May 1 and rents are in! What is your experience?

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May 1 and rents are in! What is your experience?

Tamar HermesPro Member
Real Estate Coach · Austin, TX · Member since 2019 · 84 posts · 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.

What have you all been experiencing?

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Jim K.
Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
6y
Originally posted by @John Teachout:
Originally posted by @Jim K.:

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.

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  • Todd Nagel
    Colorado Springs · Member since 2019 · 17 posts · 7 votes
    6y

    @Tamar 

    @Tamar Hermes Our tenant has paid and our STR has been booked. Holding steady and looking for opportunities.

    0Reply
  • Pat L.
    Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
    6y

    All in & everyone is still working as are the mixed use commercials. Even the grad student tenants who are picking up OT @ Trader Joes to dump down on their student loans. They must have taken a financial minor. 

    Then again we do have a couple of them Isolating & just collecting a lot more than their usual income. One sent me this ......

    1Reply
  • Account Closed
    Member since 2019 · 1k+ posts · 1k+ votes
    6y

    100% paid without issue

    0Reply
  • EJ K.
    Quad cities iowa · Member since 2019 · 104 posts · 78 votes
    6y

    I have a resident physician in my condo and will keep it within their residency once they graduate. So I’m getting paid still :)

    0Reply
  • Nicholas Weckstein
    Real Estate Agent · Warrior Run, PA · Member since 2016 · 341 posts · 146 votes
    6y

    at 100% collection here. very pleased about it and lucky. 

    1Reply
  • Bola A.
    Rental Property Investor · Houston, TX · Member since 2014 · 146 posts · 35 votes
    6y

    @Tamar Hermes. I am grateful for all my tenant. Rent paid per lease agreement.

    0Reply
  • Kyle Benham
    Rental Property Investor · Phoenix, AZ · Member since 2019 · 34 posts · 19 votes
    6y

    @Tamar Hermes

    May 3rd, I have one 4-unit property, it's my first REI. I had one unit under renovation when Covid hit, got 3/3 of the others with 1 of them late in April. So far in May I have 2/4, but that it normal since I purchased a year ago, one always pays the second Saturday of each month, that was her lease for the last 10 years. One tenant advised me they will be late again due to hours still cut back, so I expect to get all 4, but we will see. The best news is my new tenants signed their lease and paid on time for May even despite the current situations.

    I’m just hoping this lockdown thing ends in the near term for the interest of my tenants as well as me for collecting rents. Worst case, I need 2/4 each month in order to pay all related expenses.

    0Reply
  • Aaron Barber
    Rental Property Investor · Las Cruces, NM · Member since 2017 · 65 posts · 38 votes
    6y

    A little early to ask IMO. Lots of people don't pay by now, even under normal circumstances.

    0Reply
  • Jonathan Mueller
    Real Estate Agent · Park City, UT · Member since 2016 · 113 posts · 112 votes
    6y

    100%collected and got 2 new tenants on May 1. Although we didn't have as many inquires for our vacancies as we normally do.

    0Reply
  • Ryan DavidsonPro Member
    Rental Property Investor · Brook, IN · Member since 2017 · 69 posts · 12 votes
    6y

    @Tamar Hermes

    I had 1 vacancy last month and 1 tenant laid off so we were working with him. But to my surprise on the 30th he sent a message that we would have 2 months rent coming in the mail. So April turned out better than expected. I have another that said they will pay by the 8th (which shouldn’t be a problem). 1 more turnover in a different building and we’re looking to fill it within the next week or so. Hoping for everything to stabilize by mid month with everyone paid and no vacancy.

    0Reply
  • Brian G.
    Rental Property Investor · Los Angeles, CA · Member since 2013 · 1k+ posts · 1k+ votes
    6y

    @Tamar Hermes no issues so far receiving rent but we only have two long term tenants.

    0Reply
  • Paul Shannon
    Rental Property Investor · Fishers, IN · Member since 2016 · 337 posts · 470 votes
    6y

    We had a solid May collection number as well.  Between stimulus checks and many receiving tax returns recently, people have cash to meet their most important obligations.  Many of the 30 million out of work are getting their unemployment checks now as well.  

    0Reply
  • Andrew Varney
    Huntington, WV · Member since 2016 · 40 posts · 45 votes
    6y

    I still haven't received any rent from my two tenants, nor have they communicated any hardship.

    I've been in touch with both through April without any sign of disruption, so hope it's not an issue. I have reserves ready if need to, but hope I don't have to touch them!

    0Reply
  • Danny Mullen
    Rental Property Investor · Charlotte, NC · Member since 2020 · 16 posts · 1 vote
    6y

    All tenants have paid, even the one that is normally late, paid early. 

    0Reply
  • Eben Rohling
    Rental Property Investor · Wahpeton, ND · Member since 2019 · 25 posts · 4 votes
    6y

    I only own one duplex. For April one tenant paid, one hasn’t yet... for May haven’t gotten any yet, but that’s normal until the 5th. I’m trying to work with the non paying tenant but he has only gotten back to me once after several weeks of trying to get in touch many times. Anyway, he said he “hopes” to be able to move out this month, but will let me know...

    Needless to say, I’m not optimistic during this time

    0Reply
  • Account Closed
    Flipper/Rehabber · Dfw Airport, TX · Member since 2018 · 2 posts · 0 votes
    6y

    We have 75 tenants 90 % have paid....a few left that need to pay and now Are behind and 5 of them have only paid half payments. We will see what happens in the coming months....

    0Reply
  • Todd Powell
    Rental Property Investor · Corvallis, OR · Member since 2018 · 840 posts · 1k+ votes
    6y

    @Tamar Hermes 80% have sent via VENMO and 15% checks in with the other 5% awaiting, but that is normal until the 5th. Got all the rent in April, although it took to the 15th. My tenants are good, and I feel lucky!

    0Reply
  • Account Closed
    Investor · Leander, TX · Member since 2016 · 299 posts · 402 votes
    6y

    All 4 houses (2 Alabama & 2 Georgia) rent paid on time and in full.

    And my offer for another SFH in Alabama was just accepted, so now I'm in contract for house #5

    1Reply
  • Walter Anderson
    Rental Property Investor · Kansas City, MO · Member since 2017 · 23 posts · 13 votes
    6y

    I have all long term lease section 8 tenants so no problems so far-

    0Reply
  • Michael H.Pro Member
    Rental Property Investor · Houston, TX · Member since 2017 · 4 posts · 0 votes
    6y

    I have three units in Colorado Springs, CO and all three have kept paying through COVID19. :-) 

    0Reply
  • Ryan Bolduc
    Rental Property Investor · Kennebunk, ME · Member since 2017 · 2 posts · 0 votes
    6y

    11 for 11 so far for April and May. We even had someone move out, pay for the whole month (which allowed us to update the unit), perform virtual showings and get it rented in a week, while getting $50 more per month. The new tenant works for one of the research labs in the area. Feeling very fortunate that our tenants are either essential employees, medical students or have the ability to work from home.

    0Reply
  • Kyle Joseph
    Rental Property Investor · Hollis, NH · Member since 2017 · 108 posts · 67 votes
    6y

    We had 100% collection on April and May on our 3-unit property in Concord NH and had two tenants renew their leases.  They are all inherited tenants - I will be closely studying the previous owner's application and screening process. 

    0Reply
  • Michael K GallagherBusiness Member
    Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes
    6y

    Just have the 1 unit, but they paid on the 1st just like every other month.  Luckily they both work in healthcare so have not had any disruption to their income.  

    [email protected]614-362-2231
    0Reply
  • Forrest L.
    Rental Property Investor · Lowell, MA · Member since 2019 · 33 posts · 37 votes
    6y

    @Tamar Hermes %100 on 8 units. 3 of which are section 8.

    0Reply
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    6y

    All my tenants are paying. One restaurant worker got his unemployment going and even he is paying.

    I don't need it but SC is opening up evictions on the 15th.

    It is extremely beneficial to screen your tenants and get good ones.

    1Reply
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