High Volume Out of State Eviction filer…does it matter? Does it make sense? ….. #86

#landlord #terrible #sinbadtosinworse

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In a Tulsa Oklahoma county, the number of evictions filed are not being done by the local mom and pops, it is alleged. It is also further alleged that management companies are making a profit off of this practice.

Thoughts

1. Does it matter who has a right to file an eviction? Are companies not allowed, only mom and pops? As we’ve been seeing in single family housing, Institutional control of the available single family housing in America is a terrible idea. So, perhaps you can see where I’m torn. On one hand, the landlord really only has one tool at the end of the day and that is the eviction process. Who owns the apartments doesn’t really matter.

2. 38,000 evictions for the year, half of which followed through, so roughly 19,000 evictions for an entire state for the year…the scale matters. How many available units are currently leased in the state?

3. “legal experts call it, among other things, a business model for making money” Later in the article we get, “Unfortunately, we have some companies whose entire business model is filing dozens and dozens of evictions each month” Now, within the article it says there is a 150.00 filing fee charged to the tenant on an eviction, and then it says there is late rent and legal fees. But, this statement that their entire business model is focused on evictions is false. The company business model is making a profit through the ownership of an asset that generates income….part of that asset ownership involves being able to continually lease the asset to others. And, if this is the business model, why did the number 2 eviction filer have to prohibit tenants from continuing to live at the apartment complex after the fire marshall shut it down? That’s not a great business model.

4. I have a sneaky suspicion that you probably don’t want to be renting an apartment at the complex that has the highest eviction rate in the state, with 629 evictions filed….that’s an average of 52 a month!

5. When I used to be a property manager, rent was due on the 1st, you could pay up until the 10th, and if no rent check, it went straight to eviction filing. Why? We knew it would be 60 days before the eviction could go through, you’d already missed a month rent, so you were at 90 days guaranteed no income on the property. We seldom had evictions.

6. Something in this article is correct….local landlords will be reluctant to rent to someone with an eviction on their records. Now, if the eviction is warranted…that is the tenant did not pay rent all the way up to eviction…like the 19,000 tenants in Oklahoma in 2020-21, those are legitimate. But these other 19,000 where evidently some sort of plan was worked out and the people stayed in their units…those people are being punished in the sense that they are kind of stuck. If they try to move, there is still the eviction on their record. That is unfortunate. Perhaps that is something that could be looked into?

Sources:

https://www.kjrh.com/news/problem-solvers/top-eviction-filers-in-tulsa-county-owned-by-out-of-state-landlords

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