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tons of people are taking advantage bc the gov't has enabled and basically encouraged their nonsense.
it's a new phenomenon for the govt to say you can't kick people out and have politicians (who of course won't ever buy property of their own to house deadbeats) say "you can't kick them out they'll be homeless and think they can kick the hand down the road forever.
NYC is the most tenant friendly city in the country and the tenant laws here were already absurd- but what's going on in the country on a whole with the moratorium is disgusting.
if someone makes an investment that doesn't work out and you say "well too bad you took a chance and lost" that's fine-but there is no justification for forcing people to have to allow other people to stay on their property for free.
Let me ask you a serious question
So lets say you were a LL in a 3 unit building, 2 tenants stop paying.
What would you do?
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
If landlords had to wait until they could pay cash to buy most would never be landlords ….the same as if most homeowners had to wait until they could round up all the money to buy so they don’t need a mortgage few would own homes .
No one buys an investment with worst case outcomes in mind or we would never invest either ..
You look at the typical range of outcomes and you weigh the risks and you pull the trigger .
No one anticipated no rents for 18 months or longer just like I don’t anticipate another Great Depression when I invest or I never would.
You don’t know what is in people’s wallets so you can’t talk in general terms .
Most multi family dwellings are held in LLC OR CORPORATION STRUCTURE..the funds in the llc or corporation are what you use in good and bad times .
Our Llc held about 150k for the operation of 9 apartments, that plus rents is what we ran on ….18 months of no rent and we would have walked away.
Operating capital is a fraction of what lost rents would come to on 9 apartments for 18 months
No one anticipates their tenant not paying?
Come on
And dont compare a single family house, whereas one determines that they can cover the entire costs of running said house without having to rent rooms in the house to offset the cost. If you wanna use that example the LL is no better than some yokel renting rooms in their house
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
The problem is much of the working world has taken a financial hit through the pandemic that was no ones fault .
Lost jobs , pay cuts , less income ,etc we’re all the results .
If the real estate profession can think that they are immune and can remain unscathed financially when millions around them took financial hits they are smoking crack .
Landlords are just as prone to financial hits as everyone else , we are all in this mess together .
Landlords really need to know their tenants and who the bull crappers are who just don’t want to pay but can .
Landlords need to negotiate a settlement with those tenants who really can’t pay everything they owe .
Other wise the tenants will be forced to declare bankruptcy and the game is over for the landlord as far as collecting anyway
And dont compare a single family house, whereas one determines that they can cover the entire costs of running said house without having to rent rooms in the house to offset the cost. If you wanna use that example the LL is no better than some yokel renting rooms in their house
Of course you do but most allow 6 months or so as a factor . In my case I had one bad tenant in 30 years
The problem is much of the working world has taken a financial hit through the pandemic that was no ones fault .
Lost jobs , pay cuts , less income ,etc we’re all the results .
If the real estate profession can think that they are immune and can remain unscathed financially when millions around them took financial hits they are smoking crack .
Landlords are just as prone to financial hits as everyone else , we are all in this mess together .
Landlords really need to know their tenants and who the bull crappers are who just don’t want to pay but can .
Landlords need to negotiate a settlement with those tenants who really can’t pay everything they owe .
Other wise the tenants will be forced to declare bankruptcy and the game is over for the landlord as far as collecting anyway
^
This is all I wanted to hear.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Why 6 months when Housing Court takes like 2-3 times that to evict?
We ran about 5-6 months in our case ..she was a single mom after her husband fled so the judge was gentle with her
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