Oregon extends rent repayment another year!

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Oregon extends rent repayment another year!

Nathan GesnerBusiness Member
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes

https://abcnews.go.com/Health/...

Yes, they are giving tenants an additional year to catch up on rent. I would love to know how someone can be that far behind on rent when they've received two stimulus checks, unemployment benefits that pay more than most people make when working full-time, rental assistance from government and private entities, and a job market that is literally begging for people to work! Most of my renters made more money during the time they were laid off than they would have if working full-time, so most of them actually paid ahead.

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Joe SplitrockPro Member
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Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
5y

Stop complaining, they had it worse in the old days.

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  • Karl B.
    Rental Property Investor · Erie, PA · Member since 2015 · 1k+ posts · 2k+ votes
    5y

    Tips my hat to all the Oregon landlords.

    Oregon is supposed to have a landlord compensation fund - hopefully some landlords receive their deserved money through that means.

    5Reply
  • Nathan GesnerBusiness Member
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    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    5y
    Originally posted by @Karl B.:

    Tips my hat to all the Oregon landlords.

    Oregon is supposed to have a landlord compensation fund - hopefully some landlords receive their deserved money through that means.

    It's amazing how government can find all this money! I wonder how long it will take for this to come back and bite us?

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  • Julie Hartman
    Property Manager · Denver, CO · Member since 2021 · 667 posts · 587 votes
    5y

    Not surprised at all by this news. I can't imagine being a landlord in Oregon right now. What an absolute tire fire!

    6Reply
  • Karl B.
    Rental Property Investor · Erie, PA · Member since 2015 · 1k+ posts · 2k+ votes
    5y
    Originally posted by @Nathan Gesner:
    Originally posted by @Karl B.:

    Tips my hat to all the Oregon landlords.

    Oregon is supposed to have a landlord compensation fund - hopefully some landlords receive their deserved money through that means.

    It's amazing how government can find all this money! I wonder how long it will take for this to come back and bite us?

     I was listening to a podcast where the guest said something along the lines of we're getting taxed from both ends - higher taxes and also on the back end due to money printing inflation is a form of tax we're paying as well. 

    6Reply
  • Joe SplitrockPro Member
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    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    5y

    Stop complaining, they had it worse in the old days.

    30Reply
  • Nathan GesnerBusiness Member
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    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    5y
    Originally posted by @Karl B.:

    I think the worst is yet to come. There will be a consequence to allowing government to shut down businesses, "free" money for private citizens and businesses, increased unemployment benefits, eviction moratorium, and all the other nonsense for the past 14 months. I think it will bite us hard, in a variety of forms.

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  • Bjorn AhlbladPro Member
    Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
    5y

    @Nathan Gesner I agree the worst is yet to come. It is already way beyond taxes for some LL's. Many have had  much of their income cut off. Personally all my tenants have been paying; they are responsible people who know right from wrong-it seems many don't especially in the big cities.

    Wish we had politicians who know right from wrong-and yes LL's too.

    8Reply
  • Jonathan StonePro Member
    Rental Property Investor · Camas, WA · Member since 2020 · 284 posts · 202 votes
    5y

    @Nathan G.

    This was something I think we knew was coming here in Oregon. It’s just the way the politics lean. We don’t currently own any LTR but have friends that do and so far they are still receiving rents as they were pre pandemic.

    My biggest concern of the newest bill is not being able to report on credit payment issues from the “pandemic era” or allow others to use evictions during this time frame as screening criteria.

    5Reply
  • Nathan GesnerBusiness Member
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    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    5y

    That's the next step. Once the eviction moratorium dies off, we'll see a big increase in evictions. Politicians will claim the tenants are being treated unfairly (it's not their fault they can't find a good-paying job even though the country is full of them), and they'll tell us we can't consider evictions or failure to pay rent in their application. We're forced to let them behave badly and then we'll be forced to take them on again in a year.

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  • Jonathan StonePro Member
    Rental Property Investor · Camas, WA · Member since 2020 · 284 posts · 202 votes
    5y

    @Nathan Gesner Then we have to double the rent, deposit and run more conservative numbers causing the cost of housing to double over the next say 10-15 years.  Especially at the low end of income ranges where people need the most help.  I would love to give people a chance and be fair with them about price, price increases and terms.  It seems that because of the laws being put into effect that won't be an option as it would put my family and I at risk.

    5Reply
  • Nathan GesnerBusiness Member
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    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    5y
    Originally posted by @Jonathan Stone:

    @Nathan Gesner Then we have to double the rent, deposit and run more conservative numbers causing the cost of housing to double over the next say 10-15 years.  Especially at the low end of income ranges where people need the most help.  I would love to give people a chance and be fair with them about price, price increases and terms.  It seems that because of the laws being put into effect that won't be an option as it would put my family and I at risk.

    When government creates new regulations, it often hurts the low-income renter the most. Low-income renters are most likely to be delinquent on rent, not pay their last month of rent, leave the place dirty or damaged, break the lease early, abandon the property, etc. If I can't mitigate my risk with a security deposit, then I'll come up with another method or I'll just stop renting to them. Only the low-income tenant loses in that scenario.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    5y
    Originally posted by @Nathan Gesner:
    Originally posted by @Jonathan Stone:

    @Nathan Gesner Then we have to double the rent, deposit and run more conservative numbers causing the cost of housing to double over the next say 10-15 years.  Especially at the low end of income ranges where people need the most help.  I would love to give people a chance and be fair with them about price, price increases and terms.  It seems that because of the laws being put into effect that won't be an option as it would put my family and I at risk.

    When government creates new regulations, it often hurts the low-income renter the most. Low-income renters are most likely to be delinquent on rent, not pay their last month of rent, leave the place dirty or damaged, break the lease early, abandon the property, etc. If I can't mitigate my risk with a security deposit, then I'll come up with another method or I'll just stop renting to them. Only the low-income tenant loses in that scenario.

    All that said above but the reality is the tenants could never pay the back rent anyway..  they have spent their money they got for unemployment and stim etc.. I suspect very few banked it.. so they could use it to catch up on rent.. I assume some did.. 

    So to me the lost rent is lost rent  no different any other scenario when you have a non paying tenant and try to collect after the fact. 

    but I am the first to say this is going to affect the bottom end of the market  very badly and the politico's have no clue it appears.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    5y
    Originally posted by @Nathan Gesner:
    Originally posted by @Jonathan Stone:

    @Nathan Gesner Then we have to double the rent, deposit and run more conservative numbers causing the cost of housing to double over the next say 10-15 years.  Especially at the low end of income ranges where people need the most help.  I would love to give people a chance and be fair with them about price, price increases and terms.  It seems that because of the laws being put into effect that won't be an option as it would put my family and I at risk.

    When government creates new regulations, it often hurts the low-income renter the most. Low-income renters are most likely to be delinquent on rent, not pay their last month of rent, leave the place dirty or damaged, break the lease early, abandon the property, etc. If I can't mitigate my risk with a security deposit, then I'll come up with another method or I'll just stop renting to them. Only the low-income tenant loses in that scenario.

    We are already seeing Portland landlords take their rentals out of production and sell the SFRs there has been such a huge run up in values and there is SUCH a HUGE shortage of SFRs available it makes no sense to keep them as rentals.. there by reducing the housing stock even more.

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  • Eric Bilderback
    Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes
    5y

    You keep the drama to a minimum by screening, screening and more screening.  

    My dad used to always say Oregon is become a giant art colony.  These people don’t understand what they are doing and in their minds landlords are an enemy and anytime you can stick your finger in their eye you should.  I think it is important people realize the government does not think landlords will be paid back.  This is done for one reason to make their/our life more difficult, which is good politics here.

    7Reply
  • Forrest Faulconer
    Real Estate Agent · Oklahoma City, OK · Member since 2020 · 471 posts · 462 votes
    5y

    @Nathan G.

    It will bite us back eventually, all this spending with zero prudence.

    3Reply
  • Forrest Faulconer
    Real Estate Agent · Oklahoma City, OK · Member since 2020 · 471 posts · 462 votes
    5y

    @Joe Splitrock

    Best post of the week, I remember sitting in the computer room in small town Oregon at my school playing that not realizing the rest of the country was getting dysentery as well. Great game.

    5Reply
  • Ally Mager
    Property Manager · Member since 2021 · 16 posts · 14 votes
    5y

    @Karl B.

    Yes there is a landlord compensation fund. Unfortunately, it’s very difficult to obtain, there’s only a 70% recaptured limit (you forgive the last 30%) and many other items that make it unreasonable. Luckily we only have 2 out of 104 units not paying, but have decided to opt out of the compensation fund.

    1Reply
  • Colleen F.Pro Member
    Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
    5y

    This is a mindset issue and that is what worries me the most.  The government is writing debt with the first stimulus checks which I can understand but still is a concern. Then you say oh rent isn't due and we will boost unemployment. Then they want to repay their student loans when they have over-borrowed.  It becomes more about taking care of people instead of people learning to take care of themselves.  Its not that people don't need assistance but the focus remains on more and more assistance instead of economic recovery and helping better your own situation.

    And all the time the government is growing and borrowing. 

    7Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    5y
    Originally posted by @Eric Bilderback:

    You keep the drama to a minimum by screening, screening and more screening.  

    My dad used to always say Oregon is become a giant art colony.  These people don’t understand what they are doing and in their minds landlords are an enemy and anytime you can stick your finger in their eye you should.  I think it is important people realize the government does not think landlords will be paid back.  This is done for one reason to make their/our life more difficult, which is good politics here.

    LOL.. 

    its a funny state you have the ultra liberal but on the flip side you have by far the easiest state in the Union to log timber in .. which in other areas is highly controversial.   And there is Absolutely no question that Portland proper politics is against out of area corps taking advantage of their fare city and residents.  Well what used to be a Fare city now its  well I don't know what it is.. never seen anything like this. And i get around.   The Media here in Portland is just now picking up on how terrible govmit handled all this homeless and Peaceful protesting.. 180 degrees from the media backing defund the police last year.

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  • Jonathan StonePro Member
    Rental Property Investor · Camas, WA · Member since 2020 · 284 posts · 202 votes
    5y
    Originally posted by @Colleen F.:

    This is a mindset issue and that is what worries me the most.  The government is writing debt with the first stimulus checks which I can understand but still is a concern. Then you say oh rent isn't due and we will boost unemployment. Then they want to repay their student loans when they have over-borrowed.  It becomes more about taking care of people instead of people learning to take care of themselves.  Its not that people don't need assistance but the focus remains on more and more assistance instead of economic recovery and helping better your own situation.

    And all the time the government is growing and borrowing. 

    So... Is the problem the government doesn't teach financially literacy or the government is not financially literate? Both?  Or we are all wrong and modern economic theory is flawed and no longer applies... Borrow Borrow Borrow Spend Spend Spend - with no effect, this seems illogical.  Add to that the current generation has no time for delayed gratification?   

    1Reply
  • Eric Bilderback
    Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes
    5y

    @Jay Hinrichs. @Nathan Gesner

    Maybe landlords who are vaccinated can collect back rent!  LOL

    12Reply
  • Colleen F.Pro Member
    Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
    5y

    @Jonathan Stone I think there are two main parts to the issue one is government and the other is how the public thinks.  Think about this last year, courts shut down, not just eviction but alot of courts, governments curtailed services and  they kept all employees.  Now I know there are tons of issues with government employees and am not saying right or wrong it is just an illustration of  the government mindset, they don't need to adjust they print money, so yes they aren't financially responsible.  

    The other issue is the public thinks it all about me.  What did they do for me last?  How can I get more?  And there is alot less financial literacy and more debt.  I would be interested to see statistics on how many people actually do catch up getting another year to pay. And while some don't have other places to live some could adjust but don't. 

    1Reply
  • Curtis Mears
    Property Manager · Raleigh, NC · Member since 2014 · 728 posts · 596 votes
    5y

    @Nathan G.

    Goverent can always find my money and your money. They simply raise taxes, which they will be doing real soon.

    3Reply
  • Curtis Mears
    Property Manager · Raleigh, NC · Member since 2014 · 728 posts · 596 votes
    5y

    @Karl B.

    Very true

    2Reply
  • Nathan GesnerBusiness Member
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    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    5y
    Originally posted by @Joe Splitrock:

    Stop complaining, they had it worse in the old days.

     My ancestors traveled the Oregon trail. No dysentery. Their party allegedly came across a creek full of nuggets of Fool's Gold. The kids kept some to play with. When they reached Oregon, they discovered it was actual gold. Everyone raced back to find it but never the creek was never located. I thought it was an old wives tale, but it was published in a book about the Oregon trail, so maybe there is some truth to it.

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