PLEASE HELP. My tenants organized and are saying they won't pay rent this month. ALL OF THEM.

[151_Pr00f]

Okay dummy I'll dumb it down for you.

If the apartment building has 32 units how much did she pay, easily over 2 million for that building, probably didnt buy it out right and has a huge mortgage.

Second, probably has a third party building manager along with wear an tear that comes along with a 32 unit building.

Not to mention everytime a tenant leaves that unit has to get professionally clean

Now even after all of that anyone making over 500k is subject to a tax bracket of 40%

Which mean her take home is probably 270k-ish

Not including the mortgage on the house she actually lives in.

We dont know if she has kids and pays for there college or private school


Basically you have no idea wtf your talking about

Breh with all that being said if shes bringing in over 200 k a year shes in the top 5 % bracket of income earners.

Shes doing better than most and that excludes any dividends from other assests.

Shell be aight.

 

[Yinny]

Good luck finding new tenants during a global pandemic.

I don’t know the Houston market (NY/NJ) but I have clients who’d been looking before and are definitely still asking me to find them places. Besides, zero income from the vacancies is better than zero income from them refusing and still running up the water bill.

 

[JLova]

Geezus fukking Christ. The 500 k is her gross not her net. Obviously.

Are you her accountant?

PS: I didn't read any of what she said.

 

[CouldntBeMeTho]

If this is your rebuttal your bigger fool then you pretend to be....

I already answered your statement earlier in the thread

Stop being a fukkn fakkit. Of course expenses on a 32 unit are big. Wtf kind of idiotic ass simpeton observation is that

If you own a 32 unit you'd better have money set aside for emergencies. It's on her

 

[TELL ME YA CHEESIN FAM?]

Got it straight off Google. I take that info over your opinion

nikka I live here and so do my family and friends

Plenty of apartments under $700-600 all over the city

 

[CouldntBeMeTho]

Breh with all that being said if shes bringing in over 200 k a year shes in the top 5 % bracket of income earners.

Shes doing better than most and that excludes any dividends from other assests.

Shell be aight.

250k is top 1%. These people in here crying over the top 1% right now. And she's probably a old racist cac to top it off

 

[Mr.Plan B]

I own three rental properties - one SFH, two MFH's. They are all occupied with really reliable tenants. I manage them with my brother. I reached out to each of them to let them know I'd be willing to work with them if they lose their job. In short, I need enough to cover the note, taxes, & insurance. I can forego the cash flow (profit) for the time being to ride this thing out.

How much would you need to cover expenses if you don’t mind me asking.

looking to be a landlord later in life.

 

[CouldntBeMeTho]

nikka I live here and so do my family and friends

Plenty of apartments under $700-600 all over the city

And there's plenty that are more than 1338 too. Since that's the median. We don't have the info and can only use that.

 

[JT-Money]

I don’t know the Houston market (NY/NJ) but I have clients who’d been looking before and are definitely still asking me to find them places. Besides, zero income from the vacancies is better than zero income from them refusing and still running up the water bill.

Most major cities are issuing stay-in-place orders. I doubt they'll be many evictions once those orders get in full swing. Bad time to be a landlord now for sure.

 

[TELL ME YA CHEESIN FAM?]

Good luck finding new tenants during a global pandemic.

This pandemic ain't no different from losing your job for any other reason
You still owe that rent
Only a moron would think this is a good idea

 

[duckbutta]

Occupational hazard

Good luck

 

[get these nets]

I don't think this is an either/or situation.

These are tough times for everybody, and even people who are currently employed can't be sure how this is going to play out. If you were a responsible tenant during regular times, the landlord should give you PLENTY of leeway in emergency situations. Responsible tenants are worth their weight in gold, and the landlord knows that.

It's in their best interest to take a small hit and hold you down during the next 3 months, and working out a new agreement.

=====
I'd suggest everybody start throwing out excess stuff and packing up most of your stuff. Start living like people who just moved in. If you have to relocate or lean on friends you don't have the resources and time to move all your stuff. Start getting rid of unimportant shyt .

 

[TELL ME YA CHEESIN FAM?]

And there's plenty that are more than 1338 too. Since that's the median. We don't have the info and can only use that.

Let's be reality breh
Folks who can afford 1338 monthly wouldn't do this
It's beyond stupid

P.s all 32 tenants didn't lose their jobs

 

[klientel]

I dunno about this story....

The entire complex is out of work? Not a single person is "essential" or working from home?

They playing with fire, because guaranteed rent is getting raised significantly when this is over. Especially if its a desirable area, which it may be if all the units are rented out. But I get it, most of them probably have no other option.

 

[Yinny]

Most major cities are issuing stay-in-place orders. I doubt they'll be many evictions once those orders get in full swing. Bad time to be a landlord now for sure.

It’s true they’re suspending eviction enforcement/removals. However, speaking for my area, rent payments are not blanket suspended. There are other things landlords can do to make sure your life is difficult short of removal.

Tenant Protection

To be clear I’m not saying landlords shouldn’t be willing to work with tenants. But to decide that they simply won’t be paying isn’t the move either.