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Yes, it sucks. But why is the landlord more important than the tenant?
To be clear, I’m arguing just for the sake of taking the opposing viewpoint. I totally understand where the OP is coming from.
I want to go back to work. My husband has already been out of work for an extended period of time, so there’s not a lot of savings left, and with me out of work and virtually no prospects for him given the circumstances, I’m completely freaked out. We’re going to end up losing the house I built in PA with my own two hands if I can’t get back to work soon.
Why is the landlord LESS important than the tenant? After all, the landlord is the one who made the financial sacrifice to purchase a property with the idea that he would rent it out to paying customers.
And I'm sorry that you might end up losing the house if you can't get back to work soon. (Truly, that's why I am I strong support of phasing in a return to work, with proper distancing.) But look at the flip side I mentioned: a friend bought a duplex for her retirement (selling her pre-retirement home), with the idea that her SS plus the rent she would receive could enable her to pay her bills. (She has no pension.) She told me the place is being rented for $1800 a month. If the renter stops paying, and the situation doesn't resolve rather quickly, my friend will have to sell HER house.
SOMEONE always has to pay the price when someone else is excused from paying.
At the end of the day, these rent holidays will be bad for tenants. Now, when renting a property, the LL will think, “What if some disease comes along and the government says I can’t collect rent for 8 months?” So, what will he or she do? Charge more per month to save and hedge against a government mandated rent holiday. There is no such thing as a free lunch people. Don’t complain when rents skyrocket after this.
The greatest strength of capitalism is something that you have discovered and that is to bear the fruits of your labors while others have sat around watching TV you have no doubt spent many evenings fixing things in units and other such labors. (It has it's weaknesses of course).
I must admit that I chuckled a little bit when I read your last sentence there about labor vs watching TV.
Husband and I were dirt poor. We still wanted to vacation like a normal couple, so we drove to Florida instead of fly because we couldn't afford the plane tickets, we ate dollar sandwiches at mcdonalds, and we couldn't afford the hotel so we slept in the car at night and enjoyed the beaches during the day.
We started out with our REI about 7 years ago by buying a run down piece of crap property that nobody wanted. We lived in it as our primary residence. We both had full time jobs during the day and as soon as we got home from work we would work on the house. Sometimes, we would work late into the night laying tiles and still went to work early next morning. A few months later, we sold it and made a profit of $70K. Rinse and repeat.
We currently own a dozen houses outright with no mortgages and half a dozen more with minimal loan on them that we plan on paying off ASAP.
People nowadays often ask us how we own so many properties outright without any loan on them in such a short amount of time. It's hard to explain when most people have no concept of the amount of work and the sacrifices involved. How many people would sacrifice every evening and all weekend every weekend for years? For example, in this pandemic, I have been working 8-10 hours a day 6 days a week trying to meet my own deadline with a 2700 sqft house. Later this week we are closing on a neat house with a 2 car garage owned by an elderly couple that recently passed away. Next week, we will close on 3 more units. None of these properties will have any loan or lien on them. We will own them outright. How? Lots and lots and lots of work and lots and lots and lots of sacrifices.
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My advice is to stop with the labels that you use, they're preventing you from having a deeper view of issues when you throw around terms like capitalist pigs or progressive liberals. My guess is that you've grown up and are surrounded by a peer group that is just as narrow minded as any trailer park full of Trump rednecks....they just don't see it that way because *sniff* they're progressive lol. Talk to the issue about it with some of them, see how tolerant they are to your views. Most should be....
I don't know. We might be becoming capitalist pigs pretty soon here.
To be fair, conservatives aren't very appealing to us when they keep trying to suppress our rights. We are a gay couple... you get the idea. And then conservatives had to elect an SOB like Trump.
Sorry to disappoint you. I'm still liberal as heck. Still believe in trying to help everyone prosper, not just the few who can make it.
Almost all of us conservatives feel exactly the same way, by way of equal opportunities, not forced outcomes. We just dont want others prosperity robbed to provide for the unwilling. That is pretty straight forward.
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Originally Posted by MetroWord
Just don't agree with the squad ladies on this one.
I'm just not selfish enough to become a conservative anytime soon.
*sigh*
Trying to equate selfishness to conservatism is a very shortsighted, but typical lefty view.
I have residential properties also, just two, so not to the extent you do apparently. One of my tenants cant make full rent due to the virus thing (the bar he manages has shut down, his wife works there also). They seem to be trying to do the right thing and have been communicative so I have agreed to work with him, waiving the rent he cant seem to carry right now until the current situation has resolved itself in some way. For April he gave me only 12% of it. Am I getting played? Maybe, but I doubt it, and I'm still doing it. I also charge slightly below market rent and give summer time offsets for the water bill for lawn care. He is appreciative, it is obvious. This is an investment property, so I am still carrying a mortgage on it at full payment schedule. Also just paid my 2019 2nd half property taxes last week. Due to his tattoos and white guy dreadlocks, I am also hedging he is a Bernie fan (although his income/credit/history checked out)
Apparently as I am a conservative libertarian type , I'm "selfish". Amirite?
It's pretty obvious progressives are indeed interested in everybody having nice things, the downfall is they usually want to do it with somebody else's money and/or assets. At this point the ever so progressive "squad" is doing just that, and you now feel it's wrong because it's your skin in the game.
Basically speaking, this bill is introduced by the squad ladies and would cancel all rent and mortgage payments for primary residences until one month after the end of the emergency declared by DT.
Back when my husband and I were dirt poor but we had a plan to start our own business and work our way toward financial independence, we swore to ourselves that even if one day we are worth millions we would still be progressive liberals. We worked very very hard and strategized to build our investment company from the ground up. We own most of our buildings outright.
That said, I feel like the universe is trying to drive us away from progressive liberalism and toward being capitalist pigs. We are financially independent, something that we have worked toward for years. The primary source of our income is, ding ding ding, rental payments as we own many properties.
So far, we are pretty unscathed from this economic disaster as almost all of our tenants are still working and paying on time. We have a couple who lost their jobs and we have worked out a payment plan for them that both them and us are happy with. We have also told everyone please pay on time but if they can't then we will not charge a late fee.
I understand many people have trouble paying rent and mortgages. But demonizing landlords and mortgage companies won't solve anything. Let's come up with a more realistic solution, please.
Oh I'm sure that the Squad wouldn't expect you to absorb the cost of rent and risk your properties being seized by the banks. They'll come up with a government program to pay for that cost...while complaining about the debt.
Almost all of us conservatives feel exactly the same way, by way of equal opportunities, not forced outcomes. We just dont want others prosperity robbed to provide for the unwilling. That is pretty straight forward.
OK. I think where we disagree is how we get to having everyone prosper.
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*sigh*
Trying to equate selfishness to conservatism is a very shortsighted, but typical lefty view.
Later in this post I will explain why I think this way.
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I have residential properties also, just two, so not to the extent you do apparently.
I bet you retain your full time job and have no intention of ever quitting. So it is not a fair comparison. To you REI is a bonus. To us, thats our job.
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It's pretty obvious progressives are indeed interested in everybody having nice things, the downfall is they usually want to do it with somebody else's money and/or assets. At this point the ever so progressive "squad" is doing just that, and you now feel it's wrong because it's your skin in the game.
OK, let me get to the meat of this matter.
Not everyone is born equal. And I'm talking about beyond financial advantages.
This is the part where political correctness is a detriment to progress. But let me sacrifice myself here. Not everyone has what it takes to succeed in the current system. Some people are born dumb as a rock. Some people are born with higher IQ. There, I said it.
If hard work alone leads to success, the world would be dominated by coal miners and ditch diggers.
Most of our income comes from a thing called passive income. I have found that most people are incapable of understanding what passive income is. I have a PhD brother in law who still won't get it and always try to work out how much we earn an hour based on our work on the properties.
There are financial concepts that most people just simply aren't capable of understanding. Hence most people work for someone else.
The current capitalist system obviously isn't working for everyone. Some of us are able to make it. On the other hand, I know of people who work 3 jobs and still can barely make it thru the month.
I understand that conservatives want everyone to succeed as well. But the criteria to succeed right now is simply outside of what many people are capable of.
The conservative mindset works for many people. I agree with this. But it leaves an even greater number of people behind.
I don't agree everyone should have the same opportunity at wealth, if someone is willing to be a coal digger or ditch digger and that's where the money is, and others won't be willing to do that and settle for lesser paying jobs, despite their college degrees etc. that's on them, I don't want to spread the wealth, it goes to those willing to earn it.
So you agree that this is not the solution. You're simply shifting the burden.
I do agree. I don’t think this is a good proposition at all. But I also disagree with being forced out of work. I don’t have a mortgage in PA, but do in NJ. What happens if, due to the government edict that I can’t work, I can’t pay the mortgage (or in the case of a tenant, can’t pay the rent)? Yes, it’s a contract being broken - a very valid point that was brought up. Who loses? Immediately, it’s the tenant or the homeowner living in the home. Longer term, the landlord is going to lose out as well, as they will be out rent money for however many months it takes to get an eviction. The bank might lose, but it depends on the amount owed on the mortgage and the property value.
It’s kind of a stupid argument on my part, but I find it interesting that some liberals are unhappy with the idea of this bill, yet don’t agree with those of us who are pushing for reopening of businesses. No one wants to lose their investments, and no one wants to be homeless.
If this drags on for 3, 6 months or more, financial institutions will collapse and we'll have an economic disaster worse than the 2008/09 financial crisis.
No man is good enough to govern another, without the others consent.
Who is forcing who?
Your servant is forcing you? How does that make sense? You are doing all this on your own accord.
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Most should be....
