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On the other hand I prayed my stabilized tenants in the 200 Central Park south building didn’t pay the rent ….then I had justification to get them out …but not one missed a damn payment
If I lived in that building I wouldn't miss a payment either haha
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Yes, let's blame the landlords for making the wrong choice by buying a multi-family/investment property and not the Democrat policymakers who are incentivizing tenants (deadbeats or otherwise) to not pay rent. That was sarcasm by the way.
I agree that it would be damn foolish to buy investment real estate in New York State forget New York City. When you have Democrats like Cuomo, de Blasio at the helm, doing everything possible to make it easy for the tenants to not pay rent, what's the point of buying anything in the state when you can't even expect the government to support you in enforcing what used to be a legal contract (lease agreement)?
I have invested in many states other than NY for this very reason. I feel terrible for the small landlords getting squeezed by this nonsense.
Newsflash: You can sympathize with the landlords who are getting shafted by deadbeats (who should all be thrown out on their ear immediately) but still point out that it was a gamble to buy something you would be unable to pay for without the help of strangers. This is not the NY of long ago when people stayed in neighborhoods forever, were quiet, clean tenants for the most part and kept the place like it was their own. Today's world is full of transients who have no roots, no concern for others' property, eye level debt, and frankly could not care less about anything but themselves. And these are the people you are going to rely on to honor their agreements and keep you afloat? Okay, but that's a risk I would not take here in NY.
I think the moratorium on eviction was a disgusting move because it was clear from the get go that people who were still working and had no loss of income would simply stop paying because they could. I abhor those people because had they continued paying, it may have cushioned the blow for smaller landlords who would have to carry a few people rather than many. I can only hope for a strong dose of karma for everyone who took advantage of the situation and screwed someone over.
That said, pandemic or not, it is still a very risky proposition to buy a house you cannot not afford on your own.
Newsflash: You can sympathize with the landlords who are getting shafted by deadbeats (who should all be thrown out on their ear immediately) but still point out that it was a gamble to buy something you would be unable to pay for without the help of strangers. This is not the NY of long ago when people stayed in neighborhoods forever, were quiet, clean tenants for the most part and kept the place like it was their own. Today's world is full of transients who have no roots, no concern for others' property, eye level debt, and frankly could not care less about anything but themselves. And these are the people you are going to rely on to honor their agreements and keep you afloat? Okay, but that's a risk I would not take here in NY.
I think the moratorium on eviction was a disgusting move because it was clear from the get go that people who were still working and had no loss of income would simply stop paying because they could. I abhor those people because had they continued paying, it may have cushioned the blow for smaller landlords who would have to carry a few people rather than many. I can only hope for a strong dose of karma for everyone who took advantage of the situation and screwed someone over.
That said, pandemic or not, it is still a very risky proposition to buy a house you cannot not afford on your own.
Real estate is a business like any other business ..I don’t know many mom and pop businesses that can sustain on their own money with no customers year after year or even buy a business without customers helping pay for it .
My son needed a bank to help buy his law partnership .
Real estate counts on tenants the way any business counts on its customers to stay in business and borrowed money is the blood of most businesses
Real estate is a business like any other business ..I don’t know many mom and pop businesses that can sustain on their own money with no customers year after year or even buy a business without customers helping pay for it .
My son needed a bank to help buy his law partnership .
Real estate counts on tenants the way any business counts on its customers to stay in business and borrowed money is the blood of most businesses
Exactly. What I'm highlighting are the government policies that made leases worthless. There will always be deadbeat tenants, however lacking an enforcement mechanism, they will take advantage.
Exactly. What I'm highlighting are the government policies that made leases worthless. There will always be deadbeat tenants, however lacking an enforcement mechanism, they will take advantage.
Judges, court officers all need to make money, trust me courts will be back in session and in a year it will be like nothing ever happened
That does not excuse people overleveraging themselves
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
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