What is are land lords trying to do when renters are not working

What is are land lords trying to do when renters are not working

Member since 2019 · 16 posts · 2 votes

I have renters that are affected by the virus and they are not working. What are landlords trying to do to pay the mortgage if renters can’t pay.

I thought of seeing if they can pay at least half then I would pay the other half but I have no guaranteed they can pay me back when things get better. Any advice would be helpful. 

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Real Estate Broker · Miami, FL · Member since 2018 · 236 posts · 99 votes
6y

@Yuhei Kato When you wrote the lease with your tenants you should've asked for First, Last and Deposit and properly screened the tenants before they are allowed to move in. If this is the case you would be able to apply the last months rent to the April rent which is what I did with one of my tenants. If this is not the case then yes ask them if they can pay anything because anything would help you at this point and have it in writing that they owe you X amount for the April or May rent. Also I would call the bank and let them know you are having difficulties due the corona virus and typically they will be able to defer the payment for a few months. Good luck!

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  • Real Estate Broker · Miami, FL · Member since 2018 · 236 posts · 99 votes
    6y

    @Yuhei Kato When you wrote the lease with your tenants you should've asked for First, Last and Deposit and properly screened the tenants before they are allowed to move in. If this is the case you would be able to apply the last months rent to the April rent which is what I did with one of my tenants. If this is not the case then yes ask them if they can pay anything because anything would help you at this point and have it in writing that they owe you X amount for the April or May rent. Also I would call the bank and let them know you are having difficulties due the corona virus and typically they will be able to defer the payment for a few months. Good luck!

  • Member since 2019 · 16 posts · 2 votes
    6y

    @Jack V. Ospina thanks brother I appreciate the advice. I’m still new to being a land lord. Let’s say I agree to pay half, should I see a lawyer or something to have something official stated they will pay me back? What is considered official. writing on paper and then having them sign saying they will pay me back.

  • Member since 2019 · 16 posts · 2 votes
    6y

    @Polly Peterson I’m not worried of paying the rent I’m more worried about getting my money back if I agree to help. I get it a lot of people losing their jobs and I’m fortunate enough to still have my job and they are still paying us like normal. I wanna help but I don’t want to get screwed over.

  • Real Estate Broker · Miami, FL · Member since 2018 · 236 posts · 99 votes
    6y

    @Yuhei Kato Yes definitely have the details on paper and have them sign it and dated. If you're the landlord then you don't have to pay the other half they just simply owe you the remaining half of the rent for April for example. An attorney should be able to assist you or you can also write the agreement on your own. 

  • Member since 2019 · 16 posts · 2 votes
    6y

    @Jack V. Ospina that helps a lot thanks! I really appreciate the advice.

  • Member since 2020 · 18 posts · 3 votes
    6y

    Good to know too! Thank you!

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