Economy Landlord with 24 properties. We’re suffering during Biden’s eviction ban, too and no one is helping.

[Diogenes of Sinope]

“15% loss in profit

So he’s still making 85% of the profit he made on rentals for 2019? I don’t see a problem. He’s not going to lose his properties to the bank if he still turning a profit, just less if one

sorry. He might not get to add a 26th property this year. Only a 25th.

Maybe he could try not dying private jet as much to recoup the costs.

Beta take

Bill Gates owns the most farmland in America having around 269,000 acres of land combined across 19 states. I don’t see him giving any of it up and I don’t see many complain about it.

Since conservatives don’t like him, Democrats like him all of the sudden

 

[method115]

Not 15%, but yeah 10% cut due to covid. Company was able to not lay anyone off tho. Managers got 20% cut.

so I fail to see a problem of someone’s secondary income (he owns a giant engineering firm as well) taking a little 15% hit.

@ShadowRun see above. Lots of people took income hits due to covid. I don’t see why landlords taking a 15% hit is a big deal when they’re still profitable

Landlords having to seek some single family homes so that there’s more available for actual ownership would be a good thing. Renting other than lower income multi unit buildings breaks the supply and demand market of housing.

Yea I lost about 10%. Company held back bonuses. I did get a bit of a bonus at the end of the year but not enough.

 

[spamking]

My views on it might be a bit extreme, but I don't think people should be allowed to own more than maybe 5 properties at the most and I don't think people overseas should be allowed to own property to own in a different country.

Stuff like that is why house prices are so ridiculous in line with people's income.

If someone can afford more than 5 I say let them go for it . . . but I would agree with needing to be a citizen of a country in order to own property there. Or at the very least using something similar to your limits on what can be purchased in country A by someone living in country B.

 

[Hellowhosthat]

If someone can afford more than 5 I say let them go for it . . . but I would agree with needing to be a citizen of a country in order to own property there. Or at the very least using something similar to your limits on what can be purchased in country A by someone living in country B.

Once they start renting them out they're basically getting other people to pay for all their houses for them though, that's my issue with it. I'm sure most renters would rather own if they could.

 

[TheRealHNIC]

It's hard to feel sorry for someone renting 24 properties not making as much as they did last year.... fuck that guy.

 

[chardog]

“15% loss in profit”

So he’s still making 85% of the profit he made on rentals for 2019? I don’t see a problem. He’s not going to lose his properties to the bank if he still turning a profit, just less of one

sorry. He might not get to add a 26th property this year. Only a 25th.

Maybe he could try not flying private jet as much to recoup the costs.

I see your point, however, a less represented smaller guy, with only two properties would be under water if only one tenent didn't pay.

 

[HockeyBjj]

Why would you support someone who buys a property only to mark it up (renters are paying mortgage, property tax, plus a profit margin) and then have more expensive housing available on a subscription basis rather than that property being able to be actually owned by its inhabitant?

 

[HockeyBjj]

I see your point, however, a less represented smaller guy, with only two properties would be under water if only one tenent didn't pay.

Yep. I tried to frame my comment as specific to this asshole

These big shots are the ones who keep making news. I’d much more like to know what mortgage assistance for a person who still works full time, and rents out a duplex on the side and one of those inhabitants isn’t paying.

But I don’t see those stories as often, so I wonder if for smaller people there are programs to help? I keep hearing about millionaires complaining that they’re making less profit. Not even that they’re losing money.

 

[Scerpi]

There should be a limit on how much residential property one should be able to own and this person owns quite a few more than what I think that should be.

lol!!!

Congrates

 

[plataoplombo]

It's not true that no one is helping. Pretty much every state and county has set up programs to deal with this. The latest Covid bill had funds set aside to deal with this.

Banks and other lenders have been very accomodating with landlords who have come to them. A common solution that I've seen is extending the life of the loan to offset the lost time. So, you have a 30 year loan but the moratorium last 9 months. The bank accepts that you won't pay the mortgage for 9 months and simply tacks the 9 months on to the end of the loan term. They get the same amount of money, you get more time to pay it off.

The entire 2nd half of the article is about educating people about the help that's out there.

Partially true. There is money set aside for rent relief, don't quote me but I think it's 40B. Only 5-6% of that has been disbursed but that's a local government issue. For people that have gone into forbearance, some aren't so lucky. Once forbearance ended banks were offering 40yr loans at a higher interest rate. So in the end the home owner gets a slightly lower monthly payment while getting screwed with a higher mortgage and interest rate.

 

[TheRealHNIC]

Why would you support someone who buys a property only to mark it up (renters are paying mortgage, property tax, plus a profit margin) and then have more expensive housing available on a subscription basis rather than that property being able to be actually owned by its inhabitant?

Is that what these covid policies are going to lead to...transfering property from landlords to inhabitants? Or are these policies going to lead to landlords selling their properties off to international banks and corporations for pennies only for them to turn around and mark it up and rent it out?

 

[I Am Legion]

My views on it might be a bit extreme, but I don't think people should be allowed to own more than maybe 5 properties at the most and I don't think people overseas should be allowed to own property to own in a different country.

Stuff like that is why house prices are so ridiculous in line with people's income.

The fact that we let China buy so much property is insane. They own so many sky scrapers in Manhattan it’s scary.

 

[plataoplombo]

Yep. I tried to frame my comment as specific to this asshole

These big shots are the ones who keep making news. I’d much more like to know what mortgage assistance for a person who still works full time, and rents out a duplex on the side and one of those inhabitants isn’t paying.

But I don’t see those stories as often, so I wonder if for smaller people there are programs to help? I keep hearing about millionaires complaining that they’re making less profit. Not even that they’re losing money.

I had a tenant who hit a rough patch and was up front with me about it. He applied for assistance and took about 3 months to get back rent. That's just in my County and specific program. It's really on the tenant to make sure the application is filled out correctly and on time.

 

[panamaican]

Partially true. There is money set aside for rent relief, don't quote me but I think it's 40B. Only 5-6% of that has been disbursed but that's a local government issue. For people that have gone into forbearance, some aren't so lucky. Once forbearance ended banks were offering 40yr loans at a higher interest rate. So in the end the home owner gets a slightly lower monthly payment while getting screwed with a higher mortgage and interest rate.

And they can always pay slightly higher payments to accelerate the pay down.

No one is walking away unscathed here. An eviction moratorium isn't rent forgiveness, the tenants are still on the hook for the lost rent and failing to pay it will still result in litigation and hits to their credit score. Banks are still going to take hits on their loans for the parties who don't extend. Banks don't want to foreclose, it's bad business. So, sure, the landlords take some damage but everyone is taking some damage right alongside them.

 

[nostradumbass]

Not 15%, but yeah 10% cut due to covid. Company was able to not lay anyone off tho. Managers got 20% cut.

so I fail to see a problem of someone’s secondary income (he owns a giant engineering firm as well) taking a little 15% hit.

@ShadowRun see above. Lots of people took income hits due to covid. I don’t see why landlords taking a 15% hit is a big deal when they’re still profitable

Landlords having to seek some single family homes so that there’s more available for actual ownership would be a good thing. Renting other than lower income multi unit buildings breaks the supply and demand market of housing.

You do realize that not every land lord is some rich guy with no expenses, right? That is absurdly short sighted and based on some ridiculous "eat the rich" nonsense with no concern for who you're actually screwing.

It's incredibly common for middle income families to move and rent out their old house instead of selling it, and now they're being completely fucked over because you think you're just robbing some rich guy.

Also, not everybody wants to own the house they live in. People move all the goddamn time and don't want to buy a new house every time they do. Buying your house doesn't become a good deal unless you live in it for at least several years.

Lol at "more available for actual ownership". You think it's going to be banks and corporations that lose when houses get foreclosed? Is that who lost big during the last big foreclosure in 2008?

 

[HockeyBjj]

Is that what these covid policies are going to lead to...transfering property from landlords to inhabitants? Or are these policies going to lead to landlords selling their properties off to international banks and corporations for pennies only for them to turn around and mark it up and rent it out?

Housing market is crazy with wanna be owners offering over list price

Why would landlords sell to international banks for pennies as you say, instead of selling a 170k worth home for 200k?

 

[HockeyBjj]

You do realize that not every land lord is some rich guy with no expenses, right? That is absurdly short sighted and based on some ridiculous "eat the rich" nonsense with no concern for who you're actually screwing.

It's incredibly common for middle income families to move and rent out their old house instead of selling it, and now they're being completely fucked over because you think you're just robbing some rich guy.

Also, not everybody wants to own the house they live in. People move all the goddamn time and don't want to buy a new house every time they do. Buying your house doesn't become a good deal unless you live in it for at least several years.

Lol at "more available for actual ownership". You think it's going to be banks and corporations that lose when houses get foreclosed? Is that who lost big during the last big foreclosure in 2008?

Where’s those stories? The two I’ve seen shared in war room have been rich assholes. And I’ve criticized them as such.

It’s leading me to believe that the renter landlord assistance is working for the small guys (I used the example of someone who works full time and rents out a duplex on the side and has one side of that not lying) but then not covering these 20+ property owners who I feel are partly to blame Of the housing boom

 

[panamaican]

Is that what these covid policies are going to lead to...transfering property from landlords to inhabitants? Or are these policies going to lead to landlords selling their properties off to international banks and corporations for pennies only for them to turn around and mark it up and rent it out?

No landlord should be selling at a loss in this market, unless the property is in such bad condition that it can't get listing price.

 

[skysolo]

Will the government please make these people who can't afford their rent stop taking advantage of me?

What? The private jet? I bought that years ago. It's totally irrelevant to these poors affecting my dollas, yo.

Huh? $3,000 Armani suit? It was my dad's. Okay?

Say what now? Frequent guess on Fox News? I'm smart. I can handle things. Not like people say. Like dumb. I'm smart and I want respect.

Ok. I've met with the former vice president and the United States treasurer. It's because I gave Trump a lot of money. No big deal.

 

[LMP]

Corporations and landlords shouldnt be able to own single family dwellings to rent. It drives up the cost of home ownership and rent prices on multi-family dwellings.