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In my area of Long Island, Ive notice that many tenants who are working have just stopped paying. Not because they can't afford to pay, it is just because they know that for now, the landlord can't do a thing about it. Not only that, they have also stopped paying for their untilities, which puts even more burden on the landlord since state law requires the landlords to supply water, electric, heat even when the tenants fails to do so per their lease.
Once the ban on evictions is lifted, i suspect that many of these tenants will simply abandon the rental, leaving the landlord holding the bag. Pure opportunist.
How is that different from landlords? Landlords jack up the rental price as high as possible.
How is that different from landlords? Landlords jack up the rental price as high as possible.
Or as high as the markets will allow.
Of course, the big difference between the two cases is that no one forces a tenant to live somewhere. But when a tenant does live somewhere, s/he is renting goods/services and is under contract to pay. That is a big difference from landlords.
In my area of Long Island, Ive notice that many tenants who are working have just stopped paying. Not because they can't afford to pay, it is just because they know that for now, the landlord can't do a thing about it. Not only that, they have also stopped paying for their untilities, which puts even more burden on the landlord since state law requires the landlords to supply water, electric, heat even when the tenants fails to do so per their lease.
Once the ban on evictions is lifted, i suspect that many of these tenants will simply abandon the rental, leaving the landlord holding the bag. Pure opportunist.
They'd be getting served with judgments and I'd make their lives a living hell if my tenants pulled that crap with me. I'm willing to reasonably work with someone who is truly out of work and not getting unemployment, etc. But I will not just let opportunists get away with that.
So you mention stock market which requires no work. LL have a lot more work. And do this because history shows it is very low risk. And can always get tenants out and sell.
Real Estate is more like a saving account and does not go up and down much.
Normally if you provide services to an employer, then you expect them to pay for your living expenses.
Is that smart or how is it different than a LL.
LL dont expect tenants to just pay for their investments. Like anything else. They expect to provide good or services for payment. Or dont provide the goods/services and then dont collect payment. Just like grocery stores and restaurants.
It is not bad investment skills by LL. And all experts would agree Real Estate is one of the safest investments you will find. How many other can you name?
True it is not tenants fault we are in a pandemic. But why should a select few citizens (landlords) have to pay more than their share.
And it is tenants fault for not following normal guidelines and recommendations that have always been around. To have 6 months or more in savings. Using a pandemic as an excuse does not all of a sudden make a big difference.
Have you tried other business with your plan of they should give you something because they have more. Or there is a pandemic and you need it. Because you where to irresponsible and not grown up enough to follow normal everyday steps like planning for a job loss?
For tenants one could say the Pandemic is much better for them than a normal everyday thing like a job loss. Except in this case they get much morethan they normally would. With the stimulus and extra $600.00 a week unemployment.
Real estate is not like a savings account. It's wealth that you are getting the other people pay you for,
You buy a house as an investment and your tenant pays the costs of that house thru rent.
You gain from that because it can cost you nothing but you are getting richer and a savings account, cmon it pays 0.01%,
and I never said the tenant should not pay to live there, my point is if you make an investment make sure you can cover the losses in case they happen.
They'd be getting served with judgments and I'd make their lives a living hell if my tenants pulled that crap with me. I'm willing to reasonably work with someone who is truly out of work and not getting unemployment, etc. But I will not just let opportunists get away with that.
They will declare bankruptcy and laugh at your judgement.
Its about expecting to get paid for goods and services. I own a rental property in Hawaii (thankfully my tenant is still working and unaffected). The fact that I can afford to eat non-payment of rent and associated fees for well over a year (to the tune of over $36,000 a year) does not mean that I should or that I should be expected to do so, especially when there are beefed up unemployment benefits being provided to those who are out of work.
This latter point is really key as its not as if those people who are out of work for the most part don't have any cash coming in. Even if this was the case, if the government is going to limit evictions, then the government needs to pick up the tab to compensate me for services being provided.
But, as you mentioned, you either apply this logic to every contract for goods and services or you don't apply it at all. You'll get laughed out of (and arrested) if you try to go into a grocery store and take what you haven't paid for due to being out of work while claiming that the grocery story operator should not demand or expect payment for a year (remember, these same 20-25% of people out of work today also need to shop for food, etc.) as it shows he isn't a "good investor."
It's like some of you just aren't listening. Yes, all that "beefed-up" money will eventually come, but for a lot it just hasn't come yet. FL has only paid out 5% of all filed claims (and then didn't even start applying any of that $600 to approved claims until the middle of this week and even then not yet to all approved claims).
That doesn't even get into people still trying to get into the DEO website to file or the people who just gave up and sent in paper applications which haven't been received/processed yet. That doesn't get into the almost 45,000 Disney workers who aren't officially furloughed until tomorrow.
As for groceries, it's not quite the same as there are options there. Schools districts giving out free lunches and breakfasts to kids, food banks, etc.
In my area of Long Island, Ive notice that many tenants who are working have just stopped paying. Not because they can't afford to pay, it is just because they know that for now, the landlord can't do a thing about it. Not only that, they have also stopped paying for their untilities, which puts even more burden on the landlord since state law requires the landlords to supply water, electric, heat even when the tenants fails to do so per their lease.
Once the ban on evictions is lifted, i suspect that many of these tenants will simply abandon the rental, leaving the landlord holding the bag. Pure opportunist.
Real estate is not like a savings account. It's wealth that you are getting the other people pay you for,
You buy a house as an investment and your tenant pays the costs of that house thru rent.
You gain from that because it can cost you nothing but you are getting richer and a savings account, cmon it pays 0.01%,
and I never said the tenant should not pay to live there, my point is if you make an investment make sure you can cover the losses in case they happen.
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.
I'm a real estate paralegal in a law firm. We get around 100 calls/emails a day from concerned Long Island lanadlords.
Okay, but there's potentially assumptions going on there. How would LLs know that their tenants are still working?
And, even if tenants are still working:
Maybe tenant is still working 40 hours but used to work a ton of OT to pay bills, which has now been eliminated. Maybe tenant's hours have been slashed to PT levels. Maybe bonuses have been frozen/eliminated. Maybe tenant is forced by employer to take a periodic unpaid day off, maybe even as much as weekly. Maybe tenant has gotten sick but works somewhere that doesn't provide sick leave. Maybe tenant willfully left a previous job right before all this happened and then had a new job offer rescinded.
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