Rent strike idea gaining steam during coronavirus crisis

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This topic contains 12 replies, has 5 voices, and was last updated by  Crow Bar 1 month, 3 weeks ago.

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  • #27124

    Crow Bar
    Keymaster

    https://apnews.com/1bd0dccae3f84e380af62b3dd91ee26e

    People not paying their rent?
    Landlords then might be in trouble as they cannot make the building payment.
    Defaults?
    Another government bailout?

  • #27125

    Josefina Arenas
    Participant

    It’s the domino effect…first rent is suspended, so the landlord suffers, who then petitions the financing institution to suspend loan payments, who then petitions the federal government for a bailout.  Guess who loses?  The landlord because the financial institutions don’t extend their good fortune!  There are few places to invest your money during a crisis like this that will leave one unscathed.  I worry about bank and credit union accounts being frozen, 401K’s and IRAs being usurped by federal authorities for the “greater good”.  Of this we can be sure…if you’ve been responsible saving money or investing, you will become a target.

    • #27131

      Crow Bar
      Keymaster

      @Josefina,
      Good analysis.
      We put our monies into a money market fund.
      Now, if we see negative interest rates, that could hurt, but not nearly as much as if we left it in the stock market or had real estate.

    • #27136

      Anonymous

      With no rent income will the landlord pay for maintenance? What if the elevator goes out, will the landlord fix it for a bunch of deadbeats? What if the landlord pays for utilities, will he pay them with no rent income? It truly amazes me how people can be so greedy and stupid. Being a landlord and renting apartments, houses, stores, offices, etc. is a business like any other. We all expect some restaurants to go broke. Landlords can go broke too!

      It’s not just people that live month to month, so do many businesses.

      What about the utility companies, will the electricity and natural gas flow if they don’t get paid?

      There is a limit to what the government can bail out.

      This could be how the collapse or hyperinflation starts.

  • #27148

    namelus
    Participant

    I have rental properties in march I really negotiated with tenants (non government) they could stay but any repairs and the maintainance  cost would still apply.  Most jumped On deal so far everyone has paid the amount they owed ( month ahead plan).

    I Am  fortunate that lenders understand the chain of events and are doing best to backstop this as its a private bank. They get if they tried to file in court well good luck with that and trying to sell anything is a joke. As  no real estate sales  because you can’t show properties.

     

    They did offer us long time mortgage holders a benift at end of this a open ended letter of credit for up to 75 percent of total asset value to buy new aquisitions after crisis at zero percent for 6 months. That’s some smart banking maneuvers.

     

     

  • #27167

    Crow Bar
    Keymaster

    Rental properties are like any investment: You are taking a risk.

    In the article, the one woman, her rental properties are her sole source of income.
    That was a bad business decision made on her part. Not of the tenants.
    Saying, “I never thought this would happen!”
    Well, it is a risk. Some risks are unforeseen.

  • #27178

    namelus
    Participant

    also being unable to cover 6 month minimum of payments without worrying if empty is a bad plan of over extension. Poop happens and even insu rance takes time to pay. Bills don’t stop Coming even wen revenue does not.

     

    There will be a lot of people who lose it all because of bad planning and believing lies of normalicy.

     

    Right now biggest problem is where to put cash so it wi hold value through this. Pm is not possible. Other commodities we are near full so what do you do when you know cash will be evaporated from.inflation tsunami which is comin?  Hoping to buy up some more real estate when the crash is in full swing. Any other ideas?

     

     

     

     

     

     

  • #27181

    Anonymous

    It kind of depends on how much money you are talking about and no I’m not asking.

    My first thought is food producing land, farm land, ranch land, water resources. Then the tools, buildings, etc needed to put that land into production. Fencing and fence posts. Housing and health care for workers and their families.

    Tools to keep what you have operating and expand your operations. Spare parts, mechanics tools, operators and maintenance manuals. Maybe metal working machine tools and stocks of metal to work. Or maybe that means 3-D printing and supplies to make that work.

    Perhaps alternate ways to produce electricity. Something beyond solar and wind. Say water power or steam power. But maybe I’m just too fixated on TEOTWAWKI.

    I have 10s of thousands of PDF files on all kinds of stuff. Wish I had a few Panasonic Toughbooks that can take rough handling and harsh operating conditions. High speed printer and book binding supplies and equipment so I could print off the good ones. The hard part of that is figuring out which books are worth printing out. Lots more tough USB drives for backup and possible distribution.

    A larger library of bound books of all subjects involved in survival.

    Oh, I would like the opportunity to buy an EMP proof older truck in perfect running order with manuals and parts.

    This is probably not much help.

  • #27184

    Josefina Arenas
    Participant

    anon 411…good thoughts about farmland and equipment.  One financial analyst we follow, Martin Armstrong, does analysis of historical data (financial, disease, war, currency, etc…).  His analysis shows that we are now in a cooling climate cycle and even moved his business to Florida!  That said, I would think southern farmland might be a better choice than that far north.  I know many people made investments in the great American Redoubt, but that might not be the best place to be in the next decade or so.  Check out his website, armstrongeconomics.com, and look at his climate articles.

    You don’t need to print your .pdfs, just organize them into “books” and you can share with folks as long as you credit the authors.

    Friends we know bought a radiation-hardened government surplus Humvee from govplanet.com.

  • #27187

    Anonymous

    @Josefina I seem to remember that you live in a big city apartment, maybe NYC, or maybe that was somebody else. Anyway, has the violence gotten bad in NYC, if that’s where you are at?

    That website looks interesting. I’ll read deeper.

  • #27193

    Crow Bar
    Keymaster

    @Anon411,
    Good advice about the farm land or land with access to water.
    I agree with you about tools and spare parts.
    I think a time of having to rebuild your own stuff is coming back. No more of the if it does not work, replace it with a new one from a big box store.

  • #27199

    Josefina Arenas
    Participant

    anon411…  no, not in NYC.  Where I am (mountain west) violence has not become an issue, but we are expecting the peak at mid-late April, so I can’t tell yet what that will be like.

    Crow Bar… yes, tools and spare parts will be invaluable.  Shoot, last weekend a rooster attacked me with his spurs and slashed a hole in my favorite wool socks.  Guess what?  I got my Grandmother’s sewing basket out and bless her heart, she had depression era wool and a darning needle, which I used to darn the hole up, thanks to a youtube video and her supplies!  While it didn’t look good as new, it prevented the rest of the sock from unraveling, and is hardly noticeable!  I think those kind of skills will become invaluable.

    I always told my kids you can have money and you can have time, but you rarely have the two together.  Best to build skills!

    • #27206

      Crow Bar
      Keymaster

      Is the roo still among the living? 😉

      Good on you for fixing the sock! Sewing is one of those things I need to take up.

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