The Federal Stimulus is signed. What if it's not enough?

Question

The stimulus package is in. The checks are on the way.

Some people will have more income through unemployment than they did working full-time. They are the lucky ones. (If there are any lucky people in this madness)

Others will struggle to make ends meet because the benefits will be much less than what their full-time income was.

How do you work with tenants who still won't have enough to pay full rent and cover their other expenses? e.g food, utilities, etc.

Nathan Gesner · Answer

Sometimes, we run and go backwards. The point is, you keep running!

Why do so many people fail in real estate sales? Why do so many try direct-mail marketing and then give up after three months? Why do so many marriages fail? Because people are unable to see beyond their immediate circumstances or they are unwilling to keep pushing through difficult times to get back to the good.

I don't know any successful person that didn't have pretty major failures in life. They kept running. Sometimes they ran the wrong direction, but they kept running. They figured it out along the way, but they never stopped running.

Scott Mac · Answer

There will be a lot of people in differing amounts of bad situations (shades of grey).

Some will be fine, some will be in very bad circumstances.

And those who are bad now may be OK next month, or worse off next month.

There is no way to tell.

Every renter is different, and will handle the situation differently, the same as every owner is different and will handle it differently.

At a minimum, addressing the food issue with a recommendation to look online for COUNTY NAME FOOD ASSISTANCE.

As for the rents, you will have to make some business decisions (as well as humanitarian decisions if that is within your personality) depending upon what you are presented with.

Hopefully this thing is over soon, and President Trump has declared Disaster Areas for the hardest hit places, and Federal Financial Aid has been OKed also.

Sometimes you can run forward quickly, and sometimes you just have to run in place--both take the same amount of energy.

Good Luck!

Caleb Heimsoth · Answer

@Franky Aikens I think it’ll help us for a few months.  If nothing has changed (or it’s worse) by June then any effect this bill has will be gone by then

Mark F. · Answer

@Russell Brazil Shouod have been a bandaid.

Nathan Gesner · Answer

People will see increased unemployment benefits and stimulus checks. That should be enough for them to catch back up on rent within the next two months.

There will be tenants that take advantage of the situation. They'll pocket the extra money and use it for a new iPhone or downpayment on a truck, not pay rent, and then disappear in the middle of the night. Those cases will be very few.

The Federal Stimulus is signed. What if it's not enough?

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