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Strategies & Market Trends : US Inflation and What To Do About It -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (1470)	5/15/2020 6:58:04 PM
From: Rarebird	Read Replies (1) \| Respond to of 1504

<< Can only imagine what they are doing to landlords behind the scenes lately in blue America?>> My late mother's side of the family is in the real estate business so I can definitely tell you what was going on in NYC prior to my leaving in June of 2017. Have a seat and fasten your seat belt. First of all, as you probably know, NYC is pro Tennant in a very big way. One can rent a property, not pay rent and it can take up to 12-14 months before the tennant can be evicted. Why it takes so long, I am not sure. I just know many property owners who have gotten screwed by tennants who do this kind of thing for a living. That's right, they move from rental to rental and skip out after 10-12 months without paying a dime. And if you dare to provide no heat or try to throw them out by changing the locks, you will get fined. What the big boys do is hire mafioso and put them on their payroll. Anyone who tries to get out from paying rent, gets a visit from the mob. So, if their life means anything to them, they find a way to pay their rent or they move out quickly. Otherwise, life will become unbearable, leading to extinction. The small guy who rents properties in NYC has to be very careful and make sure he does credit checks. Failure to do a credit check, can be very costly.

To: John Vosilla who wrote (1470)	5/15/2020 9:53:41 PM
From: RetiredNow	Read Replies (1) \| Respond to of 1504

I can imagine. My father was into real estate for decades and I remember the hell he went through. The outrage against the owners right now tells you something. The first thing everyone says is, "Rent Moratorium!" Well, what they forget is that the owner is not a bad person. The owner put up his savings to buy that place and likely fixed it up to make it livable. Then the owner uses the rent money he gets from his tenants to pay his own bills, build up his own savings, and pay for his kids schools, etc. So when he doesn't collect rent, then his savings dwindle and he can't put food on his own table. So then what does he have to do? He has to sell, which means a lot of times the tenant is out too. It's a daisy chain of consequences for everyone. We're in deep caca now.