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Batter up, who wants to be a Landlord?
absolutely no one
Talked to an Indy-area commercial property manager this morning, and she reported tenants that have not paid rent in over a year. Unbelievable! The owner still has expenses like heat/cool, landscaping, taxes, maintenance, etc.
One of the bigger problems now, and due to low inventory of single family housing, if you have an empty, as soon as you advertise, you get bombarded with people who “used” the system, and didn’t pay rent for over a year, then jumped ship on the landlord they stung. One empty, over 200 inquiries, and over 30 days to find a qualifying tenant. This “no” eviction strategy is only setting the stage for people to sink farther into substandard housing. Would you lease to someone you knew stung a landlord, and/or took advantage of the system? The scenario these tenant’s don’t seem to understand, is just because there was/is a stay on eviction, doesn’t mean the money is not owed, and that a judgement will be forthcoming, followed by a garnishment of their paycheck, followed by less funds for essentials AND CURRENT RENT, thus forcing them to take substandard housing (as that is the only thing they could now afford, or the only landlords that will rent to them), thus bringing their economic status lower.
And to answer James question………..Nobody in their right mind!
Karen, this is a spot on and any tenant that took or is currently taking advantage of the situation is really shooting them self in the foot. I’d bet >50% of land lords sell the property after taking losses for so long, in affect driving available rental properties down. It’s just making it harder to survive if you don’t already own a place. It’s not ideal for anyone at the table because the balance is getting worse and worse every month we continue these moratoriums. I’m an investor my self with rentals and it’s not going to help me. I’ll have same problem if/when I have a turnover… selling is the easy profitable way out but that wasn’t my goal when I bought the property. I want to provide a quality, safe, and affordable house for someone.