GYERO ARCHIVE
- Thread starter anthonys735
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Really dropped the ball by not calling it "The Pen is Mightier" imo
Speaking of podcasts: How did this get made? Is pretty damn good
My birthday is next Wednesday. Really looking forward to ???
Also, my wife came home with 5 bottles of wine. We sure BIG BOOZE isn't behind Coronavirus?
Down Home is a pretty suspicious name right about now.
Shai $1
Murray $5
Herro $2
PJ $2
Davis $5
Defense at the 1,4,5
3 ball galore
Pick and roll with Shai and AD
PJ can step out and open things up.
Herro and Murray can score from all 3 ranges
AD
AD
AD
or
Shai
IQ
MGK
PJ
AD
$1 left bring in PP off the bench.
D at all 5 spots
Shooting back court tandem
IQ should get any shot he wants
All around guy with MKG
PJ inside and out
AD
AD
AD
PP doing it all off the bench.
Rebounding machine
Murray $5
Herro $2
PJ $2
Davis $5
Defense at the 1,4,5
3 ball galore
Pick and roll with Shai and AD
PJ can step out and open things up.
Herro and Murray can score from all 3 ranges
AD
AD
AD
or
Shai
IQ
MGK
PJ
AD
$1 left bring in PP off the bench.
D at all 5 spots
Shooting back court tandem
IQ should get any shot he wants
All around guy with MKG
PJ inside and out
AD
AD
AD
PP doing it all off the bench.
Rebounding machine
Again- a 30 or 60 day forbearance on the mortgage note does not have anything to do with putting a tenant out on the street. It simply allows the owner time to catch up or work out a payment plan with the tenant, if they are dealing with a renter who is struggling to make payments. If anything its going to save some tenants from being evicted as soon as legally possible.
It has to do with wanting a bailout for your investment, not your primary residence, and putting additional strain on the mortgage industry who will already be taking a hit from millions of other who need a 30-60 day forbearance for their primary residences.
There is a risk in needing the rent of your tenants to pay the mortgage of investment property. If you can’t operate without getting rent, that it not everyone else’s problem. That is a risk you took and that is your problem now.
I’m having weekly interventions with myself and ran out of beer last night. Kinda concerning?
Not really true at all... when most people decided to get into investment properties- especially on the small end- they did so under the guise that when someone doesnt pay- you know and understand the process for removing them. Thats the risk you take. The potential for court rooms closing and renters to be able to withhold payment for a long period of time, without even having to show any proof that they were impacted- wasnt really a known risk since its never happened before.
100% true, he’s an idiot.
Not prostituting yet, I have my money just said the roommate is out, but who knows I’ll keep you all posted!
If you can’t afford to pay for a “long period of time”
without payment from the renter, you shouldn’t have mortgaged the house. Sorry for your loss and your problem.
If you don’t own something outright, there is a risk to losing it to the entity that actually owns it. Good luck.
WTH is Joey even arguing here? Big cities and college towns are full of renters. There has to be a mutual solution for everyone. That’s what Clark is trying to say. It’s not just screw big landlord. A lot of landlords are mom and pop shops like Clark. Do we want Clark and others to lose tenants? No. Do we want Clark and others to lose their properties because no one can afford to pay rent? No. It’s a ******* complicated issue. In a place like SF it’s a nightmare because there isn’t enough housing to begin with. Having landlords lose properties would be devastating.
^that's not how most investment properties commercial or residential operate. FYI.
Owning anything or trying to make money is for suckers.
I will assume you will need to somehow prove to the bank your tenants are not paying and ask for some sort of forbearance.
As for throwing your tenants out on the street as soon as you legally can, I would seriously think about who would actually take their place?
I have one tenant that has paid very little since the beginning of the year so I am not surprised that she still doesn't pay...can't throw her out as well as her court date for eviction was a few days after the courts closed. I have written off those rents and will try to kick her out afterward.
As for the rest, I would try to work something out with them to keep them there. Even if that means having to lower my rents a little.
There is no right answer...
I’m arguing that most of our problems have to do with our supreme personal comfort with personal debt and the instant things slowdown for two months (Clark is begging for 1-2 months of extra float) everybody loses their mind because they can't handle it.
There needs to be pain inflicted to change this mindset. That pain should be felt by overleveraged landlords first before it gets to regular homeowners.
There needs to be pain inflicted to change this mindset. That pain should be felt by overleveraged landlords first before it gets to regular homeowners.
Christ Joey- most landlords dont own the house outright... I would imagine there is a very small percentage that do. There wouldnt be enough properties for people to rent if you eliminate those that have a mortgage on them. Same with commercial properties. Thats kind of the real estate world.
I'm not really even arguing for myself- mine is paid down enough that I wont be impacted- but I also know a lot of other good landlords- who charge at or below market rent, do things the right way, and this is going to hurt them pretty bad. I mean, I think we all assumed the legally binding documents we have in place would be just that... but now they essentially voided in favor of a tenant for a period of time.
I'm not really even arguing for myself- mine is paid down enough that I wont be impacted- but I also know a lot of other good landlords- who charge at or below market rent, do things the right way, and this is going to hurt them pretty bad. I mean, I think we all assumed the legally binding documents we have in place would be just that... but now they essentially voided in favor of a tenant for a period of time.
We should all be Muslim and just not borrow money.
Anyone in GYERO living in boring Kentucky worrying about their roommate not paying their portion of rent or is that just a six-figure bartender problem?
No, we should just live within our means and plan for a rainy day. Look around and guess how many are doing so.
What business model plans for zero income scenario?
Arguing about the lack of rainy day funds right now seems like a pointless exercise.
Apparently Joey has been planning for a worldwide pandemic the likes of which haven’t been seen in 100 years. Congrats and GFY, fatty.
A good culling of the herd was due anyway, let's be honest. Maybe I'll see some social security after all!
We own real estate and got a 3 month deferment from our bank to pay mortgage and passed that on to no rent for our tenants for 3 months. The bank was very reasonable and accommodating, and a lot of them are being that way right now.
Thanks! I have to tone down being a few steps ahead of most in real life. So it’s fun to let it really rip on here.
If my law practice folds I’m going to start harvesting copper and other precious metals from transformers and utility boxes. Not sure what I will do with it, but I will have a lot of it. I think it’s a good plan.
If the big banks can’t place a moratorium on mortgage payments for small biz in the middle of this crisis then maybe they should just live within their means and plan for a rainy day.
Yes, pretty much. The piece of paper you reference is nothing at the end of the day when someone doesn't want to pay.
You just evict them, regain possession of your property and move on. I personally don't have the time to go collect back rents after evictions.
The hassle to get a judgement and then actually collecting on anything is a colossal waste a time. There is a reason why the best rate you will get from debt collection agencies is anywhere from 2-5 cents on the dollar. I am not equipped for that as a small time landlord.
9/10 tenants paid this month. Let's see how months afterward fare. But one thing you can also share with your friends is that banks don't want to own properties as well...
Best of luck.
-i'm solidly #teamjoey...but he is wrong here.
-if bobs restaurant/suzies hallmark et al can't make rent because they aren't open due to govt action...banks should (and will) work will landlords over the next few. They will do the same with residential landlords...the alternative is foreclosing most properties, doubt that happens.
-"one shouldn't open/operate a bank if one can't do without income for a few months". Its just a bad argument. Everyone is gonna share the pain...or we really are talking about an apocalyptic situation.
-if bobs restaurant/suzies hallmark et al can't make rent because they aren't open due to govt action...banks should (and will) work will landlords over the next few. They will do the same with residential landlords...the alternative is foreclosing most properties, doubt that happens.
-"one shouldn't open/operate a bank if one can't do without income for a few months". Its just a bad argument. Everyone is gonna share the pain...or we really are talking about an apocalyptic situation.
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My new salary cuts will not allow me to pay both my mortgage and student loan payments each month. So glad I signed up for that super aggressive loan repayment plan...
I’m not talking about banks, CRE business, or small business - I’m all for helping them out to keep things chugging along.
I’m just talking about “normal” private citizens who watched too much Flip This House and went out to be real estate moguls while drowning in debt. They helped screw us in 2008 and they’re only going to add to the problems this time around, again.
We’re issuing 90 day deferment status periods for investors who financed their investment properties with us on the commercial side. Even if it’s a residential investment property.
That’s been easy and we pretty much approve no questions asked.
That’s been easy and we pretty much approve no questions asked.
-noted...but there is a a difference in investing in rental property and "flipping"/leveraging the **** outta everything and gambling on real estate *sales*.
Lol. About time Joey got smacked. Was getting a little too confident.
I agree that if one can not afford to withstand a once in a century global pandemic where the government affirmatively shuts your income stream down for months at a time one should not be trying to run a business.
Same goes for meteor strikes. Or alien invasions.
Same goes for meteor strikes. Or alien invasions.
Work picked up Chick Fil A for everyone at the office today. That was nice. Wife just called and said she picked up some Tequila , MargMix and some jalapeños.
When I get home we’re going to play some tunes, and make some top shelf jalapeño infused margs.
Personally, I plan on getting top shelf drunk tonight. I may pass out on the patio depending on what time I have to be back in the office tomorrow morning.
When I get home we’re going to play some tunes, and make some top shelf jalapeño infused margs.
Personally, I plan on getting top shelf drunk tonight. I may pass out on the patio depending on what time I have to be back in the office tomorrow morning.
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