Date: 2020-06-25 17:05:15

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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

*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

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