Based landlords getting on the front foot during this pandemic...

[induced_drag]

if you cant afford 30 days grace, you are in way over your head.

Not that it is any of your business what I can and can not afford, all my rentals are owned....free and clear.

No debt crew here.

[Jasonw1178]

If I rented property, I don't think I would throw them out, but they would pay it by the end of their lease and would sign that even if they didn't, I'd get my money. Of course it would also depend on their history. If they have been good tenants and took care of the property, you better keep them because it's not like someone is going to come to rent soon and the chances of getting bad tenants is too high, background checks or not.

I thought of buying a home and renting it out, but have decided against it. I know several people who do this and it's honestly not a good investment. A lot of frauds and idiots here in the Misc that don't know what they are talking about. Talking about investment properties living in a dorm or their mom's basements.

[MediocreGains]

I don't think the Second Amendment was created so that people could get out of their contractual obligations by waving a gun around, bruh.

With that said, as this deteriorates, landlords are very likely to end up regretting not working something out with an existing tenant over going through a legal process and then trying to find a new one in a climate of widespread unemployment with high vacancy. Some people are likely to discover what I was trying to tell them about the dangers of putting all your eggs in the rental property basket of a single area instead of diversifying.

Yup

I agree, the ideal solution is to work something out with the existing tenant.

Unless of course, said tenant happens to be a miscer who thinks alongs the lines of "screw paying rent for the six months".

If you buy property in an area that attracts those kind of tenants (and if you approved those tenants), it's on you.

I don't think you understood my point. Whether the tenant simply doesn't have the money or if they get evicted and the unit becomes vacant, either way rent isn't getting paid. There is no guarantee that you'll make enough from rent to cover your mortgage, and neither is it your right.

[Aristotelian]

You seem very confused.

Umm:

Fuk you talking about, old man?

Go pester someone else.

Run along now.

[OPGenesis]

Umm:



Run along now.

Confusion confirmed.

[ANumber1]

Breach of Contract isn;t the outrage that people make it out to be. it's like a misdemeanor., and is sometimes justified if it's an oppressive Contract of Adhesion.

Nobody said breaching a contract is a moral outrage. It's not even like a misdemeanor.

Pulling a gun to extort something from your landlord because he stops providing services you aren't paying for, however, is also not a misdemeanor, because it is a felony.

[BigTimeOperator]

If a tenant can't pay, he needs to move in with relatives and be honest with his landlord about it and forfeit the deposit. Then the landlord needs to find someone else as quick as possible.

Some landlords will kick him while he is down and sue for the remainder of the lease anyway and double dip.

Some tenants with nowhere to go will just live for free fro awhile and then either catch up on rent or not and maybe bankrupt everything due to a job loss.

It;s really dysfunctional all around.

[PisseninMisc]

Depending on the tenant would come to an agreement, possibly defer their rent for a while. One family has been there for about 7 years, never missed a single payment or any drama at all. That one was a real good investment, even if they pay half their rent the mortgage will be covered. They could pay me back the rest in installments over the next 12-18 months or something.

[MediocreGains]

Good job adding exactly nothing of value by picking out the joke part of my post.

Someone is being sensitive.

[BigTimeOperator]

Pulling a gun to extort something from your landlord because he stops providing services you aren't paying for, however, is also not a misdemeanor, because it is a felony.

that'snot why you use a gun. it;s because he is abusive and tries to put you and your family out on the street when your back is against the wall.

[Aristotelian]

If a tenant can't pay, he needs to move in with relatives and be honest with his landlord about it and forfeit the deposit. Then the landlord needs to find someone else as quick as possible.

Not all landlords 'need' to find someone else as quickly as possible. Especially in the current situation. But people who are renting an investment property of mine are going to pay or get evicted and veiled threats to the contrary (ref: this will get ugly) don't change this simple fact.

[OPGenesis]

Landlords rank right up there with lawyers and car sales people.

Gonna get ugly for them when the commies come head hunting once the economy goes down.

Even Adam Smith said landlords are a bunch of parasites lol.

[BigTimeOperator]

But people who are renting an investment property of mine are going to pay or get evicted .

You have the courts and Police do it for you and they still might get even with you later.

[Aristotelian]

You have the courts and Police do it for you and they still might get even with you later.

Who will - pray, tell - 'get even with me'? LOL at people talking tough on internet forums about tenants shirking rental obligations and potentially pulling weapons on landlords.

Landlord, get it?

[iBeard]

We're in the first innings of this thing so who knows how bad it will get. You're just starting to see the first unemployed people. Worst case scenario is great depression level unemployment ~25%. With the amount of debt in the system and how dysfunctional markets are right now, its in the realm of possibilities that things break. At that point you're just talking about squeezing blood from a stone trying to get rents from people. Many will squat and deputy dog wont be running all over town spending his days evicting people (although evictions regularly happened during the GD). Property values would plummet anyway and you finding renters to pay at the level of the mortgage would be hard. Who knows if you even have a job. Hopefully we don't reach these levels.

[BigTimeOperator]

Authoritarians need to be dealt with

[GainzMcgee]

I dont get these bunch of *******s that took out loans for "investment" properties and now are ENTITLED to someone else paying it off lmfaooo just shows us this reset is good and we have had it too good for too long.

[ANumber1]

that'snot why you use a gun. it;s because he is abusive and tries to put you and your family out on the street when your back is against the wall.

One thing this outbreak has reminded me about is just how much latent delusional thinking and mental illness there is in the world and why I have no interest in buying up rental properties.

[BOZZ]

Courts are limiting dates or closing. Evictions aren't even remotely going to be a priority.

[DDoc]

Who is 'they'? I rent out an investment property to a married couple - both work in hotels/tourism. They have lost their jobs. I told them they will have to pay the rent in any case and 1 has already found another job - I may give them more time to pay up.

Or else I'll have them evicted for breaching the terms of the lease. Please, show me how 'ugly' this could get? For people renting it could get pretty ugly, sure.

You sound poor. Are you?

Made in the 80's last year so no, though I'm not rich either. I own my house.

And by ugly I mean people telling you to piss off. Good luck getting an eviction now.

[MediocreGains]

how the fukk does someone have no RIGHT to collect rent from a tenant?? wth??

people like you are scary af and the reason why many people will NOT rent to anyone except short-term contracts for the ignorant or vulnerable (international students for e.g.).

there are many immigrants (chinese and indians) who straight up won't rent to white people cus they know when push comes to shove, a lot of them know how to abuse their rights. whereas with some fob, you can tell him gtfo and he'll be gone soon enough. srs.

imagine some fukkin ******* living in your house and refusing to pay rent for months. move back in with your parents or buy a van and shower at planet fitness. fukk off.

The hell are you on about?

Maybe I wasn't being very clear. The original comparison was to not having a right or guarantee to housing. Obviously if you pay for a place to live you have a right to live there, but housing isn't a right in of itself. If you own a rental property, obviously you're going to collect rent and have the right to do so. But if the tenant does not pay and has no money, your only recourse is eviction. Either way, you're not getting your rent money, and you will continue to not get your rent money if the unit remains vacant. It's an investment risk. It's a fairly low risk since very few people ever want to risk eviction, but at a time like this all investments are risky. There is no guarantee that you will get enough rent to cover your mortgage. There is no guarantee that a bank will even get paid back all of its loans (since people can declare bankruptcy).

Maybe "right" wasn't the best word here, but it was in reply to the poster I was quoting.

[ickey]

Landlord here of 2 rental properties. I'm not evicting anyone, we're all gonna feel it and I feel for those folks that have lost jobs because of it.
I've been putting part of the rental income in reserves to cover my mortgage payments for a few months. If this goes on longer than 3 or 4 months, I'll reach out to the servicers of the loans and see if I can skip payments and push the loan terms back a few months w/o affecting my credit. I've got some good renters that have been paying on time and I'm gonna work with them for as long as I can. We'll see what happens.

[DDoc]

Landlord, get it?

Ah, so you're a troll or a dumb****.

I truly hope things don't get too bad. I have a wife and kids. That said, if you aren't trolling I'd imagine you're a young or spoiled dumb**** who might end up in way over his head. Let's see how things play out.

[Aristotelian]

Courts are limiting dates or closing. Evictions aren't even remotely going to be a priority.

That's not really salient here. This thread's fundamental purpose is to attack 'based landlords'. Try and tell the major property management firms in Manhattan that they should not really feel obliged to collect rent for their properties any longer because 'times are tough'. And if they try to collect it is because they just want to leech off the downtrodden person, blah blah. You think that they will just sit back and let people spend months in their apartments without having to pay a penny? Just 'eat it'? No.

For someone who doesn't pay - that person will, eventually, be evicted. And:

And by ugly I mean people telling you to piss off. Good luck getting an eviction now.

Oh, that sounds oh so 'ugly'. Whatever will a landowner do?

[DDoc]

Oh, that sounds oh so 'ugly'. Whatever will a landowner do?

Nothing. You might be short of options for a while.

[ANumber1]

Landlord here of 2 rental properties. I'm not evicting anyone, we're all gonna feel it and I feel for those folks that have lost jobs because of it.
I've been putting part of the rental income in reserves to cover my mortgage payments for a few months. If this goes on longer than 3 or 4 months, I'll reach out to the servicers of the loans and see if I can skip payments and push the loan terms back a few months w/o affecting my credit. I've got some good renters that have been paying on time and I'm gonna work with them for as long as I can. We'll see what happens.

Imagine how smoothly this would have all gone if everyone was a responsible adult like this. Living within their means, setting aside emergency cash, able to extend a hand to their community because they're not constantly on the verge of going over the edge, maybe even kept some rice and beans in the cabinet and a package of toilet paper in the linen closet instead of a single roll in the entire house.

"IT'S AN EMERGENCY! DON'T GO OUTSIDE FOR A MONTH!"

Cool, see everybody in April.

[DDoc]

This, on all counts.

It blows my mind how it seems like no one can withstand a two week hiatus.

You're really 40? You should have known better. Joke's on you for expecting so much out of people.

[Aristotelian]

Ah, so you're a troll or a dumb****.

I truly hope things don't get too bad. I have a wife and kids. That said, if you aren't trolling I'd imagine you're a young or spoiled dumb**** who might end up in way over his head. Let's see how things play out.

You said, to be clear, that you 'hope they push too far' because people aren't 'grasping how ugly this could get'. You then backtracked saying that all you meant is that a tenant could tell a landlord to 'piss off' (more on this below). Now, after I called you out for that stupid post like you're trying to pass yourself off as a mature adult with kids who hopes the situation doesn't get too bad? Which one are you?

Nothing. You might be short of options for a while.

Short on options with my tenants already paying me part of the April rent as a goodwill gesture. Please, tell me more about my options.

[coast2coastam]

Are these letters legit, or did someone just throw them together in word in order to go viral?

[samsbolton]

Not that it is any of your business what I can and can not afford, all my rentals are owned....free and clear.

No debt crew here.

I would be abt to let him float a bit, and in my head, I have already thought about possibly giving a 30 day grace period, but I cant afford much more than that.

.

really? how come you cant afford 30 days then? Stop telling whoppers m8