All Forum Posts by: Susan O.

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AB 1436 Allows Tenants to Live Rent Free for Years
Tell the State Legislature to vote NO

This is from Time magazine too 

https://time.com/5846383/coronavirus-small-landlords how devistating the eviction moratorium is on small landlords and how theres very little help for small biz landlord

Oppose AB 1436 Now

San Francisco Assembly Member David Chiu just unveiled AB 1436, a proposal to force landlords to defer rents for 15 months after a state or local state of emergency is lifted - which can translate to years of unpaid rent - if a tenant is unable - or unwilling - to pay rent due to COVID-19.

CAA is committed to finding common sense solutions to help tenants remain in their homes and ensure rental owners receive the income they’re entitled to so they can pay their obligations and continue to provide quality housing. State and local governments must continue to find ways to help residents financially impacted by COVID-19 keep a roof over their heads.

Click here to have a letter of opposition sent automatically to your Assemblymember and State Senator:

VoterVoice https://caanet.org/votervoice/

https://caanet.org/votervoice/?vvsrc=%2Fcampaigns%2F75103%2Frespond&fbclid=IwAR1_G9SZljego3XXtkpVxKEw0TssYuJMFy6llTegcJSFHjxZTcaMVXCqUp4

 Thank you so this is actually a three unit triplex. Considered ONE property.  I was occupying 2015-2018 unit 1, occupying 2018-2020 unit 2.   Unit 3 is occupied the entire time by renters.

Then Would I be able to be tax exempt from cap gains for 66.6% of the sale as owner occ?  Then I pay taxes on the 33.3% I didn't occupy?

All this I mentioned 3 years ago is now being pushed behind closed doors under the pandemic guise.  Politicians trying to push through 

RADICAL RENT CONTROL

RENT STRIKES WITHOUT FEAR OF EVICTION

LIMITS ON RENT INCREASES BETWEEN TENANCIES

Now's the time to act since most don't
http://rentalhousingsurvivalfund.org/

caanet.org

If you're in another state then just google search ____ your state then Apartment association or "landlord association"

A lot of good resources too

 The benefit could be several months in cash reserves versus being in more debt.  Especially if theres another spike in covid and this time less stimulus.  We could go 6 months-12months plus of non paying tenants.  then you could wish you got the forebearance and got a mortgage loan modification

 You should also consider in Los angeles there's major rent control  Why i joined this apartment association after getting letter about the rental housing survival fund because its under attack in Sacramento by politicians trying to use Covid to do more rent controls  

http://rentalhousingsurvivalfund.org/

I couldnt agree more Jason. It's like certain industries have to hold up others and they're picking and choosing. It's easy for the government to scapegoat landlords as everyoneone paying rent feels a little hatred for them since it's recurring.  
@Jason J. do you have any more political updates or how we can fight this back? I think too many get pulled through the mud but we don't have a strong voice like big businesses do or unions since they're more centralized.

 That seemed odd and illegal untill you said it was Wells Fargo.  Wells Fargo does whatever they want and you'll even see applications filled out in your name for accounts.  It happened to me a few years ago.  It's almost a criminal enterprise at this point

So Mark and Brent, are you saying the standard for a Loan Modification for a deferal or end of a forbearance would be to go to the prime rate?  Which for instance today is 3.25%?  So is it likely that at the ned of the 12 months of forbearance I could just Defer the amount to the end of the loan then lock in whatever the Prime rate is? 

I'm guessing prime rate will still be low and that the government will help these banks to defer and make the loan Modification simple and easy for most owners?

 Yours wasnt' fannie or freddie backed like the majority of loans?   Some banks let you do 90 days then keep kicking it 90 more

 Kyle we don't know it might actually be a huge benefit for those who deferred. They might get the chance to have the payment partially forgiven, or a complete loan modification down to sub 3% in rate. We don't know whether it's going to be benefit or not. I'm thinking on gove backed mortgages they will make it very nice for people who had forebearance. Perhaps give 2.5% loan rate or even do a 40 year payment on low interst like 3%  
It already seems the government and cares act will do anything to prevent a depression so they'd likely step in and keep people from foreclosure.  I could even see 2% rate and lowering payments with some forgiveness for some home owners...