Landlords post COVID19

[M2Giles]

I'm pretty sure there are a few landlords that frequent THP.

I'm curious if COVID19 is changing any of you to change your philosophy of renting your properties in the future.

I believe I'll be moving in 2 years or so and was planning on renting out my current house after my family moved but after some discussions with my wife we are now learning towards selling the house when we move. Again a lot can change in a couple of years and COVID19 is an extremely unlikely disturbance.

 

[tequila4kapp]

I’m not sure I follow. Renters may have challenges paying rent right now. Is something else going on? Generally, I think C19 is a once in a lifetime event so I don’t see any need to alter fundamental stuff we do.

 

[JB]

I'm pretty sure there are a few landlords that frequent THP.

I'm curious if COVID19 is changing any of you to change your philosophy of renting your properties in the future.

I believe I'll be moving in 2 years or so and was planning on renting out my current house after my family moved but after some discussions with my wife we are now learning towards selling the house when we move. Again a lot can change in a couple of years and COVID19 is an extremely unlikely disturbance.

Crazy time right now. They say upwards of 35% of rent went unpaid in April and May and that may not change. Costs for servicing doesn’t go away sadly, but landlords (personal and commercial) are going to get pinched hard.

 

[DocTrussell]

My personal belief (full disclosure I do not own any rental property yet) that once the current pandemic situation settles down which could be a little while, all should be back to normal. I think once that happens, if it were me I don't believe I would change much if anything on renting property.

Sent from my XP8800 using Tapatalk

 

[M2Giles]

I’m not sure I follow. Renters may have challenges paying rent right now. Is something else going on? Generally, I think C19 is a once in a lifetime event so I don’t see any need to alter fundamental stuff we do.

Being a landlord has a number of financial risks associated with it. I'm wondering if being exposed to number of additional risks changes any philosophy's/practices any landlords have. Right now a lot of landlords are kinda stuck between nonpayment, reduced payment, having a much different interaction with renting properties with virtual viewings, and a number of new nuances.

Yes, COVID19 is something we'll get pass. The rental market will not go away, but I'm sure there are going to be some changes after this year that may take a bit of time to return to "normal"

 

[tequila4kapp]

@M2Giles - i guess my view is the fundamentals of being the property owner aren’t really changing post C19. We are in a highly unusual situation right now. This too shall pass

 

[McLovin]

Crazy time right now. They say upwards of 35% of rent went unpaid in April and May and that may not change. Costs for servicing doesn’t go away sadly, but landlords (personal and commercial) are going to get pinched hard.

savvy tenants are exploiting this as well. “amend the lease or i’ll stop paying. force majeure.” that kind of thing. and the landlords can’t just kick them out because it’s not like there are a bunch of other tenants clamoring to fill the space.

lenders are still demanding debt service payments. and most property owners i represent don’t have anyone on payroll so they can’t get ppp funding.

 

[ArmyGolf]

The one aspect that's really changed lately is the overall attitude of "the big bad rich landlords" and "the poor innocent tenants". I think we all know that there are rotten apples on both sides.
Up here our Government has banned and cancelled all evictions, and many tenants are just refusing to pay.

 

[ORT]

I own a rental property and honestly this can be a scary time for a landlord. If your tenant stops paying you don’t really have any recourse. But even without C19 evicting a non payer is a pain. I had to do it a few years ago and it wasn’t fun.

 

[Molten]

I’m not a landlord these days but I do a lot of pro bono work in the landlord tenant space and this is going to be messy with eviction proceedings.

 

[aljaklaw]

Federal Govt in Canada has a (commercial?) rent subsidy available. Govt pays landlord 50%. Renter pays landlord 25%. Landlord covers the remaining 25%. As one would expect, a lot of landlords are balking. It's a risk though, that renter could leave (voluntarily or forced) and the landlord gets 0%. Both sides like to claim that they have no rights.

 

[ArmyGolf]

Federal Govt in Canada has a (commercial?) rent subsidy available. Govt pays landlord 50%. Renter pays landlord 25%. Landlord covers the remaining 25%. As one would expect, a lot of landlords are balking. It's a risk though, that renter could leave (voluntarily or forced) and the landlord gets 0%. Both sides like to claim that they have no rights.

Truth.
I think my biggest problem with our system (from a landlord perspective) is that there seems to be no drama-free way of evicting a tenant, even with 6 months+ notice. If that tenant doesn't want to leave your hands get tied very quickly.

 

[redneckwop]

My wife owns a property management company & stuck between a rock & hard place right now. She can't charge any late fees, which has cost us between $600-$1000 a month, plus can't evict anyone rightnow. She has 1 right now who hasn't paid rent in 4 months & the courtdate she had beforethis started keeps gettingpushedback. The courts are going to be overrun with "landlords" trying to evict tenants for none payment.

 

[RayG]

Evictions here in NY have been banned until August. And there is talk of a “rent strike” during this. I’m not a landlord but a renter. I KNOW that even though they can’t evict you now for not paying, they WILL once things get opened up. And courts will likely be in favor of the renters. I’ve already told my landlord- I’m paying, I’m getting paid and I don’t need any problems right now. Some local politicians want the rent freeze and many tenants have already done it unofficially. Other politicians know the landlords all have bills to pay to keep those buildings safe, and want federal money for $700 vouchers to be used towards rents. It’s not ideal, but better than nothing. I certainly wouldn’t turn it down if I get them. But I’m torn about who will pay for it. It would be me in the long run being in that sector with too much money for this, but not enough for that.
it goes along with the proposition of suspending mortgage payments for several months. The banks aren’t going to write off that money, it will have to be repaid eventually. Likely that any institution not getting paid, will want it sooner or later. In a year or two, might be a real buyers market.