All Forum Posts by: David J.

“First Right of Purchase – For a period of 5 years, private rental property owners
seeking to sell their property must first notify HUD. HUD will notice the availability to purchase through this acquisition fund. If an eligible purchaser does not come forward and apply to the fund within a period of 60 days, the property owner is permitted to make a private sale.

d. Eligibility – Non-profits, public housing authorities, cooperatives, community land trusts and states, municipalities, counties or parishes, or other unit of general local government are eligible to apply to this fund.
e. Limitations – Any proposed sale must be entered into by both parties voluntarily and purchases must be made at the current fair market value at the time of the sale.
f. Requirements – Purchasers who take advantage of this fund must agree to the following:
i. permanently reserving a portion of rent-restricted units for lower-income households;
ii. just cause evictions;
iii. mandatory documentation with just cause evictions;
iv. no source of income discrimination;
v. no a admissions restrictions on the basis of:
1. sexual identity or orientation,
2. gender identity or expression,
3. conviction or arrest record,
4. credit history, or
5. immigration status.
vi. democratic control by residents
vii. Purchasers must also agree to provide residents with free, voluntary wrap- around services that help address the needs of those experiencing chronic homelessness or housing instability – like access to healthcare, employment or education assistance, childcare, financial literacy class and other community-based support services. If the conditions are violated, the federal government can seek to recoup the funding.”

5 Votes

@Richard Mace Cool Story Bro!

@Paul Doherty "throws the loan payments to the end of the loan, extending the loan by the same number of months"

Not my service provider. They want me to pay a balloon payment at the end of the forbearance. It's a joke. Tenants won't come up with the corresponding balloon payment. I don't have a need for forbearance as I am in no risk of not paying my loan. What I need is the ability to evict bad tenants who are taking advantage of this crisis.

5 Votes

Just look at what we are up against. This news article is so manipulative it makes me want to puke. They are trying to make landlords look like monsters. Meanwhile the attorney in the clip says it could be 12 months till property owners have their rights back and not one person bats an eye. How is this called journalism????????

https://abc7news.com/video/emb...

1 Vote

Originally posted by @Amit M.:

This entire thread, all 20+ pages, is meaningless because of heavy survivorship bias. I already mentioned this here before a few days ago...because people posting are almost exclusively those who are happy/relieved/etc. that they got all or most of their April rents. The poor LL’s who did not have more important things to do than participate in a feel good, circle jerk of a thread. Look around you folks, a sh!t storm is brewing that is going to effect virtually all landlords to one degree or another.

Yup especially in California where evictions are banned indefinitely. Landlords should have axes and pitch forks in the streets! Either most don't yet understand the gravity of what has happened or they are laden with apathy is all I can figure.

1 Vote

Originally posted by @Jeb Shookman:

Some common issues I see in this thread that annoy me:

1. The difference between voluntary charity (landlords helping troubled tenants) and forced charity via the government (extremely over-broad).

2. The idea that if someone can find people in a worse situation than you, then your troubles are not legitimate. You can always find worse off people, even after this crisis ends. Doesn't mean our concerns aren't legit.

3. The idea that if you are concerned about being forced to house unwanted people and concerned about the hit to your business, that apparently means you have no cash reserves and haven't planned for problems at all and will go bankrupt immediately based on your poor planning. I have cash reserves for quite a long time, but vast amounts of cash lost still significantly hurts my goals and my family. We don't get to judge each other's goals.

I think most people want to be compassionate and can weather bad things for a certain amount of time. I personally am worried more about the indefinite nature of these orders. ... and the illusion that the stimulus bill helps landlords when it really doesn't.

I loved reading this, and I agree on all accounts. #3 keeps coming up a lot and it's just such a ridiculous point to make.

#3 can either come in the form of "real estate has risk" (yeah who cares, not the point AKA MOOT)... OR ... "you should have 6 months reserves".

It's like LOOK, I don't care if I have 10 years reserves, I STILL do not want the government to take away my rights. Forcing me to accept theft is and of itself criminal. My problems should not be less important than someone else's problems.

I'm just happy to see some people do indeed get this.

1 Vote

Originally posted by @Gary L Wallman:

Michelle,

The problem, you see, is the government has no authority to "suspend our rights". The Constitution doesn't have an on off switch. Too many people don't seem to get that.

THIS! So much ... THIS THIS THIS. Thank you for saying. I only wish everyone knew how important it is to reject what is happening.

0 Votes

Originally posted by @Gary L Wallman:

Originally posted by @David J.:

Some Perspective... 0.15%

That's the percent of American people who have Covid-19 at the time of this writing. NOT even 1% of the total population.

Suppose the disease were to quadruple before this is over, that would only be 0.6%. Still not even 1%

I am not saying the Covid-19 pandemic is not serious. It is serious! But bear with me, I'm going somewhere here.

Percent of tenants with eviction protection 100%

Specifically in California landlords have been totally neutered.

THIS IS NOT RIGHT, THIS IS NOT FAIR!

Private citizens should not be compelled by law to provide free housing at their own detriment. As a landlord for 20+ years this is the most backwards and un-American situation I have ever seen. What good are constitutional protections, checks and balances if they only serve us when convenient? We need our rights, and freedom most when times are difficult. Where is the ACLU?

Do I think a tenant who has suffered a hardship outside of their control should be thrown out into the street? No of course not. But, 99.9% of landlords will do everything in their power to work with a tenant ALREADY, if for no other reason because they don't want to pay for turnover and vacancy.

I think some responsible laws could be put in place that prohibit abusive landlords from unfair evictions and also require landlords to work with tenants, but the current situation is totally 1 sided and unfair!

Consider, if a tenant loses their job they have options. They can apply for aid, they can look for an online job. They could take a temp position at a grocery store if they like. However, if a landlord has a tenant who can't (or wont') pay rent they can ask for rent and hope for cooperation but can do nothing beyond that to improve their situation.

This absurd! Is anyone thinking this through? How can this possibly not end badly? Allow me to list some problems.

If a tenant hears they "don't have to pay rent", many will simply push it as far as they can regardless of their actual ability to pay or not pay. Why not cease the moment? Wouldn't you?
If a landlord does put a 3 days or quit notice and the tenant doesn't comply. Normal law states that the landlord can not collect anymore rent AFTER the 3 days are up, or the 3 day pay or quit notice is invalid. Does this mean landlords should just allow the tenant to live free till September or until (heaven only knows) when they are able to evict? Does letting a tenant free load till September seem like a good idea?
Most landlords would agree that tenants who get behind really land themselves in a circle of debt they can't climb out of anyway. Thinking a repayment plan with landlords can work is basically fiction. AKA nonsense.
How long till landlords start getting stretched too thin and start taking matters into their own hands? Anything is possible, Violence, fake insurance claims etc? That is a scary outcome that I don't want to even think about. (Please nobody do this)
How long till landlords get fed up and say screw it and just let the bank have the property back?
How long till word gets out about how landlords are being treated and many future (would be landlords) say, no thank you? How many current landlords will just get out of the game. (never want to take that risk again)

TL:DR; This is a disaster and I don't even know what to do anymore.

PS: I do have abusive tenants who are purposely leveraging the situation and not paying simply because they don't have to.

Jason,

You are not only 100 percent correct, you might be the most sane LL on this site.

I am honestly surprised I have had to spend so much effort (or any at all) defending what seems like obvious and indisputable logic. *shrug*

1 Vote

@Joseph Walsh S&P rebound? Deflation seems likely at this point IMHO

1 Vote

@Joe Splitrock All fair points. Thank you for the perspective. Much appreciated.

2 Votes

@JD Martin interesting. Strong enterprise. Out of curiosity, are we talking zero rent on all your properties? Short of a drug ring on the side, I am not sure how that works. I do want to learn though. :)

0 Votes

All Forum Posts by: David J.

David J. has started 44 posts and replied 192 times.

Post: Mortgage and Rent Cancellation in New Bill

Post: Unfair madness! Landlords getting hosed.

Post: Unfair madness! Landlords getting hosed.

Post: OK who has received all or most of their rent this month ?

Post: Unfair madness! Landlords getting hosed.

Post: Unfair madness! Landlords getting hosed.

Post: Unfair madness! Landlords getting hosed.

Post: Unfair madness! Landlords getting hosed.

Post: Unfair madness! Landlords getting hosed.

Post: Unfair madness! Landlords getting hosed.