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Started By
Message
Rental properties
Posted on 6/4/10 at 8:00 pm
Posted on 6/4/10 at 8:00 pm
I asked a lawyer friend of mine about property owners getting paid by bp for loss of rental money.
He did some research and said in florida and alabama if its your second home or property and you have full time job or the rental isnt all your income you wont get money back or at least it will take many years.so most will be out becuase owning such property is a luxury.
He did some research and said in florida and alabama if its your second home or property and you have full time job or the rental isnt all your income you wont get money back or at least it will take many years.so most will be out becuase owning such property is a luxury.
This post was edited on 6/4/10 at 8:01 pm
2
Posted on 6/4/10 at 8:10 pm to katytigers
wow if you are right.....even if people DO get paid, it will likely not be for many years.
Posted on 6/4/10 at 8:55 pm to katytigers
Well, I am not a condo owner but have rented many ... this is my question. SHOULD anyone who buys property and hopes to rent it for income to pay for it be repaid? I mean if I buy a home in my town and try to rent it out but can't who do I sue? I'm not being ugly ... just curious. (I DO have friends who rent their condo out.)
Posted on 6/4/10 at 9:00 pm to tiger91
your right there is no contract that says we guarantee you this income.they are probably screwed.
Posted on 6/4/10 at 9:02 pm to katytigers
To me it really is no different than having an unoccupied rent house in the town where an owner might live. It's a CHANCE that you take when you buy the condo ... again, I'm NOT being cold hearted ...
Posted on 6/4/10 at 9:03 pm to tiger91
One of the owners that I know already said that she's joining the class action law suit (if there is one) way back when this first happened if it affected her rentals. Haven't talked to her recently ...
Posted on 6/4/10 at 9:06 pm to katytigers
I disagree, these are set up as independent small business/rental income, these business are dependent on the beach, if the beach is closed they are efficetivectly out of business, if some ones neglegiance is responsible for the beach being closed they are liable. Similar to a fisherman who can no longer fish because the water are closed, now if the courts see it this way will be a diffrent story.
Although I do not have a dog in this race
Although I do not have a dog in this race
Posted on 6/4/10 at 9:20 pm to Tigerpaw123
Nonsense. If you can prove that you have a set pattern of rental income in the past from the rental of a vacation property and you cannot rent it this summer/year/decade and you can prove it was due to the oil spew making your location undesireable and unrentable, you have a claim against BP. A jury would hear the claim if it goes to litigation and assuming a judge does not throw it out preliminarily, you would probably win in any court in a coastal commmunity unless you showed up in an ermine coat and covered in jewelry.
Posted on 6/4/10 at 10:36 pm to Tigerpaw123
My question is what about those of us that live on the beach? I am out of town for work but my condo is on the beach and today I would guess my property value just decreased. They have not closed the beach yet but they are recommending that we stay out of the water. So I think my home just became a helluva lot less desirable for me. This is the only property I own and it is my home. I really would rather this all be cleaned and have my old pristine beach back but that isn't possible. I don't want to jump on the litigation bandwagon because I hate that shite, but I also don't want to be stuck paying this mortgage payment in 10 years if my condo is worthless...
Posted on 6/4/10 at 10:58 pm to beachdude
quote:
If you can prove that you have a set pattern of rental income in the past from the rental of a vacation property and you cannot rent it this summer/year/decade and you can prove it was due to the oil spew making your location undesireable and unrentable, you have a claim against BP.
The local authorities here are telling every type of business to make records to show loss due to the lack of tourism. They expect to at least make a case for difference in revenues from previous years to this year. How rental properties will work into the equation, I don't know.
It is a unique situation. Many owners just use the income to help pay the mortgage; so, they can have a subsidized vacation home. Those type of people I would think are screwed, even if they can prove they were unable to rent the units. Who knows though. I think the business type units and complexes will have a stronger case, but I don't know where you would draw the line or how you would make the distinction.
Posted on 6/4/10 at 11:02 pm to jennBN
quote:
My question is what about those of us that live on the beach? I am out of town for work but my condo is on the beach and today I would guess my property value just decreased
This is a HUGE concern, and I don't know who foots the bill or how you assess the damage. Property values have or will plummet, due to the beach damage and the potential number of foreclosing rental properties/ vacations homes. However, I could see the property value returning once the beaches are able to be cleaned. Even if it took years, I think the value would return... again, unless, there is a foreclosure fallout. Not like the market wasn't upside down here already, but it could get to Tampa type of housing disaster.
Posted on 6/4/10 at 11:07 pm to Archie Bengal Bunker
BP Executives and Shareholders get their money first.
This post was edited on 6/4/10 at 11:08 pm
Posted on 6/4/10 at 11:09 pm to Archie Bengal Bunker
quote:
This is a HUGE concern, and I don't know who foots the bill or how you assess the damage. Property values have or will plummet, due to the beach damage and the potential number of foreclosing rental properties/ vacations homes. However, I could see the property value returning once the beaches are able to be cleaned. Even if it took years, I think the value would return... again, unless, there is a foreclosure fallout. Not like the market wasn't upside down here already, but it could get to Tampa type of housing disaster.
So I just called the claims line, just to see their response, the fricking call center is in India....seriously they could not hire jobless Americans, they are outsourcing our plight. Anyway, they offered to take the claim but said there might be a caviat that required me to sign away possible future litigation. I decided I will sleep on it and wait to see waht the next few weeks brings. I am going to pay my mortgage either way. I don't want a free ride, and I am not looking to turn a profit here. But unlike most people I never prostituted this place out, I just loved living here, now owners who rent will get reimbursed and I am going to get bupkus...
Posted on 6/4/10 at 11:13 pm to jennBN
quote:
So I just called the claims line, just to see their response, the fricking call center is in India..
Maybe if we had stayed a British colony longer, we'd get those tasty call center jobs too!
Anyway, sounds like the situation for owners along the coast is screwed. Well, maybe not. I do think that Exxon settled with the lawsuits of Prince William Sound.
In 2008.
The spill was in 1991.
So, that's good news. You can expect to get your check in 17 years!
Posted on 6/4/10 at 11:13 pm to jennBN
quote:
jennBN
Great American
Posted on 6/4/10 at 11:13 pm to jennBN
quote:
I don't want a free ride, and I am not looking to turn a profit here. But unlike most people I never prostituted this place out, I just loved living here, now owners who rent will get reimbursed and I am going to get bupkus...
Yeah, I here ya. I would still try to get in on some type of BP money though.
Shity situation right now. 
Posted on 6/5/10 at 3:47 am to Archie Bengal Bunker
If there wasn't any risk in purchasing homes, everybody would buy one...or ten. Coastal property offers lucrative returns, and ironically , it's also inherently risky.
Posted on 6/5/10 at 4:24 am to lsuconnman
I have a dog in this race. We own a condo in orange beach on the beach. Alabama has a tourism rental tax so to speak. This means you should have a business license and pay tax on income. If you use a management company like meyer they will do that for you. Meyer has already contacted us and we/they are putting together the info each condo owner needs to join in a class action suit or you can hire your own attorney and do it yourself. You can bet your arse we will sue those MF'ers
Posted on 6/5/10 at 4:39 am to LSUPEPPER
quote:
You can bet your arse we will sue those MF'ers
Enjoy your settlement!
When you get it in 2027!
Posted on 6/5/10 at 4:41 am to tigerpurple84
i will including interest. you should go buy one
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