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Thread: Real Estate Crash thread
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03-30-2020, 12:08 AM #8426
I don’t care what ‘they’ say, it will fuck your credit scores.
Edit: just saw this on fb
1. To Tenants: If the government says you don’t have to pay your rent and there’s a ban on evictions, you better do whatever you can to pay your rent. There will be major repercussions when evictions bans are lifted. Don’t think you’ll get a free ride out of this. PAY YOUR RENT! Your landlord has bills to pay too.
2. To Homeowners: If the government tells banks to stop mortgage payments, DO WHATEVER YOU CAN TO PAY YOUR MORTGAGE!. Some lenders are saying you don’t have to pay for 3 months but on the 4th month, all four payments are due in full. Do not take a chance and not pay. Major foreclosures will come from all this. The banks didn’t help homeowners in 2008-09 and in 2020, it’s still the same. Pay your mortgage
3. If the utility company suspends payments, you.better. PAY. ANY. AMOUNT. YOU . CAN! They are like banks, they will want their money eventually and when all this clears up, you’ll owe an exuberant bill and still won’t have any utilities. Pay whatever you can.
4. If you get a government stimulus check, this check is to help pay your bills. That means you pay your rent, your mortgage, your utilities, your insurance, your car payment, y.o.u.r. b.i.l.l.s. This is not for frivolous spending.
5. The real problem is, many who will get the stimulus check....you won’t pay your bills then be crying and wailing saying
“They evicted me. They cut off my power, they repossessed my car...”
All while you’re broke and carrying that empty purse you bought with your stimulus check.
It's not a free for all people!“Forum Cross Pollinator, gratuitously strident
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03-30-2020, 02:45 AM #8427
Just remember that Steve Munchin, our present Treasury secretary, was called the "foreclosure king" back in the last financial crisis. He may have plans to profit or advise others to profit off of this one. And now he has power.
http://money.com/steve-mnuchin-treas...sures-onewest/Last edited by Benny Profane; 03-30-2020 at 03:25 AM.
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03-30-2020, 09:17 AM #8428Registered User
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Deal with it sooner than later so I asked tennant what they can pay, they said 1/2 and I already got the money
between not spending a buncha money on skiing/ going skiing/ craftbeer/ feeding GF I'm probably slightly ahead financily in this situLee Lau - xxx-er is the laziest Asian canuck I know
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03-30-2020, 09:32 AM #8429
It will be interesting to see how foreclosures and evictions are handled when the dust finally starts to settle. I don't see sheriffs office doing much to assist landlords in handling eviction cases. Maybe Joe Blow landlord has to deal with some squatters for awhile?
I imagine there are some companies sitting on some cash that would like to pick up some foreclosed homes on the cheap too."We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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03-30-2020, 09:36 AM #8430
I don't think sheriffs have ever enjoyed evicting people. Don't see why things would be any different this go round vs last time.
Live Free or Die
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03-30-2020, 09:44 AM #8431
Some asshole land lord in Saint Louis is already sending letter to tenants threatening eviction if they don’t pay rent.
He sounds mighty leveraged.
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03-30-2020, 09:47 AM #8432
It just seems this will be a much worse situation with so many people losing their jobs. I feel for the folks that are hourly wage workers that have been let go.
Our company has had to let go of quite a few hourly wage employees, but they gave them all a 30 day short term disability type payment to help bridge the gap between unemployment filing and getting a check from the gov't."We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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03-30-2020, 10:01 AM #8433
I was a landlord for about a couple years. Hated it. It said do exactly those type things. Send notice the day they are delinquent per the contract so this is just a warning that they will be held to their contract. It actually gives people lead time to avoid further action.
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03-30-2020, 10:12 AM #8434
He’s giving them no time. Thus, the asshole part.
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03-30-2020, 11:59 AM #8435
I'm not getting the logic of evictions right now. Who's going to fill that thing over the next few months? The only landlords that have reason to act fast are those subject to rent control and stabilization laws. New tenants usually mean rent increases.
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03-30-2020, 01:06 PM #8436
Real Estate Crash thread
Duplicate
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03-30-2020, 03:47 PM #8437
There's been A TON of multifamily properties traded at crazy prices the last couple of years. Alot of that was older, work force housing where the effects of Covid on the economy will be felt the most. These deals could only work if the buyer raises rents a couple hundred after doing a moderate rehab, that's the only way they can cash flow. So that's not happening now, there will be alot of defaults on these mortgages.
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03-30-2020, 05:33 PM #8438Registered User
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Refinanced a few months ago so mortgage payment got put off for 2 months and switched to a new bank. Now, they are saying we don't have to pay till July. That'll be effectively 5 months that we haven't paid our mortgage, and no, they aren't charging interest.
Not sure if I trust this whole thing...
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03-30-2020, 05:49 PM #8439
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03-30-2020, 05:54 PM #8440
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03-30-2020, 05:55 PM #8441Registered User
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03-30-2020, 08:09 PM #8442
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03-30-2020, 10:17 PM #8443
Yeah, because you're later going to find out that Section 19, paragraph 12, line 6 of the agreement says come July, be prepared to bend over if you haven't been paying your mortgage.
"fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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03-31-2020, 05:00 AM #8444Registered User
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- 29
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03-31-2020, 05:21 AM #8445
You will get what is called a Hello letter from the bank that bought the loan from your lender within 15 days of closing/transfer if you haven't already. I would call them (possibly their contracted servicer depending on the bank) and ask for something in writing spelling out when your first payment is due and the terms of any deferment in payment. Typically, if you don't make your initial payment it is called a first payment default and it is all but guaranteed that on day 31 you will automatically be reported as late to the credit bureaus by the servicer. All too often, the bank and their servicer are not on the same page after a transfer (payments being forwarded from previous lender not getting posted correctly, tax escrow not set up properly etc.) so a 10 minute phone call, especially in this situation, can save you a lot of potential headaches later.
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03-31-2020, 06:59 AM #8446
Anyone follow Grant Cardone? I watched him briefly a yr ago, but couldn’t buy into that crap.
He’s hitting the panic button. Giving 15 month leases for 12.
Not a dumb guy, but obviously a serious shark.
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03-31-2020, 08:25 AM #8447
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03-31-2020, 08:58 AM #8448
I feel like that dude is the new Tony Robbins
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03-31-2020, 09:06 AM #8449
There has to be a reason he looks for the small guys.
Easier to swallow.
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03-31-2020, 09:27 AM #8450
Interesting short video, more on commercial RE. Arguing for forbearance.
https://finance.yahoo.com/video/barr...222512472.html"We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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