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.
LIMITED TIME: Get 2 FREE STOCKS ON WEBULL when you deposit $100 (Valued up to $1400): https://act.webull.com/k/Vowbik9Tm5he/main
JOIN THE WEEKLY MENTORSHIP - https://the-real-estate-agent-academy.teachable.com/p/graham-stephan-mentorship-program/
THE NEW PODCAST: https://www.youtube.com/channel/UCMSYZVlQmyG8_2MkIKzg0kw
The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://bit.ly/2STxofv $100 OFF WITH CODE 100OFF
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
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.
Hi
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So if a load of properties flood the market, would that make them all way cheaper?
I’m literally 17 years old and I have no idea why I am watching this…
Who wants a landlord who goes on the internet talking about their business of being a landlord? Also is he a LAWYER? Real estate is governed by fair housing laws. Anything landlords say online can AND WILl be used against them if they ever run into a whistleblower with a really powerful lawyer (we exist to balance the scales a bit for the tenants).
The solution is guaranteed housing and the elimination of private landlords. Many landlords and real estate invetors are incredibly intransigent and think they're all powerful and that tenants are powerless. Denying rentals based on credit-score and/or prior rental history (look up Marla Hanson's problems with her landlord to show why a landlord's opinion shouldn't count for anything) could even be illegal. Also keep this in mind about ANY rental: tenants who knew about problems likely never said anything, but instead moved, so they wouldn't have a retaliatory "eviction lawsuit" on their record. Some landlords even think no tenant could ever possibly sue them under fair-housing laws and act incredulous when one does. The virus pandemic is showing just how pathetic and evil most landlords are, to the point where the entire concept of a landlord should be abolished.
Here's my question: when landlords evict all their delinquent tenants, who do the landlords expect will replace their previous tenants? Are they under the impression that a new wave of tenants is waiting in line to move in? Nobody wants to move right now. Practically nobody has a job. Who has money to move and pay a deposit, or wants to move in the first place? Seems like a major oversight. Landlords are still thinking in a pre-Covid mindset. The only way to attract new tenants would be to lower their rent significantly.
watching this right now and i couldnt stop laughing at 7mins in. "i'm sure by aug 1st comes around we'll figure something out." HAHAH our politicians are still infighting. that eviction wave has started. the extra cash from unemployment, gone too.
Hey Guys! Graham is such an inspiration to me so I have started my own youtube channel with financial content in Australia!
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Hey Graham ever consider starting a fund to help those affected by COVID instead of buying another property?
Graham you are very very informative and this videp was very educating and useful. Thank you. I am subsctubeing
My landlord won’t evict ppl that really should be evicted. It’s why I’m not renewing my lease
All of this assumes that renters and homeowners are willing to surrender their property. There are already angry mobs that have beaten up landlords trying to file evictions in court. You've now got millions who are about to be homeless. If the landowners and banks think people will just take it because "muh property rights" they have another thing coming.
Things are about to get. . . Interesting.
This is why I don't invest in real estate I only invest in stocks and crypto currency
"Tempowearely"
I lived in apartments building, the landlords never wanted to work out something. Even to take rent in two parts (payments)
Was evicted yesterday and leasing in the same place again even though they legit threw away all my belongings
I'm refinancing my home and I'm saving $250 on my mortgage.
Courts will be overwhelmed!
Sells will drop along with prices when the fall out starts, full wipe out coming! You will owe more money than your property is worth!
Just like Kevin!
A lot of people think landlords are always millionaires but sometimes it is someone who csn barely get by with the rental payments and is in deep doodoo without the money
Please evict them.
They are milking the "system" They obviously have extra money for extra "goodies" but not money for rent. The whole situation is fishy. Especially if they drive really nice and freshly car washed vehicles.
Do landlords don’t understand that if they lose their tenants in 2020 there’s no way in the world that they could find a new tenant that will pay pre-corona rent prices? They have to adjust to the market