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Landlords upset ...

Revoltingest

Pragmatic Libertarian
Premium Member
T
The proof of the pudding is in the eating. When we hear landlords complain about hard done-by they are, it's important to remember something: they choose to keep being landlords. .
Choosing to not be a landlord isn't that easy.
In this case, properties are distressed due to many
tenants in arrears. This lowers the value, which
could be even less than loan amounts. This happened
to many homeowners during the recent depression, ie,
people became trapped...unable to sell & move to where
jobs were.
In tough times, it's particularly difficult to raise money
necessary to pay for the difference & the hefty real estate
transfer costs. So it's often better to weather the storm.
 

Revoltingest

Pragmatic Libertarian
Premium Member
Not exactly "free," though. It's an unpaid debt, which could be put on someone's credit report.
The larger an unpaid debt becomes, the less likely it will
ever be collectible. Credit reports aren't the powerful tool
that you imagine. If someone cannot pay, they've no choice.
But also, many would rather keep the money than clean up
their credit.
This is not theory....this is real world experience with thousands
of tenants. Let someone get 3 months behind, & the odds of
ever getting caught up fall below 1%.
Just because the bank can't send someone out to break someone's legs if they fail to pay their credit card bill, it doesn't make it free. It just limits and restrains the amount of hardship one can impose upon another.
Credit rating is not that big a concern to renters.
 

9-10ths_Penguin

1/10 Subway Stalinist
Premium Member
Choosing to not be a landlord isn't that easy.
In this case, properties are distressed due to many
tenants in arrears. This lowers the value, which
could be even less than loan amounts. This happened
to many homeowners during the recent depression, ie,
people became trapped...unable to sell & move to where
jobs were.
In tough times, it's particularly difficult to raise money
necessary to pay for the difference & the hefty real estate
transfer costs. So it's often better to weather the storm.
That and also without rental income, many landlords would have to get a real job.
 

Revoltingest

Pragmatic Libertarian
Premium Member
Of misrepresenting people?
Those in glass houses shouldn't throw stones.
Do you seriously think that you being a landlord makes you better than I am to know what I'm trying to say? Give your head a shake.
I know the industry I work in.
Your claims are at odds with reality.

I don't claim to be better than you.
But I do know much more about my business.
 

9-10ths_Penguin

1/10 Subway Stalinist
Premium Member
Those in glass houses shouldn't throw stones.

I know the industry I work in.
Your claims are at odds with reality.

I don't claim to be better than you.
But I do know much more about my business.
Right now, we're not talking about "my claims;" we're talking about how you insist on misrepresenting a temporary eviction moratorium on evictions for people who have lost their income due to COVID-19 disruptions with the blanket statement "rent is free."
 

Revoltingest

Pragmatic Libertarian
Premium Member
Right now, we're not talking about "my claims;" we're talking about how you insist on misrepresenting a temporary eviction moratorium on evictions for people who have lost their income due to COVID-19 disruptions with the blanket statement "rent is free."
You are certainly wedded to that view.
But I'm not the one misrepresenting anything.
This "rent holiday" will result in it never being paid.
To claim otherwise is folly.

Lord, spare me the pontification of people who
proffer expertise on things they no nothing of.
 
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9-10ths_Penguin

1/10 Subway Stalinist
Premium Member
This post is a good example of how those with no
experience in a field should not pretend expertise.
You've no clue about the amount & kind of work involved.
... you assume.

There's plenty of work around owning and renting property. But I'm reminded of my one past landlord: he hired a local lawyer to administer his leases, and the lawyer hired a property management firm.

Merely being a landlord - owning and renting out property - took him about as much effort as I expend on my equity investments, which I don't consider a job.
 

9-10ths_Penguin

1/10 Subway Stalinist
Premium Member
You are certainly wedded to that view.
But I'm not the one misrepresenting anything.
I'm on the fence on whether you're sincere.

This "rent holiday" will result in it never being paid.
To claim otherwise is folly.
Do you understand how these things are different?

- you're still legally entitled to all of the rent as normal, but some of it for a temporary period may end up having to be written off as a bad debt, and
- "rent is free"

Think hard.
 

Revoltingest

Pragmatic Libertarian
Premium Member
... you assume.
Based upon clarity of your posts.
There's plenty of work around owning and renting property. But I'm reminded of my one past landlord: he hired a local lawyer to administer his leases, and the lawyer hired a property management firm.
That would be akin to buying stock in Ford.
I speak of working in the industry, not being a passive
investor, which you seem to claim we all are.
BTW, I long did fee management, ie, owned a property
management company.
Merely being a landlord - owning and renting out property - took him about as much effort as I expend on my equity investments, which I don't consider a job.
Once again, he who has never done the job, tells
me with great certainty about how easy the job is.
A fish telling me about the evils of bicycle riding, eh.
 

Revoltingest

Pragmatic Libertarian
Premium Member
I'm on the fence on whether you're sincere.
Even more worrying, I believe that you're quite sincere.
Do you understand how these things are different?
Will you ever admit the real world equivalence.
If government institutes a policy that prevents
rent collection, then this is free rent.
- you're still legally entitled to all of the rent as normal, but some of it for a temporary period may end up having to be written off as a bad debt, and
- "rent is free"
Legal entitlement isn't worth as much as you think.
One can go to court, get a judgment, & try to collect.
But when things have reached that point, very very
little will ever be paid. It typically is far less than the
legal costs.
You'd know this if you were in the business.
Think hard.
I recommend trying that.
 

9-10ths_Penguin

1/10 Subway Stalinist
Premium Member
Based upon clarity of your posts.

That would be akin to buying stock in Ford.
I speak of working in the industry, not being a passive
investor, which you seem to claim we all are.
I don't claim that. My point is that merely being a landlord doesn't imply being an active investor.

There's a difference between being an owner-operator and being merely an owner.


BTW, I long did fee management, ie, owned a property
management company.
Good for you.
 

Revoltingest

Pragmatic Libertarian
Premium Member
So, the people who actually do the work of running the property make less money than those who own it? What a surprise.
It varies. Sometimes the managers make more
than some owners. Variables: competence of the
fee manager, market vagaries of property investment.
I was simply better at running a smaller operation of
only properties in my own portfolio. Expanding meant
having different talents....which I lacked.
 

Revoltingest

Pragmatic Libertarian
Premium Member
That does not help the landlord get the money.
I wonder how many who believe it's not "free rent" have
ever secured judgments, garnished wages, garnished
bank accounts, reported to credit agencies, or submitted
anyone for collection?
BTW, collection agencies were defanged many years ago.
I no longer use them.
 
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