Posted on 09/02/2020 7:26:46 AM PDT by eastforker
So, not much info out there yet. I currently have a judgement against a tenant that was awarded monday august 31 the day before the order, they were 3 months behind plus utilities.I have to wait 7 days to get a writ of possession before the sheriff actually puts them out.
Only time I ever kept utilities in my name was for 3 months summer rental. I had same tenant 7 summers. Yes a NYC college professor. Best tenant I ever had. Treated the place like her own.
Do they ever!
I buy distressed properties, often from landlords at their wits' end. People leave their mementos, nice clothes, family albums, kids' trophies, all the trash they have accumulated and I mean ALL -- as if they didn't pay to haul it for months -- and furniture, and vermin, such as fleas, rats, bats in the attic, and sometimes even their pets, alive or dead. (That said, a few leave hidden stashes of money, which is always fun to encounter.)
A 30-yard dumpster (or two!) isn't cheap, but the property always is, so I don't mind the expense, but it's mind-boggling to see what people leave behind when they didn't die or go to prison and had months of opportunity to remove their belongings after eviction.
I'm always donating good stuff to local charities, they're almost as grateful as the neighbors of the vanished tenants.
This not only saves him about $100 in legal costs, but untold time and hassle. A large percentage of them take the offer.
They’ll have to produce proof, but if they can you are screwed until that is over.
Yes, depends on the state.
File to have them show proof of quarantine.
If they don’t have it, they lied to the court.
Dear Malach...
how much an emergency fund should a business have?
3 months, 6 months, a year, 10 years.
At this point it has been 6 months going on 7.
If this comment was made back in March, I would agree with you. But making this comment now is sheer ignorance in my opinion.
We’re landlords but we’re fortunate our tenants are paying the rent. Evictions are at a stop in much of the country.
I’ve read that up to half of landlords aren’t getting the rent, whether tenants lack income or rent strike.
Lifestyles Unlimited sent out a newsletter on what to do. It included advising people to file for welfare and unemployment so they can pay the rent and looking for ways you can legally evict such as lease violations (attacking neighbors, criminal cases).
Mortgage forbearance for you as a landlord has to be done with your lender. Insurers are allowing for delays and some late fee forgiveness, too.
A few states have passed rules making it harder for a landlord’s property to be seized for nonpayment of the mortgage.
You’re asking for relief. In theory, the CARES act helps.
The CARES Act also includes programs through the Small Business Administration (SBA) for helping small businesses—and yes, landlords do qualify!
You must own your rental properties under an LLC, and should apply for relief as a “business with not more than 500 employees.”
If you do have one or a few employees, the Paycheck Protection Program (PPP) is a potentially forgivable loan for employers who maintain their payroll during the COVID-19 crisis.
The Economic Injury Disaster Loan (EIDL) offers emergency grants up to $10,000 to small businesses harmed because of the coronavirus.
Reference: https://www.realtor.com/advice/rent/got-a-tenant-who-cant-pay-rent-covid-19-guide-for-landlords/
Personally, I’d avoid a PPP loan given all the strings Democrats tried to stick to it and would likely require for total loan forgiveness. However, I realize we’re blessed to have 70% of our prior takehome pay plus the rental income on our old home.
“Yes, depends on the state.”
Does the Executive Order exempt some states from the Eviction Moratorium?
How much does it cost to clean up a hoarder home? Structurally, probably fine, but the accumulated junk needs to go.
That only worked once. Most if the time they simply won’t move and the Sheriff watches while i put their stuff out. Then they panic as they haven’t believed until then it would happen. Drugs are always involved.
Dave Ramsey recommended a 3-6 month emergency fund for individuals and businesses along with paying off debt. That’s a common emergency fund size for those who have one.
This government mandated shutdown has now lasted more than six months.
Very few went the Suze Orman great recession route and had a 9-12 month emergency fund. We’re approaching the 9 month mark.
In summary, it isn’t fair to demonize someone for not having a larger than average emergency fund.
Agreed. And that’s serious in its own right, if they haven’t informed you or are going out in public despite being “quarantined”.
There are apparently all sorts of legal exemptions and outs if you say you have COVID / quarantined. For example, there are freelancer sites letting you get out of contracts if you suddenly say “I have COVID! Can’t submit on time!”
Another strategy is to put it up for sale. I did this with one property to get rid of bad tenants. But you have to actually sell it.
Your right to sell, so far is still strong. At least for Iowa law. Not sure of the interaction with some of the current laws.
Effectiveness will also depend on what your state and local laws allow.
Followup
I sold the problem property to one of my good tenants. Contract sale is a variation of renting.
Another thought for all. If you live in part of the duplex or even triplex, your are exempt from a lot of regulation since it is your home. These are old laws and I had to dig deep to find them still in place for Iowa.
My business landlord has been great. He worked with us and we are now caught up.
He shared that he has 11 tenants. Only two paid rent in April. Four paid rent in May. I was the only one that contacted him in March to say we have to have a discussion about the rent. At last count two of his tenants did the midnight bug out and three of the remaining tenants haven’t paid a dime in rent in six months.
It is not a good time to be a landlord.
*cough* Didn't you?
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