Update: HEROES Act Stimulus [Landlords Must Watch] 4K

💥💥 Update: HEROES Act - Everything a Landlord Needs to Know 💥💥
Landlords are caught in the middle of a battle of politics and their economic survival will depend on safely navigating this political midfield. In the next few minutes I will give you everything landlords need to know.

As many of you know the Health and Economic Recovery Omnibus Emergency Solutions Act or as it is more easily remembered, the HEROES Act; was introduced and passed by House democrats this week, sending it over to the Senate for review.

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As we all know, the current pandemic has caused massive economic damage to everyone, rich and poor, and we as Americans, need to come together to help everyone out. I have no issue in providing a helping hand, but as I will explain in the next few minutes, this proposal would bankrupt many small business landlords and eventually lead to a shortage of affordable properties for tenants.

As proposed, the Act provides tenants protection from being evicted for non-payment of rent for 12-months, starting on the date this law is passed. Additionally, a landlord must give the defaulting tenant an additional 30-days prior to serving eviction notices. Under this proposal, if a tenant chooses to abuse this situation, they can live rent free for at least 13-months.

The proposed act does allocate $100 billion, to be distributed through the Department of Housing and Urban Development, for assistance with rent and other housing costs such as utilities, relocations, security deposits and fees.

The provision would target low- and medium-income renters, who earn less than 80% of the median income in their metropolitan area.

Some 40% of the funds that each state receives would have to go to renters whose income does not exceed 30% of the area median income.

Those with income no larger than 50% of the median income would be eligible for 70% of the overall assistance, while any remaining amounts could go to families earning no more than 80% of the area median income.

The problem, as I brought up in my video HEROES Act - Shafting the People Again [Let them Eat Cake] – is I feel, that tenants may not feel the motivation to go through the headache of applying for the local rental assistance funds, because, they may feel it is a waste of time when they know they cannot be evicted anyways.

Of course, many of you are probably saying, well what about the mortgage forbearance? Can landlords use this?

Overall my biggest issues with how this is being handled, tenants are being given a reason not to pay in spite of receiving checks from the state and federal government. If a person is unemployed or underemployed, they are able to get unemployment benefits from their state plus an additional $600 bonus from the federal government. With these funds tenants should be able to make their normal rent payments.

In summary, I feel many landlords are going to be forced to sell their properties quickly, for any price they can get, just to get themselves out of the situation. The only ones that profit here are the large multi-billion-dollar corporations that can swoop in and snap up these properties for pennies on the dollar.

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In closing a quick statement: I am not a lawyer, CPA, tax advisor, realtor, financial advisor, etc., etc., I have absolutely no licenses/certifications in anything related to these industries, I am just a dude on the internet. So, in full disclosure: the information I provide here is for “entertainment purposes only” and you should seek counsel from competent and certified individuals if you have questions.
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Видео Update: HEROES Act Stimulus [Landlords Must Watch] 4K канала The Steven Carlson Show