LakeWood , CA · Member since 2018 · 268 posts · 331 votes
Ladies and Gentlemen, Let me be the first to honestly say, I think we are all screwed🤷🏽‍♂️ . Yes, Most of us in California did recover Most of April rent. May is going to be questionable. And June well... Let’s just say Let’s not go there just yet. Anyone care to discuss this outcome?? I’m sure there’s going to be alot of states to follow this decision
Rental Property Investor · Lawrence, MA · Member since 2020 · 252 posts · 153 votes
6y
Hi Ricardo,
I agree with you that we are going to get screwed. I do know one thing that we will have to do, and is wait until all this ends. We can have our lives back to normal. We are all in this together, and we will get out of this together. This goes out to all of our BP family.... Stay strong, we will get through this and to any family that has doctors, nurses, firefighters working, my heart goes to you and thank you for what you do everyday! Take care and stay safe Ricardo!
LakeWood , CA · Member since 2018 · 268 posts · 331 votes
6y
@Gabrielle Martin give a tenant that much money. Tell them they are protected from being evicted. What do you get? A sobbing story about how they aren’t working. And I haven’t received any checks from unemployment and stimulus. Specially in the city you and I invest in. The only profitable people here would be Mercedes Benz and BMW. One of my tenants just got a new BMW in my south Central LA investment . But hasn’t paid rent.
We need our economy up and running again. People are going to die regardless if the economy is closed or not. So why not open it up. I might sound alittle harsh. But keep in mind if it remains closed we are going to start hearing of people committing suicides due to not being able to pay their bills nor put food on their table. We also have to understand if the unemployment rate keeps climbing. That means crime is going to hit an all time high too
Contractor · Placerville, CA · Member since 2019 · 85 posts · 66 votes
6y
@Takeo Kingi with all do respect this thread is not about negativity. It is the free exchange of information which is real news. As a business owner my employees are my family and their well being is squarely on my shoulders. Our eyes are wide open and bear the responsibility of seeing into the future as far as possible. The extension of the lockdown is yet another realization that many newly minted investors (biz owners) are seeing happen in real time. California and the nation as a whole are very diverse areas of thought and lifestyle. You made a great point about everyone maintaining their physical and mental health!
@Gabrielle Martin give a tenant that much money. Tell them they are protected from being evicted. What do you get? A sobbing story about how they aren’t working. And I haven’t received any checks from unemployment and stimulus. Specially in the city you and I invest in. The only profitable people here would be Mercedes Benz and BMW. One of my tenants just got a new BMW in my south Central LA investment . But hasn’t paid rent.
Yikes. Yeah I'd be livid... This makes me wonder what documents are we allowed to request to ensure Tenants are actually unemployed due to covid and are approved for UI payments. In theory, if they still don't pay, that documentation is leverage.
@Ricardo P. They should reduce property taxes & federal taxes too!
Totally agreed. The cities are telling the tenants they don't have to pay for services LLs provide, the government is giving them stimulus handouts, and the LL is bearing the cost. It will be a complete hypocrisy if they expect that LLs will pay their property taxes on time or in their entirety this year - if the lockdown becomes a prolonged affair.
When are HD and Lowes going to start offering reduced pricing? Since apparently "we're all in this together".
Then we have price gouging. The AG of MO is reporting on his website that he sent a cease and desist letter to a local guy who was selling N95 masks for $12.50 a piece. They sent an undercover agent to buy a mask from him, and was offered the mask for $5. They state he was price gouging despite their own research that the masks sell locally for between $3 and $5.99 a piece.
Rental Property Investor · Enterprise, AL · Member since 2019 · 137 posts · 85 votes
6y
@Ricardo P. I’ve been saying this that April should be alright for rents, I’ve been more worried about May and June. My plan has been to keep back ALL cash flow from April in reserves in the event that tenants can’t or don’t pay rent in May or June. If they all pay in May, same thing... all the cash flow is going into reserves.
Rental Property Investor · La Quinta, CA · Member since 2014 · 1k+ posts · 779 votes
6y
Here in Riverside County, CA, they have banned hotels, short-term rentals, etc. from operating until June 19th (subject to revision) and I expect the stay at home / shelter at home timeline to carry to June 19th or so as well. And even after that date, schools will be closed through the summer, no large-scale sporting events/concerts/gatherings through November or December, and I don't think things will go back to normal at the end of June, there will just be a modified version of the stay at home order that starts to open up lower risk businesses and activities (that have large economic benefits) over time.
Thanks so much for the information. I know of a few people who were denied because they were furloughed. I'll let them know and see if they can appeal the decision.
Las Vegas, NV · Member since 2020 · 4 posts · 0 votes
6y
@Sam Josh 99%... very few are in the 1% bracket, and those estimates are very extreme scenarios in my opinion. I strongly believe we will get pass this sooner rather than later, and when we do hopefully this will become an experience we’ve all grown and balanced ourselves from. God Bless
Investor · Napa, CA · Member since 2016 · 95 posts · 62 votes
6y
@Dan Nim you must be new around here. Yes, I read the article. Here's one from the past 24 hours showing the numbers improving even more. Really tired of anonymous, keyboard warrior beta males like you cowering in fear who cheerlead death tolls. You scared? Stay in your house. Fact is Sweden, Belarus, Netherlands and numerous states with no lockdown orders are having little to no issues except in high-risk population sectors. https://www.dailymail.co.uk/news/article-8210677/amp/Sweden-records-17-deaths-coronavirus-lowest-daily-rise-fortnight.html
@Mike Bolen LMAO. Not scared at all because I dont fit the “demographic” that would be harmed. I do respect our frontline medical personneal responding to this pandemic and for that I respect the order. More importantly I didn’t like your disrespectful response to Wendy. Kind of ironic that you are posting news articles but not respecting what our “doctors” are recommending. Who is claiming to be a Dr now?
Investor · Napa, CA · Member since 2016 · 95 posts · 62 votes
6y
@Dan Nim You're an anonymous keyboard warrior who cannot even white night for a random woman on the internet correctly. The only thing disrespectful and ironic is the way you treat yourself. You're an average man, living a below-average life who is so embarrassed by your own existence you must remain anonymous on the internet.
LakeWood , CA · Member since 2018 · 268 posts · 331 votes
6y
On the bright side of things. From what I’ve been hearing Trump wants to start up the economy once again. Hopefully in May or late May early June. Let’s see how this plays out.
Rental Property Investor · Canton, OH · Member since 2017 · 1k+ posts · 1k+ votes
6y
@Ricardo P.
I'm sorry to hear about what folks in California have to go through. All I can say is at the end of the day, just make sure you've done everything you can (in your control), to mitigate losses. For example, did you apply for the EIDL grant? Did you apply for the government SBA loan? Have you reached out to all your lenders on possible loan deferment? Have you had the best and appropriate discussions with your tenants? Are there other ways you can generate some capital in the short term to help offset losses? Are you networking with locals to try and learn if there are other opportunities to mitigate losses? Again just a few things to consider, but I'm sure there are others out there.
High Desert, CA · Member since 2019 · 319 posts · 161 votes
6y
Well @Gabrielle Martin some have not received it yet. But also they will spend it on pointless things because they cannot get evicted. But best believe they will once this is over.
Thankfully my tenants paid. But we will see how it plays out in the future.