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Ten Man: Sir; the painted picture! It’s gonna be horrible

quote:
In Milwaukee, as in many cities, landlords are allowed to garnish up to 20% of an evicted tenant’s wages to claw back what’s owed. Judgments ordering payment of back rent can haunt tenants for years, because they carry interest rates of 12% percent and can attach to a tenant’s credit report. If they should ever come to own property, the landlord can attach a lien.

Joblessness, sickness, loss of a spouse - none of life’s calamities are a defense for eviction. Nor is a global pandemic, says Nick Toman, a weary and gravelly voiced Milwaukee Legal Aid lawyer.

Toman said he noticed a distinct change in his normal clientele in the COVID-19 era. The people reaching out weren’t individuals. They were families.
 

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Landlords gotta eat too.

There's only so far you can defer things upchain without collapsing the house of cards. Would I take money and put it at risk to buy a (hopefully profit generating--those profits being used so that I can pay MY bills and eat) rental property at this point understanding the government could come along downline and tell my tenant he doesn't have to pay me ? Hell no. Now, PERHAPS (which a bunch of red tape) the government could pay MY loan on the property too, but at some point you run out of 'other people' footing the bill (which is only deferred anyway).

Which is the problem with how we went at the entire WuFlu scamdemic. You CAN'T shut down producers in an economy for any significant length of time. EVERYONE has a role and is essential in an economy's operation. And if you idle them under threat of force and law it ripples through everything. The bar owner or bartender now forced out of work can't pay his rent, the note holder on the property can't pay his loan, the lender gets stiffed who winds up holding a bunch of paper on properties whose value has plummeted (probably because no sane person is investing in bars or restaurants at this point because they know they can get shut down on a whim), the bank underwriting the loan doesn't have enough cash to pay for the defaulted notes and those who put their cash into the bank, the insurance company underwriting the bank can't pay the insurance, and bingo--you're back to a mega version of the housing crisis of 2008.

Of particular note is on most of the state/federal actions done a loan is simply deferred (with interest). So the money's still due.

I don't know where people get off thinking there's this free money tree that somehow a president or Kongress can generate. When they vote to extend something or pay (or partially pay) someone's mortgage, where does that money come from ? Borrow, tax or print. A government is a net consumer and never a producer of resources. Now, you can rationalize the decision in figuring that stimulus money is worth something TODAY (so might as well use it yourself to get something with--and YOU'RE a better judge of how to spend it than they are for sure). But it's gotta come from somewhere and that somewhere is folks who've put away money for a rainy day (for themselves). They watch their buying power destroyed of what they thought might tide them over--starting a whole new house of cards.
 

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I'm looking at it from the other end. A close buddy of mine owns a few rentals but can't evict the few tenants that just decided to quit paying. It's not that they don't have the money they just want free housing. He is having to sell just about everything he has to pay his bills because of these low life's. Just because the few don't pay makes it hard on all because the water payment & building maintenance still needs to be taken care of. He has offered to sell a few of the rental complexes to me but why would I want them? LOL
 

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A good example of our government not being able to fix ANYTHING! They gave $1200 to everyone, whether they needed it or not, yet hear stories of folks that really needed it, but didn't get it or had to jump thru hoops to get it.

I thought of conservatism as getting out of the way & letting people fix their own problems, but apparently that isn't so.
 

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I have my own view also. I used to buy houses and rehab and rent them. I still had a mortgage to pay. The bank didn't give me any reprieve. Things were bad enough trying to evict a bad renter or one that stopped paying. That is why Ii sold my properties years ago. You are at a Judges mercy and many sided with the tenants. It may take 3 months to evict a tenant and in mean time you are not getting rent monies for months. So the government says well they dont have to pay rent since like March of this year. So many are working and simply refused to pay because they could. You have to pay up sooner or later. So its a domino effect. You the landlord is getting no money. Landlord refuses to pay bank. Banks end up failing like what happened years ago when the housing market failed. The government is causing issues. In Maryland the Goofy so called Governor also put a stop on your vehicle payments when Covid hit. So people are not paying the finance company again which is a Bank. Banks have to be hurting. Plus you are just adding another years of vehicle payments by doing so. What did people do before the Covid conspiracy to pay their mortgage payments or rent
 

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......I don't know where people get off thinking there's this free money tree that somehow a president or Kongress can generate. .....
They have the same number of functional brain cells as AOC.
 

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Years ago,my dad moved to Houston to take a construction job. Since he intended moving back when he retired, he rented out his house. When he moved back, he said he worked harder than he did when working, for over a year, fixing all the stuff they broke & wouldn't fix!

When we transferred to east Texas, only had a few more years on our mortgage & wondered about renting it out. Could have rented for about double what our payments were & in a couple years would have been 100% clear money (except taxes). Because of his experience, didn't do it.
 

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A coworker in my IT job bought a new home, rented her old one after a complete and expensive restoration. The first renters started delaying payments, then left at midnight, after literally ripping out the new carpeting, AC and appliances, stealing it all! She never rented again. Reworked the house again and sold it, for a loss.
 
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A coworker in my IT job bought a new home, rented her old one after a complete and expensive restoration. The first renters started delaying payments, then left at midnight, after literally ripping out the new carpeting, AC and appliances, stealing it all! She never rented again. Reworked the house again and sold it, for a loss.
Believe it or not, FL is one of the better states for landlords and evictions.

We owned a home in Pensacola after I left there (on other assignments); because I was away we did have a property manager (who took some of the cut) to help us rent it out.

Over the years (prior to selling it) we had one tenant we had to evict (standard non-payment of rent). FL does have a provision (which isn't great) that if they delay rent and then pay it later that it kinda resets the clock so they can pull the every other month thing for awhile. Hopefully, a person is wise enough to set the security deposit to cover this eventuality.

I didn't used to weight importance on credit reports, but they CAN be an indicator of future performance. If someone's repeatedly stiffed others on multiple occasions, they might stiff YOU. On the flip side, sometimes folks get in over their head and walk away from a bad deal owing money which isn't the same thing.

We would always have to come in and clean up the place/fumigate/repair dings, walls, etc. Folks never really left the rental in a 'courteous to others' condition even when we'd been excellent landlords. Kinda shows you where manners have gone.

In some states it's almost impossible to get rid of a bad tenant. Probably harder now due to all the racial crap.
 

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It'll be tough on the ones who truly are unable to pay. On the flip side though it's been tough on many landlords who through no fault of their own have been dealing with a serious monetary shortfall. But the deadbeats who could have paid and instead who have availed themselves to this; well I hope it gets them good...
 

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The last rental place I was in, the rent on the singlewide trailers was cheap. The landlord seemed okay. Found out later (as we were cleaning our deer rifles at his granny's country place), that he got out of the Army on a section 8, for schizofrenia (sp?) and other mental issues ..... uh oh!
He would sometimes be gone to tbe VA hospital, and his mom would come collecting the rent. She once asked me if I had any trouble with the "family from Hell" (another rental). Only minor stuff. They finally left.
Landlord finally sold the property to his sister, who immediately doubled the rent! I soon left, as did another single guy I had befriended (another hunter). That woman was a "B****" of the first order. I bought my own property, actually just a few streets away. This area was very convenient to the outdoor range. I will never rent again, if I have any say in the matter!
 

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Renting is not as easy as owning, when it comes to living conditions. However, many people do not have the responsibility level, nor the financial resources, to be owners.

This whole debacle is another prime example of how gubmint intervention screws things up.
 
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