Landlords - What Type of Relief (if any) Are You Offering Tenants During Coronavirus Pandemic? (legal, application)
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Lol....I have been a landlord for decades and I have NEVER made a profit on my rental. My property taxes alone on Long Island are over $2000.00 a month. Add in $1000.00 a month for insurance, utilities and maintenance. Tenant pays $1300 a month...all included.
Converting my home to a two family home was not an investment choice for me...it was a necessity.
You are not doing it right. Move to Alabama and buy a $5,000 trailer and live like a queen.
I don't think anyone is saying it's "ok." But the reality is that in a bad situation, it looks like, at least on the macro, that we're probably not seeing what could be the worst-case scenario. I realize that'll be little comfort to the individual LLs who get hosed here, but...
And frankly, while I'm certainly not dialed in there, I'm just having a hard time believing there are a bunch of still-working, unaffected tenants out there who have simply given up paying based on a short-term eviction moratorium.
My units rent for, on average, a little over a thousand a month. Most are 3 bedrooms, often with two adults and 3 kids. So they would get a bailout check of $3900, enough for nearly four months of rent. In addition, if they are laid off from work, they would get unemployment of at least 80% of their expected earnings, plus I hear that there's a bonus being added to that. And they would qualify for Medicaid, so not a penny in medical expenses. And they'd qualify for food stamps, which right now are being enhanced to the maximum allowed for the household size, no matter what the income - if you qualify at all, you get the max.
My point is, that people who have been laid off are actually doing very well, money-wise. Those who are still working are still getting the bailout check. So virtually all families are in a position to pay rent. In my state, the governor just essentially proclaimed that all my tenants legally don't have to pay a penny in rent for the next three months, and there's not a thing I can do about it. And since the courts won't open up until at least July 1st, I doubt I'll get into court with any of them until September. Then the eviction takes at least two months to run. So the tenant could get away without paying rent for 8 months, take the eviction on their record, and move. Heck, if they saved up all 8 months' worth, they'd have a pretty nice down-payment for a house, in my area. And there's not a single thing I can do about it. They're mostly judgement proof, because they either make so little on the books, or work in non-garnishable jobs.
Long answer, but no, I'm not doing anything that the law isn't making me do, regarding tenants paying rent during coronavirus lockdown.
My units rent for, on average, a little over a thousand a month. Most are 3 bedrooms, often with two adults and 3 kids. So they would get a bailout check of $3900, enough for nearly four months of rent. In addition, if they are laid off from work, they would get unemployment of at least 80% of their expected earnings, plus I hear that there's a bonus being added to that. And they would qualify for Medicaid, so not a penny in medical expenses. And they'd qualify for food stamps, which right now are being enhanced to the maximum allowed for the household size, no matter what the income - if you qualify at all, you get the max.
My point is, that people who have been laid off are actually doing very well, money-wise. Those who are still working are still getting the bailout check. So virtually all families are in a position to pay rent. In my state, the governor just essentially proclaimed that all my tenants legally don't have to pay a penny in rent for the next three months, and there's not a thing I can do about it. And since the courts won't open up until at least July 1st, I doubt I'll get into court with any of them until September. Then the eviction takes at least two months to run. So the tenant could get away without paying rent for 8 months, take the eviction on their record, and move. Heck, if they saved up all 8 months' worth, they'd have a pretty nice down-payment for a house, in my area. And there's not a single thing I can do about it. They're mostly judgement proof, because they either make so little on the books, or work in non-garnishable jobs.
Long answer, but no, I'm not doing anything that the law isn't making me do, regarding tenants paying rent during coronavirus lockdown.
I know people that haven't gotten their $2400 check yet. Many states are behind on paying their unemployment etc. Depending on their previous income they might not qualify for food stamps etc.
So lets say a few hundred are not paying. 10s of millions of others are.
There's about 44 million rentals in the US, both apartments and houses. About 7% more than normal aren't paying. That's about 3 million people not paying rent more than normal. I'd wager more than a few hundred are taking advantage.
I know someone being able to buy a house 4 years afterwards. In this economy bk will not be a big deal
For those that it works for, good for them. But I'd wager that the overwhelming majority of people filing for bankruptcy won't have such an easy time, particularly with renting going forward. Yes, buying can be easier if you ultimately have the money regardless. But renting would be another story altogether.
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