How much rent

[Alan A]

If she can afford a dog and a BF she can afford rent. She would be out.
The two jobs one I might accept partial payment.

[Bob Kontak]

Originally Posted by sammyg2

..........but no way in hell would I allow a renter to simply skip a month of three and just fergit about it.

Fred can't even file an eviction complaint based on what I read of the PA moratorium.

[look 171]

Originally Posted by sammyg2

IMO, personal responsibility dictates that renters have enough saved for rainy day (ex-perts recommend savings equal to six months worth of rainy days), especially with the gubmint handing out monopoly money.
A legal contract to pay was signed and agreed to, and must be lived up to.
I might be willing to let a good renter fall behind on one month's rent and give them up to six months to fully catch up to paid in full, but no way in hell would I allow a renter to simply skip a month of three and just fergit about it.

But then again, I'm an old fashioned insensitive bastage.

The law is on their side, I hope you know that. They sure as hell do. A friend is coming up 150k in lost rent due to covid. He owns a bunch of large apts. No politican seen to care about owners who maybe loosing their investments or business if some people can see it this way?

[john70t]

If you decide to put in new windows and doors, take yer time and do it right.

[MBAtarga]

I'm aware of the holds on evictions.

Are the mortgage holders exempt from foreclosures from lien-holders for the same reason?

[look 171]

Originally Posted by MBAtarga

I'm aware of the holds on evictions.

Are the mortgage holders exempt from foreclosures from lien-holders for the same reason?

FOOK-no

[Eric Coffey]

Originally Posted by MBAtarga

Are the mortgage holders exempt from foreclosures from lien-holders for the same reason?

Depends on what state you are in. Looks like PA has both renter and mortgage Covid-related assistance programs.

From the first page, in case the OP missed it:

https://www.phfa.org/pacares/rent.aspx

[wdfifteen]

Originally Posted by john70t

You get to deduct that missing income additionally from your total net.

.

I don’t think “missing income” is deductible.

[Bigtoe32067]

Evict her.
My wife and I currently own a mobile home park and small shopping center. I just had to go to court to evict a woman at the mobile home park as she got three months behind. She has a job and just wasn’t paying. We evicted her on Friday. Had cleaners in over the weekend and rented it on Wednesday the following week. I have someone interested in my final open mobile home and if they rent it we will be totally full for the first time since we bought the park a few years ago.

We own all the homes and just bought a new 2020 unit that rented out immediately. I’m in the process of buying a few more. The current park is in 3.5 acres and I have room for about 6 more homes but we also bought the 5 acres to the right and an acre to the left so we have lots of room for more homes.
Covid hasn’t affected us negatively at all at either the mobile home park or the shopping center thank god because these are my retirement income purchased with half the money I sold my business for in 2014. My ex wife got the other half.

[jyl]

Originally Posted by RWebb

How hard will it be to find another renter better than the "one tenant just starting to drift behind, sneaking up on 3 months. She works 2 jobs, but lost her second job due to covid."

The other one is at the top of your list to evict.

At a min. talk to them both, remind them the bank needs to be paid or I will not be your landlord anymore and you will be dealing with a heartless corp. And I need something to pacify the bank.

I agree. Work with the one who deserves working with. Do everything you can to get rid of the one who doesn’t. Fred, you’re a good guy and need to think about what YOU deserve.

[fastfredracing]

Yes, we are just trying to formulate our plan moving forward. We pretty much decided to sit on our hands and obey the rules for now , and be decent humans.
Come the 1st of the year, I will probably have to start breaking some eggs, moratorium or not .
I am really curious to see what our leaders say about this come next year. They have pushed it back 3 times now .
It is starting to look like this may be an opportune time to start making tracks out of the city .
I don't even want to tell you about the smackdown s8 put on me mid summer.
Thanks for the replies .

[cstreit]

I’d probably try and help work out a financing plan For them with a lawyer.

[cstreit]

Originally Posted by look 171

The law is on their side, I hope you know that. They sure as hell do. A friend is coming up 150k in lost rent due to covid. He owns a bunch of large apts. No politican seen to care about owners who maybe loosing their investments or business if some people can see it this way?

Small Businesses don’t vote, therefore politicians don’t care. Go on unemployment after we sink your business, that’s their answer.

[john70t]

Originally Posted by MBAtarga

I'm aware of the holds on evictions.

Are the mortgage holders exempt from foreclosures from lien-holders for the same reason?

If The State assumes control over private lease contracts...the logical argument would be that it must also assume liability....I would think.

(This might be a legal tidal wave building up across the country. S.C. level.)


Fred I found this under a search for "unlawful possession of property":
Not sure if it applies to RE. Check w/ a pro of course.
You could even pose as a tenant under the same situation and get free help from the tenant-rights groups

https://casetext.com/statute/pennsylvania-statutes/consolidated-statutes/title-18-pacs-crimes-and-offenses/part-ii-definition-of-specific-offenses/article-c-offenses-against-property/chapter-39-theft-and-related-offenses/subchapter-a-general-provisions/section-3901-definitions?searchWithin=true&listingIndexId=pennsylvania-statutes&q=unlawful%20possession%20of%20property&type=statute&PHONE_NUMBER_GROUP=C&sort=relevance&p=1
"Deprive."--
(1) To withhold property of another permanently or for so extended a period as to appropriate a major portion of its economic value, or with intent to restore only upon payment of reward or other compensation;

https://casetext.com/statute/pennsylvania-statutes/consolidated-statutes/title-42-pacs-judiciary-and-judicial-procedure/part-vi-actions-proceedings-and-other-matters-generally/chapter-55-limitation-of-time/subchapter-b-civil-actions-and-proceedings/section-5524-two-year-limitation?searchWithin=true&listingIndexId=pennsylvania-statutes&q=unlawful%20possession%20of%20property&type=statute&PHONE_NUMBER_GROUP=C&sort=relevance&p=1
(7) Any other action or proceeding to recover damages for injury to person or property which is founded on negligent, intentional, or otherwise tortious conduct or any other action or proceeding sounding in trespass, including deceit or fraud, except an action or proceeding subject to another limitation specified in this subchapter.

[look 171]

Out here, from what I have read is due to job lost, home owners are allowed to stop mortgage payments but it must be paid back at the end of the loan. For rental owners, we are siht out of luck. We shoulder the blunt of the gov's BS laws

[Tobra]

Originally Posted by wdfifteen

I don’t think “missing income” is deductible.

Yeah, can deduct the expenses, if there is no income, that does not help you much.

[john70t]

(I was wrong about the 1099 thing I read somewhere. Might only apply to loans or something else.)
For small LLs:

https://www.nolo.com/legal-encyclopedia/can-you-deduct-your-rental-losses.html
There are only two exceptions to the passive loss ("PAL") rules:

-you or your spouse qualify as a real estate professional, or
-your income is small enough that you can use the $25,000 annual rental loss allowance.

Property owners with modified adjusted gross incomes of $100,000 or less may deduct up to $25,000 in rental real estate losses per year if they "actively participate" in the rental activity. You actively participate if you are involved in meaningful management decisions regarding the rental property and have more than a 10% ownership interest in the property. This allowance is phased out for taxpayers whose MAGI exceeds $100,000 and eliminated entirely when it exceeds $150,000. Thus, it is useless for high-income landlords.

[biosurfer1]

Originally Posted by fastfredracing

Come the 1st of the year, I will probably have to start breaking some eggs, moratorium or not .

I would plan on most of 2021 being a loss then.

My neighbor is a real estate attorney and said the avalanche of evictions that will happen on January 1 (pending no extension) will swamp the courts for months if not years.

In California, you're looking at 45-90 days to evict and that is if everything goes smoothly, which they never do.

[look 171]

Originally Posted by biosurfer1

I would plan on most of 2021 being a loss then.

My neighbor is a real estate attorney and said the avalanche of evictions that will happen on January 1 (pending no extension) will swamp the courts for months if not years.

In California, you're looking at 45-90 days to evict and that is if everything goes smoothly, which they never do.

IO am looking at 9 month or more. Normally its around 6 months. I give it three more due to lots of backed up cases. Free lawyers will fight tooth and nails to keep their clients in the home unless, they get a part of the rent money.

[fintstone]

When I have allowed any long term failure to pay rent, I have never really been happy with the result. Once they can pay, few will come up with thousands or tens of thousands when then can just move out.

On a positive note, this is probably my best year for rentals ever. I raised rents just before COVID and everyone is actually paying early as rents and home prices are going up in all my markets...and folks are afraid their leases will not be renewed or that the rents will go way up when they do. While the rents and values of my suburban, single family home rentals have never kept up with some urban locations in the past, they are doing well now.