Posted on 01/25/2023 11:47:03 AM PST by SaxxonWoods
The Biden administration rolled out a blueprint for a renters bill of rights, a major win for tenants, advocates say. Some of the upcoming changes could include curbing ‘egregious’ rent hikes in certain properties, and more funding to get low-income tenants facing eviction access to legal representation.
(Excerpt) Read more at cnbc.com ...
Glad I got out of the rental biz. My tenants going forward will be crops and animals, wild and domestic.
I can see a wave of mass evictions coming.
I know many people who buy houses/apt. buildings, but in their sweat-equity, and rent them.
They say its a good money earner - I just don’t see it
I would guess that the more properties you have, the less control and selection of renters you have, and you increase your chances of meeting a real disaster.
Rent control never works.
Did they give Biden that medal to get him to finally leave politics?
And will he have to give it back now?
“...Fannie Mae and Freddie Mac say they will look into possibly establishing tenant protections that limit “egregious rent increases” at properties backed by certain federal mortgages.”
Ha! It’s the lenders that demand these “egregious rent increases” nowadays, as the owner is under constant threat of having their note called in if the lender doesn’t think that the owner is maximizing the profitability of the asset. They literally audit your rent rolls every year and if they don’t think you have increased rents enough, will demand explanations for each and every unit that they believe is under market.
” funding to get low-income tenants facing eviction access to legal representation.”
Lawyers with taxpayer funding and Democrat legislation in coordination, have been the major tool of the left in deconstructing America, our communities, and civilization.
“I would guess that the more properties you have, the less control and selection of renters you have, and you increase your chances of meeting a real disaster.”
Yeah but you are also diversifying and therefore minimizing risk. If you have a two flat and one renter decides to screw you, you’ve lost 50% of your income. If you have 100 units, even if 5 tenants stop paying, you’re still at 95%.
It was a good money earner for me for 40 years. But it has lost some of its allure over the last 10 years. I know some guys who moved into overnight rentals and are doing very well.
Corporate rentals still do pretty well too from what I hear. Low-end stuff, not so much anymore, too many problems including personal danger. You can hire a property manager but that cuts into the income and PMs can hide a LOT of chicanery in their activities, especially when using in-house labor.
Let me postulate...
Right #1: You do not have to pay your rent. See Right #2.
Right #2: The landlord cannot kick you out for not paying your rent. See Right #1.
Investors who remain in the rental business will raise rents because of the new complications, and because higher rents will reduce the number of undesirable tenants.
Empty apartment units because of higher rent are preferable occupied units that are not paying any rent.
“They literally audit your rent rolls every year and if they don’t think you have increased rents enough, will demand explanations for each and every unit that they believe is under market.”
I don’t believe that. Mortgage payments don’t change based on income. Lenders just want their agreed upon payments. What the owner loses or profits is not part of any mortgage.
(You can put such a mortgage up here if you can find one, I’d love to see it. I can’t imagine anyone ever signing such a thing.)
The dhimmicraps have never invented a problem that could not be fixed by applying more immoral, anti-constitutional legislative effluent...
“Rent control never works.”
It is very good at reducing property values. That’s a win for the dems.
Thank you for referencing that article SaxxonWoods.
Federal Democrats and RINOs have been stealing state powers for decades to create unconstitutional, politically correct federal civil rights to try to stay in power, effectively “buying” votes from low-information voters who have probably never been taught about the fed’s constitutionally limited powers.
The corrupt Biden Administration’s proposed renters bill of rights is just another example of a Democratic unconstitutional, vote winning, politically correct civil “right” imo.
To put a stop to corrupt federal government stealing of state powers, ALL the states desperately need to effectively “secede” from the unconstitutionally big federal government by repealing the 16th (direct taxes) and 17th (popular voting for federal senators) Amendments (16&17A).
If the proposed amendment was limited strictly to repealing 16&17A, relatively little or ideally no discussion would be needed before ratification of such an amendment imo.
“I would guess that the more properties you have, the less control and selection of renters you have, and you increase your chances of meeting a real disaster.”
That has no bearing. It’s what and where your properties are and how leveraged you are across all your properties that make the difference.
“Federal Democrats and RINOs have been stealing state powers for decades to create unconstitutional, politically correct federal civil rights to try to stay in power, effectively “buying” votes from low-information voters who have probably never been taught about the fed’s constitutionally limited powers.”
Correct!
“I don’t believe that.”
Believe what you want; reality doesn’t care.
“Mortgage payments don’t change based on income. Lenders just want their agreed upon payments.”
You are obviously not familiar with modern lending for rental properties then. The big banks write these requirements into the loan agreements. Technically, they are the owners of the property until you pay off the mortgage completely, and if they think that you are not maximizing profitability of their assets, they will look for a way to seize them from you. Perhaps you can find some small bank that still treats a commercial loan like a residential mortgage but that’s not how the big lenders operate.
“You can put such a mortgage up here if you can find one...”
Sorry, but I can’t exactly post those kinds of documents on the public internet if I want to keep my job.
Mortgage forms are available on the internet.
“Technically, they are the owners of the property until you pay off the mortgage completely,”
That’s a Contract for Deed. That’s not a mortgage. You can only mortgage that which you own.
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