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People can still buy candles, clothes, linens, etc in big box stores that contain grocery sections right? If I ran a small clothing store or something similar I’d be livid. Or maybe I’d stock some Mountain Dew and snickers so I could be considered essential.
The way some places got themselves declared essential is by selling bread, milk, and other such items. Then they were allowed to open. Try adding that to your inventory to stay afloat and advertise it. People will come there when the grocery is out of those things and may buy other stuff too.
What so many of you are saying, give free rent for a period of time to tenants, and set yourself up for foreclosure, and ruin your credit.
It shows you know nothing about having some investment properties, and doing proper management of them.
Your rent income, takes care of certain expenses. Mortgage payments, taxes, insurance, some utilities, maintenance and repairs, some allowance for vacancy between tenants, reserve fund to pay the bills as they come in, in some situations a manager/management company to manage the rentals. Then and only then, if there is some money left over, a small cash flow to the owner.
Let's say you have 20 tenants, and 10 do not pay rent that month. Where is the money supposed to come from for the landlord to pay his bills? Where is the money to come from, to pay the mortgage. You say at the end of 3 months, that the tenant still owes rent, but if they still cannot pay the rent, the mortgage company takes the property away from the landlord in foreclosure and ruins his/her/their credit rating.
This live in the unit and not paying rent, may be great for tenants but how about landlords who risk losing everything to make it possible for others to live without paying rent.
What this is going to do, is drive a lot of landlords away from owning rental property, and then when the times return to normal, the rental pool will have dried up, and there will not be enough rentals for the number of people needing rentals.
What so many of you are saying, give free rent for a period of time to tenants, and set yourself up for foreclosure, and ruin your credit.
It shows you know nothing about having some investment properties, and doing proper management of them.
Yes, yes, again - small landlords are completely exceptional and not subject to any of the economic fallout of these disastrous times. Message received.
OR they could work with the situation as it is, like the rest of us, including dealing with their lenders and partners to get some deferral and terms. But my goodness, that might spot their D&B rating or something.
Quote:
What this is going to do, is drive a lot of landlords away from owning rental property...
Translation: if they can't win every hand, they'll just take their marbles and go home. Wah. If it reduces the number of self-righteous REDACTED in the game, wins all around.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,572,211 times
Reputation: 16698
Quote:
Originally Posted by Therblig
Yes, yes, again - small landlords are completely exceptional and not subject to any of the economic fallout of these disastrous times. Message received.
OR they could work with the situation as it is, like the rest of us, including dealing with their lenders and partners to get some deferral and terms. But my goodness, that might spot their D&B rating or something.
Translation: if they can't win every hand, they'll just take their marbles and go home. Wah. If it reduces the number of self-righteous REDACTED in the game, wins all around.
As pointed out-you don't understand rental properties and sound angry because you are probably a renter and didn't have the self discipline to save up and buy a home.
So it's "wah wah poor me, help me because I'm incapable of helping myself."
Because you don't understand how rentals work you will never own rental property or get ahead in the world by owning it. You don't have the smarts to make it work as evidenced on your posts.
You probably don't realize it's not just a mortgage, but there's taxes, fees, insurance, repairs, etc.
The tenant gets the stay of pay, but the owner doesn't. He still has to pay those other costs besides the mortgage which might be more than the mortgage itself easily.
On my properties those expenses go well over the monthly mortgage cost. I have reserves so I'll be okay and I'm working wit the tenants, but I don't get to tell the tenant I'm not fixing the heater because I don't have the money. I don't get to tell the city I'm not paying the property taxes this month. I sure as heck am not missing the insurance payments.
So it will be a bumpy ride, but we'll get through it.
Actually you can ask them for proof of CV19 having a direct impact on the ability to pay rent. It’s not a blanket can’t pay rent. It has to be directly elated to CV19. So if they were fired ok where is your termination paperwork. And it’s not FREE RENT. Please get that out of your vocabulary.
Most Human Resource departments were laid off at the exact same time as the employees so there is no 'termination paperwork'.
What so many of you are saying, give free rent for a period of time to tenants, and set yourself up for foreclosure, and ruin your credit.
1. It's not free rent, it's preventing starting the eviction process for a given time frame
2. It only applies to tenants in properties that are receiving federal assistance
3. You to have been directly impacted by Coronavirus
4. There are also elements in the bill to protect owners from foreclosure
Quote:
Originally Posted by oldtrader
What this is going to do, is drive a lot of landlords away from owning rental property, and then when the times return to normal, the rental pool will have dried up, and there will not be enough rentals for the number of people needing rentals.
How are you thinking this will play out? A landlord will decide, in the midst of the crisis, to sell their property since they don't like being a landlord anymore and what they go try to find a job instead right when unemployment is rampant. Then when times return to normal nobody will be renting out their building because they person who bought the rental property from them did so just for giggles and doesn't want to actually rent out the spaces? Come on.
When the government gets involved in dictating consumer economics, everything gets out of balance.
Including intentional 'credits', which has ruined the alternative energy costs to consumers in USA since 1970's
Hit me this month when tenants were told by USA government they didn't have to pay rent. And landlords cannot evict.
None of my tenants have Covid related economic impact, but given a sanctioned excuse to not pay. Convenient for them, but I have $15,500 due in property taxes this month, + $5,000 insurance and of course mortgages / business loans.
Yes, life is not fair. Government adopting socialist policies will hurt a minority of the people, but benefit the politicians with a majority vote to win the next election.
Be cautious of how you vote. Countries have gone down the dark path usually in times such as these.
The money is owed by your tenants even if they don't have to pay for a few months. They have to pay it ALL when they move out.
Also funny in the rant about the horrible socialist policies, yet apparently it's selective indignation. From another thread:
Government stepping in to help tenants by not letting you evict them during the crisis = bad.
Government picking up almost your entire healthcare premium every month = good.
When the government gets involved in dictating consumer economics, everything gets out of balance.
Including intentional 'credits', which has ruined the alternative energy costs to consumers in USA since 1970's
Hit me this month when tenants were told by USA government they didn't have to pay rent. And landlords cannot evict.
None of my tenants have Covid related economic impact, but given a sanctioned excuse to not pay. Convenient for them, but I have $15,500 due in property taxes this month, + $5,000 insurance and of course mortgages / business loans.
Yes, life is not fair. Government adopting socialist policies will hurt a minority of the people, but benefit the politicians with a majority vote to win the next election.
Be cautious of how you vote. Countries have gone down the dark path usually in times such as these.
Some states..not all states.. have instituted a ban on evictions. In all the states that did temporarily ban eviction, the tenants are required to show proof of hardship. For those that are just taking advantage of the ban, you still have the right to begin the eviction process with a notice to quit. Also, all tenants will be required to pay the back rent once the bans are lifted.
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