All Forum Posts by: Jeb Shookman

 Very good recommendation!  Thanks, Tim.

 Thank you!

Hi Julie - did you ever use a law firm to make the old PM transfer the deposits?  I have a similar situation.

Thanks,
Jeb

Does anyone have a recommendation of a good Real Estate Attorney in Indianapolis, one who can help with disputes?  I moved my houses to a new property manager after the old one basically stopped doing any work.  They still owe me multiple Ks in money due, plus they are holding the security deposits still for 2 houses.  

Recommendations welcomed.  Thank you in advance!

Some common issues I see in this thread that annoy me:

1. The difference between voluntary charity (landlords helping troubled tenants) and forced charity via the government (extremely over-broad).

2. The idea that if someone can find people in a worse situation than you, then your troubles are not legitimate.  You can always find worse off people, even after this crisis ends.  Doesn't mean our concerns aren't legit.

3. The idea that if you are concerned about being forced to house unwanted people and concerned about the hit to your business, that apparently means you have no cash reserves and haven't planned for problems at all and will go bankrupt immediately based on your poor planning.  I have cash reserves for quite a long time, but vast amounts of cash lost still significantly hurts my goals and my family.  We don't get to judge each other's goals.

I think most people want to be compassionate and can weather bad things for a certain amount of time.  I personally am worried more about the indefinite nature of these orders.  ... and the illusion that the stimulus bill helps landlords when it really doesn't.

Thanks, Scott!

Good idea, Wendy.  Does anyone belong to some reputable landlord or real estate association, that could prepare and send something formal?  Or, is Bigger Pockets (the company) well known enough to prepare something?  :) 

Anyone applied for the EIDL and either received money or heard that they will receive a deposit soon?

Specifically, anyone had success with zero employees, and applying soley on the basis of their rental properties and lost (or estimated lost) rents?

If you had success, did you apply on the SBA website only? or did you reach out to specific banks?

Hi Scott - you mentioned that you were told you would get a deposit from the EIDL.  Can you provide some more info about your situation?  

- did you apply only on the SBA website?  Or did you contact any banks?

- did you say you have any employees?

- did you simply estimate the total revenue, costs, and losses from your rentals?  Anything else special?

Thanks,

Jeb

I see a lot of passion here, which makes sense.  Like me, many landlords are worried about (most likely) the largest investment/segment of their net worth.  As @David J.mentioned, he worked his entire adult life to build this.  I am similar, I have poured every dollar I can scrape over the past 5 years into my rental business.  I am very concerned, not about 2 months, but for what may continue God knows how long...

I completely agree that forcing landlords to keep tenants in their houses is a violation of property rights.  I think a skilled attorney could sue the state on constitutional grounds.  Class action anyone?.  This isn't that different than being forced to house soldiers of the government, which is unconstitutional.   

I also agree that the landlords get screwed the most here.  Tenants can stay and not pay, and when evictions start and they have a balance racked up, they just move out, knowing they may face some issues with future rentals, but not a big deal considering they saved on months of rent (and knowing they can just tell future landlords, that "yeah, that happened during COVID").  Banks, if they don't get mortgage payments, can foreclose (eventually) and get a valuable house.  But what about landlords?  They have to keep making mortgage payments.  Sure, they can get a forbearance, but that just racks up the payments to be made later (every penny).  Nothing is forgiven.  So landlords have to make all payments or lose their house, while they have little recourse against nonpaying tenants.  

I believe that we have to even the tables here just a bit.  I think evictions should be started again, but if the tenant can show proof of COVID hardship, and proof that their Stimulus payments (some families get over $3000) don't cover rent, then perhaps they can remain for a while.  What needs to be allowed is eviction of tenants who are not being impacted by COVID, or are getting plenty of Stimulus money, but are just lying and saying they are impacted to get free rent.  (Yes, this is i happening to me.)  I think we all agree that for good tenants who are facing COVID hardship, landlords are willing to work with them and be compassionate.  But by removing ALL tools a landlord has to deal with bad/lying tenants, landlords are stuck right in the middle eating the sh%t sandwhich.