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Seth Greene is the nation’s foremost authority on how to grow your business with a book.
Seth is the co-host of the Sharkpreneur podcast with Shark Tank’s Kevin Harrington which was named the number 6 podcast to listen to by Nasdaq.
Lou Brown (00:00):
Hi, it's Lou, with an eviction moratorium update. Well, sure enough, amazing things have happened to all of us over this period of time, since COVID and the 2-week shutdown, right? To flatten the curve, that didn't become 2 weeks. It became a lot longer than that. And with masks, without masks, and with vaccines, without vaccines, and all kinds of other things happening in the world. Well, here we are, they have given a moratorium on people paying rent, right? And that was done by a quasi-governmental agency. Actually, an advisory agency comes along and says, "We're just going to impose on the entire country this eviction moratorium. And we're going to screw up the works," meaning that there's a natural flow of things and courts are there for a reason. They're to calm the waters. They're to create a flow. People sign contracts, people do what people do.
Lou Brown (01:06):
Things happen to people, bad things happen to good people, and so on. So what happens is that the courts then, when the people can't follow the terms of the contract and they won't leave on their own, the courts stepped in and caused them to leave on their own through the eviction process. Sure enough, that was shut down. Now, where do we go from here? Well, the Congress did not act. So what that means is that the Supreme Court came in and through a lawsuit, said that the CDC did not have the power to enact what they did, but they only did it days before the actual moratorium was to expire. So the Supreme Court said Congress would have to act, and Congress would actually have to pass a law on eviction moratoriums, and Congress did not act. They were not able to get the votes to cause that to happen.
Lou Brown (02:06):
So as a result, on July the 31st, it expired. Congress went into a 6-week recess. So now it really goes back to the states and the states are going to do what the states do. As you can imagine, some states have already imposed new eviction moratoriums, and other states are saying, "No way, Jose, we're going back to business as usual." Now, in our own county in the Atlanta Metro area, boom! A judge just comes out and says, "We're going to give another 60 days moratorium." So you just don't know what's going to happen. It might be a state mandate. It might be a county mandate. And whether they can do it or not, that's for another judgment on another day. But in the meantime they do what they do. And people either abide by those rules or they don't.
Lou Brown (03:07):
Now in looking at this situation, there always are winners and there's always losers. It doesn't really matter what the scenario is. For example, foreclosures. Originally that was somebody that signed a mortgage and they paid that mortgage until they couldn't pay that mortgage or they wouldn't pay that mortgage, whatever the case may be. And then the bank says, "Hey, if you're not going to pay us, we're going to come get our collateral." And that's called a foreclosure and there's a foreclosure process. And one of the reasons people are attracted to real estate sometimes is because of that word, "foreclosure." That means that they're going to get a great deal, maybe. Well, that's certainly one way to look at opportunities, but another is this eviction moratorium. Right now, whenever they pull this moratorium off, there's going to be a whole lot of court activity to be done.
Lou Brown (04:10):
And if they are looking at the time spectrum there, if you're looking at the time spectrum, it's a log jam. There's no other way to describe it. It's a log jam. And they’re going to have some dynamite to blast it out of there. So what's going to happen is certain evictions are gonna start to occur, but then there's a huge backlog that just sits there. And it's going to sit there for quite some time. Now we just don't know what's going to happen or when it's going to happen. But this presents an opportunity. Here's what we know: landlords were not given a free ride. So while tenants were given the opportunity not to pay rent, whether they could pay it or not. And as a side note, a lot of them have received a lot of stimulus money, but a lot of landlords didn't get paid when the tenants got that stimulus money.
Lou Brown (05:04):
Some landlords did, some landlords didn't, in certain situations. Now you go beyond that. Many of these tenants have gotten jobs and they've got income or they've got unemployment income. So it's not like these people are sitting up in that house and can't eat or do what they need to do. They're doing it. But a lot of landlords are not getting paid. Why? Because the courts are shut down. The system is shut down. So what does that present? Well, I know that the landlords didn't get a relief, meaning that the property taxes are still going on. Insurance is still required or has to be paid to protect the property. Mortgages, maybe they got interrupted but most of them did not get interrupted and mortgages are accruing if the payments are not being made. Now, the other thing is, what about water heaters and roofs and repairs on the properties while the landlords have to make those repairs?
Lou Brown (06:13):
So that's another thing they have to pay those workers. They have to buy those supplies. There's a lot of expenses that the landlords have had to bear that they haven't had an offset with the rent that's coming. For some landlords, they're just not even going to be able to navigate that and deal with that. So the important thing is to recognize that that's true. How can you find out about that? Well, all eviction records are public record. So you can get a report from your local county and find out about those evictions. And then you can approach those landlords and find out what their plans are. And one of your offers can be, "I'll take the property with the tenant in place." Now you gotta be able to navigate that situation, too. So I've got a solution for you, a gift, and this is LandlordReliefPkg.com. LandlordReliefPkg.com, short for “package.”
Lou Brown (07:18):
And what I've got, there are a whole bunch of resources. So let's say that you get one of these properties, you get one under contract. Now you go to the resident that's there. Now we know that that resident hasn't been paying this other landlord, that's why they filed eviction papers. So what we want to do is create a situation where they will pay you. Now I've done this many times, so I want you to be aware that this is one of my strategies when I buy property, is that most of the time, I take over the existing tenant in the property. So when I take over that existing tenant, I've got a plan for that tenant. Now, the other thing you want to get from the landlord that you're buying from, is you want to be able to buy or receive their judgment, right?
Lou Brown (08:10):
So that means that any kind of money that's owed, you get an assignment of litigation right from that landlord. And so as a result, you now have the right to evict later, but you also have the right to collect all of that back rent. Now here's what we know. There's $46.5 billion available and the coffers are full, baby, at the state level and counties with 200,000 or above people living in those counties. Those counties have been able to apply directly to the government for their money. And all of the states have received money, checks from the federal government. But different states have done different things in the disbursement of that money. And what we know is that as of now, only about 11% of that money has been disbursed. What does that mean? There are piles of money sitting out there waiting to be disbursed. And if those landlords did not make a claim to that, or if those tenants did not make a claim to that, meaning filed the appropriate paperwork.
Lou Brown (09:22):
Well, there's lots of opportunity right there. Now what I've just described is just what's available at the county and the state level, but there's other agencies, many other agencies that also have funds. And so what I'm providing you in LandlordReliefPkg.com is a whole list of potential agencies. Now you're going to be looking at my list, what I give to our residents to be able to get help when they need help. And again, the government is only one piece of that. There's a whole bunch of others. Then what you'll do is take my list and I've given you a blank template there, and then you'll be able to duplicate in your area what is reflective of that. So in other words, some of the agencies that I've got on my list will also be available in your area. Other agencies, such as some of the churches that I've listed or other things, you're just going to find out what you've got available in your area.
Lou Brown (10:26):
And you're going to use that as a template, so to speak, to reflect on, "Okay, I've got to find something like that in my area." And hopefully that's going to be a great help to you. Number one for the residents, you already have, maybe you haven't caused yourself to apply for those funds. They're there. You should apply for it. And you should use other agencies as well. Number two, helping the resident to apply for those things. And I've given you a step by step in the LandlordReliefPkg.com. So just know that that's another thing that you can create in your world. Now, I said, number one, the residents that you already have. Number two, the opportunities that exist. Imagine all of those people that have filed for evictions. Many of those are going to be burned out landlords. They're going to be in a position to want out of the business.
Lou Brown (11:26):
Well, there's a great opportunity there because like I said, I just gave you a secret. I just gave you a way that you can have your cake, meaning buy houses at a discount, and eat it, too, meaning you've already got a resident in the house. Maybe we can not only get current rent from them because maybe they do have a job and let's find that out. And we've got all this opportunity to collect the back rent as well. So hopefully that is of service to you. My name is Lou Brown. Love to see you at my upcoming event, it's called Millionaire Jumpstart. MillionaireJumpstart.com. We'd love to help you to see the light, see the opportunity. There's a lot of it, not only available right now, but a tsunami coming in the future of huge, discounted properties and a way to actually navigate this process. Now, one of the things that I'm going to teach you there at Millionaire Jumpstart is what we do in our business.
Lou Brown (12:31):
We don't do rentals. So one of the things that's worked out for us is not following the traditional model. We do rent-to-own. We do owner-finance and we do cash sale. So basically on our Path To Home Ownership, we're starting at a level where there's not only skin in the game, there's serious skin in the game from the person moving in. So know that there are ways to navigate this market that we're in right now. Put yourself in a safe zone, get a better quality resident, someone with a better mindset about their future. And as a result, you can have a much better future as well. That's just one of the pieces I'm going to teach you at Millionaire Jumpstart. I'm also going to teach you about protecting all that you create using trusts, the best entity on the planet that almost nobody knows about.
Lou Brown (13:30):
I'm going to be giving you some documentation. There is an awesome manual that I want to share with you. Some of my very best stuff that I have created in the business over all these years. I've been in this game for over 40 years, buying, holding, and selling properties. And I'd love to share with you what we do because it's so unique and different from what landlords do because we're not landlords, and what buyers do because we don't buy the traditional way. We find deals that nobody else knows about. So I'm going to teach you that as well when you come to Millionaire Jumpstart. I am looking forward to seeing you there. And hopefully this eviction moratorium is going to be of benefit to you instead of costs to you. Looking forward to seeing you soon. Yeah, baby.
