Who wants to be a landlord now?

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Submitted by scruffydog on September 11, 2020 - 6:58pm

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.

Submitted by sdrealtor on October 28, 2020 - 4:18pm.

Nice, attack the poster and iPhone typo not the point. Duly noted.

Submitted by davelj on October 28, 2020 - 7:32pm.

sdrealtor wrote:
Nice, attack the poster and iPhone typo not the point. Duly noted.

C'mon now... that wasn't a typo. You just didn't know how to spell the country Colombia. It's no coincidence that the "o" rhymes with the "u". No biggee - these things happen. In such cases, however, it's best to just acknowledge the limits of your knowledge on the subject. I don't know much about Ghana, for example. So, I don't offer up my opinions on investing in Ghana. And that, really, is the point.

Submitted by sdrealtor on October 29, 2020 - 9:21am.

Oops he did it again! Attacking the poster instead of addressing the point. That’s not the point at all. The point would be addressing that the Geo political risk in Columbia are lower than the risks here. oh I did it again too. I know the proper spelling of the country I just dictate voice text many of my posts these days while out on my daily 5 to 10 mile walk. I’m on one right now. Such a beautiful day

So when you find the time and the inclination how about explaining how the Geo political risks in California outweigh boats in Columbia. Oops I did it again

Submitted by davelj on October 29, 2020 - 3:55pm.

sdrealtor wrote:
Oops he did it again! Attacking the poster instead of addressing the point. That’s not the point at all. The point would be addressing that the Geo political risk in Columbia are lower than the risks here. oh I did it again too. I know the proper spelling of the country I just dictate voice text many of my posts these days while out on my daily 5 to 10 mile walk. I’m on one right now. Such a beautiful day

So when you find the time and the inclination how about explaining how the Geo political risks in California outweigh boats in Columbia. Oops I did it again

Well, you already know everything so there's no point in explaining it, right? No idea whether the boats in California outweigh those in Columbia or Colombia. Your iPhone might know the answer.

Submitted by sdrealtor on October 29, 2020 - 4:34pm.

"those" not "boats" LOL damn iPhone voice to text.

And you did it again. I didnt claim to know everything. You brought a claim that you'd never invest in CA as part as your sell everything before its too late proclamation. Then you said you're invested in Colombia which most reasonable people would consider high risk. I'll add that an 11% unleveraged real estate in a South American country with a history of unrest raises the stakes even higher. One can find 8 to 10% leveraged return on real estate with potential appreciation bringing higher total return rates without much difficulty stateside. Call me crazy but it makes no sense to me.

You know what we say around here about everyone else. I just asked you to provide that.

Nice to be back on the desktop:)

Submitted by scaredyclassic on October 29, 2020 - 5:50pm.

i am not sure the US is politically stable.

Submitted by Escoguy on October 29, 2020 - 9:14pm.

I've owned a house in Russia going on 17 years. Same tenant for 13 years, we've been through 3 economic crisis already, the US had two of them.

In general owning a foreign property can be very rewarding if done correctly.

The rent I earned in Russia allowed me to buy four more homes in San Diego back in 2013.

Rents in Moscow are lower now. I can't imagine they are so high in Columbia but you never know.

Side note, we had a tenant give notice in 4S in our smaller unit there, but found a new one in 2 days. So demand is there, I still think many landlords aren't so responsive.

For my next one, the seller finally declared bankruptcy today, so hopefully will close on that in 90 days. Learning a few new things so far but it looks good.

Submitted by sdrealtor on October 29, 2020 - 9:57pm.

Im guessing ya got family in Russia. That makes a difference owning property out of the area and especially out of the country

Submitted by scaredyclassic on October 30, 2020 - 11:16am.

how did all the russian property get divvied up when the soviet union fell? or was it all in private hands prior to that?

Submitted by gzz on October 30, 2020 - 6:14pm.

"how did all the russian property get divvied up when the soviet union fell? "

The big assets went to "oligarchs" in corrupt auctions. Some state assets were privatized by sending all Russian citizens shares of their stock, which they sold too cheaply rather than hold on to.

Russia is poor outside of its big cities, has a declining population, and lots of hideous communist apartment megaprojects.

Thatcher privatized a fair amount of public housing in England by selling it to the residents at a subsidized price.

It looks like Russia mostly gave the apartments away for free to their long-time residents. According to this article, about 20% of them refused to take them because they prefer being public housing tenants for various reasons.

https://blogs.elenasmodels.com/en/russia...

Submitted by Escoguy on October 30, 2020 - 6:35pm.

My wife is from Ukraine so that's an almost.
It does have an impact as at a practical level they would treat her as one of them.

Submitted by Escoguy on October 30, 2020 - 6:36pm.

You became the owner of the place you were living in which created winners and relatively larger winners. Mostly the Soviet apartments. The do require some maintenance and have a mixed history but still offer value.

We bought a new construction townhouse outside of Moscow. There aren't many of these, gated community etc.

Submitted by sdrealtor on October 30, 2020 - 7:43pm.

gzz wrote:
"how did all the russian property get divvied up when the soviet union fell? "

The big assets went to "oligarchs" in corrupt auctions. Some state assets were privatized by sending all Russian citizens shares of their stock, which they sold too cheaply rather than hold on to.

Russia is poor outside of its big cities, has a declining population, and lots of hideous communist apartment megaprojects.

Thatcher privatized a fair amount of public housing in England by selling it to the residents at a subsidized price.

It looks like Russia mostly gave the apartments away for free to their long-time residents. According to this article, about 20% of them refused to take them because they prefer being public housing tenants for various reasons.

https://blogs.elenasmodels.com/en/russians-become-home-owners-free/


I loved your article is on a mail order bride blog

Submitted by sdrealtor on October 30, 2020 - 7:42pm.

Escoguy wrote:
You became the owner of the place you were living in which created winners and relatively larger winners. Mostly the Soviet apartments. The do require some maintenance and have a mixed history but still offer value.

We bought a new construction townhouse outside of Moscow. There aren't many of these, gated community etc.

Nice man congrats on that big win but probably not replicable for the average American

Submitted by scaredyclassic on October 31, 2020 - 12:58pm.

What is syrian real estate going for nowadays?

Submitted by scruffydog on December 13, 2020 - 11:30am.

"Korvall Li in Seattle said he hasn’t seen a rent check since January from a townhouse tenant who makes a six-figure salary. That is a deficit of about $30,000. Mr. Li said he has continued his mortgage payments and is suing the state and city over eviction protections that exceed the federal moratorium".

“I already decided that I’m not going to be a landlord in the future,” Mr. Li said. “It’s really turned me off the whole real-estate thing.”

https://www.wsj.com/articles/u-s-poised-...

I believe the punitive actions against landlords will result in fewer rental housing units being built. I agree with him; who wants to be a landlord now?

Submitted by Coronita on December 14, 2020 - 9:55am.

Just got my rent check from my final tenant last week. For 2020, none of my tenants skipped a rent check, or had to make install payments, or asked for a covid related rent deferral. One of my tenants was late by 1 week a few times, but that was more an "oops, I forgot" moment. I didn't charge a late fee but next year when the lease is up, I'm going to require a scheduled electronic payment from something like Zelle as part of the renewal condition since I have collecting late charges.

2020 looks like it's going to close as the best financial year for me personally. Despite the seriousness of Covid, I've been fortunate and dodged the financial impacts from it and added some....and I will survive at my employer to 12/31 and will have a retention bonus owed to me. Heh heh....

My goal has only been to keep the family busy and safe and to survive from catching this nasty virus....just got to be patient and hunker down and hang on for maybebW1 more year.

I'm getting really good at automotive painting and body restoration, lol But on a serious note, small retail is going to get so wacked with the second lockdown that most won't survive. by end of next yeaez theres probably going to be a lot of great opportunities since things mleont stay closed forever. The question is , what business to buy....

Submitted by sdrealtor on December 14, 2020 - 11:47am.

Kind of embaressing to admit but other than your auto body expertise Ive had the same experience. Strong year for income, strong year for equities and strong year for real estate holdings making this my best financial year also. Feels strange when I know so many are suffering

Submitted by svelte on December 14, 2020 - 1:11pm.

Feels like a continuation of the bifurcation of America into the haves and have nots. Not through anyone's intention, but the pandemic has sure made that divide much sharper.

Those who must interact directly with the public for a living, which is typically the lower paying positions anyway, have really taken a hard hit.

This article shocked me. First time I have heard talk of a 2022 ending to all of this:

https://www.dailymail.co.uk/news/article...

Submitted by spdrun on December 14, 2020 - 9:35pm.

I disagree with Gates' assessment. According to many estimates, US may have anywhere from 60 to 100 million already exposed and 1-3 million new exposures per day. Assuming the vaccine also prevents people from carrying the virus in high doses as well as lowering the effects...

Say 60 million exposed and 1 million exposures per day, at the low end of estimates. That gets us to 150 million exposures per day by March at the current rate, or 40% of all Americans. Assuming they're more or less evenly distributed and we vaccinate 100 million people by then, 40% of the remaining 230 million will likely have functional immunity, at least for the short-term, or 92 million.

192 million is coming up on 60%, which is only a few tens of millions away from the theoretical herd immunity threshold where spread isn't exponential. Lock down areas with high infection rates for a few weeks in April, vaccinate some more, and this should burn out very quickly.

Maybe even earlier, if increased basic hygiene measures like masks, disinfection, and hand-washing lowered the herd-immunity threshold from its baseline early last year, when no one was doing much of anything.

Submitted by spdrun on December 14, 2020 - 9:33pm.

For what it's worth, I actually missed increased human interaction. I took an in-person "essential" contract job by choice over the summer, while taking as many precautions as I could.

Submitted by svelte on December 14, 2020 - 9:45pm.

spdrun wrote:
For what it's worth, I actually missed increased human interaction. I took an in-person "essential" contract job by choice over the summer, while taking as many precautions as I could.

I agree with you. I'm not an overly social person but I love occasional interaction and if nothing else people watching. Can't do any of that from home.

On the flip side, it has always been that if I spend three days at home without going out a sort of minor paranoia sets in, but I've been able to go a week or more without even leaving the house and do just fine now. Perhaps it is because I know everybody is in the same boat? Not sure. But that bunker mentality has not hit me yet.

I can tell you this much. I'm very glad we bought a big house with a nice back yard. That has helped tremendously...gives us each our own space and a change of scenery, even if it is just moving from room to room. We haven't irritated each other yet. I think the dog helps take the edge off too. She's always doing something!

Submitted by spdrun on December 14, 2020 - 9:59pm.

I never took "stay at home" literally ... the evidence of outdoor spread, especially with masks, not being a serious concern was pretty convincing even in Spring.

I can't say that I felt unsafe walking outside, going hiking, going to parks, going to the beach, and so forth. I did isolate (no indoor contact with other households) for two weeks before visiting older family members. Are people taking this literally in California to the point that they don't leave home for a week or more?

Also, I feel like the messaging and memes were almost calculated to generate opposition and rage. "Shelter in place!" "Stay the fuck at home!" I understand the science, and the messaging still pissed me off on a visceral level.

Had it been explained early on to people that small groups, masked, outdoors are relatively safe, maybe COVID wouldn't have become such a politically polarized issue.

Submitted by svelte on December 15, 2020 - 6:41am.

Oh I've went for walks in the park, bought groceries, and when allowed out to dinner on Fri nights. Not what I would call social interaction though.

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