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Really?? When tenants do not pay rent, the law still requires me to pay their utilities, my homeowners insurance, mortgage and my taxes....of which ALL are higher levels due to me having a multy family unit.
BTW...My property taxes alone are $22,O00,00 a year, so losing my rental income will definitely put me into foreclosure. Plus in 38 years of being a landlord...I have NEVER made a profit.
You should move to Ohio, you seem very unhappy where you are.
A lot of hypocrite LLs telling people that they should have saved so they can pay rent if they are out of work for several weeks or months without pay but then they are complaining about having to pay their rental property mortgage and bills, So why did they buy rental properties if they don't have a years worth of extra money saved to pay their own bills?
I do. I’m not complaining. I have 15k set aside for every rental for emergency. Then there are other accounts I can move money if needed.
Most LL are no different than any other business. They invest with the mindset someone will cover the monthly nut. When the nut isn’t covered they usually get to kick the person out. They can’t do that.
There is a clause that stopped foreclosures. Not sure if that was current or for future filings
You should move to Ohio, you seem very unhappy where you are.
What does that even mean? No one said I was unhappy. I am simply realistic. Since my expenses are much higher than the rent that I charge my tenants, do you also think that the tenant should support me if I can't pay?
Fortunately, out rental class and the standards to rent from us are such that it's highly unlikely any of our tenants will be facing financial hardships.
I didn't realize the virus only affects a certain class of people.
I'm a teacher. I was told Sunday night that there would be no school on Monday and at least the next 3 weeks. Many schools are closed for the rest of the school year. I'm still waiting to hear about my pay. My principal is hoping to be able to provide "fair compensation" for the remainder of the school year, but that's still up in the air. If he can't pay his staff, then next Friday might be my last paycheck until September.
Of course, I've saved. My husband still has his job, we'll be fine... For now. Oh, and we both have perfect credit (800+). We don't mismanage money, we're not bums who spend all our money on alcohol and cigarettes. We are financially responsible.
Don't think the class of people and your standards are going to somehow prevent your tenants from falling on hard times. This pandemic can affect anyone.
I agree with you. Sometimes it's better and cheaper to try and work it out with tenant. I will be waiving late fees, putting rent increases on hold, allowing tenants to break the lease and leave, etc etc
Quote:
Originally Posted by LifeIsGood01
No one thinks you should be required to offer free housing. Just be patient and work with the tenants if they are out of work due to a pandemic.
What does that even mean? No one said I was unhappy. I am simply realistic. Since my expenses are much higher than the rent that I charge my tenants, do you also think that the tenant should support me if I can't pay?
Yes
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