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.
Can i re-mortgage the like button?
What if your tenant is a pathological liar & don’t want to pay or work with landlords?
U said this was on cnn and i thought u were wayyy smarter than to even listen to cnn
Investing to this channel at 2.11m subscribers.
On the statistic about the amount of banks taking back the properties being at the lowest level since 2000: If the courts have been closed due to covid as they were in NY up until a few weeks ago, then the repossession of properties by banks cannot go forward legally.
The theory that “home sales are at a 9.5 year low only because there are not enough homes on the market” may only be part of the picture. What about: “20-30 million people newly unemployed and not able to now qualify for a loan in an environment where banks are tightening up loan qualifications.” Sounds like a more reasonable explanation to me.
Dealing with people , trash , constant repairs..it all comes with being landlord
we need a update since many states that re-opened are closing again
Had a question Graham, when it comes webull. When depositing money on the platform, how long do I have to wait before I can withdraw all that money and still keep my free stocks?
Nope my wife and I we were smart we didn’t do the mortgage forbearance we knew this was gonna happen we continued to pay our bills we used a stimulus to pay our bills so we are golden for now but if the market crashes and businesses close them there might be an issue but if that isn’t the case then I will just say people should not have done a mortgage forbearance should have figured out some way to pay your stuff because now you’re gonna be in a Situation where you might end up homeless because you felt you take advantage of the mortgage forbearance my wife knew they were going to do this. And that is why she refused to do the Mortgage forbearance.
Graham, look for property outside of LA. Better yet, move out of LA. Houses in the midwest are dirt cheap, and so is the living cost!
might do that one day!
Hey Graham, I really like these videos that analyze more at the macroeconomics rather than the micro level. Hope you’ll consider doing more of these
The only reason that recessions happen is because of consumer confidence. It is human nature that when the future looks Grimm – and you have just explained why that is so very eloquently – then they stop spending money. In the UK we have spent £300 billion bailing out the banks. They did that be giving up to £2800 per month in benefits to every person in work. Some banks and Reits would have already gone under without that. Also do not forget it is those without mortgages (the poor) that pay for every bail out. I say invest in depressed areas rather than bailing the rich out like you that own 5 houses. Prove for once that Black lives do matter and give them the money to get out of the poverty trap. If you lose 4 of your five houses then oh dear but you still have one . One house is enough for anyone on this planet.. I am a capitalist in everything but housing. How as it come that bankers are allowed to bundle (REITS) swap short and gamble our houses until they get bailed out. This is the third time it has happened in the UK in 23 years. Greedy bankers are a disgrace and they have gotten away with robbing us again by pulling counterfeit money out of their magicians hats. They will be bailed out once again whilst the poor suffer. It is the third time they have been bailed out and it is making me feel very angry.
Splendid Video!! 💪👍 I really live watching your content! 🔥
It seems to me if you owe money on a house, be it a mortgage or taxes, then you really have no business renting that house out to anyone in the first place. The housing market is way over valued anyway, and it seems that’s largely due to a lot of people owning multiple homes that they technically can’t afford. Yet, they get away with it because they just pass the cost on to someone else. I look forward to a crash in the housing market, and to see a lot of people like ‘house flippers’ lose their shirts over this whole thing.
Haha yes house flippers. They are bottom feeders. They act so desperate….. makes me laugh
I think the only circumstance you wouldn’t be correct is when a property just falls into your lap through inheritance or whatever other reason or if youre renting out a room in your house to pay the bills.
Property taxes are due every year. there will always be taxes to be payed on a home. So no one should rent? What happens to people who don’t have a down payment to buy a home, they should just be homeless because they’re not allowed to rent?
@Carl Kpsplucky I’m referring to people who may be behind on their property taxes.
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Look. I love your videos and I watch most of them but I get an AD every couple minutes. I watched this at work on my breaks and it took me all day to watch this. With very little payoff. As far as I can see its the only channel I watch I have this issue with. You got my thumbs down this time. And in any future videos that make me skip 10 ads in 14min.
Get the Brave browser, it cuts out all the ads automatically.
sir can u sponsor me a drum?
I recently evicted a few people they end up owing 4,000 in rented refusing to pay even tho they were working. I went to the court they didn’t show up to the court hearing. They left the property a day before court day at the moment we don’t know where they are.
Thanks for the pep talk, buddy.
Everything going on in the world was bad enough then on Easter Sunday at about 11:00PM a tornado went through my part of town and about 2 thousand home were damaged to the point of unlivable. If you look at a house within a few days the house is sold if it is between 150 and 250 thousand( that is about the average house price).
I’m that 17 year old
But ik y I’m here
Love your positivity with all the doomsdayers out there. Your a smart guy love watching your channel!
In Germany there is even a part in law which stats that “Eigentum verpflichtet” = “property obliges”. Especially in the housing market I think thats really important.
Greetings from Hamburg
I dont even live in the US but in Europe, so it is not applicable for me. However, after that intro i had to stay ofcourse
No one wants to pay their rent!!!!!!!!A tenant won’t even let me go in the property due to COVID 19 no rent since 3 months the sad part is they have money just don’t want to pay
Have a car you can sleep in.
I really appreciate all the great content that you make and I have learned a ton from you about personal finance. I can truly say that watching your videos has changed the course of my life in a very positive way!
Here is a video idea that my wife and I have been wondering about: What to do with rental properties once you actually retire? We are putting money into Roth IRA, Roth 401k, we just bought our first rental property. Our main question for a while has been, when would you ever decide to sell a rental property? Or do you plan to have them for the rest of your life as retirement income? What is your retirement strategy with rental income vs. index funds?
I never mortgage the like button 🤓
Your showing your White Privilege Graham, don’t you know it’s racist to evict someone for not paying your fascist rent?!? Especially if it’s persons of color…that is just Badong and Badong means Bad / Wrong combined.
Graham. I love you channel, just awesome content and advice. 💜 Do you invest in Bitcoin and other crypto currencies?
Now is not a good time to be a landlord
Show some support on my new video!🙏 ❤️
Hmm… you’re right this is a crazy market. I wonder if 1-2 years from now housing prices will be down because that when I plan to pick up a mortgage on a house to rent out to tenants and live in.
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
Yeah yeah
My tenants don’t want to pay the rent at all. And they have the money.
unforunately you asked me to hit the like button once at the start and then once at the end, so now the like button isn’t blue 🙁
I wish u had a class on skill share
Everyone here should check out Pi crypto, if you don’t already have it
use my code: BossNut
I started in october 2019 so I have the fastest rates
Invested my first $7000 today
0:50 Since when does 4.3 round up to 5?
That’s all really easy to say when you’re not the one facing eviction! I’m not saying that your ideas aren’t good, but unfortunately most landlords don’t care and are just pushing evictions through court. My situation is a bit different than most. My landlord decided to put his house on the market. We were supposed to be moved out by March 15, 2020. We started looking for a rental in Late January. We finally found a place which we were supposed to move into on April 1st. We put in the application, it was approved immediately, signed the lease, put down the deposit and reserved the moving truck. The property management company contacted about 8 – 10 days before our move in date and told us we could start moving in early cause the property was empty. So we started moving all our outdoor stuff over. A few days later the property management tells me the owner changed his mind and decided to wait till we pay our first months rent get the keys on April 1st. No worries it was only 8 – 10 days away. However, my landlord took it upon himself to bypass the property management company and contact the owner of the property directly and proceeded to call him multiple times to try to get him to let us move in early. He did this without our knowledge or permission. Ultimately the owner saw red flags and decided to back out of the deal, sending our deposit back. 2 weeks after that our landlord sent us a text message saying that if we could get moved out by the first week of June he’d call it even and not charge us any holding over fees. So we put in applications on 3 different houses and were denied for all 3. We have decent credit, make good money and have great rental references and have never been denied for a property before, so couldn’t figure out why we got denied. Come to find out our landlord filed an unlawful detainer on us, which of course comes up in the background/eviction check and he filed it before the first week of June as per our agreement. Now I’m stuck in this house, my landlord is now demanding 3 times the monthly rent and I have no hope of getting approved for another rental because of his unlawful detainer. We did get an attorney who advised us to stop paying rent (it’s in an escrow account). Our reasoning is if our landlord had not called the owner of the house and nag him about us moving in early we would have been moved out on April 1st! It is his fault we are still here!
Its going to be a freaking mess. SO glad that I am not a landlord anymore for many reasons. That God for a good eviction man.
starts at 2:09
Thanks for putting this into a “numbers game, how to come out on top” type of context instead of a “kicking people out of their homes during a pandemic” type of context the sad left keeps trying to push! I have 7 properties I used to generate money it is a job!
Good times create weak men, weak men create bad times, bad times create strong men. Say no more.
Boo a hoo! I can’t stand you. Glad you’re finally having a bad hair day. It must have broken your greedy heart when you had to actually give a tenant their security deposit back. As they paid your mortgage plus some on the property for years.
I don’t think that the banks are going to look favourably, on deferred mortgage payments for investment properties. They are more likely to offer it for your own home.
Evict tenants and you’re going to be replacing them with other evicted tenants.
Yes, just saw this post. That’s what I was saying in the post above.
My renter, never lost her job. Stopped paying in March. ….. Evicting first opportunity… Burning down the house after and turning it into a small farm.
@funtime stories ;w; E-I-E-I-O!
@funtime stories ;w; Smartest thing is to stop paying and buy a home with the money saved.
Imagine how much of this bullshit we could never have to think about again if we just ABOLISH PRIVATE PROPERTY
Landlords are parasites.
Whoever this is, he needs to start by explaining why I would take financial advice from him. I gave him a minute and a half; he doesn’t. Bye.
Rentseeking behavior is predatory. Hope your chickens come home to roost.
“There’s no solution where everyone wins”
Bullshit. All you need to do is have a government that actually works for ordinary people. Cover the housing costs of all people for the duration of the crisis. They already covered the costs to businesses when demand fell through the floor. If they can do it for business they can do it for us. They simply choose not to.
I wonder what the country will be like when 30 million people are homeless. This brings to mind the statistic that there are something like three vacant properties for each homeless person currently. Which really begs the question: what are houses for? Are they for housing people, or are they for making a profit for mortgage companies and the landlords who do their work for them?
This is going to be extremely messy!
You are a smart guy
This is all great information. However, this does not take into account that people are already predicting a second shutdown. If that does happen, then this could compound the already risky situation for mortgages, and rental properties. I hope that there will not be a second shut down, but my gut is telling me something and I am preparing for what may be coming.
if the landlords or mortgage handlers received funds under the CARES Act or PPP, all bets are off.
this is the reason we landlords want you to make 3x the monthly rent when you apply…..we hope you put some cash aside for just this type of emergency….
please don’t go into forbearance if you don’t HAVE to like this video implies because it’ll impact your credit score
I know someone that has evicted this single mom that moved her boyfriend in, they both got stimulus money but apparently enjoy the money that is suppose to be used for living expenses, not a good time.
The “Cash for Keys” is likely a winner. It takes about 4 months to legally evict a tenant from first notice to the sheriff at the door. Throw in the legal fees and …
If a landlord shows up with, say, the equivalent of one month’s rent IN CASH and tells the tenant that the money is theirs if they abandon the unit is two days the tenant may well bite. One problem might be the tax implications. The “forgiven rent” and the ca$h might be considered income. The landlord as a minimum needs information for file the 1099 for the cash.
Why is it the most vulnerable in society that get screwed? What kind of Christian society is this? Is this better than Communism in China and USSR? The tenant loses job due to Covid-19, gets evicted, lives on the street. Why is it the tenants can go live on the street if Covid-19 took their jobs, but the landlords must be paid. The landlords can suffer with a few months unpaid rent, but the banks must be paid. Government sides with the banks, but it was the government that told everyone to stop earning a salary, so who should get hurt the most? The weakest people. At least it’s summer now, being evicted in Michigan in winter is worse. Millions of homeless families living in tents on the side of the road. I thought everything is going to be alright with the stimulus checks but now I see it’s worse, society is cruel and evil. It’s the end of the world, people should fight for their humanity with all they’ve got. Are hedge funds more important than our humanity?
But, the Fed will literally have to keep printing more money to float the economy through the shutdown… otherwise the crash triggers happen.
“as people go back to work” ???? what work?
Would like to see your view on ontario
before even watching i think you agree with evicting in these times
Just wondering, when all these property owners evict their tenants where are the new renters going to come from considering that Americans having been fucked by the “powers that shouldn’t be” are broke?
Landlords are investors take the highs with the lows.
You have to do a video on investing on rental property again to give more advise sir.
Why so many commercials Graham! (Yes I know about ad block, but to lazy to download)
Wouldn’t an eviction wave crash the real state market?
Forty percent of applicants Still haven’t gotten their unemployment. If they’ve applied they will get a retroactive lump sum, so landlords need to chill out. And the shitty banks who they owe should also be patient. But banks are evil.
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
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.
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
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!
I’m refinancing my home and I’m saving $250 on my mortgage.
Was evicted yesterday and leasing in the same place again even though they legit threw away all my belongings
I lived in apartments building, the landlords never wanted to work out something. Even to take rent in two parts (payments)
“Tempowearely”
This is why I don’t invest in real estate I only invest in stocks and crypto currency
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.
My landlord won’t evict ppl that really should be evicted. It’s why I’m not renewing my lease
That is a good point in the UK we have a thing called a section 21 were you can evict a tenant after the fixed term contract with no reason needed , the only time I did this was because the tenant was bothering other residents , but he was paying his rent and I didn’t live next door , without the ability to evict easily I doubt I would have bothered and other people’s tenants would have suffered and left hurting their landlords , goverments need to think these things through
Graham you are very very informative and this videp was very educating and useful. Thank you. I am subsctubeing
Hey Graham ever consider starting a fund to help those affected by COVID instead of buying another property?
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.
A real human disguised as a landlord explains the obvious: 4:55
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.
Speaking as a landlord , basically you are right but not completely Since this started I have had 2 tenants leave , 1 was in a one bed flat in London and I had to drop the asking rent by 20% to get a new tenant , the other was a three bed house in in small town I put it on at the previous rent expecting to have to drop , within days people were making offers in excess of the asking price , the agent told me this is also the case with sales
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.
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).
I’m literally 17 years old and I have no idea why I am watching this…
So if a load of properties flood the market, would that make them all way cheaper?
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Hi