LogFAQs > #957511494

Last month (June), California officials streamlined applications for the money after advocates said many renters had given up on the process due to its complexity and language and technology barriers.

https://archive.is/KVHdY#selection-4673.0-4673.270 (Wall Street Journal)

The money has been slow to reach landlords, though that has recently improved, Treasury officials said. The National Apartment Association, however, says this money is inadequate to cover the rent debt hole. It is suing the U.S. government for an additional $26 billion.
Retired couple Rebecca and John Faulkner own a rental home in western New York, where they say they are owed more than $13,000 in unpaid rent, dating back to March of 2020. Their tenant has refused their pleas to pay and installed a Private Property No Trespassing sign in the front window of the house, Ms. Faulkner said.

https://www.fox10tv.com/news/coronavirus/landlords-are-running-out-of-money-we-dont-get-unemployment/article_4fb06b5b-3502-563c-8dc8-1a924b5862cb.html

If landlords are struggling, tenants will also be affected as home maintenance slides. "I'm seeing landlords who can't pay for trash removal," Gray said. "We're getting 'no heat' calls. They aren't paying real estate taxes. They aren't paying their mortgage." He said one property his company manages had a plumbing problem that cost around $38,000. The owner did not pay the bill.
Some landlords, he said, are being paid less and seeing the wear and tear on their property increase as grown children or friends double up after losing their own housing. Routine maintenance that was supposed to take place this year has in some cases been delayed or canceled because landlords just don't have the money, said Gray. "They can legislate the need to do timely repairs," he said. "But for many landlords, there is no money."

Lets talk about those mean old landlords shall we? Always just these greedy parasites taking everyones money while theyre living the high life drinking champagne and eating caviar right?

According to a survey performed by Avail a subsidiary of realtor.com - As of 2017 55% of all rental units were owned by 8 million part-time landlords colloquially referred to as Mom and Pop. These landlords, in total, owned 24 million units approximately three units per person (units defined as an individual rentable entity IE apartment, house, etc.)

Of these people the majority are between 30-59 years old and maintain full-time jobs while landlording on the side. Of those respondents only 4.7% inherited their property.

But they gotta be making so much money right?

(Greg Brown, senior vice president for government affairs for the National Apartment Association ) He said only $0.10 of every $1 that a housing provider receives is profit, with the remainder going to mortgage payments, property taxes or other operating expenses.

Most small landlords do not have access to credit to cover their costs from lost rent payments. More than half (58%) said they did not have access to any lines of credit that might help them in an emergency, according to Avail.

What about my own experience? I bought, as my first home, a duplex while making $50,000k a year (under the average wage for my state) several years ago. To date, I have never received a dime from friends or family through inheritance or otherwise to get me to where I am today not the least of which for the properties I own.

I net on this first property right now a grand total of $450 a month (about 15% of the total rent after mortgage/taxes but BEFORE maintenance costs) after years of rent increases and improvements to the property. I do all my own maintenance. Ive upgraded the property out of my pocket. I, during the pandemic, offered as much personal assistance to my tenants as possible to the point where I reduced rent for a number of months out of my own pocket just to help people out in a shitty time.

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I promise that if the game stinks I will make a topic about how I hate it and you can all laugh at me - Mead on Fallout 76