out.

I'd be inclined to think now, "Hey, that was interesting", second time "Let me try it another way", third time some beautiful babe comes up nibbles and whispers in thine ear, "Babe, come live with me..."

Wouldn't you think "...Who was that dork blowoff student Kim anyway?"