No stimulus for small landlords?

I think this article in NYT left me troubled not only me but other small landlords as well.
https://www.nytimes.com/2020/03/31/nyregion/coronavirus-landlords-eviction-tenants.html

“What does it mean for landlords?
While tenants will be protected for at least 90 days from eviction, landlords have not yet been provided similar protections. Mr. Cuomo has urged banks to waive mortgage payments for three months, but he does not have the authority to order them to do so.

Other bills, such as water and sewer, have not been postponed.

“The banks aren’t going to let you off the hook,” said Mr. Strasburg, adding that the federal government should require banks to provide relief on mortgage payments.”

Basically now we have 0 protection not only if tenants can not pay rent due to income loose or coronavirus illness ( god forbid).
It looks like we have 0 protection if tenants CHOOSE not to pay rent in this difficult time ( and god bless out tenants who gave us rent check for April and other tenants who probably will pay us too, at least they did not state otherwise so far as we are normally very relaxed about strict monthly rent due date).

Also, water bills for typical 3 family full of kids is usually sizable, no pay vacation there.

Taxes are paid by mortgage company from escrow.
On a top we have to provide emergency repairs when something breaks. Can I ask plumber, for example, to do work for free or pay him later? You know the answer.

What to do and where to run if it comes to the situation that we can not cover all our house related bills ( mortgage, utilities, repairs) due to rent not paid by tenants?

lucie

in General Discussion 5 years and 6 months ago

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jjq | 5 years and 5 months ago

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Thanks for the useful advice— from the 99.9% of us on this board who don’t have a “private banking” relationship with a “portfolio lender.”– Very helpful.

yudashasom | 5 years and 5 months ago

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I didn’t say conventional lenders will do it. I said portfolio lenders would do it. Learn the difference.

jjq | 5 years and 5 months ago

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Just a last comment… Im sitting on $1.2MM+ equity, have a nearly 800 FICO and a great job with lots of income for over 20 years and as I explained above could not get a HELOC with the property I’ve lived in for 20 years . I hired an attorney who thankfully knew of the re-title loop-hole… so I did not have to repay Transfer Taxes, Title Insurance, and a few other misc fees which would have been a pricy solution to just get a loan.

jjq | 5 years and 5 months ago

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This is a list of banks which will not do HELOC with LLC titled collateral:

Local, regional, national and international “brands:”

Citizens, Valley National, Signature Bank (private acts), HSBC, Sandenter, Ridgewood, Investors, Northfield, Flushing, First Nat Bank of Long island, Chase, Apple, Dime, Roosevelt, Atlantic, Td Bank, Mt Bank.

Online:

Bethpage, and Third Federal

It does not matter what FICO score you have, how much equity is in the property, or what income you have.

The underlying reason these loans are not made is that the loan can not be repackaged and sold in the secondary market— ie its nonconforming. It would have to remain a portfolio, in-house loan because it does not conform to the secondary market requirements.

jjq | 5 years and 5 months ago

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Nonesense.

The banks WILL NOT make a conventional HELOC loan to an owner of an LLC titled-Property. It’s really that black and white. And I’ve got the used shoe leather to prove the due diligence.

Now if you are talking about some sort of “private banking” loan which is available because of some sort of real estate portfolio lending relationship… that’s a completely different story.

The only reason I’d like to make this info available is for retirement planning:

If anyone has their primary residence titled as an LLC, and is looking for a big fat line of credit in retirement in the form of a HELOC … sort out the LLC title before you retire and apply for the loan.

yudashasom | 5 years and 5 months ago

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And by relationship. I mean, you have given them substantial business. Portfolio lenders will do anything for their best clients. Even the bigger banks will do that in their more specialized private banking departments.

yudashasom | 5 years and 5 months ago

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I’m not going to make referrals here. Any portfolio lender CAN do it, but the question is IF. And a big part of that “if” is if you have a relationship with them.

A lot of people on here talk out of their behind. I don’t do that. I talk on long experience and knowledge.

jjq | 5 years and 5 months ago

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There is a work around, for those interested:

Go back and Re-title your property.

If the “Beneficial-Ownership” of the property does NOT change (ie: husband owns 50% and wife owns 50% through an LLC and retitling retains this 50/50 split)

There will be NO re-Titling charges (in NY anyway).

Caveat–

Check with your insurance & mortgage company first– There are a couple of finer points in your mortgage docs which may need compliance.

jjq | 5 years and 5 months ago

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So Ill ask again, what lender are you talking about.. Im anxious to call them.

jjq | 5 years and 5 months ago

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Believe me I would not be posting this if it was not from experience. 5 weeks ago (before the virus) I walked into EVERY bank along 5th and 3rd Ave in Bay Ridge and directly talked to their loan officers (or had someone call a back office guy)– Only Valley National said they would entertain the loan, however there was an upfront $800, non-refundable legal fee (all the LLC docs need to be reviewed by their legal dpt).

jjq | 5 years and 5 months ago

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Which Lenders? Because I can give you a list of 30 local and national lenders which WILL NOT loan in this form. The reason is because the loan becomes a non-complying loan, and can NOT be resold. So just let me ask.. Which Lenders are you talking about?

yudashasom | 5 years and 5 months ago

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@jjq you are incorrect about banks not giving a HELOC to an LLC. I’ve done several over the years, and one very recently. It depends on the lender, and your relationship with them

jjq | 5 years and 5 months ago

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The (huge) Capital Gains credit IS still available for “Closely Held LLC’s”– Basically husband and wife or single owner. The basic requirement is still that you have lived in the building for 2 of the past 5 years as your PRIMARY RESIDENCE.

With this much money on the line, talk to a RE attorney that really knows his stuff before “cowboying” it.

IMPORTANT:

BEWARE OF LLC OWNERSHIP FOR A DIFFERENT REASON

I understand the liability (and other) benefits of owning property under an LLC…

However…

You will **NOT** be able to get a HELOC loan using your LLC-titled property as collateral.

Imagine $1MM+ of equity in your Brownstone and today’s (4/2020) low interest rates.

What a GREAT time to take out a loan…. It WILL NOT happen if your property is titled as an LLC.

yudashasom | 5 years and 5 months ago

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@lurker, that’s incorrect

Lurker | 5 years and 5 months ago

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A home owned as LLC also doesn’t get the (huge) advantage of capital gains credit when the property is sold, which for a couple is 500k (if they’ve lived in it for 2 years over previous 5)

Guest User | 5 years and 5 months ago

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Is cost one of the difference between owning a property in LLC vs Corp? I know many people do 1 LLC per property but I also know landlords who make corps for each property.. even though its just one owner.

yudashasom | 5 years and 5 months ago

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@olga, LLC’s can be set up as disregarded entities. Taxes flow through your personal return, and there is no differences or disadvantages in terms of taxes and savings.

lucie | 5 years and 6 months ago

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We briefly considered to do LLC for our house. For small landlords when you count each dollar and this is your primary residence as well the benefits of less interest on mortgage and tax deductions make more sense to keep property as a personal asset ( which is the largest personal asset). /so, loss of rental income is not covered by anything in this situation. If you do have loss of rental income insurance coverage – I highly doubt it would cover loss of rental income due to pandemic.

Guest User | 5 years and 6 months ago

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Agreed that policies seem to be dependent on bank. Mine (home, not for rental property) offers a blanket, automatic no credit reporting on late payments just till the end of May. After that you will get dinged. They also offer other options (smaller payments stretched out, delayed payments) but you must apply and prove that you have suffered hardship due to Covid-19 and await their decision. So a lost job might qualify but a slash in wages wouldn’t necessarily.