All Forum Posts by: Account Closed

@Doug Smith That's what I'm thinking. I'd also be curious to hear a lawyer's perspective on this, as well as on the measures in L.A. (and proposed in other cities) to defer rent payments for 12 months. Isn't this still taking the landlord's property? If a tenant doesn't have to pay for a whole year, but the landlord has to pay mortgages and/or utilities during that time, many landlords could potentially lose their properties and their livelihoods. 

I agree with @Taylor L.. It really is all speculation right now. Will there be a huge spike after things are allowed to go back to "normal?" What will normal even look like, and how long will that transition be? 

I agree with most of the general sentiment I'm seeing on here. The product that landlord's offer is housing, just like a department store might offer clothes or kitchenware or other goods. When someone can't afford food, the government doesn't tell grocery stores to let people come in and take food for free. There are programs set up through the government to assist these people in getting food. Likewise, the government should not force landlords to go unpaid for the services they offer.

The stipulations set forth in L.A. seem pretty extreme to me, but they still say that tenants must pay landlords all overdue rent from the COVID-19 crisis, within a year of the pandemic's declared end. I would argue this is also not necessarily ok, but at least the tenant doesn't get completely off the hook when it comes to paying rent. 

Unfortunately, so many tenants see landlords as these big bad guys who take all their money, and don't realize that most landlords really are just trying to feed their families as well, along with paying off mortgages, etc. Sadly, the media tends to side with the "underdog," in these situations, further demonizing landlords. 

@Derek Andrews While it's true that people increasingly go to online resources to find a home or apartment to rent, the old fashion sign really can still do the trick! I'd definitely still post online, but you also never know who might walk or drive by the sign in the yard and decide to give you a call. Best of luck to you!

Here is a list of the tenant protections (eviction rules, etc.) each state has put forth in light of COVID-19, along with links to each of the states' websites:

https://www.nolo.com/legal-encyclopedia/emergency-bans-on-evictions-and-other-tenant-protections-related-to-coronavirus.html

There have been bill proposals of "nationwide cancellation of rents and home mortgage payments through the duration of the coronavirus pandemic, which would include full payment forgiveness with no accumulation of debt for renters or homeowners," but no actual bill has been passed to-date: 

https://nypost.com/2020/05/02/what-to-do-if-you-cant-pay-rent-amid-coronavirus-pandemic/

The most drastic thing I've seen so far that comes closest to tenants legally not having to pay rent, is a temporary pause on rent payments in L.A. Tenants have up to a year after the city announces the end of the emergency to pay back any past due rent that accumulated during the COVID-19 shut-down. Under this stipulation, L.A. landlords apparently can't charge any late fees either. Other than that, I am seeing a lot of temporary suspension of evictions in other cities/states:

https://www.latimes.com/homeless-housing/story/2020-04-05/coronavirus-rent-landlords-pressuring-tenants-los-angeles


https://www.cnet.com/personal-finance/is-may-rent-canceled-can-landlords-evict-tenants-late-fees-laws-and-what-we-know/

@Derek Andrews What @John Warren said is spot-on. If you're ultimately going to be managing the single family home, I highly recommend finding and vetting the tenant on your own. If you are wondering where to start on finding a tenant, there are a lot of great resources on Bigger Pockets and on the web with more detailed info. I would definitely put a "for rent" sign in the yard to start with, and you can also list the property on websites like Zillow. Here's a forum discussion that has some additional helpful information on finding a good tenant: 

https://www.biggerpockets.com/forums/52/topics/252527-finding-good-tenants

This is a great topic, and it will be interesting to watch how these areas evolve when it comes to working from home.

When it comes to college students, I think many students (and even colleges) will be more open to taking and offering online courses, because sheer necessity has shown that this is do-able. However, I also think that online classes offer less value and that most students will still pursue the in-person learning experience. Regarding what @Account Closed said, it can be difficult for college students to stay motivated over video lectures, versus in-person classes. The in-class experience has many valuable aspects, and face-to-face interaction is an important part of education and the learning process.

I do think many companies will allow employees more flexibility to work from home, but this greatly depends in the industry as well as what @Todd Rasmussen mentioned involving the level of accountability needed. If a company does not already have systems in place to plan and keep track of work projects in a practical and effective way, it will be harder to keep up productivity. There’s also the issue of implementing such systems and technologies and training people (especially the older generation) how to use them. It can take a good amount of time, energy, and money to make long-term and effective changes in a company. The level of difficulty depends on factors such as the size of the company and the team, and, to be frank, how willing seasoned managers and employees are to accept and make changes.

While I think a good number of companies will relax their work from home policies, and newer companies (start-ups, small businesses, etc.) will re-think the traditional 9-5 structure, I don’t think the traditional 9-5 way of doing things will disappear anytime soon.

I do think more people will start utilizing co-working spaces, as these pop up more and more, but again, different factors such as the size of the company will affect what businesses choose to transition to these types of work environments.

@Todd Rasmussen

There are pros and cons to both sides, but I think those pros and cons will also vary depending on the location. For example, if you're in a large city with high rent and housing costs, more people are probably going to look to rent an apartment instead of a house, because rent is already so high. If you're in a smaller city with lower cost of living, renting a house may be more alluring to people.

Renting a house typically involves more responsibility than renting an apartment, but it can provide more space, and a private yard. Like @Kyle Spearin said, apartment amenities can be a pro for people. It's nice to not have to pay for gym, a pool membership, etc., if your apartment complex provides all those things. 

Depending on your location, whether your rental is a house or an apartment, will probably draw different prospective tenants based on what type of person typically rents and values a house vs an apartment (or vice versa) in your area. 

@Colin Stuart definitely has a point. All trends will run their course. Even when a large population agrees that a trend has been overdone, it's still going to take time for it to filter down through all the channels before it dies out. 

From what I've seen, the point when large influential cities and stylish wealthier neighborhoods begin to let go of a trend, is often when many small midwest neighborhoods and towns are only just beginning to jump on that trend bandwagon, or at least are still running their course with the trend. 

I'd also argue that a trend never really completely dies, because at least some part of the trend will get picked up and recycled/re-imagined years down the road. 

This is a great question. I agree with what @Joseph Cacciapaglia said about shared amenities, laundry facilities, etc. I think prospective tenants will start to look at properties through a COVID-19 "lens," and be more concerned than ever before with health and safety related to germs. While a pool may not be hugely important to some people in many areas, something like a shared laundry room is definitely going to raise more concerns. This brings in the question of geography that @Account Closed mentioned. In some places, a single family home is just not going to be practical for many people due to the rental price. In other areas, a multi family home may be quickly passed over, because there are many affordable single family rental properties in the area. I'm definitely interested to see the leasing trends that emerge in the next several months for both the "average" renter, and also for college students as they go back to school this fall.