Contractor · MN · Member since 2018 · 19 posts · 7 votes
What are we supposed to do with tenants in the service industry who are now out of jobs due to state sanctions regarding bars and resteraunts being shut down? Great tenants by every metric, who wont have enough money for rent come next month.
Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
6y
Have a conversation with them regarding what would work for them? I don't plan on letting anyone not pay rent but if they need to stretch it out we may do something like waive late fees, etc. Some concessions are probably going to need to be made but I'm not planning to subsidize someone else's housing expenses.
Contractor · MN · Member since 2018 · 19 posts · 7 votes
6y
@johnteachout I don't either, its just a frustrating dynamic. Lower income people who don't have a lot in excess savings are hurting because of unexpected daycare needs and job loss. A bunch of overblown pannic bs is affecting real people negatively.
Real Estate Agent · Naperville, IL · Member since 2014 · 196 posts · 130 votes
6y
I wouldn't exactly call it panic BS. If you asked the people of Italy if it's panic BS...they would beg to differ...
It is quite important to flatten the curve. It might not hurt you personally but the for the elderly and people with various conditions, it is quite serious.
@Cody Stegeman If they have a long history with your of paying on time, talk to them. They will need money for their other bills-though eating out and shopping (except online) will be reduced. Ask what they can afford to pay with the understanding that the rest will need to be paid back over time. I'd suggest stretching the rest out over the term of their lease.
Rental Property Investor · Maryville, TN · Member since 2009 · 529 posts · 414 votes
6y
make them commit to pay asap but otherwise, eat the losses,.. sorry but real estate is not risk free! And besides you are an evil, rich landlord who should give away your hard work for the good of society!