leadnow has a plan to cancel rent and mortgage

zabbo · #1 03-31-2020, 09:00 AM

Just thought I 'd throw this out there and see what you may think. Below is copy of an email I sent to these folks. Thoughts?

Good morning.

Just a note with a bit of information and a question if I may be so bold.

I am a recently retired senior on a fixed income. My wife and I have worked very hard over the last 30 to 35 years. We saved and went without many things that people around us were enjoying. New cars, nice trips, new furniture and lots of toys come to mind. Instead of purchasing such items we bought a revenue property. This was done, because I worked construction jobs and as such did not have nice retirement and pension plan. The rent from the revenue property is my pension! We are not a huge corporation, just a couple that is getting older and trying to get by like everyone else. We are not so cold as to just evict tenants because they are short a bit on the rent but we are not rich either. The cancellation of rent sounds great.......if you rent. But what if you count on that rent to pay your monthly bills? With this said, may I point out, there will be some persons that take advantage of your plan and refuse to pay their rent, even if they are still working or otherwise able to make that payment.

Now for the question. If you are so anxious to protect renters, in what fashion are you willing to protect senior citizens such as myself?

A view from the other side of the fence.

Au revoir, Gopher · #2 03-31-2020, 09:17 AM

Well, if a person wanted to critique all of their campaigns they would be at it for a while

Ban pipelines, ban guns, ban ...

ARG

Trochu · #3 03-31-2020, 09:18 AM

I have a work acquaintance who works 7-6, a paid employee, who had been saving with his wife for years. They have a very modest lifestyle, entry level home, single vehicle, no bikes/quads/sleds/boats/etc. that I'm aware of. Last year he finished construction of a very nice two storey fourplex, garage units, etc. I'm sure it costs well over a million dollars. He is very concerned that his tenants may just stop paying rent and there's nothing he can do about it. I'd be concerned as well if all of a sudden I was looking at a $6,000.00 monthy mortgage payment and possibly utilities and taxes.

58thecat · #4 03-31-2020, 09:27 AM

they don't pay you don't pay....as in the mortgage...go to the bank and explain this...there is deferred mortgage plans in place right now.

trailraat · #5 03-31-2020, 09:33 AM

While I appreciate the governments desire to help people, in my mind the proposal to allow tenants to simply not pay rent for a month is foolish. This will most definitely be taken advantage of.

Grizzly Adams · #6 03-31-2020, 09:35 AM

Quote:

Originally Posted by Trochu

I have a work acquaintance who works 7-6, a paid employee, who had been saving with his wife for years. They have a very modest lifestyle, entry level home, single vehicle, no bikes/quads/sleds/boats/etc. that I'm aware of. Last year he finished construction of a very nice two storey fourplex, garage units, etc. I'm sure it costs well over a million dollars. He is very concerned that his tenants may just stop paying rent and there's nothing he can do about it. I'd be concerned as well if all of a sudden I was looking at a $6,000.00 monthy mortgage payment and possibly utilities and taxes.

No good deed goes unpunished, it seems like our entire suite of retirement schemes have gone to hell, stock markets have crashed, affecting pension plans and RRSPs. A lot of people are going to find they've bought into an exercise of futility, too late in Life. The little man is the one who will suffer. The pension plan schemes have sold us a fairy tale. Want some informative entertainment ? Watch the Laundromat on Netflix.

Grizz

EZM · #7 03-31-2020, 09:47 AM

Quote:

Originally Posted by Trochu

I have a work acquaintance who works 7-6, a paid employee, who had been saving with his wife for years. They have a very modest lifestyle, entry level home, single vehicle, no bikes/quads/sleds/boats/etc. that I'm aware of. Last year he finished construction of a very nice two storey fourplex, garage units, etc. I'm sure it costs well over a million dollars. He is very concerned that his tenants may just stop paying rent and there's nothing he can do about it. I'd be concerned as well if all of a sudden I was looking at a $6,000.00 monthy mortgage payment and possibly utilities and taxes.

EXACTLY.

So we scratch, toil and work to get to a point where we can buy property in the expectation that we will be able to pay it down through using our investment as a rental property. YES …. one day …. many of us will enjoy the equity position on these investments and enjoy the fruits of years of work, sweating, worry and hardship …… but that wasn't free.

Many of us were not children like trump where daddy gave us a small loan of 10 million dollars. We are immigrants, our children are first born here, and have worked to get to where we were coming from nothing. (yeah I know sounds like a great story, but guess what, my parents came here in the 70's with $600).

All the while my other friends, and some of my renters have cooler toys, had cooler vacations than me, and now ….. I see on TV, that in BC the hippies are encouraging others "don't pay rent on April 1st????"

disgusting.

If a renter legitimately looses income over this Covid thing, then I am totally cool with helping them out, but keep in mind, the mortgage or line or credit for the property still comes due for me.

Who helps me?

zabbo · #8 03-31-2020, 09:50 AM

Quote:

Originally Posted by 58thecat

they don't pay you don't pay....as in the mortgage...go to the bank and explain this...there is deferred mortgage plans in place right now.

There is NO mortgage! The rent is my source of income. That's how I pay my bills. As I have said, we gave up a lot along the way to be here. We're willing to work with tenants, but to flat out legislate NO RENT, and expect us to pick up the slack is demanding a whole lot. Even if it had a mortgage, the payment is only deferred and interest is still paid.

Cement Bench · #9 03-31-2020, 09:52 AM

who is leadnow

zabbo · #10 03-31-2020, 09:52 AM

Quote:

Originally Posted by EZM

EXACTLY.

So we scratch, toil and work to get to a point where we can buy property in the expectation that we will be able to pay it down through using our investment as a rental property. YES …. one day …. many of us will enjoy the equity position on these investments and enjoy the fruits of years of work, sweating, worry and hardship …… but that wasn't free.

Many of us were not children like trump where daddy gave us a small loan of 10 million dollars. We are immigrants, our children are first born here, and have worked to get to where we were coming from nothing. (yeah I know sounds like a great story, but guess what, my parents came here in the 70's with $600).

All the while my other friends, and some of my renters have cooler toys, had cooler vacations than me, and now ….. I see on TV, that in BC the hippies are encouraging others "don't pay rent on April 1st????"

disgusting.

If a renter legitimately looses income over this Covid thing, then I am totally cool with helping them out, but keep in mind, the mortgage or line or credit for the property still comes due for me.

Who helps me?

Exactly this!!

260 Rem · #11 03-31-2020, 10:01 AM

I do not suppprt the gift of taxpayer money to any business or individual. IMO any “help” should be given in the form of interest free loans only. As it stands, our grandchildren’s kids will still be paying off the national debt incurred during C-19.
Every decision has consequences. How is investing in revenue property any different than investing in any stock? Investment losses are losses. Or maybe we should just have the Gov make up our investment losses as well? Ridiculous!
How about a floating an idea for those of us that do not take any of this free money? Like a “preferred” tax rate? Or being able to claim back the sales tax that is sure to come here in Alberta?
What ever happened to to the the anti-socialist voices in this forum? Time for you to speak up?

pitw · #12 03-31-2020, 10:04 AM

Quote:

Originally Posted by EZM

Who helps me?

You help yourself as you've already proven you can.

Sad reality but that's the way the lefty's work.

Those of us who paid everything off and are living within our means are expected to help others who are like the critters in the little red hen story. I ain't never seen so many cries for help and I for one ain't helping anyone who has/had a better toy than me. If they starve it just means another one that don't need feeding.

FishOutOfWater · #13 03-31-2020, 10:05 AM

Lot of misinformation in this thread...

Some people need to look up the definition of "DEFERRAL".

whiteout · #14 03-31-2020, 10:07 AM

Quote:

Originally Posted by FishOutOfWater

Lot of misinformation in this thread...

Some people need to look up the definition of "DEFERRAL".

And the almost guaranteed negative consequences of doing it.

Au revoir, Gopher · #15 03-31-2020, 10:22 AM

Quote:

Originally Posted by FishOutOfWater

Lot of misinformation in this thread...

Some people need to look up the definition of "DEFERRAL".

I think you need to lookup what Leadnow is asking for

Quote:

URGENT: Rent is due in a week and there’s still no plan to help renters who can’t afford their rent or bills because of COVID-19.

The most powerful thing we can do right now to make our voices heard and convince Prime Minister Trudeau and the premiers to help renters is flood them with personal messages from people all across the country. Please email Prime Minister Trudeau and Canada’s premiers, asking them to cancel rent, evictions, and utility payments during COVID-19.

They are not asking for a deferral, they are asking for an outright cancellation of rent... and they don't say for how long.

As it stands now, in Alberta

Quote:

New protections are in place for residential and mobile homes site tenants facing financial hardship due to COVID-19:

Tenants cannot be evicted for non-payment of rent and/or utilities before May 1, 2020.
Rents on residential properties or mobile home sites will not increase while Alberta’s State of Public Health Emergency remains in effect.
Late fees cannot be applied to late rent payments until June 30 and cannot be collected retroactively for this time.
Landlords and tenants need to work together to develop payment plans while COVID-19 is being managed.
Landlords can still file applications and receive orders for possession if the reason for the eviction is unrelated to rent and/or utility payments, or if a tenant refused to negotiate or comply with a payment plan.

ARG

zabbo · #16 03-31-2020, 10:26 AM

Quote:

Originally Posted by Cement Bench

who is leadnow

They are a socialist group that support just about anything that might be anti establishment. There is movement in B.C. right now encouraging ALL renters in the province to refuse payment of rent in solidarity with those that can't or are having problems. Not sure they are behind it, but that would be right up their alley!

Trochu · #17 03-31-2020, 10:28 AM

Quote:

Originally Posted by FishOutOfWater

Lot of misinformation in this thread...

Some people need to look up the definition of "DEFERRAL".

I don't think there is any misinformation in this thread.

If there is, feel free to correct it.

58thecat · #18 03-31-2020, 10:30 AM

Quote:

Originally Posted by zabbo

There is NO mortgage! The rent is my source of income. That's how I pay my bills. As I have said, we gave up a lot along the way to be here. We're willing to work with tenants, but to flat out legislate NO RENT, and expect us to pick up the slack is demanding a whole lot. Even if it had a mortgage, the payment is only deferred and interest is still paid.

I did not read NO mortgage in your initial post...this whole thing sucks as we all have lost something with regards to finances...this is when buckling down and figuring things out on our own comes into play.
You like most have gone without and made decisions along the way that affect your outcome...as with me...I say if you have your health, your family has their health then you are very well off given what some are up against.

58thecat · #19 03-31-2020, 10:36 AM

Quote:

Originally Posted by EZM

EXACTLY.

So we scratch, toil and work to get to a point where we can buy property in the expectation that we will be able to pay it down through using our investment as a rental property. YES …. one day …. many of us will enjoy the equity position on these investments and enjoy the fruits of years of work, sweating, worry and hardship …… but that wasn't free.

Many of us were not children like trump where daddy gave us a small loan of 10 million dollars. We are immigrants, our children are first born here, and have worked to get to where we were coming from nothing. (yeah I know sounds like a great story, but guess what, my parents came here in the 70's with $600).

All the while my other friends, and some of my renters have cooler toys, had cooler vacations than me, and now ….. I see on TV, that in BC the hippies are encouraging others "don't pay rent on April 1st????"

disgusting.

If a renter legitimately looses income over this Covid thing, then I am totally cool with helping them out, but keep in mind, the mortgage or line or credit for the property still comes due for me.

Who helps me?

as with me...I have always helped myself...figured it out...just gotta have had this plan in place in your early 20's....my grandma passed just recently and I remember her saying save a penny for a rainy day....well its been raining out for sometime...102 years on this earth she seen it all...wish I could thank her cuz I got a few pennies and more importantly healthy...

Au revoir, Gopher · #20 03-31-2020, 10:43 AM

Quote:

Originally Posted by zabbo

[...] There is movement in B.C. right now encouraging ALL renters in the province to refuse payment of rent in solidarity with those that can't or are having problems. [...]

Not just B.C. There are 'rent strike' movements in Ontario and Quebec as well.

ARG

MK2750 · #21 03-31-2020, 10:47 AM

If everybody is eligible for EI and/or the government is paying 75% of wages or if all else fails, everybody gets a $2000 cheque, why can't people pay their rent?

I could understand a grace period until a person gets the help they need.

Ken07AOVette · #22 03-31-2020, 10:59 AM

Quote:

Originally Posted by 58thecat

they don't pay you don't pay....as in the mortgage...go to the bank and explain this...there is deferred mortgage plans in place right now.

Sorry- in simplest terms; YOUR problem is not OUR problem. That will be the banks answer. If you dont make it they take your property eventually.

Uber rich people with nothing to lose have been seen giving (very pubicly) free rent for a short term and now everyone thinks they are entitled to it.

It is being screamed loudest by the people you would expect, 'you dont have to pay mortgage so I am not paying rent.'

Some can not get past the "deferral" part. Even with a hammer they are so thick. Or so entitled. It has been explained ad neseaum that the owner has a significant investment that they are on the hook for, they may get a deferral but will have to make it up, likely with penalties down the line. They scream louder.

I always explain to my clients when I am doing recovery that the stories of woe, the issues the debtors are going through are their issues, not my clients'.

Your problem is not our problem.

bobtodrick · #23 03-31-2020, 11:11 AM

Yup, I just don't get people. Rather than save for rainy day they go out and buy the latest 'must have' as soon as they get some cash in their pockets (not all mind you...but too many).
Been working since 1972...never collected EI. Have a modest house and have always owned pre-owned vehicles.
Might get a temporary layoff for a month.
Have been told I can get all this mortgage deferral, special EI etc.
Just seems like a huge PITA to me and will just make my regular payments out of the money I have saved instead of ****ing away.
But people who think like this appear to be in the minority.

darren32 · #24 03-31-2020, 11:14 AM

Quote:

Originally Posted by zabbo

They are a socialist group that support just about anything that might be anti establishment. There is movement in B.C. right now encouraging ALL renters in the province to refuse payment of rent in solidarity with those that can't or are having problems. Not sure they are behind it, but that would be right up their alley!

Thanks for the info. I had not heard of this .... I guess we will see if we get any rent money tomorrow.....

zabbo · #25 03-31-2020, 11:32 AM

Quote:

Originally Posted by 58thecat

I did not read NO mortgage in your initial post...this whole thing sucks as we all have lost something with regards to finances...this is when buckling down and figuring things out on our own comes into play.
You like most have gone without and made decisions along the way that affect your outcome...as with me...I say if you have your health, your family has their health then you are very well off given what some are up against.

I have my health ad so does my family. At least for now. My old granny and my Mom always said the same as yours. Tuck a little away for a rainy day. We did just that. As mentioned else where, I'm not that cold as to throw tenants out of their home for no reason. I'm more than willing to work with people. Wait a bit until EI or government money shows up. Ok. Can't make the entire payment? OK, I can knock a bit off for a couple months and see where we are then. The issue I have here is people demanding free rent and no end in sight. What this is really doing, is downloading the financial burden to landlords. I have to presume the idea is, they have revenue property, therefore they must be rich and they can just suck it up and take the hit. Problem is, I still have bills to pay. One way or another we'll get through this, but free rent for an extended period will not be part of it!

Good luck on the hard water!

tbiddy · #26 03-31-2020, 11:32 AM

We rent our place. Our landlord called and wanted to make sure everything is kosher. I’m always off for about 2 months for breakup so we have money saved as we do every year. I told him we’ll pay rent like normal as it’s already there. I work on the drilling side and always have a rainy day fund cause well, it’s the oilpatch. Told him maybe we can revisit things in the summer if things are looking like they won’t fire back up for a long time.

The way I look at things, if you have the funds and nothing changed due to COVID you have to pay your rent. I’ve built a great relationship with our landlord and due to that he’ll help us out down the road.

But there will always be people that will take advantage. All these people are seeing no rent, mortgage deferrals, no utilities need to be paid, “free” money and want to take, take, take. But nothing in life is free. It may help you today but what happens tomorrow?

jrowan · #27 03-31-2020, 11:40 AM

So for everyone curious about the landlord whose retirement is done through rent:

You should apply for the covid 19 emergency benefit when applications open. That rental income should have been reported as self employment income on your taxes. So loss of self employment income means you qualify for the benefit.

If you setup a holding company for the property I hope you were paying yourself a wage prior to March 15th so that the company qualifies for the wage subsidy. If not your only other option is the interest free (for a year) business loans that are being rolled out.

MyAlberta · #28 03-31-2020, 11:48 AM

Quote:

Originally Posted by Ken07AOVette

Sorry- in simplest terms; YOUR problem is not OUR problem. That will be the banks answer. If you dont make it they take your property eventually.

Uber rich people with nothing to lose have been seen giving (very pubicly) free rent for a short term and now everyone thinks they are entitled to it.

It is being screamed loudest by the people you would expect, 'you dont have to pay mortgage so I am not paying rent.'

Some can not get past the "deferral" part. Even with a hammer they are so thick. Or so entitled. It has been explained ad neseaum that the owner has a significant investment that they are on the hook for, they may get a deferral but will have to make it up, likely with penalties down the line. They scream louder.

I always explain to my clients when I am doing recovery that the stories of woe, the issues the debtors are going through are their issues, not my clients'.

Your problem is not our problem.

Your penalty is interest over the life. Skipping as predatory action from the banks, which is BS because any mortgage offering had skip options already. For every door that skips on me, I’m looking at ~$500 interest penalty on top of the payment itself. BC has a $500 subsidy in place already. This gov better step up.

liar · #29 03-31-2020, 12:03 PM

Quote:

Originally Posted by MyAlberta

Your penalty is interest over the life. Skipping as predatory action from the banks, which is BS because any mortgage offering had skip options already. For every door that skips on me, I’m looking at ~$500 interest penalty on top of the payment itself. BC has a $500 subsidy in place already. This gov better step up.

by"gov" you me and the rest of the taxpayers , right ?

Ken07AOVette · #30 03-31-2020, 12:03 PM

Quote:

Originally Posted by MyAlberta

Your penalty is interest over the life. Skipping as predatory action from the banks, which is BS because any mortgage offering had skip options already. For every door that skips on me, I’m looking at ~$500 interest penalty on top of the payment itself. BC has a $500 subsidy in place already. This gov better step up.

Yep. And everyone that agreed to the interest when they signed the 15 page contract agreed to it. I am afraid the Gov wont do much in Alberta, we are their piggy bank, they do not know that there is a little hole in the top of it to top up, they are just aware of the big huge hole out the bottom.