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re: COVID eviction ban forces Baton Rouge landlord to sell apartment complex
Posted on 7/28/21 at 3:37 pm to shawnlsu
Posted on 7/28/21 at 3:37 pm to shawnlsu
All the JOPs around town are granting them.
The lovely judge I’ve been assigned in city court is not. Maybe if I were a different color, but I sat and watched her tell people who had already had the residents skip that if they come back they have to let them in. None of mine are violating in any way other than nonpayment
The lovely judge I’ve been assigned in city court is not. Maybe if I were a different color, but I sat and watched her tell people who had already had the residents skip that if they come back they have to let them in. None of mine are violating in any way other than nonpayment
1
Posted on 7/28/21 at 3:44 pm to Mike da Tigah
I’m struggling with Brent’s story. He’s $25k/mo short on a 24 unit apartment on Burbank? His tenants are likely abusing him, but I suspect that complex was unprofitable long before covid.
Posted on 7/28/21 at 3:48 pm to ell_13
quote:
People getting fed checks plus not having to pay for housing = worker shortage.
Yeah. I honestly didn't realize that there was still a moratorium on evictions; I thought that was a local deal only. I know the stimulus voter bribes and/or unemployment aren't enough for most responsible working adults to live off of, but if you combine that with fricking over the landlord....that's a completely different story.
Posted on 7/28/21 at 3:58 pm to Aspercel
Historically a problem in BR.
I know landlords who got told to frick off on an eviction because there was unrepaired damage to the residence. Said damage came AFTER the person was in arrears and the landlord owned other properties, prioritizing paying renters before that bitch.
I know landlords who got told to frick off on an eviction because there was unrepaired damage to the residence. Said damage came AFTER the person was in arrears and the landlord owned other properties, prioritizing paying renters before that bitch.
Posted on 7/28/21 at 4:03 pm to Alt26
quote:
And if they aren't already, those apartments will soon become government subsidized slums
You think the government was stiffing him on rent?
Posted on 7/28/21 at 4:04 pm to teke184
I’ve been spoiled for years by being able to file with JOP
Posted on 7/28/21 at 4:11 pm to Mike da Tigah
quote:
This is where you fall back on your faith.” His faith he said allowed him to pay some of the money out of pocket.
Jesus will provide. Have faith in Jesus.
Posted on 7/28/21 at 4:11 pm to Mike da Tigah
Are we supposed to feel bad for the slum lords that turned Burbank to a shithole ?
Posted on 7/28/21 at 4:11 pm to Mike da Tigah
Good luck selling an apartment complex when you freely admitted tenants aren't paying rent and you can't evict them. Watch the tenants try to sue the owner when they have to leave because the complex gets foreclosed on.
Posted on 7/28/21 at 4:21 pm to SuperSaint
quote:
Burbank to a shithole ?
Burbank was ever nice?
Posted on 7/28/21 at 4:23 pm to Mike da Tigah
If he had a Conventional loan, he's likely out of luck. If he had an FHA loan they will allow forbearance and defer or do a workout/loss mitigation plan to avoid foreclosure. ( HAMP has reared its ugly head once again)
I would think the Conventional loan will do loss mitigation as well, it's a standard practice in late-stage collections to avoid foreclosure. It would seem nearly every bank should have some sort of workaround in this situation. After all, they've known this was coming for about a year.
If not, we are in for a world of hurt on the Conventional side, ( which is a smaller number of loans, most are FHA) but still bad nonetheless.
You can kiss all of your "quick equity" goodbye that you've made in the last year.
I would think the Conventional loan will do loss mitigation as well, it's a standard practice in late-stage collections to avoid foreclosure. It would seem nearly every bank should have some sort of workaround in this situation. After all, they've known this was coming for about a year.
If not, we are in for a world of hurt on the Conventional side, ( which is a smaller number of loans, most are FHA) but still bad nonetheless.
You can kiss all of your "quick equity" goodbye that you've made in the last year.
Posted on 7/28/21 at 4:23 pm to PowerTool
quote:
Yeah. I honestly didn't realize that there was still a moratorium on evictions; I thought that was a local deal only. I know the stimulus voter bribes and/or unemployment aren't enough for most responsible working adults to live off of, but if you combine that with fricking over the landlord....that's a completely different story.
Yep.
No rent makes unemployment with the Fed bonus very livable.
Posted on 7/28/21 at 4:26 pm to BHS78
quote:
So he should get a loan, yet the money they were given to pay rent can be used for whatever they choose. Free loaders have killed this once great country just like Rome.
Yes, in theory, and yes it sucks. The awful truth is that the freeloaders have probably ruined his credit to such a degree that he can't get a loan.
This post was edited on 7/28/21 at 4:27 pm
Posted on 7/28/21 at 4:27 pm to SuperSaint
quote:
Are we supposed to feel bad for the slum lords that turned Burbank to a shithole ?
SS missing the point entirely, shocker
Posted on 7/28/21 at 4:32 pm to Klark Kent
I like the work you’re putting in in the other thread. 
Posted on 7/28/21 at 4:36 pm to Mike da Tigah
quote:
What’s worse though, is even when property owners do get to finally evict these people for non payment, and you know they aren’t going to be able to come up with 10-20 K on the spot, is that they still have to lease them up again, and before they do that, they’re going to have to paint, change/clean flooring, fix punch out lists to make ready. There’s a lot of extra money that will be required on top of all this just to get these units ready to lease again. BUT nobody thought of that either when they had these grandiose ideas of paying people to stay home.
Also, a large segment of the population that is homeless overnight. It will hit areas like Baton Rouge very hard, as most people were on the edge financially, to begin with.
When they were given enough money to live for the first time in years, they did what many would do. They bought clothes, got medical care, had a real Christmas, - and that money rolled into our local economy. For this reason, our economy looks as if it is rebounding, but it's not. It is just inflated by all of the freebies that are now gone.
We are about to get the truth about our economy, and I can almost guarantee you that it's not pretty.
Posted on 7/28/21 at 4:40 pm to SalE
quote:
In talking to other guys around the country in my profession, expect a massive wave of foreclosures in the not too distant future...in the big cities on the West Coast.
Yep.
Posted on 7/28/21 at 4:41 pm to Mike da Tigah
I believe during the last housing crisis we bailed out the banks. I would expect the same this go around.
Posted on 7/28/21 at 4:53 pm to Mike da Tigah
Another thread that will make our board lefties wet with joy.
Posted on 7/28/21 at 5:25 pm to SalE
quote:
In talking to other guys around the country in my profession, expect a massive wave of foreclosures in the not too distant future...in the big cities on the West Coast.
Likely bought up by Blackstone or the Chinese.
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