Stimulus Bill Not Working for This Landlord

Of course I’m angry. We’re losing two long term tenants in winter over the first time buyers stimulus bill…

first time home buyers tax creditThanks, Congress, for a stimulus bill that is harming this landlord’s business.

I’ve just lost two long term tenants over the weekend and that means I’ll have two empty units going into winter.

It’s all  because of the “stimulus” $8,000 you are giving them to buy a house.

I might add, one of these tenants  is from Bulgaria.

These two tenants are getting out right under the wire before the stimulus $8,000 runs out. 

 They will be closing in November, one week before Thanksgiving.  It is one of the worst times of the year for our market cycle.

Yes, I’m angry.

All I can do now is pray more tenants don’t get on to this and we’ll lose them too. And I hope this Congress doesn’t throw more of our tax money out there to “stimulate first time homebuyers”.

Why am I upset?

Why not also give us all a tax break to go out and buy?

Why can’t real estate investors and landlords get an incentive too? 

After all, we do provide an important service.  We provide roofs over tenants’ heads.

The government knows the secret the way some people think.  “$8,000- free”, I’ll grab it now.”

And there’s more…

“The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.”

That’s from the National Association Home Builders’ website.

Okay, my blood is boiling enough now.  How’s your blood pressure, when you read that?

First time home buyer tax credit

 As long as I have been in this business since June, 1988, I have not seen buying like this. It’s all like an unplanned pregnancy because we know our tenants and we know our market. 

This is totally not typical

It breaks all the rules of how our tenants usually  think, function and move.

 

That’s because most tenants don’t even think about making a move until spring, especially those tenants who have been with you for years.   

Didn’t anyone in  Congress stop to think about landlords having empty units in winter? Do they care?

Next time,please  have the so called “stimulus” end during our summer season while we can still rent out the empty units.

And while we’re at it, let’s put some people in Congress in November 2010 who have had a little experience with property management.

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