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All Forum Posts by: Nancy P.

Nancy P. has started 8 posts and replied 319 times.

@Adam Briceland---if they are from another country they may have fled to their home country in light of the lockdown?   We were living in Germany since June 2017,  contract was up March 31,  we bailed a week early for fear of flights ending.  (Decided to leave on the 20th,  25th was the first flight we could get,  and we had to go 120 miles by train to get to that airport.)  I'd consider it abandoned if you can't contact anyone by the end of the month.  

Update on my situation:  The two who always have to be reminded have paid,  as has the one who always pays early but didn't this month.  So 11/12 and I gave a rent credit of 50% to the 12th tenant.

We own 9 condos and 3 halves of duplexes. Eight paid by the first.  One contracted us very early,  he is a bartender and she teaches cosmetology.  I know this isn't the narrative here but we chose to forgive half the rent for April.  They paid their half on March 30th.  They will be struggling to catch up and who knows when the unemployment/stimulus money will roll in.  My kids NOR my husband have lost wages, (son lost about $300 a month side gig but stimulus check will even that out, and now he's delivering food as a side gig)  and we are committed to sharing the pain somewhat and not playing "We're more prepared so you can just suffer" song that is depressingly popular on this site.  Two who always pay on the 5th I'm still waiting to hear from.  One works for my contractor and contractor is still working,  I checked.  Other works for a brokerage and I would assume is working from home?  One more who ALWAYS pays early hasn't paid or answered my messages.  Wife works for a hotel so I assume laid off,  husband installs cable which is still going on but not sure he personally is working.  I will be happy to work with them but they have to contact me! I'm a little frustrated with them but it's Monday before we would send out notices.  I have no intention of evicting anyone over this but we must communicate.

6 months in cash,  another five years in investments (which ain't doing great just now,  it was like 8 before the crash).  We are not worried.

Post: Tenants Get Lease and then Ghost

Nancy P.Posted
  • Naperville, IL
  • Posts 329
  • Votes 348

@Suzanne Player how is it like a blank check?

Post: Coronavirus and late or no rent payments

Nancy P.Posted
  • Naperville, IL
  • Posts 329
  • Votes 348

My take on it---there will not be new tenants lining up to replace ones who leave....like in 2009,  people are going to move back in with their folks,  and demand will fall, and probably prices too.  Got my first message about it today...he's a waiter,  she teaches cosmetology...both laid off.

Post: Tenant remaining in home after foreclosure

Nancy P.Posted
  • Naperville, IL
  • Posts 329
  • Votes 348

"That said, the people who become the most trouble are often the ones you helped for as long as you could. When you finally stop, they'll hate you for it much more than if you were cold from day one."

This and what Ned J. said.  I am about as bleeding heart liberal as they come....and my first tenant had so many excuses it was breathtaking.  Paid the first month's rent to get the keys and then never paid full rent again,  and it took 6 months to get him out,  and our REALTOR got that first month's rent. (Never used a Realtor to find a tenant again either.)  When we stopped accepting excuses,  he lied to a judge's face and said we told him we wanted him out because of his race.  (Judge logically asked "if they are racist why did they rent to you in the first place?" and then dismissed.)  The morning of the eviction had a "heart attack"  and called us "from the hospital".  When we said we were moving forward he said some choice words and hung up.  But 90 minutes later his stuff was all gone....pretty good for a guy who had a heart attack that day lol.  I'd probably give your guy $1000--I'm still a bleeding heart...but I would not let him stay.  They are never going to pay on time.  If at all.

Post: Corna virus... should you be worried!?

Nancy P.Posted
  • Naperville, IL
  • Posts 329
  • Votes 348
Originally posted by @EJ K.:

Everyone is missing the point of influenza versus corona. Influenza has already established a foothold and thus has the capacity to infect millions every year. Once this gets out there, we could see numbers that make the flu look like a joke. It’s hard to say cause the mortality rate appears to be 2% but people are clearly going undiagnosed

Exactly.....most people simply cannot understand the difference between absolute numbers and RATE.  If (or when) this virus infects as many as the flu has,  there's going to be a lot of death.  

Post: What Will You Be Doing if the Market Crashes?

Nancy P.Posted
  • Naperville, IL
  • Posts 329
  • Votes 348
Originally posted by @Joe Splitrock:

It is a major stretch to believe an exact repeat of 2008 would happen. The factors that lead to that are not in place today. If we did see a repeat, then financing would dry up, so you should have cash today.

The risk with coronavirus is way greater than what happened in 2008. They are seeing 2% mortality rate and projecting half the worlds population or more could eventually get the virus. When it hits critical mass in the US, it could shut down businesses and schools for a month or more. It would shut down retail, restaurants, car dealerships, airlines... When spending stops, businesses go into cost cutting mode and layoffs are the easiest way to cut costs. Massive layoffs combined with population loss, could be a problem for everyone.

On top of a global pandemic, it appears we will have a polarizing presidential election and a change in leadership would be a seismic shift in business policy. The effect on the stock market, businesses and housing would be profound.

Let's all hope for the best but if multiple events hit at the same time, it could cause a downward spiral. 

The World Health Organization said on Monday that the fatality rate in Wuhan, China, considered the epicenter of the outbreak, is between 2% and 4%. Outside of Wuhan, it is thought to be closer to 0.7%.  (And varies WILDLY by age and current health conditions.  If this **** really gets out of control,  we're mostly going to lose older and sicker folks...interesting to ponder the long term effects.)

Post: What's your most ridiculous maintenance request?

Nancy P.Posted
  • Naperville, IL
  • Posts 329
  • Votes 348

31 year old tenant says disposal doesn't work first time he used it.  It was new when he moved in.  Send over my guy who finds it full of aquarium gravel.  Yep,  this twat thought you could pour ROCKS down a disposal.  It's shot,  my guy puts in better one.  Tenant gets home about ten minutes after my guy leaves,  calls me and says still doesn't work,  and sink is backing up.   My guy goes back as he is only two miles away.  Tenant has failed to take out the plug before trying the disposal,  is running water "like you're supposed to".  Sink is not backing up,  it's FILLING UP because he doesn't know to pull out the plug.  Is now gone, got married to a pregnant girlfriend.  God help that kid.

Originally posted by @Matthew Reardon:

Note to self, place the OP on the list of people to never do business with.

Ad hominem galore

Ditto.  I'm not sure I've ever seen such an overreaction on here,  and that's saying something.