Take 80% rent? Or is there another option?
Question for the community -
I have tenants who have generally been easy to work with and have paid on time prior to COVID. However, the couple both work in an industry which has been hit hard by the lockdown restrictions in CA/Bay Area.
Over the last 10 months they have requested roughly 6 months of reduced rent by 80% or greater.
Their most recent request is to have rent reduced to 80% until the shelter in place order has been lifted and they can resume working.(hospitality and hair stylist) Which of course is currently uncertain of when it will end.
Curious what other investors are doing? - Reduce rent for the foreseeable future or something more creative...?
Thanks!