Tenants breaking res leases

[Riick]

I think a lot of people are uneducated about what the government is offering. In Michigan you can get about $400/week unemployment but the federal government is offering an additional $600/week for a total of about $1,000/week.

I hope you (and others here on AF) realize that the CARES bill also covers the SELF-EMPLOYED, [ Appraisers? Yes ] just as if they were employees fully covered by unemployment insurance, with the same $600/week bonus money.
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[KYLECODY]

I hope you (and others here on AF) realize that the CARES bill also covers the SELF-EMPLOYED, [ Appraisers? Yes ] just as if they were employees fully covered by unemployment insurance, with the same $600/week bonus money.
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and how to apply for that "bonus money"?

 

[Riick]

and how to apply for that "bonus money"?

Need to be spoon-fed, eh? Ever heard of the UNEMPLOYMENT office in your State?
You're going to have to find it yourself, I left my encyclopedia hat at the office.
You need more?: SEE THIS POST

edit: My apologies for snide.
I'm upset by the lack of information, the surplus of misinformation, and the outright (willful?)
ignorance about the disease, treatment, immunizations, and lastly what the politicians have
actually done <forget what they say, look at what they DO>.

So why should this crisis be any different from every other one, still dealing with Homo -supposedly- Sapiens.

 

[Fernando]

The stimulus check should be coming this week so my tenants can pay the rent. Only got one full rent so far. This year, I won't increase their rent. Good fiscally responsible tenants are hard to find.

 

[graindart]

Cares Act SBA EIDL loan supposed to deliver emergency $10k within 3 days of application for small businesses. Went into effect 8 days ago with hundreds of thousands of applicants. Nothing has been funded yet. Cares Act SBA PPP was supposed to open on 4/3/2020 with payroll funding given by the bank within 24 hours. Nothing has been funded yet and it is extremely difficult to even find a bank willing to take your application. You have to have an inside relation with a banker or an existing loan to have a chance. I filled out the online paperwork with the national bank I have my business accounts with. After a couple days I got an email stating that we were ready to start "step 2" of 7 steps and that they would be in touch when they were ready to proceed further.

$1200 / $500 stimulus checks direct to people "should" be going out over the next week or two for those that have direct deposit information on file with the IRS (I don't). For those that don't, physical checks start being processed April 24th for those that make under $10k per year. Under $20k starts processing May 1st. Under $40k May 15th. On and on until the top earning people's checks are slated to be processed September 4th.

All that to say "good luck" getting any magical government stimulus money any time soon......... (hopefully I'm proven wrong)

 

[DTB]

The stimulus check should be coming this week so my tenants can pay the rent. Only got one full rent so far. This year, I won't increase their rent. Good fiscally responsible tenants are hard to find.

I've been lucky, received all rents in full for April. You are 100% right on the value of fiscally and physically responsible tenants.

 

[gregb]

Ethics test. Daughter is on a 12 month lease away to college. Lease expires at the end of May. The April and May rent amounts are equal to the security deposit held by the landlord. The local county has enacted a no eviction policy that covers daughter's place. The landlord has a known history of keeping the security deposit despite never proving any damage that the security deposit is held to secure. Call him, let him call me, decline to pay, or send the check, and hope for the best, even if it means taking him to court to get the security deposit returned?

 

[Michigan CG]

[ Appraisers? Yes ] just as if they were employees fully covered by unemployment insurance, with the same $600/week bonus money.

Regular unemployment plus the $600 is about $1,000/week. My wife would shoot me if I only made $1,000/week.

 

[DTB]

Ethics test. Daughter is on a 12 month lease away to college. Lease expires at the end of May. The April and May rent amounts are equal to the security deposit held by the landlord. The local county has enacted a no eviction policy that covers daughter's place. The landlord has a known history of keeping the security deposit despite never proving any damage that the security deposit is held to secure. Call him, let him call me, decline to pay, or send the check, and hope for the best, even if it means taking him to court to get the security deposit returned?

Let's unpack this a bit.
You knew the landlord was slippery with the deposit returns and rented from him anyway. If I was the tenant and knew this, I would have rolled those 2 months deposit into my actual rent costs. i.e. 17% more than the stated rent.

While there is a no eviction policy in place, do you need a rental for next year? If so, who will you provide as a landlord reference if you preemptively stiff this guy? It may be penny wise and pound foolish.

If your daughter is finished with school this Spring, I would call him and advise that you will be applying the deposit to May rent and split the difference. BTW your April rent is already LATE.

 

[DTB]

Regular unemployment plus the $600 is about $1,000/week. My wife would shoot me if I only made $1,000/week.

I know a couple of millionaires who never earned $1,000 a week, just sayin'.