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.
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.
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?
May I ask where your Airbnb is and what your experience has been with your Airbnb property during the lockdown?
@Tamar Hermes I only have 1 rental but they paid on May 4th. Yahoo. I'll take it. I am definitely the most open minded I've ever been on getting section 8 next
@Tamar Hermes We’ve collected 91% of rents due on 173 units and no requests for forbearance. We also applied for PPP and received monies to cover payroll through July 15th. We expect May rents to go just as well! We’re in a strong market with education and healthcare being the primary employment.
@John Teachout the property is in Ohio. We might still go ahead and file. Her lease ends at the end of this month so we are hoping she will move out or we’ll file eviction.
Did you provide a notice of non-renewal for the lease? Not sure if OH requires that. Many leases revert to month to month automatically if no one provides a notice.
We own multifamily properties in TX, FL and GA and so far have collected about the same as last month, or higher. Last month (April) we've collected 99% or rents. The factor is location. I believe Class C is suffering the most (I'm assuming that based on info iI read, since we mainly own Class B assets). But May is not over yet, so we are monitoring collections closely and speaking with our PM on a daily basis.
@Tamar Hermes one of my tenants moved. Im still having problems finding contractors/handymen since they're all backed up on work due to the virus, and showing the property has been very interesting.
@Heather De La Cruz Hey Heather! You should be able to find workers. Contractors are considered necessary in every state. Where do you need someone in Florida? I can see if I can help.
@Ellie Perlman 99% is fantastic! I wish my multi-family investments have such a large collection of rents. I want to hear more about your deals. I am in Los Angeles as well. We plan to relocate to Austin in July. I will message you! Tamar
So far i received all my rents. My tenants are able to wfh so I except all will remain good. I am pretty selective on tenants and they are all good people. I think if you are selective on tenants and you have a good place that people want to live you will fare better. I know I am sounding like I am victim blaming if you didn't receive rents. But if you are shrewd in selecting properties and teants you will have better outcomes in all environments. I learned this the hard way years ago.
yep I did! Per lease required. 60 days in advance. Thank you so much for your suggestion! I honestly don’t know Ga is still processing eviction. Good to know!
We have longer term short term rentals (all 30 days or more) and we're seeing less demand in Sacramento in general. First time in 4 years we've had a vacancy longer than two weeks. But all tenants have paid on time!
I know people out there are calling for a big time recession, but here in OKC even with oil down, I'm just not seeing it. We've collected full rent for all of our 19 units around Oklahoma every month, even May. Our property management team is very responsive to our residents' needs.
We own multifamily properties in TX, FL and GA and so far have collected about the same as last month, or higher. Last month (April) we've collected 99% or rents. The factor is location. I believe Class C is suffering the most (I'm assuming that based on info iI read, since we mainly own Class B assets). But May is not over yet, so we are monitoring collections closely and speaking with our PM on a daily basis.
What is the actual occupancy of those multifamilies? Or vacancy rates? From my understanding it's getting harder to fill the multifamilies without dropping rent to levels that aren't a great net.
I know people out there are calling for a big time recession, but here in OKC even with oil down, I'm just not seeing it. We've collected full rent for all of our 19 units around Oklahoma every month, even May. Our property management team is very responsive to our residents' needs.
Keep in mind this wasn't going to be an overnight recession. First there is a sell off in a stock market, then a surge back up, then a slow grind down as people realize things really aren't going to back to normal perfectly easy. Right now the stock market hasn't reflected reality at all, you are just slowly seeing companies ease into layoffs.
I always thought April, May, June... even July would be fine. The average worker will have some reserves and bail out money. It's Aug-Dec when we will see the height of housing issues for tenants and owners.
My tenants are paid up. My past experience is on time and no late payments.
My current April and May experience is a couple are late pays, and a couple are asking a few questions about government incentives, and “considering options”. Thanks Tamar, for starting this thread, I am curious about the results!
@Tamar Hermes Those unemployment checks are bigger than people’s normal paychecks! Their stimulus checks are helping a bit also. I have one tenant that normally pays super late and even they paid yesterday, right on time.
I will know tomorrow, Cozy usually takes 6 to 7 days to send the money to your bank account. According to Cozy the payments are on their way. I haven’t had a problem yet with tenants paying their rent.
100% paid; 10 Class B units, SF and multis; 14 tenants that work across the 10 units, and all individuals claim they have been unaffected by virus. Have one unit that went vacant as planned and that's my real concern. Couldn't show it while tenat was there; managed to get flooring replaced after she moved on the 30th; still needs cleaned and painted. Overall, I'm feeling pretty optimistic -- except that I have so many tenants asking for August 1 on my current vacancy, and I'd prefer not to leave it empty for three months. Anyone actually turning apartments amid social distancing?