Khane
Got something right about marriage
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People on welfare can't get laid off. Why should your cousin give a shit about this?
A section 8 apartment complex. Woe is me.
Investing General Discussion
- Thread starter Furious
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People on welfare can't get laid off. Why should your cousin give a shit about this?
A section 8 apartment complex. Woe is me.
Big Phoenix
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OU Ariakas
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Lower income doesn't automatically mean Section 8. My houses are all what would be considered low income and exactly 0 of them are Section 8. I have a feeling that they are going to do the same thing that his brothers' renters will do; not pay rent and buy a bunch of shit they want. Maybe I'm wrong. (I'm not going to be wrong).
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Daidraco
Golden Baronet of the Realm
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I came out ahead at 18861.60 when I sold today. Altogether, I’ll put the 40.6k back towards the market with 100% margin (81.2k) and put it right back into a low risk stock like Boeing. I’m just waiting to see if it will get as low as it was to repeat itself. If it does it again with the 81.2k. That’ll be roughly 65k using the same buy/sell.
Pigs get fat, and hogs get slaughtered and all that - but turning 22.5k into 80k+ will be insane in my world.
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OU Ariakas
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Not really, if you know the market and you are playing the long game it can turn out surprisingly well. Even with vacancies and repairs most of my properties at least break even. That is with them footing all of the mortgage/taxes/insurance on 15 year notes. Now if all of them fuck off paying for 3 or 4 months and stay in the houses this year would look bad; but on the net even that wouldn't be more than a blip. I said in another thread that if that happens and they don't work out a plan with us before just not paying that I will spend more money to make sure that I get every single dollar they owe (which would be a first since we usually just report them to the credit agencies when they don't pay the last months' rent and leave damage that we have to repair).
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People being given immunity from eviction will not motivate those who can pay rent to do so.
Daidraco
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Khane
Got something right about marriage
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Yea you're probably right. "Low income housing" doesn't at all mean rental assistance. What do I know. I'm just a landlord.
Give me a break...
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M down about 14% since I sold it yesterday. Eating a loss sucks. Cauterizing the wound sucks less.
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A friend told mine a story about someone he knew that owned a convenience store in a poor/black neighborhood. He said the customers would come in and spend every single dime they had.
$1200 in all those peoples hands are damn right going straight into TVs and fast food. Stimulating.
edit: and that juicily juiced unemployment too
$1200 in all those peoples hands are damn right going straight into TVs and fast food. Stimulating.
edit: and that juicily juiced unemployment too
OU Ariakas
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I have a property management company that does it for me. Apparently it doesn't stop them from renting other places from small agencies or landlords that don't check credit thoroughly; but it stops them from getting any other line of credit, loans from banks/companies, and apartments run by conglomerates. That is a pretty big hit.
OU Ariakas
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Bro, I just said it doesn't necessarily mean Section 8. Then I told you that my houses are considered low income and are NOT Section 8 so that means his very well could also not be Section 8 or not even a majority Section 8. In fact, if he is worried about his rent payments that means it certainly isn't the guaranteed disbursements for each of his units coming directly from the program. Are any of you properties Section 8? Would you tell people you are worried about not collecting from the government if they are?
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Attog
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Section 8 are going to be the only people who CAN pay in a month. If you are a landlord you are unconcerned right now? I don't even own many rentals and I'm concerned. When your tenants stop paying you rent are your mortgages at a small town USA bank that will let you stop paying for a few months or are they financed through Chase, BAC, etc?
I wish I had your positive outlook on this situation.
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Khane
Got something right about marriage
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Heh. The rental assistance programs around here almost never cover the full rent payment. It's a portion.
Let's not be intellectually dishonest here. The original post was about a cousin who wanted to complain about his low income tenants misappropriating our tax money in ways that aren't intended. You know damn well you weren't talking about normally responsible, just down on their luck Americans suddenly buying big screen TVs after they lose their jobs because overnight coronavirus turned them into morons who can't do math and don't give a shit about their future.
Surprise, surprise. Scumbags who spent their free money on bullshit before the pandemic are still scumbags who spend their new free money on bullshit during the pandemic. What a revelation.
And the argument has become circular, you are repeating what I said in my very first post.
Let's not be intellectually dishonest here. The original post was about a cousin who wanted to complain about his low income tenants misappropriating our tax money in ways that aren't intended. You know damn well you weren't talking about normally responsible, just down on their luck Americans suddenly buying big screen TVs after they lose their jobs because overnight coronavirus turned them into morons who can't do math and don't give a shit about their future.
Surprise, surprise. Scumbags who spent their free money on bullshit before the pandemic are still scumbags who spend their new free money on bullshit during the pandemic. What a revelation.
And the argument has become circular, you are repeating what I said in my very first post.
Khane
Got something right about marriage
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If you want to have a discussion in a certain direction, stop trying to bait a discussion in an entirely different direction.
"My cousin who owns low income housing is saying his tenants are going to use the stimulus money to buy TVs and phones to boost the economy!!!"
Right.
"My cousin who owns low income housing is saying his tenants are going to use the stimulus money to buy TVs and phones to boost the economy!!!"
Right.
Attog
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Shit man I am just telling you what he said. I am not that smart to begin with and I suffer from CRS on top of that. I'm going to need you to remind me again what we are fighting about here. The government just signed the largest stimulus package in history and I asked him how that was going to impact his small business.
Attog
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