About the only thing we hear from the mainstream media, other than COVID-19, is how people need their unemployment check to survive. Rarely if ever is a picture painted for us concerning the entire economic landscape…
What am I talking about?
We all know the government has imposed an eviction moratorium. So rents and even mortgage payments are not being made.
So how is this affecting landlords?
Think about it.
A lot of people have not paid their rent or mortgage payment nearly all year long. Some have not been able to, but a lot have not wanted too when they could have. We are going to talk about that today.
When we think about those impacted by the current financial situation, we tend to forget about the guy who is renting out his home to someone who is not paying rent. We forget about him for some reason.
In Florida, Michael Herring is a landlord who has lost tens of thousands of dollars in unpaid rent, and due to those unpaid rents is forced to sell some of these properties.
“I’m… I’m sorry,” nearly breaking into tears,” Herring said.
“These are on the market right now to sell because I can’t afford to keep them. That’s ridiculous, that’s not fair and not right.”
Herring goes on to say, he grew up working on these properties with his dad and grandpa. So they are special too him.
Herring’s story continues,
“People are out of work I understand that, but they’re getting unemployment. They’re getting all this other money and they could pay that if they wanted to. They just don’t want to. In some cases… in most cases,” said Herring.
And there is the rub…
Many of these people receiving unemployment and socialist COVID checks are not paying their rent, as the government said they do not have to. Instead of being responsible adults and paying for the roof over their head, they are helping to increase the profits of Amazon and Walmart by purchasing stuff for themselves.
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Mr. Herring’s observation ties in with what I have read on other financial sites. Landlords have explained, they have seen people go out and buy new couches, televisions, and so on, yet, they cannot pay their rent.
Disgusting.
I know some people are hurting out there, the fact is, nearly everyone is hurting in some fashion. I mean how much money did you save this year compared to last?
My guess is, you either lost money or your savings rate was down. Then we have inflation which is eating up the money we have set aside.
Here is the second rub…
According to the government’s eviction moratorium, all renters will have to pay the back rent due. Now how on earth are they going to be able to afford to do that? Even for your average middle class person, it could potentially take years to pay current rent, plus a year’s of back rent.
So I see more bailouts coming.
The take away here, is our Republic, our Republican and Democrat government has brought socialism to our front door and it breeds laziness. The proof is in the pudding folks.
We have talked in the past about Indian Reservations. Those are in fact, socialist systems and I encourage you to go visit one if you think socialism breeds anything but laziness.
The fact that we are all okay with this false pandemic, and the government perpetually manufacturing new money out of thin air tells me we have already lost our country.