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We no longer own a commercial building. If we did and my 2 tenants couldn’t pay, I would take what they could give me apr-June and whatever they owe me still I would divide by remaining months of the lease and tack it on to each month.
Just heard on radio that Ny state has something in the works for your exact situation. They are going to make landlords accept the security deposit as May’s rent or something along those lines.
The landlord just completed a yearly walk through. I will do what I can do.
I don't want drama or a fight some time in the future.
The landlord has not responded... I guess I am being stonewalled.
I am sure they will wake up when I don't pay in full.
If they drag me into court I will have the letter I sent them as proof I tried to work with them.
I will also have proof of a partial payment.
I am a landlord and I commend you for being so proactive and trying to figure out what do to before the rent is due.
Right now, everything is on pause so you will not be evicted. I think many landlords were able to get April rent but May will be the true test because the shutdown is continuing.
I will say this and don't take it harshly, if you are paying 30K a year/$2500 a month in rent (which I know isn't really high for Long Island) and can't pay the rent one month into a crisis/without a paycheck it is time to look at your financial situation and make some potentially harsh decisions....simply put, paying that amount of annual rent on your income shouldn't leave you broke in 30 days.
Landlords...big or small need to be paid. I know NYS and other areas are going on rent strikes and don't want to pay...but it is interesting that folks like AOC support that (and the Gov says no evictions for 90 days) but they won't postpone property taxes for the same....how do you think landlords pay their property taxes...yes with your rent. Nassau County extended the 2nd half school tax deadline from May 11 to June 1....most likely if you don't have it May 11 you won't have it June 1.
Since unemployment cannot make you whole what is your long term plan here? What is your future ability to pay? Do you expect to stay and live free or get a discount....what you can do is make your plan...if it means moving in with a roomie or Mom then so be it...but its not the landlord's responsibility to take care of you.
Big landlords are less flexible than mom and pop ones.
Here's a sample from my perspective:
1) Tenant 1 - 55K a year income, now unemployed. I told tenant that April rent could be delayed and that all levers of govt are being exercised to help. This tenant will get a $1200 Stimulus check, NYS unemployment plus $600 a week extra unemployment from the Feds. Tenant is temporarily now making more money by staying home (in addition to driving less, etc.). Tenant 1 asked for a rent reduction and I said why? You have 4 months to determine if you won't be able to get another job and you can move out without ETF (early termination fee).
2) Tenant 2 - 115K a year income, now unemployed. Unemployment does not make you whole/no stimulus check and will have problem paying. This is where you may fall and have to come to the landlord with a proposed solution.
1) everything is on pause so you will not be evicted.
Getting evicted is not good for me and its not good for the landlord. I would think the landlord could absorb some amount of people not paying. This is happening in spades so I doubt most landlords could absorb what is coming.
2) can't pay the rent one month into a crisis/without a paycheck
I could tap my 401K but I will not do that. The money is protected by law and it is the way I have saved for the future. That money is now 25% down last I checked.
I earned about $122K before and now I earn ZERO.. After rent, taxes, car, electric, food, healthcare, there was not much left. Its really about 40 grand net after taxes rent and healthcare. The 401K is a huge amount from the net as well.
3) Landlords...big or small need to be paid.
- Gov says no evictions for 90 days) but they won't postpone property taxes for the same
- how do you think landlords pay their property taxes
If I am living paycheck to paycheck so is the landlord and so is the school district so is the town and so is NYS.
4) unemployment cannot make you whole
-Yep.
5) what is your long term plan here? Do you expect.
I doubt the job market is going to come back any time soon. If I really think about it my problem in making rent is really less severe than your problem as a landlord.
Long term
I can find some way to pay less rent; I can move to another state; I can say to this or another landlord that $2500 is too much; would you accept less?
AS you mentioned most landlords have people to pay. I would think most landlords are paycheck to paycheck. Even the big corporation I rent from they are counting on everything working reasonably well to a plan or expectation..
Short Term
I can just stay where I am and the landlord cannot do much. I don't know why you can be ordered not to evict someone but you are held responsible for paying taxes and your mortgage. Even when evictions open up how long is it going to take and how many people will need to be evicted? My guess is I have a year or two to think about things.
6) Big landlords are less flexible than mom and pop ones.
Here's a sample from my perspective:
1) Tenant 1 - 55K a year income, now unemployed.
He has a safety net and is making more staying home.
So you are saying to him you have some time get out.
2) Tenant 2 - 115K a year income, now unemployed. Unemployment does not make you whole/no stimulus check and will have problem paying. This is where you may fall and have to come to the landlord with a proposed solution.[/quote]
Being in the same boat. My solution will be not to pay rent. I can protect my 401K through bankruptcy if need be. And (no offense) my problem is now your problem. And now you have five problems; your mortgage, your taxes, no income, me sitting in your property, and no replacement tenant that could absorb $2500 a month.
There is no wonder why half the country wants to shift from staying at home to everyone back to work no matter what! Its like falling dominoes. My domino falls into your domino falls into someone else.
AS a tenant I have less problems than an owner does. All I have to do is pay rent, but that is not happening so the dominoes are going to fall.
Thanks for helping me think this out a bit. I am very responsible but I won't be now and I don't think it is going to matter much one way or the other. The stock market is going up from the lows like everybody is a winner when in fact most everyone is a loser here. I am just not going to stress out because I am not alone in that I am forced into a corner of not being responsible.
1) everything is on pause so you will not be evicted.
Getting evicted is not good for me and its not good for the landlord. I would think the landlord could absorb some amount of people not paying. This is happening in spades so I doubt most landlords could absorb what is coming.
2) can't pay the rent one month into a crisis/without a paycheck
I could tap my 401K but I will not do that. The money is protected by law and it is the way I have saved for the future. That money is now 25% down last I checked.
I earned about $122K before and now I earn ZERO.. After rent, taxes, car, electric, food, healthcare, there was not much left. Its really about 40 grand net after taxes rent and healthcare. The 401K is a huge amount from the net as well.
3) Landlords...big or small need to be paid.
- Gov says no evictions for 90 days) but they won't postpone property taxes for the same
- how do you think landlords pay their property taxes
If I am living paycheck to paycheck so is the landlord and so is the school district so is the town and so is NYS.
4) unemployment cannot make you whole
-Yep.
5) what is your long term plan here? Do you expect.
I doubt the job market is going to come back any time soon. If I really think about it my problem in making rent is really less severe than your problem as a landlord.
Long term
I can find some way to pay less rent; I can move to another state; I can say to this or another landlord that $2500 is too much; would you accept less?
AS you mentioned most landlords have people to pay. I would think most landlords are paycheck to paycheck. Even the big corporation I rent from they are counting on everything working reasonably well to a plan or expectation..
Short Term
I can just stay where I am and the landlord cannot do much. I don't know why you can be ordered not to evict someone but you are held responsible for paying taxes and your mortgage. Even when evictions open up how long is it going to take and how many people will need to be evicted? My guess is I have a year or two to think about things.
6) Big landlords are less flexible than mom and pop ones.
Here's a sample from my perspective:
1) Tenant 1 - 55K a year income, now unemployed.
He has a safety net and is making more staying home.
So you are saying to him you have some time get out.
2) Tenant 2 - 115K a year income, now unemployed. Unemployment does not make you whole/no stimulus check and will have problem paying. This is where you may fall and have to come to the landlord with a proposed solution.
Being in the same boat. My solution will be not to pay rent. I can protect my 401K through bankruptcy if need be. And (no offense) my problem is now your problem. And now you have five problems; your mortgage, your taxes, no income, me sitting in your property, and no replacement tenant that could absorb $2500 a month.
There is no wonder why half the country wants to shift from staying at home to everyone back to work no matter what! Its like falling dominoes. My domino falls into your domino falls into someone else.
AS a tenant I have less problems than an owner does. All I have to do is pay rent, but that is not happening so the dominoes are going to fall.
Thanks for helping me think this out a bit. I am very responsible but I won't be now and I don't think it is going to matter much one way or the other. The stock market is going up from the lows like everybody is a winner when in fact most everyone is a loser here. I am just not going to stress out because I am not alone in that I am forced into a corner of not being responsible.[/quote]
Once you get an eviction it tanks your credit and ability to rent again. I evicted 2 tenants legally, they couldn’t hide them I got calls from other owners. There is a real list of clown tenants, both those deadbeats had a hard time getting a new place. One of the fools won around 600k after taxes. Guess what happened he had multiple judgments against him he ended up with almost no money but me and and his other judgements got paid plus interest! He’s still on the blackballed list.
Once you get an eviction it tanks your credit and ability to rent again
One of the fools won around 600k after taxes. Guess what happened he had multiple judgments against him he ended up with almost no money but me and and his other judgement got paid plus interest! He’s still on the blackballed list.
.
I cannot eat my credit report.
I don't anticipate getting a $600,000 judgement for a landlord to claim in the far future..
My 401K is protected from creditors. I am judgement proof.
No I am not a deadbeat - this is the first time I have had financial problems and I am sharing those with everybody else in the same boat
Put me on a list, so what..
I am more scared of the inconvenience of getting served and evicted. That is not going to happen until a year from now at least. I am done being scared I have nothing to lose.
With millions of people furloughed or unemployed I think lots of "once responsible people" like me are going to do what they have to do. Everything has been taken away from me except my 401k which I am going to keep. I have nothing to lose.
I have one problem, paying the rent.
The landlord has five (the mortgage, the taxes, me occupying his property, no replacement tenant at $2500, and no income)
Bottom line is everyone is one paycheck away from being broke.
Why don't I go full metal jacket on this problem.. How much should I get paid to leave? I think $10,000 for the keys is the way to go. I am gong to cost the landlord four times that by the time this is done.
The landlord could reach out with a plan and I will be reasonable. I have lost most everything it's the landlords turn. He made a bet he would get rich on my dime and he lost that bet.
I cannot eat my credit report.
I don't anticipate getting a $600,000 judgement for a landlord to claim in the far future..
My 401K is protected from creditors. I am judgement proof.
No I am not a deadbeat - this is the first time I have had financial problems and I am sharing those with everybody else in the same boat
Put me on a list, so what..
I am more scared of the inconvenience of getting served and evicted. That is not going to happen until a year from now at least. I am done being scared I have nothing to lose.
With millions of people furloughed or unemployed I think lots of "once responsible people" like me are going to do what they have to do. Everything has been taken away from me except my 401k which I am going to keep. I have nothing to lose.
I have one problem, paying the rent.
The landlord has five (the mortgage, the taxes, me occupying his property, no replacement tenant at $2500, and no income)
Bottom line is everyone is one paycheck away from being broke.
Why don't I go full metal jacket on this problem.. How much should I get paid to leave? I think $10,000 for the keys is the way to go. I am gong to cost the landlord four times that by the time this is done.
The landlord could reach out with a plan and I will be reasonable. I have lost most everything it's the landlords turn. He made a bet he would get rich on my dime and he lost that bet.
Your not judgement proof. Let’s say you go 9 months not paying get evicted. That’s 27k plus court and other fees about 35k. Landlord will win and you won’t pay. At some point the landlord will collect because you came into $$, died and they have a lean on your assets. Or LL will sell to debt collection co, take a 80% bath and they will make your life miserable. Your landlord is a fool if he’s not willing to negotiator a lesser payment after you reached out.
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