“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ I AM YOUR LAND / COMMERCIAL AND INVESTMENT REAL ESTATE SPECIALIST / LOOKING FOR OWNERS & BUYERS. Call me if you want to sell your property and need an estimated value. Phone: 480-948-5554 Prefer cell: 520-975-5207 or email me walterunger@ccim.net.
Owners, managers and the industry’s top trade associations stress working with residents if they have lost wages due to the COVID-19 pandemic.
ADVICE FOR OWNERS-OPERATORS
REITs and private property management companies of all sizes are following principles suggested by the National Multifamily Housing Council and National Apartment Association. NMHC has recommended the following guidelines that call for property managers to help their tenants retain their housing during the coronavirus crisis by:
- Halting evictions for 90 days for those who can show they have been financially impacted by the pandemic.
- Avoiding rent increases for 90 days.
- Creating payment plans.
- Waiving late fees.
- Identifying government and community resources to help secure food, financial assistance, healthcare and other services.
By Gail Kalinoski
Before COVID-19 hit the U.S. in a big way this month, Camden Property Trust, a multifamily REIT operating more than 56,000 apartments, was planning rent increases ranging from 5 to 5.5 percent, Chairman & CEO Ric Campo told Multi-Housing News. Now there will be no rent increases in the coming months at any of the 164 Camden properties and on-site personnel have been instructed to work with residents who may not be able to pay their rent due to lost wages or their jobs.
“We tell our people and we train our people on-site to do the right thing in this environment,” Campo told MHN. “We can work with the resident and make sure that they can try to help the best way they can.”
Some of the options being offered to Camden tenants include waiving late fees, deferring rent and putting a moratorium on evictions.
“We’re just focused on offering real-time information about what’s going on,” he said, adding that much of it is common sense. “Treat people the way you want to be treated in this situation.”
Asked about the financial hit to the public company, Campo responded: “What happens may cost us money to start with. We’ve been around a long time and we’re very strong financially. Deferring late fees or deferring rent isn’t going to put us under. We’ll be fine and our residents will appreciate it and stay with us longer.”
Campo said Camden owns about $14 billion with of real estate and has about $1 billion in annual revenue.
“We have very low leverage and very high cash flow. We have the ability to whether any kind of storm. It allows us to be flexible,” he said.
ADVICE FOR OWNERS-OPERATORS
REITs and private property management companies of all sizes are following principles suggested by the National Multifamily Housing Council and National Apartment Association. NMHC has recommended the following guidelines that call for property managers to help their tenants retain their housing during the coronavirus crisis by:
- Halting evictions for 90 days for those who can show they have been financially impacted by the pandemic.
- Avoiding rent increases for 90 days.
- Creating payment plans.
- Waiving late fees.
- Identifying government and community resources to help secure food, financial assistance, healthcare and other services.
- Communicating to residents that it’s a priority for the industry to partner with them to help them retain their housing.
“We are following current government guidance regarding evictions during this uncertain time and we will continue to review our policies daily in order to help our residents as much as possible,” Stephanie Williams, president of Bozzuto Management Co., which manages about 75,000 apartments along the East Coast and in Chicago, told MHN.
“With the dramatic economic shifts and unprecedented challenges that our industry faces given the COVID-19 crisis, Bozzuto Management Co. is in support of a recent NMHC request encouraging all members and apartment firms to consider actions such as halting evictions for those who can show they have been financially impacted by COVID-19, avoiding rent increases for 90 days, waiving late fees and helping residents secure services that would provide food, financial assistance and healthcare.”
Robert Pinnegar, NAA president & CEO, said the group encourages residents with coronavirus-related financial issues to reach out to their property managers before April 1. Like Campo and Williams, the NAA stresses there is no “one approach fits all,” approach and recommends the best strategy is for owners, managers and residents to work together.
EVICTION MORATORIUMS ABOUND
Many states, cities and counties around the U.S. have implemented eviction moratoriums ranging from 30 to 90 days with the Los Angeles City Council considering increasing the eviction moratorium to 12 months. HUD is also considering an eviction moratorium. Los Angeles Mayor Eric Garcetti issued an executive order giving tenants up to six months following expiration of the local emergency period to repay back rent. There are Congressional bills looking at a federal rule about evictions.
Doug Bibby, NMHC president, said members are worried that renters will use eviction moratoriums as a renter’s holiday.
“This is a fear, a real fear in our business. People think, I can’t be evicted. I won’t pay my rent,” Bibby told MHN. “If there is an open-ended moratorium without any guardrails, I think it’s very dangerous.”
Bibby and Pinnegar said the vast numbers of owners of U.S. multifamily properties are mom and pops, individual owners and small businesses, not the large REITs.
“They are the ones that will get clobbered and forced into bankruptcy if you have blanket eviction moratoriums that get carried on month after month,” Bibby said. “They have mortgages. They have property insurance. They have utility payments and so if the rent dries up, they can’t just tap the public markets like the REITs can.”
While he said it’s important to protect the renters, “you can’t tilt this so far that you disadvantage the owner/operator in the middle.”
Both Bibby and Pinnegar say they are looking for more information on a mortgage forbearance announced this week by the Federal Housing Finance Agency, Freddie Mac and Fannie Mae and want to know how far-reaching the plan would be.
The nationwide relief plan would allow multifamily borrowers mortgage forbearance of 90 days with the condition they suspend all evictions for renters unable to pay rent due to the impact of the coronavirus. Multifamily landlords whose properties are financed by Freddie Mac or Fannie Mae fully performing loans can defer payments with the condition they don’t evict tenants affected by COVID-19 during the forbearance.
FHFA Director Mark Calabria said in a written statement the GSEs are “working with mortgage servicers to ensure the programs are implemented immediately so that property owners and renters experiencing hardship because of the coronavirus can get the assistance they need.”
FROM ME:
Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also international as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial en.wikipedia.org/wiki/CCIM I AM YOUR LAND / INDUSTRIAL AND INVESTMENT SPECIALIST / LOOKING FOR OWNERS, PLEASE CALL ME – cell: 520-975-5207 or email me walterunger@ccim.net
I AM YOUR LAND / INDUSTRIAL AND INVESTMENT SPECIALIST / LOOKING FOR OWNERS
Walter Unger CCIM
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
Cell: 520-975-5207
I AM YOUR LAND / INDUSTRIAL AND INVESTMENT SPECIALIST / LOOKING FOR OWNERS
“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ ARE YOU READY TO SELL OR PURCHASE YOUR INDUSTRIAL / OFFICE OR RETAIL BUILDING OR YOUR LAND in Phoenix, Maricopa County and Pinal County, Arizona, please call me. Office: 602-445-4113, , cell: 520-975-5207 or email me walterunger@ccim.net.
CLICK HERE: Arizona Opportunity Zones As We Understand /maps. Interested!!! Please contact me.
History of Arizona from 900 BC – 2017 -Timeline.
8 Reasons You Should Invest in Land
History of Arizona from 900 BC – 2017 -Timeline.
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
DOT – LOOP 202 / SOUTH MOUNTAIN FREEWAY / PHOENIX AZ – UNDER CONSTRUCTION
ARIZONA FACTS – YEAR 1848 TO 2013
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
LIST OF ECONOMIC DEVELOPMENT PROJECTS IN PINAL COUNTY, REVISED 2-14-17
Reasons to Consider me for Commercial Referrals – I have the Knowledge and Experience
Click here to find out what is a CCIM:
Click here to view my website:
Click her to join my mailing list :
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Walter Unger CCIM
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
Cell: 520-975-5207
I AM YOUR LAND / INDUSTRIAL AND INVESTMENT SPECIALIST / LOOKING FOR OWNERS
“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “
Also Call me if you need an estimated value of your Property.
Call me if you want to see a map with what is in the Construction Pipeline for Apartments.
Prefer cell: 520-975-5207, or email me walterunger@ccim.net. CLICK HERE TO VIEW ALL MY LISTINGS.
Check out my professional profile and connect with me on LinkedIn.
Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages. The interactive map shows the location of each community (10+ units) and each location is color coded by the size (number of total units).
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207
Reasons to Consider me for Commercial Referrals
Delivering the New Standard of Excellence in Commercial Real Estate
- Commercial Real Estate Scottsdale
- Commercial Real Estate Phoenix
- Commercial Real Estate Arizona
- Commercial Investment Properties Phoenix
- Commercial Investment Properties Scottsdale
- Commercial Investment Properties Arizona
- Land Specialist Arizona
- Arizona Land Specialist
- Land Specialist Phoenix
- Phoenix Land Specialist
- Land For Sale Phoenix
- Land for sale Arizona
- Commercial Properties For Sale Phoenix
- Commercial Real Estate Sales Phoenix
- Commercial Properties Phoenix
- Commercial Properties Arizona
- Commercial Land Specialist Phoenix
- Commercial Land Phoenix
- Multifamily land Phoenix
- Retail Land Phoenix
- Industrial Land Phoenix
- Land Commercial Phoenix
- Land Retail Phoenix
- Land Industrial Phoenix
- Land Multifamily Phoenix
- Industrial Land for sale Phoenix
- Land Industrial
- P
- Investment Real Estate
Disclaimer of Liability
The information in this blog-newsletter is for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.