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Rainmaker
2,886,836
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

The ūüí© show continues.¬†

Let's define "fairness" ... and I'd bet we have two vastly different definitions depending on what side of the landlord-tenant fence one is on. 

The ūüí© show continues.¬†

The ūüí© show continues.¬†

The ūüí© show continues.¬†

The ūüí© show continues.¬†

The ūüí© show continues.¬†

The ūüí© show continues.¬†

The ūüí© show continues.¬†

The ūüí© show continues.¬†

The ūüí© show continues.¬†

The ūüí© show continues.¬†

Sep 13, 2020 11:07 AM
Rainmaker
778,805
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

This unfunded mandate on property owners is of course not fair to them (This is more than "just my opinion").

"Fairness" would be a mandate with compensation.

Sep 13, 2020 09:23 AM
Ambassador
3,721,330
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Not a fan of the rules - I have a high-end rental that my tenant lost his job. Instead of paying ANYTHING, he is not paying a dime. He is getting federal assistance....I am not. I still have to pay the mortgage!

Sep 13, 2020 08:31 PM
Rainmaker
630,516
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

I feel sorry for both but it is unfair for the owner to have to pay for their tenant to live. They may also be out of work. 

Sep 13, 2020 07:09 PM
Rainmaker
1,619,205
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

It is still a give & tug on both sides. In IL, they have stopped evictions until the end of the year. 

There is nothing fair going on at all.

Sep 13, 2020 11:42 AM
Rainmaker
545,770
Hella M. Rothwell, Broker/Realtor¬ģ
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

A buyer of mine was in contract with a home that had a tenant who was supposed to move out by a certain date. That didn't happen.  My buyer wouldn't take the home with the tenant and the uncertainties about when he would move out.  So cancelled the contract and we moved on to another home where we closed without problems.  The tenant occupied home? Just shows as "expired" now. 

Sep 13, 2020 12:23 PM
Rainmaker
5,889,239
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Some small landlords will be in big financial trouble.

Sep 13, 2020 12:03 PM
Ambassador
2,962,112
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

life's not fair, this is no different.

Sep 13, 2020 02:38 PM
Rainmaker
4,924,850
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Here in CA it has been extended to commercial real estate also.  It is what it is, and my opinion does not amount to a hill of beans.  I think everyone is doing the best they can.,.

Sep 13, 2020 10:36 AM
Rainmaker
786,604
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Well capitalized corporate landlords may be able to withstand the interruption in income.

For small investors, the pain of not having income but having a mortgage to pay is substantial. Forbearance for some will help but that will also come at a cost.

Our Team is already working with a landlord who has chosen to sell rather then face the uncertainty of not having income which was an important part of his financial matrix.

An out-of-work renter who suffers eviction because of not being able to pay rent would have very few housing options. Homelessness is already a major problem in our society.

Yet, should those who can pay their rent be excused from paying by government edict?

And by the way, rent is not being forgiven, it is being deferred. Will the renters be able to make up the arrears when the eviction moratoriums have run their course?

Will the owners be able to make up the payments held in forbearance when those payments become due?

There are no simple solutions.

Sep 13, 2020 10:32 AM
Rainmaker
821,960
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

All those owners of rental property are still obligated to pay their mortgage and insurance and most likely property maintenance. They may be sinking into the pit faster than the tenants being protected.
AND they know come JAN 1 those tenants will be unable to make the landlord whole by bring the account up to date. It is highly likely the tenant being fully aware of the inevitable stopped paying the untilities that will fall upon the owner to pay.
Easily one can see the owner getting hit with at least $12,000 in lost revenue ($1,500 mo x 8) and $2,500 in expenses plus eviction costs.

The lessons learned from the 2008 Bank of America caused recession was to the bold go the spoils. Those who pocketed their morgage payment made out like bandits. Pocketing $12,000 in rent money can be a big deal for many renters.
Here is the rub. Those attorney law makers knows these owners will get no sympathy from the general public (democrats) so it is safe, even beneficial to their cause to create these victims. There will be a 30% token offered to make the owners whole again when gov't is in session again and can get it passed in May, to cover the time up to Dec 31.....now here is the attorney created poison pill.....only if the property is still vacant.
Special dispensation will be offered those owners who 'voluntarily' sign up for the apology tour.
Other than that....I have no opinion. 

 

Sep 13, 2020 10:06 AM
Rainmaker
2,558,240
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

There are many issues here like roots of a plant. 

1. Not all tenants are NOT paying rent

2. If owners are cut-off from income via government the gov is responsible

3. Now is a good time to consider good property management. Why? All my tenants are treated so well they wouldn't even think of not paying

4. Reduce the rents for now. Some rent is better than no rent

5. Legal remedy exists galore. File an action naming everyone and the settlement will come shortly after that. Why? There is no defense to this

6. Consider this a good time to tithe via rent loss if you can. Its not only a write-off but profitable in the spiritual realms

7. The system before it was tweaked worked well-enough. Be patient until we return to it.

8. Mea Culpa from the government, state and city stands....

Sep 13, 2020 09:22 AM
Rainmaker
3,678,854
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

My opinion of Congress and what may or may not happen there would likely not be viewed as "fair" for multiple reasons. 

Sep 13, 2020 09:09 AM
Rainmaker
1,443,059
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

I believe we have up to 12/31. 

Sep 13, 2020 09:06 AM
Rainmaker
876,749
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor¬ģ

In MA the governor extended that eviction moratorium to Oct 17, 2020. Who knows what will happen after that. I don't think it's fair to the owner/landlord as many tenants abuse the system and stopped paying their rent BUT the owner still had to pay their mortgage

Sep 14, 2020 10:16 AM
Rainmaker
578,125
Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

Florida put out the rules and tenants do need to jump through hoops and prove their inability to pay.

I it not as easy as just deciding not to pay...

Eve

 

Sep 14, 2020 07:01 AM
Rainer
416,909
Jerry Lucas
ABC Legal Docs LLC - Colorado Springs, CO
Mobile Notary Colorado Springs, CO Notary Training

There are lawsuits pending that challenge¬†the legality of these government actions as violations of the Constitution.¬† The Fifth Amendment to the U.S. Constitution stipulates:¬† ‚Äúnor shall private property be taken for public use, without just compensation.‚ÄĚ

If the government wants to provide housing, they could buy the housing,  they could pay the rent, they could loan money to the renters, or they could provide FEMA emergency housing.

Sep 13, 2020 04:27 PM
Rainmaker
1,306,942
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

California has a whole new suite of rules and protections under AB3088

 

http://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB3088

Sep 14, 2020 11:11 AM
Ambassador
4,760,686
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

My rental manager is very aware of the laws on this and doing everything possible to prevent any deadbeats from taking advantage of this here.

Sep 13, 2020 11:34 PM
Rainmaker
1,050,262
Thomas J. Nelson, REALTOR ¬ģ e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Evict the non-paying tenants unless the government is paying the landlords for the losses.

 

Sep 14, 2020 06:33 PM
Rainmaker
589,929
Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
Summit Real Estate Santa Clarita & OC Laguna Nigel

I own something, you want to use it, I set a fee, you agree. Pay or Return the item, enough said.

Sep 14, 2020 03:17 PM
Rainmaker
1,898,454
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Yes, that kills the owners of the properties. 

I don't think it was a good idea let tenants do not pay the rent. 

A lot of them took advantage of the landlords. 

Sep 16, 2020 12:31 PM
Rainmaker
3,184,289
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

They gave zero thought to anyone who owns a rental, whether it be a condo, 2 family, even a sngle family all the way yp to multi familes. I am hearing from many landlords who cant collect rent, they cant evict, they cant pay their mortgage and call me for help. I have been able to sell a few already to keep them from being foreclosed. I have a feeling this will increase

Sep 15, 2020 05:42 AM
Rainmaker
1,175
Treg Loyden
West USA Realty - Chandler, AZ
Remodeled Homes, Ranch Homes, Luxury Homes, Condos

 I am wondering what are the latest facts, figures, and bar graphs showing the percentage of tenants paying their rent through the first nine months of 2020.  Of course, the next four months will be crucial to how 2020 turns out.

Sep 16, 2020 07:36 AM
Rainer
1,175
Brian Davis
Silver Oak Capital - Beaver Creek, YN
London-based commercial mortgage broker

Silver Oak Capital. London-based commercial mortgage broker specializing in large loans of £2-£20m. We arrange debt on a wide range of real estate transactions across the UK, Western Europe, the Middle East and Southern Africa through our network of over 300 lenders.

Sep 16, 2020 05:44 AM