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".
so far so good I have 2 duplex 1 is fully occupied both tenants have paid for May and are up to date my second is empty going through the screening process I don't feel that the covid 19 has affected me I'm just very strict in my process.
Investor · Pittsburgh, PA · Member since 2015 · 1k+ posts · 1k+ votes
6y
here in the Pittsburgh market we manage about 700 units in all price ranges so we have some really good data. In April we received 95% of our rents and in May so far the month is pretty good. We wont know the damage done in May till much later in the month. People are receiving stimulus checks and unemployment so thats helping. I do strongly believe if this goes on another month June wont look so good. Fingers crossed. I feel for some of the really hard hit markets like Vegas and all the vacation destinations.
Specialist · Amarillo, TX · Member since 2016 · 10 posts · 2 votes
6y
I am investor in Amarillo with 28 properties, so far we received 100% of march and april rent, and it looks like most of may is solid I think this comes down the question of where consumers are spending their money Most are in a necessity mindset, ie rent, food, gas etc Landlords for sfr should be in better shape than retail landlords etc
Real Estate Agent · San Marcos, TX · Member since 2017 · 27 posts · 12 votes
6y
I'm an agent and investor in Amarillo, and of all the other investors that I've talked to in the area, only 1 was at about 90%, but everyone else, including myself, is still pulling in 100%.
Rental properties in NY (Long Island) which was hit hard. I have lower numbers, roughly 75% are paying. The (not so) funny thing is, these were problematic tenants in the first place, now they are just playing the game. It's just so unclear what the future is going to be like to recoup that lost income. Out Governor simply said - don't pay your rent and there will be no evictions for 90 days. Not fair to us at all.
Are you receiving your rents since lockdown ? Any specific government advisories in your region?
Of course. Rent is still due man. And with PPP, stimulus, enhanced unemployment, plus many (most) still working/employed, not to mention tons of charity options, there is little to no reason to simply skip rent.
Though I tell any tenants that if they come up with an excuse that works for my lender and property tax to not charge me, or to convince my employees to work for free, I'll let them skip rent.
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.
I went to la jolla last night to check out the bioluminescent. Nothing there. And the smell was terrible. So I turned back and drove to PB. Same. Nothing. But at least no smell. I guess I missed it?
Investor · Los Angeles, CA · Member since 2016 · 89 posts · 73 votes
6y
Hi @Daman Gandhi good thread. Been thinking about posting one myself haha ;-) Seems like most who replied been getting rent. is it because those who did not are not replying? Would be instructive to see more of the other side. In my situation, April was almost fully paid, with one exception of a tenant who has been late for a few months now. But I'm already feeling the impact of this. One of my long term SFR tenants, who's been there since I bought the house years ago (and been such.a great tenant I have not spoken to the management company in at least 2 years maybe more), just gave out a 30 day notice. Based on a quick search it seems like that particular area doesn't have too many vacancies, so I hope to find someone new soon, but I would consider that to be a real impact, esp with such great tenant.
Also, another thing that happened is a few months ago in another building the family of one of the tenants moved him out, but failed to vacate the unit (very unclear situation). That was pre-virus. It wasn't handled in a timely fashion by the then PM administrator (she left since), so I got stuck with a vacant yet un-relinquished unit, and with an eviction moratorium.
I also decided to not raise rent for anyone. Knowing that property taxes and insurance always go up, that's an issue as well.
And we're just at the very early stages of this scenario. I'm glad that things have gone relatively good for most of my properties, as well as most people here, but it is a very concerning situation. Aside for the near term concerns, which may be mitigated, since as many here pointed out the government is doing things to help, the medium term could prove to be more challenging, with less employment opportunities and some areas that can get really hammered.
Rental Property Investor · Plant City, FL · Member since 2015 · 1k+ posts · 379 votes
6y
Yes, we reached out to our tenants early to see if they needed anything. We have a few struggling, but everyone has paid for April and have at least a partial payment for May. All single family.
Sherbrooke Quebec, Canada · Member since 2020 · 3 posts · 0 votes
6y
So far so good. We're really fortunate that most of our tenants are retired so pension plans we're not too impacted for the time being despite the stock market crash.
I had an interesting situation. Tenants couldn't pay rent on April 1 and so notice was sent to them along with a list of resources to help with financial assistance. It actually turned out they had genuine issues with their bank accounts being compromised. Issue was straightened out and ultimately got full rent payments for both April and May and everything has been fine since. It's times like these when I really appreciate having good tenants.
Gov Cuomo extends no evictions until August 20th how is that affecting
New York landlords?
wow, that's crazy. I don't know many investors in CA or NY or any deep blue areas. But I'd wonder the same thing.. How are they getting on w/o evictions? I know in Houston, with the courts shut down, we have TONS of people that are 'taking advantage'. People who are not paying that get government checks as their normal income (i.e., nothings changed for them and their ability to pay -- they're just not paying)
If the govt said 'no evictions till aug' I might just give the keys to my bank and be done.