Who wants to be a landlord now?

[scruffydog]

What .gov has done at all levels – and is planning to do – in response to the covid thing is unprecedented. Tenants not having to pay rent until Jan 2021. Can’t evict anyone. Why do landlords have to bear the full financial brunt? Sure there is *some* relief offered to landlords with certain criteria but it is inconsequential. Sure people need a place to live but for free?! Sure you can chase down tenants in the courts for rent payment after covid ends…good luck. Tenants need to eat – why can’t they go to Ralphs and get free food? Tenants need transportation for their jobs – why can’t they go to the nearest car dealership and get a free car.
Tenants need free phones too! Explain to me why .gov can eliminate legal contract agreements and take my property (income) without compensation! And check out Prop 21…sheech! Guess the only way out is to sell my rentals and get killed with taxes. SDR? Rant off.

[svelte]

As I recall flu you have tenants on H1-B visas…those folks are probably pretty likely to keep paying because (a) they still have jobs and (b) they don’t want any blemish on their record that would give cause for being ousted. On this side of the pandemic your decision seems pretty wise.

I would also imagine that lower cost rentals have a higher chance of no-pays right now, probably south of 8?

It will be interesting to hear what the landlords on this site say.

[Coronita]

have you had any tenants not pay you during covid?

Just curious.

anyone have any tenants not pay full amount? Also curious

[Escoguy]

Mine are all paying, but I did cut two a break.

One went out and bought a new car. 🙂

Had the impression the other one didn’t need it either.

I’m upper mid tier. 5 SFHs: avg $3600 per month.

[Coronita]

So far, all 4 properties here have made full rent payments.

3 condos are under $2000/month.
1 sfh@ $4300/month

knock on wood

[Reality]

So impressed by you fucking tycoons.

[Escoguy]

LOL

[SDNative2]

As an owner of a “south of 8” SFR in the College Area north of EC Blvd, my tenants have been paying $2350 without so much as a peep.

[Coronita]

So basically , despite the fear of a rent strike, no one here so far has had to deal with a non paying tenant.

That or folks that have don’t want to talk about it

[flyer]

Have many rentals in San Diego County and elsewhere in areas where demand has remained very high. No problems to report so far.

[Escoguy]

I’ll admit I’m feeling a touch adventurous.

I close on a new rental in 4S in about a week and have another one under contract, as the seller is in a BK, might take a few months.

So far, every time I have one open up, I have a strong qualified tenant with a good solid job come in within days. I may have to make a minor compromise and allow a dog but we know how to deal with that.

For all the talk of isms’, we don’t have the choice to shut things down, interest rates are being held down, there is limited new inventory and new construction. A relative of mine used to work in the Treasury dept in Washington, he explained basic policy to me about 15 years ago. The government wants consumers to feel “wealthy” with rising home equity so they will borrow and spend. They don’t want a high savings rate and austerity for fear of a contraction.

So combine that and we have the effect of housing inflation, rent inflation but now many underutilized people, unemployment fortunately not too high here but regardless of who wins, they have to keep the game going.

[svelte]

[quote=Escoguy]
So combine that and we have the effect of housing inflation, rent inflation but now many underutilized people, unemployment fortunately not too high here but regardless of who wins, they have to keep the game going.[/quote]

And that’s the problem. Sooner or later, the music has to stop.

I keep thinking about Japan who played that game very successfully for a long time…but as with every game of musical chairs, sooner or later someone’s butt is not on a seat when the needle left the groove.

[flyer]

Agree.

Don’t blame people for wanting to get into the game, but we would not feel comfortable with our RE investments unless we had gotten in years ago. We started very young, and were buying SFH’s etc., in LJ and CV, and other similar locations when they were under $500K, so, everything is paid off.

Hard to tell right now if the country will be able to float a real recovery or not. Hope for the best, but plan for the worst.

Here’s an interesting article:

https://www.npr.org/sections/money/2019/08/06/748416143/if-our-economy-is-so-great-why-did-the-fed-vote-to-juice-it

[Coronita]

Plenty of people are doing fine without being given a silver spoon , a far more impressive feat. I mean as the saying goes the best way to make $1million is to be given $990,0000 first hardly impressive or a challenge…how many toys can you possibly get before one wakes up and realize it’s a big game and a big joke…Far better people who started with a lot less making a much bigger impact on this world. Elon Musk is awesome.What a remarkable accomplished person…..and the great thing about this country . Rich or poor, eventually everyone ends up the same way … Dead….

[The-Shoveler]

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[Author]

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