Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
6y
I haven't said anything yet. I'm prepared to work with my tenants to the best of my ability, but I will let them come to me for assistance if they need it.
from those that say they don't care don't pay you dont stay.. but many jurisdictions are not processing evictions so they cant boot them even if they wanted to.
I personally think working with good tenants is the way to go.. and this is what your reserve accounts are for.. Landlords save a certain % for vacancy and cap ex.. you may need to dip into your cap ex funds along with your vacancy funds to carry you a few months.. so it should be no issue. Keep good tenants in place and this will pass. then its up to you if you want to try to chase them for lost rent.. myself I would attempt to have them pay it a little at a time over the remainder of their tenancy and any back rent i got i would consider myslef fortunate.
to some of the bigger syndicators who are very proactive and have offered one Months free rent to their entire 5,000 door portfolio.. now that is being proactive. Also should curry them a TON of good will. Just read a bunch of the threads on the subject in that last few weeks and you can see how folks are handling it.
I think its pretty obvious the most vulnerable tenants are going to be the service workers who have been laid off and as we know the average tenant has Zero savings.. so even though they could get unemployment i am not sure that will cover all their needs..
"to some of the bigger syndicators who are very proactive and have offered one Months free rent to their entire 5,000 door portfolio"
Those synidcators don't have 5000 doors themselves. So worst case is a bit of their profit sharing gone, and some awkward phone calls to investors. I bet someone that actually OWNS 5000 doors isn't just saying "don't worry about the rent". Even at the LOWEST of end, that would be $2,500,000 that an owner would have to decide to donate to his tenants to cover their rent personally.