All Forum Posts by: Aleejandro Dela Vega

@Jeff G.

Yes. I did it twice and it worked. I basically gave about two months worth of rent to one tenant and three to the other. This is not counting the damage that they did to the property which added a few more thousand in both cases. But at least they didn’t stay over a year for free.

@Jill F.

I think there’s a strong possibility that it will get extended. It’s not about the virus anymore, it is purely about the economic state of the tenant. Just to give you an example, our governor here in Nevada extended the moratorium until the end of May, saying that tenants should not get evicted since there is financial help for landlords and tenants, he said nothing about danger to the tenant moving out due to covid. It is an easy way for the government to have landlords subsidize tenants without government having to foot most the bill.

@Carl Mathis

That is another angle and a good way to look at it as well. Good thing all my properties are free and clear.

@Joe Splitrock

I agree.

The way that I see it is that we were easy targets. I was amazed how much people and the media like to paint landlords as evil and predatory. If you think about it, it was easy for the government to have us subsidize and carry tenants. This allowed the government and the Fed not to further increase their balance sheet. We’ll see what kind of aid they will provide, if any...

At this point, I honestly think Covid was used as an excuse, and the real reason was the economy. They didn’t want to see people out on the streets and we provided free housing. It was an enormous transfer of wealth from people that saved and were entrepreneurial to...

I’m going to finish by saying that it is something that reminds me of what my Polish grandparents went through and talked about on what happened with their real estate after World War II, when communism took over.

@Joe Splitrock

I’m still blown away that this actually happened in the US. My guess is that this will cause a good amount of landlords to get out of that business and cause rents to go up some depending on which part of the country got affected the most.

@Allen Maris Very cool! It would be great to catch a coffee or beer (in social distant fashion of cours, lol) and chat real estate investing stuff...

@Allen Maris

Right, I heard the Northwest part of town isn’t the best place to invest for those reasons. It will take me a bit of time to get acquainted with the place. The house we bought is actually in Orcutt.

Do you live around there?

@Eric Bilderback

Class A is doing very good. I have a friend that owns about 1300 units and he is down only 4% since the beginning of the pandemic.

Class C is the worst performing.

People with rental homes in general are having a harder time, especially those without a management company because we are often too nice so to speak…

I have one investor friend with 10 homes downtown and he is down about 15% in income, his homes are all class B. I have another friend that owns class C plus type homes and he has gotten slaughtered. Some tenants simply refuse to communicate, etc. 

@Allen Maris

Thanks! And good to know. I’ll be looking into investing there. D o you have any recommendations, multi fam, sfr rentals, commercial,..?

@Jesse Stein

Funny enough, we’re selling our house in Las Vegas and moving to a small town called Santa Maria in California. It’s about the same price as Vegas, perhaps a few percentage points higher per square foot. Our reasoning is that LA or San Francisco are way too expensive, there are a lot things to do within an hour from Santa Maria and the weather is great.

We see a lot if people moving to Las Vegas from California though!