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I’m also curious. Are landlords following their tenants around and verifying their work schedule? Or are we just figuring that’s what’s going on because why not?
If you’ve been fortunate enough not to be laid off, there is a fair chance your hours have been cut. Many restaurants have gone takeout only and have greatly reduced hours. Now you technically may not be unemployed if you work there, but you almost have certainly seen your hours reduced significantly
Yep, I work in the restaurant industry. Now, I'm a server, so I was immediately furloughed when dine-in was closed. My particular restaurant is family-owned, so we normally have about 2 more managers than we really need. So, salaried managers are running take-out while all hourly employees, including back-of-house, have been furloughed.
I do have a number of friends who work back-of-house at chain places (Outback, Carrabbas, etc.) that haven't been furloughed but are down to about 20-25 hours per week. (Both those places began their existence as dinner only, moved into lunch service a few years ago, and have found in the current take-out-only environment that lunch service again isn't worth their time, so fewer hours to go around.) Obviously, those people would be better off if they could collect UI, but they can't.
Also, as I mentioned earlier, I've talked to a number of friends and family around the country that are "still working" but are dealing with a slew of issues. Couple of cousins that live in HCOL areas that typically rely on working OT to support their lifestyle. They're both still working a straight 40, but all OT has been eliminated. Again, HCOL area. They'll both be okay for about 2 months but not much more than that.
Several FT friends who have either had hours straight up slashed to PT levels or are forced to take unpaid time off every couple of weeks.
Even my wife, who is an RN, has been cancelled 1 of her 3 weekly shifts every week for the last 4 weeks. Now, she has enough PTO banked to still get paid for those days, but still. The idea for most is that healthcare workers are getting their butts kicked right now. The reality is that outside of a few hot spots and a couple of specialties, though, that just isn't the case in most of the country. With no elective procedures, anybody who isn't emergency is getting fast-tracked out of the hospital for the safety of patients and workers. For instance, my wife works NICU. A baby who might be typically kept around for 5-7 days for observation is sent home in 1-3 with instructions to the parents to come back if symptoms take a turn.
I’m also curious. Are landlords following their tenants around and verifying their work schedule? Or are we just figuring that’s what’s going on because why not?
If you’ve been fortunate enough not to be laid off, there is a fair chance your hours have been cut. Many restaurants have gone takeout only and have greatly reduced hours. Now you technically may not be unemployed if you work there, but you almost have certainly seen your hours reduced significantly
I dont really think it makes much difference why they are not paying.
And how many of those that have lost a job or had there hours cut are volunteering. With the extra free time they should help others in need. Do you know of many?
I mean if landlords are to work for free it only makes since they can relate better.
And it is not that LL dont care. This is bad for everyone. And a lot of LL will be on the defensive. So used to not being treated fairly. Everyone thinks all LL are very rich. And most courts are tenant friendly with a lot of the rules are not fair. But we live with it.
And used to Tenants looking for a way to take advantage. Or stay in a unit for months to drag out an eviction.
The reason people are asking for free housing is because LL are the easiest to take advantage of.
What would happen if they did that with other essential services. Grocery stores and gas stations. Dont people need those even more?
Also keep in mind if hours cut that most states have partial unemployment.
I agree restuarant workers will be some of the ones effected the most. Dont think it will ever get back to normal. My family is using the ones that have curb side pickup a few times a week. We still have them add in our normal 15% tip. Since they still need to earn a living even if not full service.
We just call in and pay with credit card. And when we pull up I have the rear window down for them to put the order in the back. So far working great.
I think a lot people will never eat out as much even once this is over. Or look for restuarants that have removed half of their tables so people are not as close.
Between 20 and 25% of people are unemployed and maybe more. Mostly everything is shut down besides supermarkets and take out for fast food places. If you live in a city like Las Vegas everything is basically shut that whole city is closed because it's all based on gambling. A lot of places built around tourism are shut down too.
If you expect your tenants to pay for your investments than you are not a good investor if you can't withstand a year of problems. It's like investing in the stock market and expecting others to pay for it.
Investments go up and go down. Now they are going down the Dow lost 33% at one point from the all time high of almost 30 thousand to just under 20 thousand. now it's around 24 thousand.
In the end it's your bad investment skills that are going to cause you to lose your home, it's not the tenants fault that we are in a pandemic.
There are people sleeping at mobile pantries to get food for their families the next morning when they missed out the day before. They don't care about your investments.
GREAT POST
Landlords are subject to risk in their investments just like everyone else. There is no guaranteed return, and if they didn't have a rainy day fund in the bank, well that's just too bad. Get on the phone to your bank, start writing emails, and start negotiating, just like your tenants are having to do.
The elephant in the room is if it is just too bad for the Housing Provider just think of how bad it will be for the Tenant when the dust settles.
I have active income from property management that is taking a hit... maybe I should apply for assistance.
My example of the widow living in one unit of her triplex lives on 700 Social Security and a modest rental income on units going years without a rent increase... I realize it is her fault for not maximizing rent increases under rent control but now under new rent limits she has boxed herself in.... the water sewer is 260 a month and property tax 750 month plus another 200 for insurance... close to double her social security...
In the news.
A small spa business with about 35 employees had to lay them off due to lack of customers.. She was one that received one of the small business loans/grants form the feds. One of the requirements was most of the money has to be used for payroll.
She had a conference call with all the employees to give them the good news.
Turns out most where mad at her. They wanted to be laid off and not paid. Because they would get so much more money that way compared to their regular pay.
Being out of work because you work in a business that is shut down and can't get paid due to a pandemic is not an excuse.
So I got multiple mortgages, hoa, taxes, insurance and repair bills and all my renters Just say what you just said -I’m not paying
Where are the tears for the guy that pays all that every month ? Do you get a nice place to stay
But I pay And go broke??
I don’t see Tears I see entitlement
You are not doing it right. Move to Alabama and buy a $5,000 trailer and live like a queen.
I'm late to this thread but I have seen you commenting from the beginning with this snarky BS.
Obviously your idea of a solution amounts to socialism/communism in a rent jubilee. Why continue to pester everyone else with your immaturity if that's your opinion.
Landlords are subject to risk in their investments just like everyone else. There is no guaranteed return, and if they didn't have a rainy day fund in the bank, well that's just too bad. Get on the phone to your bank, start writing emails, and start negotiating, just like your tenants are having to do.
again no where near like the stock market. You know the normal risk. Giving free rent has never been a risk much less normal in rentals.
But a job like the stock market the risk is so common it is considered normal. You know there is always the risk of loosing a job. That is considered normal. Only difference now is there are more people at one time. And some even still make more with the extra 600.00 with unemployment.
And way should one group of people suppose to have a rainy day fund to pay for others that do not have one for a common normal occurrence.
Curios if you would tell your local gas station or grocery store the same thing as Landlords?
And long term the return is not there for Landlords if there is a new risk. A lot will just do something else. If you think rents are high now because of a housing shortage. Wait until a lot of smaller landlords get out of the business and see what happens.
Also can you name one country where socialism has work? Would you want to live in any?
Taking from one group and giving to others.
The risk for a rental property is a vacancy and lower asking rents in a declining market. Nobody looked out for me during that time, even though many of my properties were bought at the peak in 2006. What did I do? I took my lumps and lowered my rents during 2008-2012 and only now am I starting to see rents recover to what they were in 2006, only for the pandemic to obliterate that once again.
I don't even know what landlords in SF/LA/NYC are going to do. It doesn't make sense to me to rent out a property in those places for 3k/month when the property value might be 1.5 million or more. It would make way more sense to sell the place and park the money in an index fund. At least in an index fund, you can move the money out if you see trouble on the horizon. Can't do that with a rental property in a city with rent control.
Last edited by ddrhazy; 04-28-2020 at 06:42 PM..
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