#1 I only do a 6 month lease #2 I always get 1 month last month and damage deposit before move in #3 I’m letting the last month rent kickin under these economic times #4 Communication is very important 👍
If your mortgage is Freddie or Fannie, bank is required to give you forebearance (yes on investment loan). No pay for 6 months. Save back what you can, you may need for next 6 months. Im also contacting tenants and giving monthly $250 credits if rent is paid and on time.
I talked to my renters and cut their rent back for 3 Months with no paym't make up. We are all happy and enough money is coming in to pay bills. I am grateful for their staying and paying a lesser amount.
I immediately lowered rents, and my rentals are already reasonable and fair. Did the same in 2001 when many stubborn landlords were holding tight with their pricing. Their rentals were going empty for months on end but mine remained occupied. Flexibility is the key.
My rentals are also very reasonable and fair priced, if I had to lower them I’d sell and leave the business, not worth the hassle anymore. I don’t think that’s being stubborn.
So it depends on the tenants. And it depends on the bank. If my tenant is not paying ,I would make a new lease with my tenants, and might bring in roommates in the house. As for the bank, try to negotiate interest only payments , maybe a refi provided you show your new cash flow
Fortunately most of our tenants can work from home so they are still getting paid. One of our tenants was laid off but we think he will get a job paying less money, His girlfriend and teenage kids can also get jobs to chip in.
I went broke in 2008 when the market tanked. This time I have plenty of cash to survive this thing. This too shall pass. I think in 6 weeks we will be coming out of this.
I live in the SF Bay Area and storefronts in Union Square are boarded up. This correction is going to last long enough for Univ Basic Income to become common and that’s when rents stabilize albeit at a much lower price. Or higher. Inflation only remains flat if shelter in place (aka velocity of money) remains efficient
What if you have rental but hold no mortgage. If renter can't pay rent..is there any programs for landlords that are not paying a mortgage payment because they are paid off, but count on rent as part of there income??
I’ve asked the same question in a few different channels, and no answer. I bet landlords are the ones who end up getting screwed. No income for landlords for 4 months+
The majority of rental homes and airbnb's are held by mom and pops. For the ones with mortgages, i am guessing they will want sell as this recession rolls out. Thoughts?
Ken the jiver (like the rest) @ 09:45 sums it all up...in other words, you may loose your investment(s) as NO-THING, no investment whatsoever, is bullet proof and cash is King Kong baby!
Bolonie. I have tenants who abuse the situation, have a job and don't pay rent hiding behind cdcf afgidavit.what do I do in this kind of situation? good tenants, bad tenants. there are always good and bad people everywhere. there's no objective goal of this video except for glorifying tenants
Look for property with already stable income. And when you come in, show that you care without trying too hard. Offer to supply toilet paper by buying in bulk wholesale. Offer to install automatic Purcell dispensers at the entrance and common areas. Suggest recipes for everyday items that they can use to barter with other people in the neighborhood
There will always be people with some cash and income who want to buy homes, but they cannot get a bank mortgage loan; so they cannot deliver all cash at closing. There will always be people under distress who MUST sell their homes, but they cannot find a buyer who can deliver all cash at closing. There will always be opportunity for people who understand how to solve those problems. I am ready to buy and sell homes with creative financing for those people who need my help.
BLA....BLA..BLA..BLA...SO.... You don't know? Answer the question! Yayy! $1,000 dollars, I can defenetly pay a whole year of my morgages with my one thousand dollars. All I got of your video is, "The landlords are screwed on this fake plandemic."
Exactly - never clearly explained what can landlords do if the rent isn't paid - but to communicate. Uncle sam cares less about communication, he wants his tax money, or else, he'll show you who's in charge without wasting time communicating.
Ken McElroy entitlement programs for the rich are called bailouts. Liquidity from the Treasury won’t be enough to maintain. We ALL must downsize because 30%unemployment means that...downsizing. Don’t companies who have massive layoffs have a better balance sheet? If you don’t want the govt taking your assets, get small. Get small, Kenny!
Expect to get your hands dirty. Serving people in a personal way. Remember the guy who doesn’t want to fix toilets at 2am? I bet he will change his tune now
Great topic ken. Tenant default on landlord, landlord default on bank, bank default on it's profit dividend and then ask state to bail out...
#1 I only do a 6 month lease
#2 I always get 1 month last month and damage deposit before move in
#3 I’m letting the last month rent kickin under these economic times
#4 Communication is very important 👍
If your mortgage is Freddie or Fannie, bank is required to give you forebearance (yes on investment loan). No pay for 6 months. Save back what you can, you may need for next 6 months. Im also contacting tenants and giving monthly $250 credits if rent is paid and on time.
I talked to my renters and cut their rent back for 3 Months with no paym't make up. We are all happy and enough money is coming in to pay bills. I am grateful for their staying and paying a lesser amount.
Same here.. $ 250 off for 3 months. if paid on time. Many ppl have $ (gov cks) but just keep hearing they don't have to pay the rent.
good for you. That sounds wise and compassionate
We did the same 1/2 rent for April & May
I immediately lowered rents, and my rentals are already reasonable and fair. Did the same in 2001 when many stubborn landlords were holding tight with their pricing. Their rentals were going empty for months on end but mine remained occupied. Flexibility is the key.
lowered rents how much? $10? 10%?....
My rentals are also very reasonable and fair priced, if I had to lower them I’d sell and leave the business, not worth the hassle anymore. I don’t think that’s being stubborn.
So it depends on the tenants. And it depends on the bank. If my tenant is not paying ,I would make a new lease with my tenants, and might bring in roommates in the house. As for the bank, try to negotiate interest only payments , maybe a refi provided you show your new cash flow
Fortunately most of our tenants can work from home so they are still getting paid. One of our tenants was laid off but we think he will get a job paying less money, His girlfriend and teenage kids can also get jobs to chip in.
Landlords should stop pay taxes
I went broke in 2008 when the market tanked. This time I have plenty of cash to survive this thing. This too shall pass. I think in 6 weeks we will be coming out of this.
6 weeks?!? Lol. Maybe, MAYBE, 6 months- at the minimum.
Per Ken, 20-30 unemployment rate...that’s Depression number. During 1929 Depression, market didn’t bottom til 1931/1932.
I live in the SF Bay Area and storefronts in Union Square are boarded up. This correction is going to last long enough for Univ Basic Income to become common and that’s when rents stabilize albeit at a much lower price. Or higher. Inflation only remains flat if shelter in place (aka velocity of money) remains efficient
Yea we are communicating, but the banks will not, be realistic.It is going to be very messy!
Another way is to talk to the city to subdise the rent . The city will work it out with you and tenant
What if you have rental but hold no mortgage. If renter can't pay rent..is there any programs for landlords that are not paying a mortgage payment because they are paid off, but count on rent as part of there income??
I’ve asked the same question in a few different channels, and no answer. I bet landlords are the ones who end up getting screwed. No income for landlords for 4 months+
He made a good point call the insurance companies you have
Take an equity loan against a property. Not rocket science.
We’re entering a world negative cash flow from small guys to big corporations
Hospital renters are only profitable if they are travelers. My nurses are getting hours cut and they used to want to fly in.
The majority of rental homes and airbnb's are held by mom and pops. For the ones with mortgages, i am guessing they will want sell as this recession rolls out. Thoughts?
Don't waits go to Court .don't wait it will hurt you.every second count it happened to me.l was nice now l have nothing 🤔
Ken the jiver (like the rest) @ 09:45 sums it all up...in other words, you may loose your investment(s) as NO-THING, no investment whatsoever, is bullet proof and cash is King Kong baby!
Thank you
You're welcome Margaret! I'm glad you found it helpful.
Hi Ken.. I need to buy me a my own cpa office. Do you have any advise for me. I am in Dallas. Thanks
Thank you for the Video!
5 years you should have a lot more than 2 rentals.
Thanks again ken
Great question..thanks
Bolonie. I have tenants who abuse the situation, have a job and don't pay rent hiding behind cdcf afgidavit.what do I do in this kind of situation? good tenants, bad tenants. there are always good and bad people everywhere. there's no objective goal of this video except for glorifying tenants
Is now a good time to invest in multifamily rental property? I mean can we find good opportunities?
larissa teixeira
In 2-3 yrs...
Look for property with already stable income. And when you come in, show that you care without trying too hard. Offer to supply toilet paper by buying in bulk wholesale. Offer to install automatic Purcell dispensers at the entrance and common areas. Suggest recipes for everyday items that they can use to barter with other people in the neighborhood
I give this interview 2/5
What about seller financing property?
There will always be people with some cash and income who want to buy homes, but they cannot get a bank mortgage loan; so they cannot deliver all cash at closing.
There will always be people under distress who MUST sell their homes, but they cannot find a buyer who can deliver all cash at closing.
There will always be opportunity for people who understand how to solve those problems.
I am ready to buy and sell homes with creative financing for those people who need my help.
Seller financing is always a good option. SBA right now is the best option.
Hey Ken love your videos your teaching. My question is how do i calculate percentage or share to my investors. Thanks again love your channel
Social distance anyone?
Who s the guest for this session?
@@JM-zo8lz ha!!
That’s because it’s his girlfriend
Hi Ken
Thanks for all the information keep it coming
Regards Kit Barker
Soooooo....let em slide, or boot em?
BLA....BLA..BLA..BLA...SO.... You don't know? Answer the question! Yayy! $1,000 dollars, I can defenetly pay a whole year of my morgages with my one thousand dollars. All I got of your video is, "The landlords are screwed on this fake plandemic."
are your rentals under a entity?
Ken is that a Panerai?
She is a good looking landlord.
It’s his gf
Exactly - never clearly explained what can landlords do if the rent isn't paid - but to communicate. Uncle sam cares less about communication, he wants his tax money, or else, he'll show you who's in charge without wasting time communicating.
I think banks ARE in the business of owning rentals. Chase bought 2 of my loans. @RandyPatric has a video with excellent information about that.
Rent will be last thing in tenants mind now.
Owning rentals doesnt work for the next few years.
Ken McElroy entitlement programs for the rich are called bailouts. Liquidity from the Treasury won’t be enough to maintain. We ALL must downsize because 30%unemployment means that...downsizing. Don’t companies who have massive layoffs have a better balance sheet? If you don’t want the govt taking your assets, get small. Get small, Kenny!
Big FAIL...she needs a property manager.
a property manager for a condo and a house? Don't you think it's a bit of waste?
Ricky su what is a property manager?
Expect to get your hands dirty. Serving people in a personal way. Remember the guy who doesn’t want to fix toilets at 2am? I bet he will change his tune now
Ken: "we have 10,000 tenants", Guest: "I have 2". Wow