Reduced Rents for COVID-19?

[Anthony Pisciotta]

I'm considering lowering my rents for the next 2-3 months only because of the strain that COVID-19 is causing. I am able to drop my rents considerably and still make the PITI payments. My number one goal in doing this is to retain my current tenants after this passes. I have a great tenant base at the moment who pay on time and automatically like clock work. I was considering on waiving all late fees and reducing my rents across the board by 20%. What do you guys thinks? I'd like a different perspective.

[Shain Ismailovski]

I wouldn't offer it if there isn't a need to. This can open the door to tenants taking advantage, or worse, taking your kindness as weakness. If your tenants are as great as you mention there shouldn't be any problems. If they do come to you with issues then work with them, but don't fix what isn't broken. What is great is you're already thinking about this stuff and have a plan in place should you need it. Some landlords aren't forward thinking and that is when they run into issues, and with this current situation many are running into problems.