Any Real Estate Investors Suffering Due to Rent Moratoriums?

[MJ DeMarco]

Curious if any real estate investors on the forum are suffering because of RENT moratoriums?

Is it impacting you?
How are you handling it?
Are tenants taking advantage due to duress, or opportunity?

Is it impacting your ability to make your payments?

Is it forcing you to make changes? Say, to short-term rentals?

Please share your experience.

As for myself, I no longer own real estate as income property so I am not impacted.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[ljean]

I have two dozen rentals and have had no collection issues. My property manager reported that IMPACT funds are now flowing in to some of his tenants who have fallen behind.

 

[WJK]

Residential units are my core business.

I have a couple of tenants who have used the Covid money to pay their rent. It took months to get that cash flow going.

I tried to evict one couple and the judge wouldn't even hear that I had evidence that they were lying on the affidavit they signed. I argued that the burden of proof had shifted since I had the proof in my hand. It didn't cut bait with the judge. I could have argued the 5th Amendment Taking issue and 4th Amendment Due Process issue -- but I knew the judge wasn't listening. The bad tenants moved anyway. I did get my judgement in the damages hearing.

I am completely rented up and I have a waiting list. I get calls just about everyday asking for housing. People pay their rent because they don't want to lose their housing. I have the only group of affordable housing in my community. I allow my tenants to have 2 pets, which is unusual for our area. I provide their utilities by including them in their rent. I have 21 households who are disabled or seniors, or both. I have 50 kids who live on my property. Big families have difficulty finding housing, so I take them in. During the summer, I have the only full hook-up RV spaces available for our visitors. I also have a couple of sleeping rooms that I rent out mostly to visiting workers and fishermen. And the only self-service Laundromat.

I'm like a mother duck taking care of everyone. This sure was NOT my dream business. I did NOT go to law school to be the caretaker for all of these people. But, it's a good life and I help a lot of people.