Date: 2020-06-26 22:30:03
A new study shows that up to 23 million tenants are at risk of eviction in the coming months – here are my thoughts, and what can be done about it. Enjoy! Add me on Instagram: GPStephan
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Across the United States, Real Estate Eviction Freezes are slowly beginning to expire – meaning, landlords can begin issuing eviction notices for tenants who haven’t been paying their rent. Now, on the one hand – missed rental payments like this are NOT forgiven, and just because a tenant can’t be evicted, doesn’t mean that they DON’T owe rent…but, on the other hand, if tenants didn’t have the money to pay rent – why would they, all of a sudden, have the money to pay when the eviction freeze is lifted?
Unfortunately, though – there’s no solution where EVERYONE wins, and it’s going to be difficult for everyone involved. So, that just leaves us with a few options: one, if you’re a tenant: try working out a deal with your landlord. I’ll tell every landlord the same thing: evictions are a last case resort, and while there ARE cases where eviction is absolutely necessary: it should NOT be the main focus.
Instead, as a Landlord – it’s MUCH better, and CHEAPER, to work out a deal where your tenant can continue living in the property, and get on a payment plan to make up lost rent, than proceed forward with an eviction. Logistically, if the eviction freeze is lifted and landlords all rush to get evictions out – the eviction process is likely to take awhile. Courts will be backed up, and unless they find a way to expedite all the claims – it could take several more MONTHS to from start to finish to go through an eviction.
Now, I also get it – owning a rental property is a business, and when you have a client not paying you for your service, you’ll need to demand paying or cut ties. But, this is a unique circumstance where a BETTER outcome for EVERYONE is typically in working out a payment plan and KEEPING the tenant, or working out a reduced rent in order for the tenant to continue paying and living in the property…usually, that’s way cheaper than cleaning up the unit and then waiting for a new tenant to move in.
I also HIGHLY recommend another alternative to evictions – and that would be “Cash for Keys.” This is a practice in which the landlord will pay the tenant to vacate the property by a certain date, and this does a few things – the landlord can get a tenant out faster, can re-rent the unit faster, and doesn’t miss out on lost rent – and, some of those savings are passed on to the tenant in exchange for leaving.
In both situations – whether it be a cash for keys, or working out a payment plan – both sides work together and should HOPEFULLY come to a resolution where everyone is happy. If that doesn’t happen, and there’s a MASS wave of evictions – then the real estate market could be headed towards some serious trouble, not to mention – all the people that’ll be forced out of their homes.
Until then – it’s up to us to do the best we can to work together to find a happy middle ground – and I have a feeling, payment plans, reduced rent, or a cash for keys option would be WAY less expensive and time consuming than waiting for an eviction in the next few months.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
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