Lets discuss the recently headline that 1 out of 3 American Tenants didn’t pay their rent in April – Thanks! Add me on Instagram: GPStephan
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According to the headline: “No rent was paid in April by nearly a third of American Renters.”
Now, in almost every situation…the rule is that, you STILL need to pay rent, and you still OWE the money to your landlord, it’s not FORGIVEN…even though, right now, you can’t be evicted. But, by the time this eviction freeze is lifted, technically – you’re going to owe all your back rent, and then – AT THAT POINT – if it’s not paid, the landlord can move forward with an eviction – which, we’ll address very shortly.
But, to analyze this data PROPERLY, and look at how many people are not paying rent…we have to take a step back and look at this number, in context. Because, in the month before this…and, in the YEAR before this…it was average that almost 20% OF TENANTS to NOT PAY THEIR RENT ON TIME. That’s right…almost 1 out of 5 tenants, in a GOOD MARKET, can’t pay their rent on time.
HOWEVER…here’s what many of these articles leave out:
Many of them failed to mention that the Vice President of the National Multi-Family Housing Council, who were the ones that GATHERED this data in the first place…said that “The New Data For April With Historical Data is not a true representation of how rent payments are progressing.”
https://www.bisnow.com/national/news/multifamily/april-multifamily-rent-payments-fall-to-69-but-improvements-expected-as-month-continues-103823
The term “NOT PAYING RENT” is counted when tenants don’t pay their rent, in full, by the 5th of each month. And, in April…the 4th was a Saturday, and the 5th was a Sunday, with many places closed from processing payments…meaning, rent probably isn’t going to hit until the 6th, on the Monday, after this data is already analyzed.
So, even though it’s unclear exactly how many tenants ended up paying rent on that Monday, that were NOT counted in this study…I have a feeling it’s going to cause this 1 out of 3 number to drop, even just slightly.
Second, I’d also like to mention that these are only tenants who pay ON TIME…and, as a landlord for almost 10 years now…I’ve had quite a few situations of late rent. Sometimes things come up, tenants make partial payments upfront, they pay the rest later…I get it, things happen, and we have to work TOGETHER if we want to get through it.
So, if you’re a tenant who’s not able to pay your rent…bring that up to your landlord, don’t just stop paying out of nowhere. Even though you’re STILL going to be responsible for payments, that doesn’t mean you can’t work out a payment plan with your landlord so that everyone is happy.
And, as a landlord, this is also a prime example of why it’s so important not only to screen your tenants thoroughly, to make sure they can afford the rent and aren’t spreading themselves too thin, but also to keep a heft cash reserve on the sidelines for anything that might come up.
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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This man has my respect , I'm so hard up and I haven't paid my rent in four months but my landlord is great and I will bounce back and clear him
I am a landlord and In Washington state and I evicted a dozen tennets and I’m not gonna be a landlord no more the Democrats are ruining this country with too many rules if I was to continue to be a landlord there would have to be an insurance policy liability that all renters have to have that will cover them if they don’t pay their rent or any damages garbage etc. on the property and tell the day they are off of the property even through an infection otherwise I’m out of the business and I will never sell any of my homes to anyone that’s going to use them as a rental unit them no wonder so many people are leaving the country that have money why invest here
Landlords are parasites, everyone should own the place where they live
form 6A? What are the result for the landlord, paying rent tenant and not payibg tenant?
This guy gives terrible advice! Tenants know how to stretch out your losses and delay eviction! Working with tenants and believing their lies will cost a landlord big!
This guy has lost his ass by now! California Landlord! A whole year and more of eviction moratorium has kicked his happy ass!
You’re a good woman. I’m a good man. Give me rent!
That was to read at a cost not Holocaust but when the Afghan he's went through you could probably call it a holocaust
I'm sure this guy get real physical on some ass….🙄
Can you make another video about tenants who take advantage of the system like not paying in purpose for an entire year
What can we do then ?
Tenants will be paying you $50 bucks a month for 30 years when evictions start . Watch
If tenants don’t fear you they don’t respect you and won’t pay . If they don’t follow the rules I don’t either and it works .. I’ll will damage vehicles and break legs if needed. Whatever it takes No joke
Is that a Zenith El Primero on the wrist? Nice!
Hi, what advice can you give me on tenants that does not pay rent but still work full time and also have a pensioner living with them? There taking advantage of covid and the government orders.
Basically people dont need to pay rent…? Good luck trying to collect $10,000 from someone that couldnt pay rent in the first place!
Nine months Karter, these folks are at minimum $10,000 behind , and at least 97% will never be able to pay even one month of back rent or mortgage!
The collapse is at hand!
If eviction freezes happen, you still have to pay back the money from those months? I didn't know that
I recently bought a condo that came with a tenant. I live out of province and we have sent him registered mail about the rent not being paid,we have called, we have texted him, we also contacted the condo board in which he is an employee of. He has still not paid his rent. This is our first month owning the condo in montreal. We are new to this but are already nervous and trying hard to figure out what we can do. I would love any advice possible.
Garbage video!! Offers no advice or info that is helpful.
In California, you cannot file for an eviction (unlawful detainer) REGARDLESS of whether or not the tenant has a COVID related financial hardship. My tenant has taken full advantage of that, and has not only taken in a possible COVID hardship related individual to live with him, (unauthorized), but has stopped paying rent. I guess he thinks that by having a COVID hardship person living with him, that he can just stop paying rent! I still have to pay their electricity bill and make sure that they are comfy cozy and undisturbed while they BILK me until at least March of next year, but that could be extended even longer…at least until 90 days after the Governor has rescinded his state of emergency due to COVID. This is COMMUNISM, folks. It is so very unfair to Landlords. We know that we cannot recover the monetary damages even if we win our case against these FREELOADERS (which could be YEARS from now!). I don't know how anyone expects us to be obedient to this sh-t.
Pandemic will not end soon. Take a red pill. Tell politicians to open up completely and reclaim your rights. Be brave. Covid threat is way too exaggerated for political power grab game by rulers
Dont pay your rent because your just making Graham rich
Most fake people in high rent cities could never afford their rent anyway!
This good advice and very fair
Should I stop paying my rent?
I also own property in California (Bay Area) my tenant hasn’t paid for June or July and I know I can’t evict because of covid 19, but if she has violated our lease agreement with more people in the condo now, can I evict?
A lot are freeloading!
Shouldn't there be tax deductions available? How are banks and mortgage co's leaving boarded-up properties and not panicking about property taxes?
Do a quick google search for ECOM BAZZOID someone posted your courses Graham
Do a quick google search for ECOM BAZZOID someone posted your courses Graham
2:05 if they are not getting paid how are they going to pay off their mortgages to the banks and what will happen?
Is there a tool that you use to manage the numbers for all of your properties every month? Keeping track of cash flow? work done on properties etc?
I've been lucky enough to pay my rent while my neighbor hasn't. Been sending double checks to ll to put me ahead and still help him through. Stiffing the ll doesn't help him. He's hurting too. I love my ll.
History is a series of class struggles
You mention having 3-6 months in expense reserves as a real estate investor. Do you make sure you have this for all income properties you invest in? Any other items you keep in mind for reserves when investing?
I used to consistently pay my rent a week late… until they started charging a fee lol
Wait theres landlords that actually keep up on repairs? Who knew.
I'm more surprised at least 1/3 don't have rent paid automatically.
You are part of the problem. LA is a place that is not cheap. Massive homelessness. Invest in movies, not real estate.