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Jason

~* Make America Great Depression Again -- Official Thread of Corona Virus infected markets *~

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Just now, Uaarkson said:

Man, only Americans would complain about getting free money in a global health pandemic because it means a few people might not go to work for a few weeks. We are a fucking shit hole country 


*Republicans.

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Sucks for that landlord haha. I do feel for him/her though I know I am apparently not allowed to. This is going to be way more than a month.

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My landlords (a semi-large management company) tried to schedule a showing the other week. I've never typed up and sent a passive aggressive email with that level of speed before, and I don't think I ever will again.

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6 minutes ago, Chris- said:

My landlords (a semi-large management company) tried to schedule a showing the other week. I've never typed up and sent a passive aggressive email with that level of speed before, and I don't think I ever will again.

 

A showing of your unit?

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1 minute ago, Jason said:

 

A showing of your unit?

 

Yes.

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12 minutes ago, Chris- said:

My landlords (a semi-large management company) tried to schedule a showing the other week. I've never typed up and sent a passive aggressive email with that level of speed before, and I don't think I ever will again.

Dear Landlord,

 

Please eat a dick.

 

Sincerely, your noble renter,

Chris-

 

 

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49 minutes ago, Chris- said:

 

Yes.

 

TAKE A FAT DUMP AND LEAVE IT IN THE TOILET

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57 minutes ago, Chris- said:

My landlords (a semi-large management company) tried to schedule a showing the other week. I've never typed up and sent a passive aggressive email with that level of speed before, and I don't think I ever will again.

Passive aggressive? C'mon man, this calls for full on aggression.

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We are moving into our new house in mid April and having our lease on our rental end at the end of April.  Luckily we don't start paying our mortgage until May, and hopefully we get all of our security deposit back which is $2000.  

 

 

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13 minutes ago, b_m_b_m_b_m said:

Passive aggressive? C'mon man, this calls for full on aggression.

The most aggressive  I got was calling them ‘grossly irresponsible’. She subsequently replied with her supervisor CCd asking if I would kindly record a video they can use instead. 

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We are in a weird situation with our indoor theater. Our landlord is awesome, her bank is not. With the likelihood of a lost summer for the theater business looming, we will run out of cash fairly quickly and be in default on our lease. Our landlord won’t be able to pay her note. Her bank will require her to make every legal effort to collect the rent, or they will foreclose. So a good chance we get sued for the ~$500k in rent left on our newly extended lease.

 

It is kind of a mess, but we will ultimately work something out. Not like they can lease the space out to somebody else with any ease :p 

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4 hours ago, b_m_b_m_b_m said:

 


 

32 units? This guy probably grosses $50000 a month. How the fuck is he living if he can’t miss a month. I mean it sucks but this guy should be making a pretty a comfortable living and have some money set aside. Not like all he has is a duplex

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1 minute ago, Dodger said:


 

32 units? This guy probably grosses $50000 a month. How the fuck is he living if he can’t miss a month. I mean it sucks but this guy should be making a pretty a comfortable living and have some money set aside. Not like all he has is a duplex

 

"If you owe the bank $100 dollars, that's your problem; if you owe the bank $100 million, that's the bank's problem."

 

This landlord holds quite a bit of power over his lender/bank right now.

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1 hour ago, Dodger said:


 

32 units? This guy probably grosses $50000 a month. How the fuck is he living if he can’t miss a month. I mean it sucks but this guy should be making a pretty a comfortable living and have some money set aside. Not like all he has is a duplex


Because the landlord has:

Monthly note

Insurance

Property taxes
Maintenance

 

Apartments, retail shopping centers, light industrial are all businesses that hinge on occupancy being high and rent rolling in. They are long term investments that will create equity in the future and can provide some cash flow now. None of those costs stop coming when tenants leave or late pay/short pay.

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1 hour ago, sblfilms said:


Because the landlord has:

Monthly note

Insurance

Property taxes
Maintenance

 

Apartments, retail shopping centers, light industrial are all businesses that hinge on occupancy being high and rent rolling in. They are long term investments that will create equity in the future and can provide some cash flow now. None of those costs stop coming when tenants leave or late pay/short pay.


 

I know the guy still has monthly expenses he has to meet, but he should be clearing that by a good amount with 32 units

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20 minutes ago, Dodger said:


 

I know the guy still has monthly expenses he has to meet, but he should be clearing that by a good amount with 32 units

 

Also, real estate is an investment, and as such is risky. Someone renting out a home, for example, may have $200-$300/mo in expenses (just as this guy would on a larger scale), but the mortgage/loan is not an expense, it is a payment towards equity. The risk of not having paying customers (just like the risk of a business not having customers) should be factored in when decided to take the risk of investing in a rental property. Obviously as a society we've pushed the idea of real estate as a safe investment, but it is not.

 

That is not to say that I have no sympathy for landlords, I do. But less than renters and homeowners, who are paying for a place to live for the purpose of continuing to live. Bailing out landlords (in my mind) would be like bailing out everyone who has just lost 30-40% of their investments in the market, but still allowing them to make money later on when the market recovers. Just like stocks, the value of property will likely rise again (in terms of rentability/sale). Until then, the investment takes a hit. If the owner of a rental property doesn't want to hold the investment while they are taking the hit, they should sell, just like some with their retirement in stocks.

 

I really, really hope that this crisis kills the idea of real estate as a sound and safe investment.

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2 hours ago, CitizenVectron said:

 

Also, real estate is an investment, and as such is risky. Someone renting out a home, for example, may have $200-$300/mo in expenses (just as this guy would on a larger scale), but the mortgage/loan is not an expense, it is a payment towards equity. The risk of not having paying customers (just like the risk of a business not having customers) should be factored in when decided to take the risk of investing in a rental property. Obviously as a society we've pushed the idea of real estate as a safe investment, but it is not.

 

That is not to say that I have no sympathy for landlords, I do. But less than renters and homeowners, who are paying for a place to live for the purpose of continuing to live. Bailing out landlords (in my mind) would be like bailing out everyone who has just lost 30-40% of their investments in the market, but still allowing them to make money later on when the market recovers. Just like stocks, the value of property will likely rise again (in terms of rentability/sale). Until then, the investment takes a hit. If the owner of a rental property doesn't want to hold the investment while they are taking the hit, they should sell, just like some with their retirement in stocks.

 

I really, really hope that this crisis kills the idea of real estate as a sound and safe investment.

Wouldn't that increase the cost of housing if people slowed down investing in new properties?

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3 hours ago, Dodger said:


 

I know the guy still has monthly expenses he has to meet, but he should be clearing that by a good amount with 32 units

 

I don't get why you think this. Just because it has a lot of units does not make the mortgage or other expenses cheaper.

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8 hours ago, Dodger said:


 

32 units? This guy probably grosses $50000 a month. How the fuck is he living if he can’t miss a month. I mean it sucks but this guy should be making a pretty a comfortable living and have some money set aside. Not like all he has is a duplex

 

What I find funny is: he's freaking out, which I can sympathize with, because these people won't be able to afford rent if they can't work. They're freaking out as well. And:

 

EUBGYavXQAASGfi?format=jpg&name=large

 

He didn't have a rainy day fund either. His sole source of income is gone, but so is theirs, so.... 

 

The way I see it, landlord absorbing rent for the time being > people not having a home. I think this answer the guy got is one of the more understanding ones since some people in that thread seem out-of-touch:

 

"This is a rough situation for you 100%, but know in your communication with your tenants that they aren't just doing this for funsies. They aren't just being lazy. They're already in trouble. Arguments based on "I'm going to be in trouble if you don't pay rent" will be entirely impotent. Why should they care about your problem? They're the one's who'll get fucked first. I'm not saying you're doing anything wrong, or that they should be pissed off at you. This is the world we live in. It's not an individual problem."

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ET_CDXYUcAE5vsR?format=png&name=medium

 

lol

 

Not sure how legit the guy's account is. From the Reddit:

 

"I question if this story is true or if it exists to promote divisiveness. u/pizzaratpizzarat has a one month old account and a lot of activity on a Virginia Guns sub that has been very divisive recently. Whether or not this story is true, it is certainly effective in inflaming class tensions in the US."

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My mom owns multiple properties and can absorb at least 6 months of non-payment. Every situation is different but if a landlord can’t deal with 1 month of non-payment it seems to me like they haven’t been doing a good job of handling their investment. 

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4 hours ago, Remarkableriots said:

Wouldn't that increase the cost of housing if people slowed down investing in new properties?


If people aren’t buying, the cost lowers to entice purchases.

I am in talks with leasing a commercial space, the market has been insane and in favor of landlords. Just two weeks ago they wouldn’t budge from $13.50/sqft with a $3 increase on year 2. Once the lockdowns in PA/NJ started up, I said I need to pause on negotiations, two days ago they came back to me and are now offering $10/sqft with a $1 increase on year 2... and 6-months of firm rent abatement, plus they’re going to pay for the renovations I’m planning. It’s obviously a risk still for me to do this, but that offer significantly lowers risk with lower payments and a ridiculous amount of abatement.

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Quote

This moment is to the United States what the 1957 Suez Canal crisis was for the British Empire. The coronavirus pandemic is the event that has stripped away any lingering pretensions of global U.S. leadership. It has uncovered an emptiness.

 

Quote

Covid-19 demarcates a similar moment of transition, a revelation of a new global structure of power. It has shown that the United States, under the Trump administration, is radically unprepared to face the realities of the interconnected world and that it lacks the basic characteristics that every other country considers essential to the functioning of a state: a government that can respond to existential threats with authority and a civil service that can deal effectively with matters of public health. 

 

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36 minutes ago, CitizenVectron said:

 

 

 

I disagree with his interpretation of the Suez Crisis. The British Empire died the day India was given independence. Even then their questionable colonial policies prior to that caused it. Plus 2 bankrupting world wars.

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5 hours ago, Jose said:

 

I don't get why you think this. Just because it has a lot of units does not make the mortgage or other expenses cheaper.

 

I understand he still has expenses. With 32 units, his risk pool is pretty diversified, and as far as I know, Houston is a big, growing area. But let's do a thought experiment. How much money would you have to expect to make per month/year to take on the risk of owning a 32 unit apartment complex? You sure as shit wouldn't do it for a grand or two a month right? What if it was your only source of income? You would need to make more money than the few grand a month a regular day job pays right? This guy probably makes more per year than all but a handful of people on this board. 

 

Even with his expenses he should be at income level where he is able to put away some money every month. Forget the Coronavirus, wtf was this guy going to do if the building caught on fire? Sure he probably has insurance, but that check doesn't come the second you file a claim. Or any other kind of emergency. Remember, the 32 people renting from him no doubt have it harder financially than this guy, shouldn't he almost have an obligation to have some kind of emergency funds in case shit happens?

 

This guy to me tests the basics of capitalism. When business is great and he's clearing 20 grand a month and leasing new BMW's under his LLC he gets to say hey I'm the business owner I assumed all the risk I get to enjoy the benefits of my profits. But the second that risk actually hits his front door, he's crying about it. 

 

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9 minutes ago, Dodger said:

 

I understand he still has expenses. With 32 units, his risk pool is pretty diversified, and as far as I know, Houston is a big, growing area. But let's do a thought experiment. How much money would you have to expect to make per month/year to take on the risk of owning a 32 unit apartment complex? You sure as shit wouldn't do it for a grand or two a month right? What if it was your only source of income? You would need to make more money than the few grand a month a regular day job pays right? This guy probably makes more per year than all but a handful of people on this board. 

 

Even with his expenses he should be at income level where he is able to put away some money every month. Forget the Coronavirus, wtf was this guy going to do if the building caught on fire? Sure he probably has insurance, but that check doesn't come the second you file a claim. Or any other kind of emergency. Remember, the 32 people renting from him no doubt have it harder financially than this guy, shouldn't he almost have an obligation to have some kind of emergency funds in case shit happens?

 

This guy to me tests the basics of capitalism. When business is great and he's clearing 20 grand a month and leasing new BMW's under his LLC he gets to say hey I'm the business owner I assumed all the risk I get to enjoy the benefits of my profits. But the second that risk actually hits his front door, he's crying about it. 

 

Where is Dodger and what have you done to him!

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