All Forum Posts by: Account Closed

YUP you tend to have those posting who lived and worked through the GFC in a meaningful way.. and those that are post and this is just something they have no experience with and really dont know what is going to happen.. real estate is risk reward.. its not guaranteed income

@Account Closed - I'm not sure the exact % of landlords who are accidental and own 1 or 2 rentals, but I think it is something staggering, like 50% of all rental properties. Many of these folks are the ones who may be in for a rough ride. They may also have lost their jobs, have mortgages to pay etc. etc. Your logic from another perspective sounds like this: "Banks shouldn't force us to make payments on vehicles, credit cards, mortgages, student loans & SBA loans, because unlike most people, they have unlimited cash due to quantitative easing..." It doesn't work like that. When we enter into contracts - be they leases, mortgages, loan agreements, revolving lines of credit - whatever - we make the commitment to pay our debts, regardless of the situation. I plan to work with my tenants and would like them to feel comfortable staying in their homes, but they need to do everything within their power to make good on the agreements they have with me. I will do everything in my power to ensure they have a nice home to live in, free of crime, with no roaches or mice and if issues arise, I will promptly fix them (The right to quiet enjoyment) - That means sacrifices for all of us.

@Account Closed I'm confused bad business for who? Like I said... most LL's WILL allow a Tenant to break lease if they can not afford rent... majority of Tenants will however not move out... living expenses come due one way or the other... again they don't just disappear into thin air. 

I've been a foster parent, volunteered for the humane society, learned Spanish fluently helping migrant farmworkers for free, am vegan for ethical reasons, have a bird refuge and a zoo of rescues. I will be fair and work with my tenants but my rentals, all bought right before the 2008 crash, are not a charity. 

This is an unprecedented health and financial situation , so we are being flexible and trying to be a part of the solutions :

• 1) If our tenants alert us to their inability to pay rents - we are being compassionate and listening.
• 2) We are asking for little more background on their situation ( Lost job ? sick ? someone in the family sick ?)
• 3) If we think there are genuine reasons , we are offering a combination ( not all) of the following options
• .   3.a) Waive late fees
• .   3.b) Adjust their security deposit for the next months rent
• .   3.c) Offer flexible termination of the lease, if they want to vacate and move with family
•     3.d) Offer them additional 30 days to pay current rent.
•     3.e) Issue a notice to them that is empathetic to their situation , but also puts the eviction process rolling so it         can be executed once we we want and are legally able to.
• 4) If we believe that they are taking unfair advantage of the situation and not paying rent ( They still have their job , no sickness etc) - we are providing them a notice to intent to evict as soon as we are legally able to.

Welcome thoughts on anything we can do different.

Thanks

you guys have to realize you should work with tenants,because if this last along time like 2008 ,you will realize what i mean.sure everyone should be able pay their rent with their stimulas checks.sure you might have to workout payment plans to they get them.but after that it might get rough ,if the goverment does not get people back to work.what choice to you have,a tenant you know,or a complete stranger without a job.alot of you where not around in 2000 and 2008.this market could get real bad.like now if you advertise a place you get a good responce to look at it.in 2008 you would advertise and hardly anybody would respond and if they did they wanted 1 or 2 months free rent.i would prefer to work with tenants now,and i can already  know which tenants its going to be.it will be the 10% of tenants you always have to remind to pay.90% of your tenants will find a way to pay.we  all know they signed a contract to pay,just be nice if they work with you,maybe stop late fees or reduce them.but to forgive the rent is another story,unless the goverment forgives our taxes.you got to realize now you should be in survival mold,for i can tell you if you make it threw their should be sunshine at the other end.because most new building is coming to a halt,most remodeling coming to halt ,most family being home more ,which maybe creates larger family,and when this done most banks will have even more tougher standards for a loan ,like 6 months reserve for a borrower.so down the road rents will rise probably more then before this crisis.so just hang in their and develop a plan you your situation.so look as this as a bump in the road.and if you live in wisconsin ,you should know by the amount of potholes we have

@Jason Allen

Spoken like a true Broker with no skin in the game (no rentals:-(

We probably know more about our Tenants than we do about family members (Credit check and Google search). A quick call should let you know what's going on. If you can't do that, maybe you should be in the stock market. This is a people business and you may not realize the people skills and insight you already have. (or record the call and let your spouse listen to it;-)

I have a hard time believing that anyone owning 500 units would be spending their time on cockamamie STR arbitrage schemes. Probably making use of:

The BP two step shortcut to owning 500 units

1: Invest $5,000 in a syndication that buys a 500 unit development

2: Claim to own 500 units

I've seen it far too many times.

 LOL.  You gotta be kidding me.  I went back and read that he says he owns 500 units, but in another post he says he's doing the AirBnB arbitrage..and combined together he says he owns "500 units"?  BS!  He doesn't own ANYTHING.  He has little or no financial responsibility, and he has the nerve to call out all those that do for not giving away the farm?

To be fair, maybe he should put an add out saying all of his 500 units are available for free, as a place for all of those tenants leaving their rental homes.

I would think the mere fact that people are not stepping in line and defending the OP’s idea of free rent or free move out without consequences would be a wake up call to him that perhaps his ideas aren’t good. But, nope. Even when I quoted him he insists I haven’t read his posts.

A great majority of us will work with tenants that are affected by this. But also, a huge majority of us are not going to sacrifice our holdings for free rent offers and/or free move outs. Of course, a vast majority of tenants aren’t going to simply move out just because you make the suggestion. That’s a pipe dream. Most don’t have an option to move somewhere and live for free.

It’s baffling that he thinks the only two options are giving tenants something for nothing or you’re immoral. Of course, he also thinks a tenant should be able to hoard retirement funds and college savings instead of paying rent, and also thinks a tenant is the landlords responsibility.