OK who has received all or most of their rent this month ?

588 Replies

I will start  my two rentals paid  one was actually 3 days early.. tenant works for the DOD in area 51 high level 100k plus 750s plus fico.
A class rental in Vegas

other tenant is in Mississippi my last Go zone house I bought post Katrina for Go zone tax bene's  works at Nissan pays weekly straight from his employer.. this tenant has been there going on 10 years.. Never hear from him .. not even for maintenance.  :)  

I've had 80% pay so far in full.  One of them always pays on the third so should pay tomorrow.  One asked for a few more days.  

I have 3 office buildings and about 60 student rentals comprising ~150 kids and I've been paid ~44k out of ~86k or just over 50%. 

I'm cautiously optimistic as college students usually don't pay right on the 1st so 50% is pretty normal. Also, I've only had about 10% ask for an extension/payment plan. I thought it was going to be much worse.

Updated 6 months ago

Update 4/4: 78% Paid

Updated 6 months ago

Update as of 4/3: 67% paid.

Originally posted by @Will Gaston :

I have 3 office buildings and about 60 student rentals comprising ~150 kids and I've been paid ~44k out of ~86k or just over 50%. 

I'm cautiously optimistic as college students usually don't pay right on the 1st so 50% is pretty normal. Also, I've only had about 10% ask for an extension/payment plan. I thought it was going to be much worse.

I know when my kids were in Collage I had to PG their rental agreements.. so I always thought the student rentals to be pretty solid with the parents PG the rent ..  good luck with the rest of the month.. I know summer is the big move in and out time.. hopefully it will be bizz as normal.. I had a big rehab new construction a few years ago in Charleston that was prime for students.. we missed the move in dates and it sat vacant for 8 months and then I sold it to an investor out of NY and he only had to wait a few months to fill it.. he needed to close on a 1031.. but boy you miss those move in dates and it can be rough.. rent by the room for 1k a room and we had 12 rooms.. or fair market to two families is less than half of that. would not have come close to paying for debt service even

 

@Jay Hinrichs it's been my experience that mitigating the risk on student payments comes from putting all tenants on one lease.

Peer pressure from a friend group works 1,000x more than anything I can say or do. 

Originally posted by @Will Gaston :

@Jay Hinrichs it's been my experience that mitigating the risk on student payments comes from putting all tenants on one lease. 

Peer pressure from a friend group works 1,000x more than anything I can say or do. 

Gotcha !

 

Pick me! Pick me!

I'm on the record as saying we did not talk to our tenants about Covid at all. No letter. No phone calls. No relief if tenants are not in a financial bind and/or reach out to us first. 

Guess what? For the first time ever, we actually received 100% of our rents....before the 1st! Kind of weird actually. Heck, some people are usually a few days late. To be expected. But not this month. Looks like I get to pay my mortgage for April (We have plenty of reserves).

Too early to tell but I suspect only a few will have problems.

Some are guaranteed rent (Section 8, disability)

Most pay on the last day before it is late. So jury is still out.

Originally posted by @Anthony Wick :

Pick me! Pick me!

I'm on the record as saying we did not talk to our tenants about Covid at all. No letter. No phone calls. No relief if tenants are not in a financial bind and/or reach out to us first. 

Guess what? For the first time ever, we actually received 100% of our rents....before the 1st! Kind of weird actually. Heck, some people are usually a few days late. To be expected. But not this month. Looks like I get to pay my mortgage for April (We have plenty of reserves). 

 Wow who would have thunk it?

That's awesome!

I have 3 SFRs and 2 duplexes. Only one of the SFRs said they can't make rent, but their lease is up June 1 (they didn't want to renew, so saw it coming). I suggested they pay half rent for April and half rent for May, and I'll keep their security deposit when they move out. I have in the rental agreements that security deposit can be used to pay back rent. Taking a little bit of a gamble that the property won't have any major damage, but they've been good tenants so I don't expect that to be the case.

It is looking good so far for us in Michigan-

I have 5 out of 26 tenants that have yet to pay- 2 have already told me they are paying on the 3rd, and both acted as if they were asking permission even though we don't charge late fees until the 6th (and one normally pays on the 5th anyhow).  Of the 3 I haven't heard from, 1 has a roommate who already paid and typically pays towards the 5th, they other 2 I am expecting payments from on or before the 5th as well- one I know is able to work from home, the other couple both work for Universities so are still getting paid.

The ones I was most worried about (students and those who I know are not working) have paid.  There have been some posts on social media about a rent strike- particularly targeting one of the big companies since a lot of folks don't have warm fuzzy feelings about the guy that owns it- but that does not seem to be gaining much support.  We shall see what next month brings...

I only have one rental and they paid yesterday. Just waiting for it to clear Cozy. I've already sent them the covid19 email and they said they would be fine. We'll see what next couple months is like though.

Only one duplex here as well and rent is 100% paid. One floor still has dual incomes and the other can use the stimulus check plus unemployment to carry them for months until they are back at work.

3/4 of SFH I own paid, 1 is in-progress so I expect 100% there. However on my college apartments 2 out of 4 are having issues due to the virus, so 50%. Working on a payment plan with them and waiving late fees. Too early to call it a victory as May maybe worse than Apr.

Well on a small sampling this morning things looking pretty good for April !!

I think though if for no other reason this was a wake up call to many landlords that reserves are a must not something you just write on paper.. just in case !!!

I have 50 units, mobile homes, so far no one has indicated they wouldn’t pay Or that they were having any financial difficulties due to covid, and we are on track with what we usually do every month by the 2nd which is about 25% collection, everyone else is usually paid up by the 3rd and 5th, with about 10% who dribble in the rent very late by the 15th. 

@Jay Hinrichs -  I'm not worried about April.  People still have their tax refund checks, and have only been out of work for 2ish weeks.  It's the lull between now and the unemployment/CARES relief injection that has my attention (May). 

Fortunately a large portion of my tenant base are hospital staff, military, and construction, so all systems go here.  

@Michael Ablan

100%. This is inning 1. Stimulus checks are not going to be out on time. There is a colossal backlog forming with the 10m who have filed unemployment in the past two weeks. Then you realize there’s another 10-20m coming. SBA and Banks woefully unprepared for this onslaught. Words can’t do it justice. Colossal failure at every level of government.

Month 1 isn’t the issue.

-RP

Expecting 100% by the end of the week. We are 80% collected as of today, and the one tenant claiming hardship has committed to paying by Saturday.

Our property manager has done a great job working with us and our tenants, but I agree that it is still very early and there may be rougher waters ahead based on the unemployment numbers that came out today. We are being proactive in communicating with our tenants to let us know as soon as possible if they are impacted so we can work with them.

I have 4 tenants. Only one has paid.... will be contacting them if not in account by tomorrow. 

I collected all my rent on my personal investments, which isn't very much. Our management team has collected a significant percent of over 1,000 doors, and we still have a few days before we'd normally expect to have everything collected anyway. Last I checked, we only had 28 tenants request any sort of assistance due to Covid-19. At least for now, this is not the end of the world for rentals that many people have been predicting. Of course, we may have several months to go, but I remain optimistic.

2 paid in full early. 2 asked for discount as they have had hours cut buy 40%. We accepted the payment they requested and agreed to work with them through this. We agreed to have them payback discounted rent with larger monthly payments once this is past or via security deposit.

@Jay Hinrichs Ive received 100% of my rent payments....and that is by far the earliest it has ever happened in the month. I usually half a bunch pay between the last day of the month and the 2nd, another batch around the 5th, and 2 tenants who usually pay around the 9th/10th. (Rent isnt late in that jurisdiction til the 10th day of the month). I had one tenant a week back who expressed they might have difficulty paying, but he paid on time yesterday, and he is usually a 5th of the month payer.