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i can see the perspective as a landlord as i stated above . but i can also see how there is little justification for landlords to be unaffected by what is going on ..
so let me play devils advocate and take the other side of things as a tenant and not as the landlord i was for decades .
just about every worker , every income with few exceptions has taken a hit from the pandemic in either lost pay , lost wages or reduced income as an owner .....
yet landlords still expect that their profession remain unscathed .... that is not realistic .
there really should have been laws passed that went to rent regulation during the crisis that had mandatory cuts to landlords too based on the tenants cuts that they decided to hitch their cart too .
if other investments fall because of the pandemic and investment income from cut and suspended dividends causes reduced income and reduced investment values , real estate should be no different ..just look at the plunge reits have had ... they certainly are passing their losses on to their share owners .
one of the popular reits i used to own not only cut the dividend but fell from 18 to 8 dollars a share to absorb the losses .
so real estate is not some super hero that should stand above all other jobs that are taking hits just because landlords want to consider their investment sacred and immune tto the pandemic effects.
their invested money should be subject to the same slings and arrows as every other profession and job from the pandemic and it should sting them just as much as any other investment that gets hurt by the pandemic.
as they say , we are all in this together
Last edited by mathjak107; 08-07-2020 at 02:39 AM..
I agree with most people in this thread. What we are seeing is the government stripping property owners of their rights.
Try telling this to the people out on the street holding up signs saying "rent free". It's pathetic. I will be renting out my condo within the next year or so. If my tenant is one of those people, you can bet that they will be evicted the first hour of the first day the eviction holds are removed.
What i don't understand is - now since covid, you could not evict a tenant who could not pay.
but i understand that the landlord has a mortgage and also bought the property so that the tenant could pay enough money to cover the mortgage, or something like that.
so now with the tenants not paying rent for now like 4 months, what does the landlord do about the lost revenue?
in both cases it is implied that both the worker ,tenant or landlord should be able to survive the hit with savings .
however in the landlord case he still is performing what is expected of him to earn his money while the worker is not having to do what is expected of them to earn their income . so it is not quite fair in that sense ...
suspend the landlords bills and have his vendors take a hit too if he can document the tenant isnt working and paying and let it work that way right down the line . don't single out one profession like real estate and tell them you have to eat it , while no one else is forced to take the hit who is still allowed to work.
landlords for whatever reason are forced in to the charity business while everyone else goes along and expects to get paid for what they do .
Yes, I have heard the "savings" argument. Problem now is just how much "savings" are both supposed to have squirreled away? We are moving into 5 months of many people not being able to work to pay their bills. My own son got COVID, and as of yet has not been cleared to go back to work. When I hear he doesn't have to do what is expected of him to earn an income, I take umbrage .... he (as well as others) are not permitted to do what is expected of them.
If the government is giving relief to tenants the landlords should get some as well.
but i understand that the landlord has a mortgage and also bought the property so that the tenant could pay enough money to cover the mortgage, or something like that.
so now with the tenants not paying rent for now like 4 months, what does the landlord do about the lost revenue?
Foreclosure is a huge PITA for banks nowadays, so they are generally very willing to work with good customers who are having a temporary issue with mortgage payments, especially in a situation like the current crisis which could not reasonably have been predicted by the mortgage holder.
That said, you can't rely on a tenant to cover your mortgage even in good economic times. There are no guarantees where tenancy is concerned. You need to be prepared to cover costs (at least temporarily) if there is an issue with keeping the unit filled and receiving payment, or you shouldn't purchase the property.
A tenant will need to pay any back rent when the restriction on evictions is lifted, which is probably why the vast majority of tenant are continuing to pay their rents even without the threat of eviction currently hanging over their heads. No one wants to dig a hole thousands of dollars deep if they can avoid it.
The bottom line is that when you're providing an essential need like housing or utilities, the rules and expectations are somewhat different than they are for other businesses. If someone isn't prepared for that, being a landlord probably isn't the right business endeavor for them.
The bottom line is that when you're providing an essential need like housing or utilities, the rules and expectations are somewhat different than they are for other businesses. If someone isn't prepared for that, being a landlord probably isn't the right business endeavor for them.
if that was true then food and healthcare would be regulated too .
it is more political than anything else. simply winning the votes of renters .
no they are not .. i don't see the super markets being told not to raise prices or reduce their profits ,.
i didnt see my deductible reduced nor out of pockets lowered or even what doctors charge those with no coverage capped .
sorry spin again.
doctors are free to accept insurance terms and payment amounts or NOT. my buddy is a urologist and takes almost no insurances,he is free to charge whatever
Last edited by mathjak107; 08-09-2020 at 02:59 AM..
No way would I have rental property. Did it once. No more. Wasn’t for me.
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