Millions of Americans skipping payments as wave of defaults and evictions looms

Post by srj » Thu, Jun 04, 2020, 1:27 AM UTC

mikem170 wrote: post #246

shock-value wrote: post #215

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Many states are experiencing continued increase in infection rates. See https://www.worldometers.info/coronavirus/usa/california/ , https://www.worldometers.info/coronavirus/usa/texas/ , to a lesser extent https://www.worldometers.info/coronavirus/usa/florida/ for example. Deaths will lag that. Doubling time is really only a legitimate factor insofar as we can develop vaccines and treatments in the interim, and that…

I wonder what those numbers would look like taking into account that there has been much more testing online in the last several weeks? (so of course the number of detected positives goes up) I grant that the worst might not be behind us, but I also keep in mind that the experts said from the beginning that most likely outcomes are that this will become another variant of the common cold or flare up some years simila…

Post by AlexCoventry » Thu, Jun 04, 2020, 1:31 AM UTC

alistairSH wrote: post #330

inetknght wrote: post #234

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The largest insurance claim I've had was for a little over $5k for a vehicle repair after collision while avoiding a pedestrian in the street. I'm not sure if you think that's "large" but it was very painless to do IMO.

Nope, not large. A friend had an Aston Martin that caught on fire. About a $120k car. It took months of investigations to close that claim. Insurance pointed finger at AM, AM wanted their own investigator, fire inspector involved, etc. And that’s not even large relative to a house or business.

Post by oillio » Thu, Jun 04, 2020, 1:34 AM UTC

echelon wrote: post #335

ctchocula wrote: post #291

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My understanding is that the appeal of owning real estate yourself is housing mortgages gives you: (1) the cheapest leverage available to retail investors and (2) a loan that can't be margin-called. In an upmarket, this leverage lets you juice your returns. Say you only have $200,000. Then by getting a mortgage of $800,000 you get ownership of a house worth $1M. This gives you the right to the cashflow from renting t…

> a loan that can't be margin-called What do you mean by this? That the loan can't be eagerly collected in full? That the repayment is on a schedule?

Post by porknubbins » Thu, Jun 04, 2020, 1:40 AM UTC

xenospn wrote: post #283

busyant wrote: post #267

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> These stories that come out of the woodwork every time tenants are mentioned are why I’ll never be a landlord. My wife and I own a number of (8) rental properties. My wife manages them and we rarely have problems with tenants. I will tell you what I think is the secret. My wife figuratively crawls up the ass of all prospective tenants. She needs to see credit history, pay stubs, and proof of punctual rent payments…

Last time I rented from a private person, they asked me for some basic information. I sent them my last 3 pay stubs and a credit check in a short email. They accepted me on the spot, and said most people can't even manage to write a proper email.

Post by novok » Thu, Jun 04, 2020, 1:41 AM UTC

BeetleB wrote: post #265

novok wrote: post #159

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There is a 'blood from a stone' aspect from lower income tenants. If they trash a house and cause six figure damages to your property, your not getting your money back, and typically landlord insurance does not cover intentional damage: https://webcache.googleusercontent.com/search?q=cache:CoWtuC... Also people growing up in poverty experience higher stress, so the probability of them doing the 'going mental' thing i…

You can get vandalism insurance. I don't know any landlord that does get it, though.