Property Manager · Salem, WI · Member since 2020 · 23 posts · 20 votes
6y
Our company in Wisconsin has had to make changes very quickly to keep everything operating smoothly and we have stayed on top of every new development which allowed us to be pro-active since this started.
So far we've done very well. We've only had less than 6 tenants with whom we've had to work with due to loss of jobs or bank account issues. I think one of the reasons we've been successful with rent collection both in April and May has been because of our communication with our tenants. We have been keeping them informed every step of the way through this and provided them with resources should they need assistance. Our attitude wasn't "PAY OR ELSE" it was "HOW CAN WE HELP YOU TO AVOID HIGH RENT BALANCES WHEN THIS IS OVER".
Brookfield, WI · Member since 2016 · 191 posts · 108 votes
6y
Yes, my one problem tenant in the past had already been "retrained" by the PM company, or I suspect he would of been a headache in these times. Fortunately he's on a fixed income that's guaranteed, so he really has no excuse, but establishing those expectations a few years ago I suspect have made all the difference.
Investor · Poway, CA · Member since 2015 · 7k+ posts · 8k+ votes
6y
Our rents:
March STR: $0 (Typical rent ~$15K)
March LTR 100% (paid before the stay at home edict)
April STR: $0 (typical rent ~$18K - helped by Easter week).
April LTR: 100% (I had forecast 85% so I was pleasantly surprised).
May STR forecast: Likely $0 (Typical ~$17K)
May LTR: just over 50% of tenants already which, with yesterday being a Sunday. is close to normal. We have a unit empty (not Corona related, they purchased a home) so that unit does not count but may be harder to find a qualified tenant. I am expecting rent of at least 85% of the LTR rented units. This is what I forecast for April and we received 100% so I am hoping to be pleasantly surprised for the second month in a row.
So far our long term tenants have come through.
The Short term market has vanished, at least for the San Diego beach areas. I was there Saturday night to look at the bioluminescent waves (great - if you have never seen them, I recommend seeing them. They should be around a little longer but they have already been here for a while) and virtually all of the Short term rental units were empty. It was nice to be able to use the parking at our units, but I would rather have the rent.
Investor · Chicago, IL · Member since 2017 · 15 posts · 5 votes
6y
Last month I received rent from 5 out of my 6 doors. One tenant wasn't able to pay the full amount (she only paid half). She works for Southwest and was laid off. However, we agreed on a payment plan. I don't expect this month to be much different. I'm hopeful that things will get better soon for everybody.
9 for 10 here with one remaining that should pay today. Though one of my tenants was laid off last month and couldn't pay as unemployment is overwhelmed and running slow. I told him if he paid for this month I'd forgive last months rent and he can put the difference in his safety fund. I hope he takes my advice.
Waltham , MA · Member since 2018 · 35 posts · 6 votes
6y
In Massachusetts (north west of Boston), March, April were 100%, In may, Everybody paid, but a couple paid most of the rent and were short by a couple of hundreds, should pay in the next few days.
We reduced rent by 40% for April and May to help some tenants who straggled with jobs. Out of 24 homes one vacancy and one eviction unfortunately. 6 reduced.
Specialist · OverTheRainbow · Member since 2020 · 607 posts · 909 votes
6y
Mine are in several states in the west. I sent out mass texts a week ago reminding people that rent is due and if they intend on occupying the property, make sure rent's on time. All have been on time.
Rental Property Investor · Ankeny, IA · Member since 2017 · 2k+ posts · 3k+ votes
6y
100% collected. I have no idea if the Covid has affected my tenants income or not. I never asked. And they never asked for any type of rent relief. What I do know is, most people that have been affected, laid off, lost their job, etc. are still doing just fine. Why? $1,200 stimulus check, $500 per child stimulus, unemployment, $600 a week unemployment bonus. I know of quite a few friends and family that are literally taking home more per week while not working than they were in February.
Rental Property Investor · Ankeny, IA · Member since 2017 · 2k+ posts · 3k+ votes
6y
@Elena Voronkova. Did you permanently give 40% discounts, or just reduced for now, with a payment plan? Did you consider the fact they would be getting the stimulus payments, unemployment, and unemployment bonus before you gave said discounts?
I'm closing on a fourplex in the next week the current landlord says none of the current tenants have paid in last 2 months and want to keep the security deposits to make up for the Lost rent is this a good idea
Rental Property Investor · Ankeny, IA · Member since 2017 · 2k+ posts · 3k+ votes
6y
@Andreas W.. Yes. And even worse, I've been reading articles about people being jealous of those that received the stimulus checks and those that are getting the $600 unemployment bonus. Some are saying "it isn't fair". Well, that just makes me laugh. I'm sorry some people are so successful that they didn't qualify for the stimulus. I would think people would rather be successful than get a one time payout of $1,200. And I certainly don't want to be one of the people that is unemployed and getting just $600 a week (before taxes).
I have a single property in central Florida and thankfully the tenants have paid both April and May, despite both having service industry jobs.
They actually made it a point to send me a text in late April stating "Theres a lot of craziness going on right now, but be assured, rent will be paid"