eviction
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This is final article of a three-part series on how he stumbled into real estate investing at age 23. Be sure to read part one and part two.
In the second part of this series, I discussed two mistakes I made when jumping into real estate investing. Despite running a successful property management company and knowing how the business worked:
- I bought a negative cash flow property without an emergency fund
- I got emotionally involved
In the conclusion of this series, I want to share three additional mistakes I made, and give my final thoughts on my experience. Let’s jump right in.
Mistake #3: I had a short-term mentality
I had just purchased an 8-unit apartment building, the value of which would take several years to restore. Despite knowing this, I was operating as if I could solve all the issues in the first four weeks. But it simply wasn’t going to happen. In real-estate slang, I had just bought the quintessential “buy-and-hold” property, but was approaching it as an aggressive “flip“.
On paper, I knew it was a long-term game all along. I had even cited the 2012 Super Bowl (being held in Indy) as having potential to add value to the area when we were pitching our buying plan. Once I signed the dotted line, I allowed my excitement to take control and I tried to inject value into the property as fast as I could. That almost never results in a positive outcome.
In my rush to make my first real estate purchase into a record-setting success story, I was actually doing serious harm. This unrealistic mindset:
- caused me to rush decisions,
- increased the stress of minor setbacks, and
- encouraged more emotional attachment.
In hindsight, ensuring that I had a realistic mindset (on more than just paper) would have made a large, tangible difference. This was one of the few areas that I could have quickly corrected even after the purchase.
Mistake #4: I focused too much on price
As I outlined in part one, we had purchased 8 units for under $80,000. While only three tenants were paying, all units had occupants (meaning they were at least semi-livable). The price was so low, I couldn’t focus on anything else.
One of the main reasons for the low price was the neighborhood: It wasn’t just a low income area — it was one of the lowest income areas in the entire city. The units rented for an average of $450/month, which included all utilities.
Economically depressed neighborhoods bring plenty of unexpected issues for first-time real estate investors. I had factored in a higher vacancy rate and knew the average tenant would be more transient than normal. However, I hadn’t accounted for the emotional impact of dealing with issues like drug addictions or existing racial tensions.
I was especially naive of any racial issues. My race differed from the majority of my new tenants; I didn’t anticipate it, but this caused additional hurdles in many situations. As it turns out, you didn’t have to travel very far to find examples of racist landlords in the area. Whether I liked it or not, this was a real barrier that I had to work to break through.
Focusing too much on price also meant I skipped looking into problems with the paying tenants. One of the three paying tenants when we took over was named…Amber (at least that’s what we’ll call her here).
Amber had at least two, completely opposite personalities. The first was of a stereotypical southern belle. She’d greet me with a warm smile, invite me inside, and offer me something to drink or eat. She’d say things like, “I hope you have a Jesus day,” whenever I’d leave. The first three times we met, I assumed she was the best tenant of the whole building.
Unfortunately, Amber’s second personality was less friendly. It involved ranting, screaming, and at least three explicit words per sentence. She’d call and leave 17 voicemails within a hour, each one more incoherent than the last. At times it was so bizarre I felt like pinching myself to be sure I was conscious.
Despite annoying several of the other tenants and causing numerous problems for us, she paid her rent in full and on time. As I pointed out in part two of the series, our lack of emergency fund put us in a situation where kicking out any paying tenant was a very hard decision.
The final straw came one day when we were having a company install new furnaces in the building. Amber intentionally waited until the crew was almost done with the job and dialed the fire department. She claimed that the HVAC company was trying to kill her by piping gas straight into her apartment through the air ducts. As you would expect (and appreciate), the fire department takes any calls of gas leaks very seriously.
Within ten minutes, there were three fire trucks parked outside of the building. While examining Amber’s unit, she also took the liberty of informing the firemen that the HVAC crew had molested her cat. The biggest problem with her story was…she didn’t even have a cat.
While the fire department quickly realized the problem likely existed in Amber’s head, they weren’t taking any chances. It took almost 90 minutes to allow them to check every unit and for the HVAC company to demonstrate the condition of the new furnaces (which hadn’t been turned on yet). At the end of the day, the HVAC company had done everything 100% correct and there was no trace of even the slightest leak.
I left the property and drove straight to the courthouse to file the eviction. I had a long list of violations and tenant complaints against Amber and the on-time monthly payment was no longer worth the hassle. I had dealt with volatile tenants before, but nothing like what I had inherited in Amber!
Mistake #5: I should have partnered to eliminate my weaknesses
What I wanted to do was buy a property in decent physical condition with existing management issues. After all, management was (supposedly) what I was good at. However, I ended up buying a property with both management and physical issues.
While I had people that I trusted to do repairs and maintenance work, I had absolutely no experience in knowing what it would take to get certain jobs done. I was a relationships guy: I did a great job at acquiring clients, managing tenants, and finding dependable people to execute the repairs. What I couldn’t do was swing a hammer, let alone estimate what it would cost to replace the gutters.
And while I did have a partner, we had similar strengths and similar weaknesses. Looking back, we should have brought on an additional partner whose strength was in repairs and maintenance issues. This would have allowed us to focus on the management without distraction and would have lowered our need for money upfront.
An alternative solution would have been to partner with someone with deeper pockets who could properly fund our needs. It would have cost us more to outsource all the repairs (which we did anyway), but we could have made up the money by focusing more on our own strengths.
Concluding Thoughts
After a volatile year of management and countless hours of effort, I transferred the property for an amount that netted me around $10,000. To be fair, I had also made between $2,000-$4,000 throughout the year. But I’m actually terrified to think of what my hourly rate would be if I factored in the amount of time I spent researching, buying, managing, and eventually selling the units. All things considered, it could have turned out drastically worse. I consider myself very lucky.
Despite my turbulent experience, I’m not against real estate investing. In my experience (with both my own situation and many of my clients), most first-time investors rush into their purchases. My hope is not to discourage people from investing in real estate; instead, I hope that sharing my naive mistakes will help people evaluate whether they have the stability to invest and what type of property best fits their strengths and risk tolerance.
The property I bought was an amazing deal; I still believe that to be true. However, as you can tell from the series, I believe it was a terrible mistake on my part to purchase it. So if you take anything away from my experience, let it be this:
Real estate investing is subjective. A property or purchase can be a fantastic deal for one person and a horrible mistake for another. Crunching the numbers is essential, but you’ve got to take the steps to ensure it fits into your portfolio and life plans. Finally, keeping your emotions out of the process is going to be harder than you think. Prepare extra for this!
Despite everything, Courtney and I still plan to include real estate rentals in our long-term plans. It’ll be at least 5-10 years down the road for us. Once we’ve finished paying off debt and saved heavily for retirement and college, we’ll be ready for round two of real estate investing.
At the very least, we’ll have plenty of first-hand mistakes from which we can build!
J.D.’s note: Wow! As I mentioned when Adam started this series, I find myself drawn to real-estate investing. I have no experience with it, have no handyman skills, and have no spare time, but there’s just something about owning rentals that appeals to me. Unfortunately (or perhaps fortunately, depending on how you look at it), after Adam’s series on being a landlord, I don’t think Kris is ever going to let me own a rental!
Source: getrichslowly.org
Apache is functioning normally
Robert Lawrence woke up on May 8 and found an eviction notice plastered on the door of the rent-stabilized apartment he has lived in since 2021.
“120 DAY NOTICE OF TERMINATION OF TENANCY,” it said.
Owners of the Barrington Plaza said it would evict all residents in the 712-unit complex in West Los Angeles so that it could add fire sprinklers and safety upgrades following two significant fires in 10 years.
Lawrence and many of his neighbors in the complex jumped into organizing to stop what would be one of the largest evictions in the city in years.
On Monday, the Barrington Plaza Tenants Assn. sued the complex’s owner, Douglas Emmett Inc., accusing the company of misusing a California law that allows landlords to evict tenants if they exit the rental market. Lawyers and advocates involved in the case warn that if the owners follow through with the eviction of over 500 tenants, landlords of other affordable apartments may do the same — and have in the past.
“It’s a devastating joke for a lot of people who have managed to strike gold with being able to get an affordable home in Los Angeles,” said Nima Farahani, a lawyer representing the Barrington Plaza Tenants Assn.
The Ellis Act was created in 1985 to enable landlords to exit the rental business, often to convert apartments into condominiums. Landlords in Los Angeles have evicted tenants using the Ellis Act from over 28,000 units since 2001, according to data gathered from the city Housing Department by the Coalition for Economic Survival, a grassroots policy organization involved in the lawsuit.
Advocates have routinely accused landlords of abusing the act to transform older buildings — including rent-controlled units — into luxury apartments.
“They don’t need to make this many people homeless for an updating project,” Farahani said, noting the building has over 150 vacant units.
Eric Rose, a public relations representative for Douglas Emmett, said Barrington Plaza’s owner is unsure how it will use the apartments after renovations.
“To the extent that the units were brought back onto the rental market, the owner would follow all obligations relative to former tenants as provided in those state and local rules,” Rose said in an email to the L.A. Times.
Landlords must compensate tenants if they rent out an apartment after two years of evicting residents with the Ellis Act, but their liability decreases with time.
Lawrence works in entertainment and described his fellow residents — including hairdressers, dog walkers, waiters and an Uber driver — as people who “work in service industries for our more affluent neighbors.”
Advocates like Larry Gross, executive director of the Coalition for Economic Survival, say that Douglas Emmett will likely reopen the units after renovation and jack up rents. Gross said this will open the “floodgates” for other landlords to follow suit.
“If we do not prevail, this literally puts a bull’s-eye on the back of every rent-controlled tenant in the city and state, who now will be vulnerable to landlords like this filing bogus Ellis evictions to get them out to raise rent,” Gross said.
Gross notes that Douglas Emmett donated $50,000 to fight Measure ULA, the so-called mansion tax, which voters ultimately passed and generates funding for affordable housing and homeless prevention.
In the coming weeks, Farahani said that lawyers plan to ask the court to stop all evictions until the lawsuit is resolved.
On the day of the eviction announcement, tenants found what Lawrence called the “iconic” Barrington Plaza sign painted over in black.
“It felt like we’d been erased,” Lawrence said.
Source: latimes.com
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Eviction filings have risen more than 50% in some cities when compared to pre-pandemic levels, as expiring relief measures and economic volatility play havoc with the finances of renters in certain parts of the country.
This is according to data from the Eviction Lab at Princeton University, as reported by the Associated Press.
“Protections have ended, the federal moratorium is obviously over, and emergency rental assistance money has dried up in most places,” Daniel Grubbs-Donovan, research specialist at the Eviction Lab told the AP. “Across the country, low-income renters are in an even worse situation than before the pandemic due to things like massive increases in rent during the pandemic, inflation and other pandemic-era related financial difficulties.”
Eviction Lab tracks data in roughly 36 cities and 10 states, finding that eviction filings are more than 50% higher in certain areas. Landlords file about 3.6 million eviction cases each year, according to the organization.
Among the cities with the highest rates, Houston came in the highest. Evictions there were 56% higher in April and 50% higher in May, according to the data. In Minneapolis/St. Paul, rates were 106% higher in March, 55% higher in April and 63% higher in May. Nashville was 35% and Phoenix was 33% higher in May, while Rhode Island was 32% higher in May.
“The latest data mirrors trends that started last year, with the Eviction Lab finding nearly 970,000 evictions filed in locations it tracks — a 78.6% increase compared to 2021, when much of the country was following an eviction moratorium,” the Ap report said. “By December, eviction filings were nearly back to pre-pandemic levels.”
Rent prices have also steadily increased, being roughly 5% higher in 2023 over last year, and over 30% higher in 2023 when compared to 2019 according to data from Zillow as shared in the report.
As federal relief programs from the pandemic are increasingly expiring or becoming phased out, calls for additional resources from Congress have failed to gain any significant momentum, particularly as concerns over spending dominate the legislative agenda of the U.S. House of Representatives.
The expiration of eviction moratoria is also leading to higher rates of eviction. But similarly to a lack of will seen in the U.S. Congress, a number of state legislatures have not seen any meaningful legislation emerge to combat the trend, despite organized efforts in states like New York and Texas.
However, several pandemic housing relief measures have been made permanent.
Nationwide, 200 measures have passed since January 2021, including legal representation for tenants, sealing eviction records and mediation to resolve cases before they reach court, according to the National Low Income Housing Coalition.
Source: housingwire.com
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Of the estimated 211,154 residential units foreclosed on in California during 2009, roughly 77,145 were rental units, according to a new report focused on tenant rights.
The foreclosures resulted in the displacement of an estimated 208,795 tenants who were living in single-family homes, condos, and multi-family apartments, despite likely making on-time mortgage payments every month.
From 2008 to 2009, there was a 70 percent increase in the foreclosure rate of apartment buildings of five units or more – single-family foreclosures fell 3.1 percent year-to-year.
An overwhelming 85 percent of the foreclosed properties went back to banks and mortgage lenders in 2009, while private investors took the rest.
During the year, banks forfeited more than $776 million in rental income, focusing on booting tenants by hiring lawyers to litigate eviction cases and having real estate agents carry out cash-for-keys deals.
“Once the properties are vacated, they become prime targets for vandalism, further contributing to plunging property values, and creating legal liability for banks as the owners of blighted vacant property,” the Tenants Together report said.
“Furthermore, banks continue to tarnish their standing in local communities by maintaining their policies to evict rent- paying tenants.”
Fannie Mae and Freddie Mac have implemented post-foreclosure programs to assist renters, but many banks apparently continue to see tenants as obstacles to future profits.
Tenants Together is calling for better tenant protections, including making the “Protecting Tenants at Foreclosure Act” (PTFA) permanent, passing local “just cause for eviction” laws, providing tenant notification when a landlord receives a foreclosure filing, and boosting legal funding for tenants in foreclosure situations.
Currently, PTFA provides tenants with the right to a 90-day notice to vacate after foreclosure and requires new owners to allow tenants with leases to continue occupying properties until the end of the lease term, unless sold to a buyer who intends to occupy the property as their primary residence.
Source: thetruthaboutmortgage.com
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The owners of Barrington Plaza, an aging Los Angeles apartment complex with a record of life-threatening fires, said Monday that they plan to evict all tenants to make way for a sprinkler retrofit that will cost more than $300 million and take several years.
Landlord Douglas Emmett Inc. notified city officials that it will withdraw all 712 units in Barrington Plaza from the rental market under the Ellis Act. The state law allows landlords to remove tenants from rent-stabilized apartments if their building is removed from the rental market.
It is expected to be one of the largest mass evictions in the city in recent years, affecting 577 occupied units, some of which house tenants who have lived in the property for decades under rent controls that keep their monthly payments below market rate.
Residents were notified Monday of the planned closure.
Tenant rights advocate Larry Gross of the Coalition for Economic Survival said Douglas Emmett should have planned to temporarily relocate the tenants and allow them to return to their rent-controlled units when repairs are complete.
“There are long-term tenants who are going to end up being displaced and will have to pay much higher rents” in the future, he said. “They won’t be able to find comparable housing in the neighborhood or even the city.”
The complex at Wilshire Boulevard and Barrington Avenue in L.A.’s Sawtelle neighborhood will be returned to the rental market when the upgrades are complete, the landlord said. No completion date has been set and there are no provisions for tenants to return to their units.
Current tenants may have as long as a year to move out and, in the case of elderly or disabled occupants, could receive more than $22,000 in financial assistance for relocation, the landlord said.
Relocation expense payments for tenants who have lived in the building for less than three years will be as much as $9,200 and may be used for such costs as first and last months’ rent in another apartment, security deposits and moving fees. The dollar amounts follow city eviction guidelines.
Due to high turnover, most tenants are currently paying market rate rent, the landlord said.
The three-tower complex was built in the early 1960s, which puts it in a group of 55 residential towers in Los Angeles that are exempt from laws requiring sprinklers that are triggered by fire. Sprinklers are mandated in most apartment buildings, but the city has maintained an exemption for high-rises built between 1943 and 1974. Among them are condominium buildings occupied by owners who have resisted the expense of adding sprinklers.
The lack of sprinklers at Barrington Plaza proved dangerous in 2013, when one of its three towers caught fire, displacing 125 residents. Fire erupted again in the same 25-story structure, known as Tower A, in 2020. A 19-year-old man died and 13 people were injured, including a 3-month-old baby and two firefighters. Eight floors in the building were red-tagged by city inspectors as unsafe to occupy and remain vacant.
Although city law does not require Barrington Plaza and other residential towers of its era to perform sprinkler retrofits, city officials did make approval of Barrington Plaza’s planned repairs from the 2020 fire contingent on upgrading the safety standards of all units.
“We understand the impact removing all Barrington Plaza rental units from the market will have on our tenants,” Douglas Emmett Chief Executive Jordan Kaplan said in a statement. “Unfortunately, this is the only way to comply with city directives to install fire sprinklers and other life safety improvements throughout the towers following the January 2020 fire.”
Barrington Plaza will have relocation specialists available at the property who can provide individualized tenant support and aid in locating, viewing and moving into new residences, the landlord said. There will also be a telephone hotline to answer tenant questions.
“Although almost 75% of our residents have been at Barrington Plaza for less than three years, we have some residents that have been here over 20 years, and we want to make sure that this process is as seamless as possible for them,” Kaplan said. “That is why we are going far beyond the Ellis Act requirements by providing individualized relocation support tailored to the specific circumstances of each tenant.”
Gross said the landlord should use other means to protect tenants’ housing at Barrington Plaza.
“That’s one of the largest complexes on the Westside,” he said. Its “rent-controlled units will be lost forever if they use the Ellis Act.”
Source: latimes.com
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With moratoriums on evictions throughout the country starting to expire, tenant groups are stepping in to try and save people from losing their homes.
Tenant organizers in South Central Los Angeles last week quickly organized a protest after a local landlord removed one resident’s belongings following their eviction. The landlord had changed the locks on the tenant’s apartment a week after he missed a rental payment, The Real Deal reported. More than 30 tenant organizers arrived at the property to protest his eviction, and blocked a moving company from loading his possessions into a van. They also hired a contractor to remove the new lock with a power drill, before moving the renter’s belongings back into the home.
David Wholman, the landlord, told The Real Deal that he had been “overwhelmed” by the response, saying he’s never seen anything like this happen before. He added that the tenant can stay put for now.
These kinds of efforts to keep renters in their homes following eviction are strategic, said Trinidad Ruiz, a member of the Los Angeles Tenant Union. “If you don’t have possession of the home going into court, you lose, because you’re already evicted,” he told The Real Deal.
It’s said that 27 U.S. states still have moratoriums on evictions in place following the COVID-19 outbreak, but the rest of the country has lifted those rules. And in the states where moratoriums are still in place, some landlords are suing to try and get the bans removed.
A recent report from the Aspen Group said 23 million renters across the U.S. are currently at risk of being evicted from their homes.
President Donald Trump said on August 3 that he might consider executive action to impose a sweeping federal moratorium on evictions while a new stimulus package designed to provide pandemic relief progresses through Congress. The previous moratorium on evictions for federally backed mortgages expired on July 24, and several state moratoriums are also set to expire this month.
Instead of extending eviction moratoriums, the National Association of Realtors has asked policymakers to provide rental assistance for those experiencing pandemic hardships.
“If residents are unable to pay their rent, housing providers will also be unable to meet their mortgage obligations, fund their payrolls and pay their property taxes to state and local governments that have been hardest hit by the pandemic. That, in turn, is likely to catalyze a chain of events with potentially devastating financial and economic effects,” The NAR said in a letter sent to congressional leaders on July 31.
While the wrangling goes on, tenant groups are stepping up their efforts to prevent people losing their homes. Several groups recently staged a protest at the New Orleans city courthouse, barricading themselves inside the premises. Due to this, the courthouse was unable to open and proceed with several planned eviction hearings on that day.
“The reason we’re seeing more militant direct action from tenants is because of weakened protections,” said Patrick Tyrell, a staff attorney at Mobilization for Justice, a nonprofit organization that provides free civil legal services. “What else can they do?”
Source: realtybiznews.com
Apache is functioning normally
With moratoriums on evictions throughout the country starting to expire, tenant groups are stepping in to try and save people from losing their homes.
Tenant organizers in South Central Los Angeles last week quickly organized a protest after a local landlord removed one resident’s belongings following their eviction. The landlord had changed the locks on the tenant’s apartment a week after he missed a rental payment, The Real Deal reported. More than 30 tenant organizers arrived at the property to protest his eviction, and blocked a moving company from loading his possessions into a van. They also hired a contractor to remove the new lock with a power drill, before moving the renter’s belongings back into the home.
David Wholman, the landlord, told The Real Deal that he had been “overwhelmed” by the response, saying he’s never seen anything like this happen before. He added that the tenant can stay put for now.
These kinds of efforts to keep renters in their homes following eviction are strategic, said Trinidad Ruiz, a member of the Los Angeles Tenant Union. “If you don’t have possession of the home going into court, you lose, because you’re already evicted,” he told The Real Deal.
It’s said that 27 U.S. states still have moratoriums on evictions in place following the COVID-19 outbreak, but the rest of the country has lifted those rules. And in the states where moratoriums are still in place, some landlords are suing to try and get the bans removed.
A recent report from the Aspen Group said 23 million renters across the U.S. are currently at risk of being evicted from their homes.
President Donald Trump said on August 3 that he might consider executive action to impose a sweeping federal moratorium on evictions while a new stimulus package designed to provide pandemic relief progresses through Congress. The previous moratorium on evictions for federally backed mortgages expired on July 24, and several state moratoriums are also set to expire this month.
Instead of extending eviction moratoriums, the National Association of Realtors has asked policymakers to provide rental assistance for those experiencing pandemic hardships.
“If residents are unable to pay their rent, housing providers will also be unable to meet their mortgage obligations, fund their payrolls and pay their property taxes to state and local governments that have been hardest hit by the pandemic. That, in turn, is likely to catalyze a chain of events with potentially devastating financial and economic effects,” The NAR said in a letter sent to congressional leaders on July 31.
While the wrangling goes on, tenant groups are stepping up their efforts to prevent people losing their homes. Several groups recently staged a protest at the New Orleans city courthouse, barricading themselves inside the premises. Due to this, the courthouse was unable to open and proceed with several planned eviction hearings on that day.
“The reason we’re seeing more militant direct action from tenants is because of weakened protections,” said Patrick Tyrell, a staff attorney at Mobilization for Justice, a nonprofit organization that provides free civil legal services. “What else can they do?”
Source: realtybiznews.com
Apache is functioning normally
With many federal unemployment benefits introduced in the wake of the coronavirus pandemic set to expire at the end of the month, it’s feared that millions of Americans could face eviction from their homes.
HousingWire reports that almost 44 million Americans have filed for unemployment since mid-March, when the pandemic began. And with 110 million people in the U.S. living in rented homes, the Aspen Institute has warned that millions are likely to evicted as they’ll be unable to continue paying their rent. Indeed, it estimates up to 23 million renters could be kicked out of their homes by the end of September.
“We can expect [evictions] to increase dramatically in the coming weeks and months, especially as the limited support and intervention measures that are in place start to expire,” said Emily Benfer, the chair of the American Bar Association’s Task Force Committee on Eviction, in an interview on CNBC. “About 10 million people, over a period of years, were displaced from their housing following the foreclosure crisis in 2008. We’re looking at 20 million to 28 million people in this moment, between now and September, facing eviction.”
Most of these evictions started before March, when the courts were suddenly closed down and prohibitions on evictions began. That’s resulted in a huge backlog of cases, said Megan Booth, director of federal housing, valuation and commercial real estate policy and programs at the National Association of Realtors. So it means that not all of the evictions are related to the pandemic.
The problem for many renters is that the owners of the properties they live in are at risk too, and cannot afford to be sympathetic to their plight.
“The owners that are most likely to be affected by the eviction crisis right now are those who have small properties and don’t have the financial cushion to make ends meet over a period of months when they’re not receiving that rent,” Benfer told CNBC. “Once that’s in place, we really need to start addressing the root cause of the eviction crisis and the lack of affordable housing.”
The Aspen Institute’s data suggests that black and Latino renters are likely to be at a higher risk of eviction. The U.S. cities with the highest eviction rates so far this year are North Charleston, South Carolina; Richmond, Virginia; Hampton, Virginia; Newport News, Virginia’ and Jackson, Mississippi.
The NAR, the National Multifamily Housing Council and the National Apartment Association are now calling on the government to provide $144 billion in assistance to help renters avoid being evicted from their homes. Meanwhile, the National Low Income Housing Coalition says a minimum of $100 billion is require to stave off mass evictions.
There is some good news at least. As HousingWire reported, several states and counties have established short term emergency rental assistance programs to help out their residents, including one-time bailouts of a few hundred dollars designed to cover two months’ rent. In addition, some foundations and nonprofit organizations have created emergency funds for struggling renters. Meanwhile, rental groups have called on lawmakers to extend eviction moratoriums and require landlords to accept repayment of past-due rent for at least six months, to give renters more time to find a solution.
Source: realtybiznews.com
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A recent survey shows that most Americans would rather invest in real estate than in the stock market. On today’s State of the Market podcast, we discuss why we prefer investing in housing over publicly traded companies. But we also talk about the challenges that come with owning rental property. Plus, we cover breaking stories in the real estate sphere, including news of forbearance requests dropping to their lowest levels since March 2020.
Listen to today’s show and learn:
- Normalcy starts to return to New York [1:37]
- Skyline Tower sales on fire – signs of a comeback in Long Island? [2:48]
- Lean pickings with twice as many agents as listings in Boston [5:22]
- New forbearance requests at lowest level since March 2020 [8:57]
- Oakland pushes to bring multi-family housing into single-family neighborhoods [12:38]
- Texas court opens eviction flood gates [18:43]
- Survey shows that people prefer investing in real estate over stocks [24:38]
- Offerpad makes moving easier for sellers with 60-day extended stay [30:06]
Kelly Skeval
Kelly moved to Ithaca in 2005 after attaining her degree in Veterinary Technology and continued her career in veterinary medicine at Cornell University until her first child was born. Kelly had an active interest in real estate long before her and her husband, a Trumansburg native, decided to purchase their first home. When they did, they turned it into an owner occupied duplex and were able to use that foundation to further expand their real estate portfolio to include 5 properties and 10 units.
In addition, Kelly and her husband owned a home energy auditing business. Being a BPI certified energy auditor she was able to assess homes and building envelopes then make recommendations to homeowners on how to make improvements that would save energy and make their homes more efficient.
It is Kelly’s knowledge in many aspects of real estate including but not limited to single family buying and selling, rental properties, new construction, property management, building envelopes and business ownership that make her an ideal person to help you in your real estate endeavors. Purchasing or selling a home is a big decision and Kelly prides herself on offering quality customer service along with knowledge and compassion.
In her spare time, Kelly enjoys spending time with her husband and their two small children exploring the Fingerlakes region and all that it has to offer.
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Source: hibandigital.com