What are deadbeat tenants planning to do once eviction restrictions end?

Right.

The tens of millions of Americans made jobless by the govt lockdowns are the bad guys.

Nice thinking.

Congratulations America for celebrating protestors all summer; here is our future.

https://nypost.com/2020/12/09/portland-cops-authorized-to-end-occupation-of-foreclosed-house/

SDSU Aztec wrote:

what's the plan? wrote:

If you are currently taking advantage of the eviction ban and not paying rent, what are you planning to do once the eviction restrictions end and you've accumulated a tab of thousands of dollars? If you "can't" pay now, how are you expecting to be able to pay in the future? Or are you just planning on bailing at that point and not paying what you owe? If so, do you expect to find another landlord who will lease to you with that on your renter history?

Wasn't the purpose of the eviction restrictions to help people who had lost their jobs due to the pandemic? I wouldn't call such people "deadbeat" tenants.

Exactly! Everyone is broke and people need help. Quit calling people suffering deadbeats.

people too wrote:

SDSU Aztec wrote:

Wasn't the purpose of the eviction restrictions to help people who had lost their jobs due to the pandemic? I wouldn't call such people "deadbeat" tenants.

Exactly! Everyone is broke and people need help. Quit calling people suffering deadbeats.

People do indeed need help! You should go to work and use your income to put a roof over their heads.

We had a once in a lifetime situation that put millions out of work and unable to pay rent.

I label them as less fortunate than me, not deadbeats.

I did own a rental property that I sold about a year ago.

My tenant was a person on assistance so I would not have lost out on this situation.

But what if I had a working tenant that lost their job due to covid related business issues?

In this situation, I would have stopped making my mortgage payments to mitigate my cash flow loss.

Something would give at some point.

I rented the place for about ten years with near zero net cash flow.

But I did make $100k selling it, mostly because the mortgage balance kept getting paid down plus the amount the value increased in this ten years.

I’m inclined to cut these “deadbeat” renters some slack.

bryan evans wrote:

lift laugh love wrote:

Do you think you'll ever invest in rental properties again or has everything that's happened this past year put you off from it for good?

I honestly think I'm done. There is no other business I can think of where the government can inject themselves in a contract and say one side doesn't have to abide with the agreed upon terms.

The government didn't inject themselves into cell phone or automobile contracts, or even commercial real estate, and so this seems like a very targeted approach to disenfranchise residential landlords.

You don't need a phone or a car but you do need a place to live.

Some tenants will start paying back rent slowly, or enter agreements with their landlords for some kind of payment plan. Others, still out of work, will not be able to pay. Some of these will have landlords who are willing to continue deferments. Some of these will begin to be evicted.

If the delinquency problem is as big as some folks suggest, then landlords will get into a real bind. You can keep your tenant and hope they get a job soon. You can evict them and try to find a new tenant, but with all these people not paying rent, who is that going to be? This will probably put downward pressure on rent prices, and vacancy rates could go up. Landlords might get to the point where they stop asking about past rental histories, and focus more on whether prospective tenants currently have a job.

Some landlords will stop paying their mortgages to stop the net cash burn. My sense is that landlords are much better positioned than tenants. They were well-off enough to buy the property in the first place, and property values have done nothing but increase for the last decade. So they probably have some equity they'd like to retain -- to do so, they'll pay up on the mortgages. Because of this, mortgage lenders will mostly be spared.

Frustrated landlords will sell. But who are the buyers? Investors won't want to buy an investment property that doesn't currently generate income, unless it's sold at a steep discount. People looking for a home rather than an investment property may swoop in. But my sense is that lower-income areas are the ones with delinquent tenants -- will upper-income earners, who have the means to buy, choose to buy a home in a lower-income area? I suspect not, at least without a discount. So this will put additional downward pressure on sale prices. There is a risk of a downward spiral here but I doubt it since the vaccine is being rolled out.

Deadbeats is pretty accurate ,

Here in California almost 1 million ( you can probably guess the demographic) have been filing fraudulent unemployment claims for INFANTS and for grandparents who wouldn’t work anyways. There’s stories of hundreds of debit cards delivered to a single address by the EDD, which Bank of America is finally investigating. Grocery stores are jam packed and the disgusting overweight demographic that dominates California is still loading up on beer and chips and meat. Those of us working through the pandemic are getting annoyed of paying for others with our taxes who are too lazy to work. Just one more slap in the face. Don’t feel sorry for the unemployed. They are making plenty of money for NOT working.

Disgusted wrote:

Dr Yuengling wrote:

the maintenance costs/property taxes are less than the rent received. the only function the landlord serves is having the capital to purchase the property. And for that, they get the right to bleed less fortunate people dry.

I don't know that there's a good solution, but buying property with the intention of renting it is a scummy thing to do. It's hoarding a basic life necessity.

Buying a grocery store with the intent to charge money for food is a scummy thing to do. It's hoarding a basic life necessity. Speaking of hoarding, someone near you apparently has an abundance of brain cells.

We don't need landlords for shelter. It's plausible a house can be built without the intention of leasing it. If landlords didn't exist and we were all owner-occupants we'd be fine, unlike if grocers didn't exist.

Tatar wrote:

Disgusted wrote:

Buying a grocery store with the intent to charge money for food is a scummy thing to do. It's hoarding a basic life necessity. Speaking of hoarding, someone near you apparently has an abundance of brain cells.

We don't need landlords for shelter. It's plausible a house can be built without the intention of leasing it. If landlords didn't exist and we were all owner-occupants we'd be fine, unlike if grocers didn't exist.

If grocers didn't exist and we were all farmers, we'd be fine. If the utility companies didn't exist and we were all capable of generating electricity via superpowers, we'd be fine. Do you actually believe your nonsense, or did a landlord steal your woman?

Disgusted wrote:

Tatar wrote:

We don't need landlords for shelter. It's plausible a house can be built without the intention of leasing it. If landlords didn't exist and we were all owner-occupants we'd be fine, unlike if grocers didn't exist.

If grocers didn't exist and we were all farmers, we'd be fine. If the utility companies didn't exist and we were all capable of generating electricity via superpowers, we'd be fine. Do you actually believe your nonsense, or did a landlord steal your woman?

We don't all need to be farmers. You buy your food and consume it. You don't have the option of buying it and then leasing it to someone else to eat.

Tatar wrote:

Disgusted wrote:

If grocers didn't exist and we were all farmers, we'd be fine. If the utility companies didn't exist and we were all capable of generating electricity via superpowers, we'd be fine. Do you actually believe your nonsense, or did a landlord steal your woman?

We don't all need to be farmers. You buy your food and consume it. You don't have the option of buying it and then leasing it to someone else to eat.

No chance "Tatat" is not a troll.

///

Happy trolling, dude!

1101 wrote:

Tatar wrote:

We don't all need to be farmers. You buy your food and consume it. You don't have the option of buying it and then leasing it to someone else to eat.

No chance "Tatat" is not a troll.

///

Happy trolling, dude!

Correct. I was getting annoyed with them and was almost ready to reply until I read the "We don't all need to be farmers" line, then I realized what was going on. Well done, Tatar!

Dr Yuengling wrote:

only you can stop communism wrote:

In which they bought the property and have to invest to maintain the property.

the maintenance costs/property taxes are less than the rent received. the only function the landlord serves is having the capital to purchase the property. And for that, they get the right to bleed less fortunate people dry.

I don't know that there's a good solution, but buying property with the intention of renting it is a scummy thing to do. It's hoarding a basic life necessity.

It really isn't. If you don't like renting because you view it as immoral, either buy or build your own f*cking property. Maybe you didn't know this, but building a home is not easy, and unless you want to spend the hundreds of thousands and the time it takes to build one then you're not left with any other options.

What you want is for someone else to do all the work for you, while you reap the benefits, then somehow rationalize your selfishness as moral superiority over the people you take from. This hatred of landlords is absolutely bizarre.

Tatar wrote:

Disgusted wrote:

If grocers didn't exist and we were all farmers, we'd be fine. If the utility companies didn't exist and we were all capable of generating electricity via superpowers, we'd be fine. Do you actually believe your nonsense, or did a landlord steal your woman?

We don't all need to be farmers. You buy your food and consume it. You don't have the option of buying it and then leasing it to someone else to eat.

What do you think grocers are?

They're bums and should be treated as such. Why should I as a homeowner be penalized? I still have to make my monthly payment even if these poor bastards don't pay me what they owe me. Do you think my bank gives a damn that I can't collect rent? Where's my relief?

I've been a landlord for about 25 years now. I have a handful of properties that I rent but my main interest is buying, remodeling, and selling. I also take care of 15 properties that my parents own that provides for their retirement.

How did we get all of these properties? Cheap! Why were they cheap? Because they were all uninhabitable when I bought them. I then do a complete remodel and rent them out. If anything breaks, I am the one who goes and fixes it. Skunks under the house? I am the one who traps it. Pipes clogged? I am the one who snakes the drain or tears it apart and redoes it. Unless it is too big a job and then I have to have a commercial service come and do the job. One sewer line replacement at a house cost over $3,000 and the monthly rent is $450. We didn't make any money on that property that year.

Renters are renters because they don't have the capability to own their own home. They don't have good enough credit or enough income to buy a house. They don't have the money to get something repaired if it breaks and they don't have the ability to fix it themselves.

When we had the crash in 2008-2009, I had a minimal amount of lost rents. We had a few evictions but not anymore than normal. When the gov't stopped evictions this year, it was obvious the end result was going to be that your borderline tenants were just going to quit paying you and that is what has happened. I have 5 properties that I have received ZERO rent from March. That has cost us around $20,000 dollars. Most of these tenants were ALREADY behind on rent and would have been evicted in April or May as we never do evictions in the winter time.

I guess the only thing I can really be fortunate of is that I am not in the restaurant business like I was 20 years ago. The government's idiocy has really gutted that industry especially for the smaller independent owners.

In my small town, we have had two restaurants go under, a martial arts business close, and an Anytime Fitness in a nearby town just hauled away all of their equipment .

This is a very reasonable post.

I have a single rental and the tenant is a single income family. Very good people. If they had lost their one income, they would not be deadbeats, they would be in a tough situation. I would have made a deal with them to pay the maximum that they could using unemployment. It would have hurt me financially (rent is near break even). They were fortunate and so was I that their job has remained stable. I wish for recovery for those that have lost income, or worse yet their homes.

Ultimately, this is a $3T government failure. If you ask someone to stay home and not work, you should give them a means to subsist. If you ask a landlord to stop evicting, then allow them to stop paying their mortgage and bills too when a tenant can't (or won't) pay. But the rules were set to make sure that big money political donors got their money no matter what. Everybody in the middle an lower got the shaft. The poor got a debt hole that they will never get out of. Those with small scale rentals as above are losing money that will never be recovered. Same for smaller restaurants and retailers. Many of those will get by with losses, but some will lose their properties or business. Large Corporations? Banner year, baby! Record S&P, DOW, & corporate profits! BEST ... YEAR. ... EVER! All paid for with your tax dollars and massive deficit spending by the corporate welfare state.

This is a trick question. Deadbeats don’t plan ahead duh