Real Estate Coach 路 Austin, TX 路 Member since 2019 路 70 posts 路 28 votes
It's May 1, and I wasn't sure exactly how the rents would all shakedown. All of my passive investments, Airbnb and multifamily, are hanging in very well. All my other tenants paid. I do have one that is out of work and decided to move next month. It worked out because I was planning to sell that property anyway. Thank goodness I have honorable tenants. This property is in Los Angeles, a big pro-tenant haven. Had they decided to stay, I could not have done much about it.
I haven't received a cent in rent yet. I anticipate I'll get most it of this coming week.
How were your April rents? Did you get all of those?
Yes, by -- I think -- the 9th, John. May not be as fortunate this month. We'll see how this month goes, and after all, this is why we laid in hard reserves.
Gonna take a lot more than COVID-19 and tenants in genuine financial distress to put us on our knees.
Las Vegas, NV 路 Member since 2011 路 42 posts 路 17 votes
6y
same as April 1 roughly, a few new tenants so the rents are slightly skewed but April 1 vs May 1 makes me think I will continue to have good collections this month.
Rental Property Investor 路 Concord, GA 路 Member since 2015 路 3k+ posts 路 3k+ votes
6y
We still have one property that still hasn't paid April rent and I finally heard from them yesterday after sending both somewhat stern emails and texts. They claim they will pay in the next day or two. I have no history with this tenant as I acquired them with the property in March. Some of the April rent didn't come in until May 1st. We have 5 properties that have paid May rent thus far. That's about normal and the other 10 will hopefully pay sometime during the month. Many don't pay rent until the 5th normally and during this covid thing, we're happy to get the rent "at all".
I haven't received a cent in rent yet. I anticipate I'll get most it of this coming week.
How were your April rents? Did you get all of those?
Yes, by -- I think -- the 9th, John. May not be as fortunate this month. We'll see how this month goes, and after all, this is why we laid in hard reserves.
Gonna take a lot more than COVID-19 and tenants in genuine financial distress to put us on our knees.
Rental Property Investor 路 TN 路 Member since 2018 路 2k+ posts 路 2k+ votes
6y
I got 4 so far. One will pay on the 4th as she has until the 5th before there is a penalty. Another mails a MO so it will come at the end of next week. The other always pays the next business day after the first, so I'll get that one Monday. No worries, all is as normal for me.
Investor 路 Philadelphia, PA 路 Member since 2015 路 3k+ posts 路 3k+ votes
6y
@Tamar Hermes
100% same as April.
This crisis affects industries differently.
My tenants are mostly young professionals. Teachers nurses engineers.
All still working, working from home.
It鈥檚 looking like I will have very little or no vacancy during this crisis. So if rents continue to be paid I may have a better than average year.... crazy!
Same as last month. Waiting for one who applied for assistance 2 weeks ago. She moved in on March, so I don't have the history with her as I do with the others. Washer and dryer is broken in one home. The tenant doesn't want anyone coming in to fix it right now, so her son is goes by to pick up and drop off her laundry.
Same as last month. Waiting for one who applied for assistance 2 weeks ago. She moved in on March, so I don't have the history with her as I do with the others. Washer and dryer is broken in one home. The tenant doesn't want anyone coming in to fix it right now, so her son is goes by to pick up and drop off her laundry.
Washer AND dryer is broken? Could be an operator issue. Doesn't seem normal for both long life appliances to fail at the same time. Tripped breaker?
Multifamily Syndicator 路 Houston, TX 路 Member since 2016 路 1k+ posts 路 2k+ votes
6y
@Tamar Hermes Glad to hear things are going well for you.
Honestly, I have been really shocked for the smaller properties we own in MD, as our collections have been 100% for April and May.
As for the larger multifamily assets, it has been interesting and we are still waiting to see what the rent collections would be in the next few days here.
Real Estate Coach 路 Austin, TX 路 Member since 2019 路 70 posts 路 28 votes
6y
@Ola Dantis. I agree. Single investments have been a bit more solid than multi-family for me. The multi family is holding steady but some of my sponsors have held back on quarterly statements. So many tenants with 22 million unemployment has to add up to some not being able to pay.馃檹
Real Estate Agent 路 Firestone, CO 路 Member since 2018 路 124 posts 路 115 votes
6y
@Tamar Hermes we have two properties with a total of 3 different tenants and we have been lucky enough to collect 100% on both. I know that is not the case for everyone but we have been fortunate
Same as last month. Waiting for one who applied for assistance 2 weeks ago. She moved in on March, so I don't have the history with her as I do with the others. Washer and dryer is broken in one home. The tenant doesn't want anyone coming in to fix it right now, so her son is goes by to pick up and drop off her laundry.
Washer AND dryer is broken? Could be an operator issue. Doesn't seem normal for both long life appliances to fail at the same time. Tripped breaker?
Not sure-good question though. She called my mom who lives locally and manages the places for me as I live 1300 km away. It might be a breaker or just the washer-they are a stackable unit. I didn't ask as I was busy at the time with work trying to keep up and we couldn't get in to the house either way. I don't know how old the units are. They were there when I purchased the place 5 years ago.
Rental Property Investor 路 Columbus OH (columbus, oh) 路 Member since 2020 路 143 posts 路 71 votes
6y
@Tamar Hermes. Tamar, I have received 9 of 10 so far. I expect the 10th to come on Monday, as they usually pay the 4th. I鈥檓 pretty happy about how this is going, as I was quite worried that people would ask not to pay this month, get them selves in financial trouble, and not be able to dig themselves out once the stay at home order is over. So far so good