All Forum Posts by: Account Closed

I think the key is COMMUNICATION. Both in my personal stuff and with my retail Landlords, when people call and say "Hey, I'm not paying for 6 months because of this" it's very easy for us to look at them, laugh, and tell them that they, in fact, will be paying every penny.

On the contrary, if someone calls and says " Hey, this is insane, my sales(income) are X, here is what I have done so far to try to garner more money, here is a bank statement and a check for 45% of my rent this month. Can you accept this?" Then we are going to feel MUCH better about trying to help them.

The unfortunate part is that Tenant's of all kinds (some of which are Landlords TOO) smell free stuff and they start grabbing for it. A lot of times, when you push back on them a little bit, they think it's too much work and just pay the rent. 

While I agree that everyone from Lender to Tenant needs to work together in this crazy time, it should NOT be the easy button to ask the Landlord for a rent reduction. You should be able to demonstrate that you have exhausted other options before coming to the Landlord. 

Eviction moratorium is akin to eminent domain. But it is returning the property...just without the government paying rent. All small businesses are being hurt. It just seems different for landlords, some say like stealing, because a good or service will be consumed without payment in advance and no guarantee of payment in arrears. Knowingly. But rent is not forgiven; just no evictions, kicking people out of their homes during a pandemic.

Other small businesses are totally disrupted, and many fear they will struggle to get their client base back as well as their staff. If you don’t think they are worried, read up. They are afraid to borrow disaster funds they may never be able to pay back if their businesses don’t rebound.

This black swan event hit everyone. Landlords’ pain is different from restaurants’ and retail services’. And grocers are doing great business. It’s how the cookie crumbles...and if running a grocery business was as easy and profitable as rental property we’d all be doing that instead.

Landlords also have bills and some of them may have lost their jobs.  Just because they own a home (many have mortgages) doesn't mean they are rolling in money.  Tenants need to pay what they can (ie they can't pay nothing) and work out a payment plan for any shortages with the landlord.

Aren't you the one who Started a thread and told landlords "to enjoy foreclosure"? The thread was ultimately removed. Why are you even on this site?

I suspect "Capt. Airbnb Arbitrage" is holding a bunch of leases and no way to pay them. Way to go slick, you really showed us!

All my tenants are MTM and they can leave any time they want-30 days notice. Their deposits will be returned as soon as I have inspected the empty unit. If they lose jobs through coronavirus and can demonstrate that we can work it out. I have plenty of reserves set aside just don't want to spend it unwisely. I think the vast majority of LL here are pretty reasonable when it comes to tenants.

 If you were short on your rent/mortgage, would you put it on a credit card, or tell your landlord/bank.  Sorry, I can't pay it.

It's easy to paint the landlord as the moneybags bad guy(Because they're always rich, right?)  Landlords provide a useful service that others are not willing/able to provide for themselves (Otherwise they would be homeowners).  I agree putting the whole situation on the tenant is not the Christlike way to go, but painting the landlord as the bad guy for suggesting they use a credit card to pay their bills is a cop-out.  

The contractual responsibility is on the tenant.  The landlord should seek for a moral, positive solution to help as the specific situation demands.

I have had the opportunity to find and work with some of the best property managers (after many years) for our current properties. Over the years we have gone from me just treating them like just a service I hired to us working together toward a common goal and reaching a place of trust. So a few of our managers have reached out to us regarding their interactions with our tenants regarding the COVID-19 situation. So here goes: 

Rent is still due. Why? 

1 - Tenants should also have saved 'reserves' in place - so if they are already missing their rent payment come April just a few weeks into this, they are selectively deciding not to pay for their shelter in hopes of rent forgiveness - which is no different than shoplifting or any other use of a service with the knowing intention not to pay - no one to blame but one person.

2 - There are options available to Tenants: They can always put it on a credit card, which really already has a payment plan set up for them with their terms... a tenant can quite literally just pay the minimum until they get back on their fee, not suggesting anyone just may the minimum on a CC but that is an option, just like it is an option to put food, utilities and anything else on a credit card, shelter is no different. 

3 - There are loans available to Tenant: Applying for temporary loans to make ends meet are available and even more so now - and before anyone says you won't qualify - there's only one person to blame for that and yes... a CC is a type of loan when used - so if you have a CC... you can access to borrowed funds with a re-payment system. 

4 - Why does a tenant have to live in the current rental? - As if there aren't options...So if a single lady is renting a 4 bedroom waterfront rental for $3,000/mo. and then says she cant afford rent but continues to remain in place i.e. selectively choosing not to move out and just stay - wouldn't her moving out to 4 bedroom non-waterfront for $1,600/mo. make more sense? or better yet... downsize,  that is... if the tenant did really want to make it right. - so again selectively choosing to pass on the debt to someone else without taking 'sacrifice' for you situation under your own wing... is a choice. 

5 - One of our managers was trying to work out a deal with a tenant for deferred rent and contacted the employer to verify the situation before approving the deferred rent plan... The employer:

 'Yes unfortunately we had to lay him off due to this pandemic, but it just important you take that into consideration because everyone needs shelter, you should certainly let him stay'

---- Couldn't agree more everyone does need shelter just like everyone does need food and water, the baffling question is... if the this employer is worried about the employees than why not just continue to pay them a salary during this entire thing?.... oh yeah... because they want to pass the buck... essentially saying 'No, I cant afford to continue paying them because we have no customers but you should offer to continue paying for the mortgage on their rental even though your customer (tenant) is not paying you' - hypocrisy at its best. 

Albeit most that request assistance as it stands RIGHT NOW... only a few weeks into this situation... are unwilling to take on the responsibility for themselves onto their shoulders and find it just easier to put it onto someone else... which is why we have instructed our PM's to 1) verify the tenant's unemployment with connection to COVID-19, 2) allow them to take advantage of the options above, deffer rent for only those that truly absolutely need it, and file for eviction for all the rest to be in place when courts start the process... because as mentioned above options remain in helping tenants make ends meet but not paying for a product you are currently consuming is never going to be an option, if it is... next time you go to the grocery store for food... a first level necessity... try to walkout with a cart full of it without paying and see if they'll absorb the cost - the audacity of the manager even trying to stop you! 

Hey everyone -- we're trying to get a sense of what the BP community plans to do in the coming months, given the impact of coronavirus and the related economic ramifications. Could you please take 2 minutes to fill out this survey? We want to make sure we're meeting the needs of real estate investors in this changing environment, and hearing from you will help us a ton. 

https://www.surveymonkey.com/r...

Thanks! 

Along with TP, ammo and weapon markets are beginning to take off as well. I would recommend a spread across the spectrum as @Daniel Hyman suggested, the old adage of "... eggs and baskets..." come into play. I like where your head is, and I appreciate your willingness to share ideas that can capture the market.