Eviction Moratorium Ending! What now?

In today's video, we're going to discuss the ending of the eviction moratorium and what that means for investors like yourself. Coming up next. I'm sure that most of you who are in real estate have heard that the Supreme Court has blocked Biden's eviction moratorium. Let's discuss what that can mean for you and your investments. Welcome back to the channel. I'm Joe Holmes. I have over 40 years of experience as a mentor, broker, I made this channel for the new and experienced investors. So make sure that you subscribe and never miss a thing. Let's talk real quickly about what is an eviction moratorium. So the eviction moratorium was put in place due to COVID, and it has been in place since we started COVID, and it keeps getting extended. The can keeps getting kicked down the road. And finally, the Supreme Court said, that's enough. And it is hopefully, hopefully going to end by the end of September of this year. So basically, it prevented landlords from being able to evict somebody that's renting their place and is not making a payment. So it was kind of like the government said, you don't have to make your payment anymore, and put all that burden on the landlord Who still has the responsibility of making their mortgage payment. Let me kind of describe what it's been like for some landlords. I'm working with a couple of landlords now, one in particular. This landlord bought a property in Chino Hills and she rented it out. And then all of a sudden she stopped receiving the rent payment. And this was a little bit more unusual than the typical Tenant stopping payment. The tenant decided to sublease the property. They subleased it to somebody else who was paying them the rental until we found out about it. And this was about a process that occurred about a year into it. The landlord actually got an attorney on it. The attorney is still sitting on his hands over this situation. I didn't get involved till just recently, and I'm hopefully, hopefully going to try to resolve this for her. But I've gone out to the property, I've spoken with the squatter, is the easiest way to say, and he's hopefully going to be moving out at the end of this month. If not, then we have to go through the normal eviction process to get him out. Okay, so people are asking, well, what, what the heck happens now? Let me tell you this, okay? I like to be fair with everybody, so if you're a landlord out there and you're in this situation, My suggestion to you is you pick up the phone and talk to the person that's in your property and try to negotiate something with them. Obviously, at the end of the month, you're in a better position. You're not necessarily going to have to offer cash for keys, but if you can get them out quicker offering cash for keys, that might be an idea. If not, Then you— if they don't want to move out cooperatively or start paying you again, then you're going to have to hire an eviction attorney. The eviction attorney that I use charges around $1,000, $1,200. I think he's raising his, his fees because of all this that's going to be going on. So you kind of gauge your cash for keys with that reason. I mean, you might be able to throw $500 at it to help them with moving expenses and they move out for that reason. If not, then you're going to have to go through the eviction process and start that process, which here in California, because all the laws have changed, it takes 60 days to move somebody out. And then if they contest it, it could take a little bit longer than that, 90 days. So kind of gauge that on what kind of cash for keys you decide to offer. So what does this mean for investors, wholesalers, flippers, anybody that's an investor really in real estate? It means deals. It means a possibility that this person is just so tired of all this that they've decided that they're going to just sell the property. They may wholesale the property to you if they want quick cash. Real estate agents, you know, get prepared. Because you should be reaching out to these people and trying to get some leads on listings as well. So be prepared. There is going to be more activity in California after September and probably throughout the 50 states, but especially here in California. A lot of mom-and-pop landlords have been hit really hard due to the lack of incoming rent. As well as having their hands tied with any sort of recourse. This upcoming change could have a profound effect on the market, not just owners regaining their property rights, but the amount of new inventory that could hit the market. If you're new to real estate and you want to learn more about how to get started, click on this video right here. Make sure that you reach out with any questions. I'm always here to help.