Are you receiving rents since lockdown?

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Account Closed
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".  

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  • David Pere
    Rental Property Investor · Springfield, MO · Member since 2016 · 1k+ posts · 890 votes
    6y

    I have not had a single rent payment missed in April or May!

    1Reply
  • Michael Ohara
    Investor · HI · Member since 2017 · 328 posts · 124 votes
    6y

    All rent payments collected since the lockdown. đź‘Ť

    1Reply
  • Zach Riggs
    Investor · Springfield, MO · Member since 2014 · 21 posts · 12 votes
    6y

    @Daman Gandhi

    I’m in Missouri with 75 doors and received 100%.

    4Reply
  • Ron Ripley
    Investor · Walnut Creek, CA · Member since 2016 · 31 posts · 9 votes
    6y

    @Daman Gandhi So far so good with my 7 out of state rentals. 1 in Utah, 1 in Texas, 3 in Tennessee and 2 in Mississippi.

    1Reply
  • John D.
    Investor · Wake Forest Area NC · Member since 2020 · 42 posts · 70 votes
    6y

    I deal with mostly affordable housing in a market where it is very scarce, the growing RDU region of NC. Our collections are off by only about 1-2% so far. Small claims court is closed until at least Aug 1, so we are stuck with 1 bad tenant that is taking advantage. I have not been in a rush to fill my 2 empty units. The required deposit is 2 months now to compensate for the closed courts. In spite of that, we are finding willing and able tenants with 2 months deposit and 1st month rent. 

    2Reply
  • Peter TverdovBusiness Member
    Developer · New Brunswick, NJ · Member since 2015 · 1k+ posts · 2k+ votes
    6y

    In NJ, so ground zero of the pandemic. We have collected 96-97% for May. Waiting on one tenant who lost their job and one other to finish a partial payment. We can't evict, so doing our best to work with them. Several have used their deposit as they moved out (thanks to the precedent set by our Governor).

    [email protected]732-289-3823
    0Reply
  • John D.
    Investor · Wake Forest Area NC · Member since 2020 · 42 posts · 70 votes
    6y

    More challenging is the July and August rents that may not be subsidized and jobs may not have returned. 

    2Reply
  • Marcus Johnson
    Investor · Saint Paul, MN · Member since 2015 · 663 posts · 512 votes
    6y

    @Andreas W.

    Which shows How stupid the government is. they’re giving checks to people who don’t need it. We donated a large percentage of ours because we don’t need it either.

    0Reply
  • Ying B.
    Rental Property Investor · Atlanta, GA · Member since 2015 · 53 posts · 17 votes
    6y

    Reading the responses so far most people are collecting rents.   

    I am the property owner of a SFH and use a PM. The tenant has not paid from Feb 1 to May 1 which is 4 months rent. So the issue started a couple of months before the "Shelter In Place" order. Dispossessory suit filed Feb 24 and Writ of Possession and Money Judgment were signed on May 15 and sent to the Sheriff's office, but Sheriff office is on hold still. There is no Moratorium in Georgia (my state) on evictions. Georgia is a landlord/business friendly state. My property does not have any mortgage, not under the Care Act. This is why we are able to get the Writ of Possession. Tenant is squatting. Total owed by now would be around $7500 +. PM's initial dispossessory affidavit only asked for the 1st month rent, late fee and court cost, as that was filed in Feb and that is what the amount of Money Judgement granted. This complicates the situation as now tenant is not 1 month but 4 months in arrears, which means we have to file another suit to claim additional rent owed up to tenant leaves. Any suggestion from the biggerpocket community would be appreciated.

    0Reply
  • Brian Briscoe
    Real Estate Coach · Salt Lake City, UT · Member since 2017 · 273 posts · 414 votes
    6y
    Originally posted by @John Hovanec:

    @Brian Briscoe. I also invest in upstate South Carolina. What kind of list of resources did you provide for your tenants. I have one tenant that is having a hard time that I would like to help get back on his feet. If you wouldn’t mind sharing I would appreciate it. Thanks 

     I'll dig it up.  Resources included where to apply for unemployment and rental assistance programs, including United Way.  Send me your email address in a DM and I'll send it to you there...

    0Reply
  • Steve Bracero
    Real Estate Agent · Westboro, MA · Member since 2016 · 1k+ posts · 471 votes
    6y

    @Daman Gandhi

    Yes so far so good for April/May 

    0Reply
  • Melissa Gittens
    Real Estate Broker · Windsor, CT · Member since 2015 · 1k+ posts · 268 votes
    6y

    So far 100% paid in April and May. I'm hoping everything will settle/get back to normal soon. My tenants are very responsive about and changes. We try to work with them. So far so good.

    2Reply
  • Amanda Schulman
    Property Manager · Jacksonville, FL · Member since 2020 · 8 posts · 6 votes
    6y

    We have decided to let tenants make partial payments, with no repercussions or late fees, until July. We’ve found that a large number of people who qualify for the Stimulus Money are still waiting, particularly those between 25-40 range. All of our research indicates that it was being given out in stages with SSI being among the first wave. Some will not receive it until June/July. I contacted a tax expert to confirm this. He also said that some organizations are just starting to get UE going, which means many of these hard working families are barely scraping by right now. It would be wrong to charge late fees and start evictions against tenants, especially if they’re trying to make payments. We are living in unprecedented times and instead of making situations worse, we need to show kindness and understanding during all of this. People are scared. We’ve had several deaths within some of our properties so talk to your tenants and work something out. I can’t in good conscience evict and charge absorbent late fees at a time when so many are laid off and are struggling to put food on their tables. I would hope that if the situation were reversed that they would return the favor. We very well could take a hard hit if this hits a second wave. Using this strategy we’ve found people are indeed making those payments to become current. I encourage you all to reach out on kindness and work with these people because it’s the right thing to do. I also think that you’ll find that your tenants, homeowners etc will be singing your praises and referring you to other people once this is over. I would much rather that be the case than lose business because people viewed me as taking advantage of them during a time when so many have been hurt and dying.

    3Reply
  • Jane S.
    Flipper/Rehabber · Colorado Springs, CO · Member since 2016 · 502 posts · 167 votes
    6y

    here in col springs, so far so good. never had eviction, dont want to start. many tenants in medical related jobs.

    0Reply
  • Michael Gilman
    Investor · Westchester, NY · Member since 2014 · 96 posts · 57 votes
    6y

    We are at 96% rent collection  in our portfolio (mostly class B). I attribute this to  enhanced unemployment benefits and PPP, and the fact that many unemployed out there are making more with benefits than they did at their jobs. 

    0Reply
  • James Schulz
    Rental Property Investor · Los Angeles, CA · Member since 2020 · 26 posts · 24 votes
    6y

    I havent had any issues yet with any of my properties. Fingers crossed that it continues that way.

    0Reply
  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    6y

    As of today, June 9, we have not had any major issue with rent collections in any of our seven cities.  Memphis and Dallas are our two biggest management portfolios and they make up the bulk of any properties that are having payment issues.  Little Rock, Oklahoma City, Tulsa, Houston and St Louis are all tracking normal.  We manage 6,200+ properties across those cities and are finding some similarities in each market.

    - residents are actually being very good about communication.
    - most owners are willing to work with their residents if they have been affected by Covid-19 related issues.
    - very few are not making any payments.  Most residents are getting onto payment plans and sticking to them.

    As a company, we are not actively charging late fees right now or using it as a collection tactic.  We're not having to use those fees right now to be successful.

    We have however seen very slight decreases in total collections from April to May to June.  In a normal month, we would collect between 98.5% to 99% of billed rent each month.  It was normal to have issues collecting that last 1 to 2 points. In April, we collected right at 98.5%.  May is sitting right at 98% right now and we anticipate June being between 97% and 97.5%.  It is a reflection that the longer people struggle with income, the harder it will be for them to meet rent obligation during the month, but the percentage of residents struggling continues to remain low.

    All in all, I think the results we've seen and others are reporting on here are pretty common.  

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  • Brian Ellis
    Rental Property Investor · South shore, MA · Member since 2017 · 1k+ posts · 1k+ votes
    6y
    Originally posted by @Ying B.:

    Reading the responses so far most people are collecting rents.   

    I am the property owner of a SFH and use a PM. The tenant has not paid from Feb 1 to May 1 which is 4 months rent. So the issue started a couple of months before the "Shelter In Place" order. Dispossessory suit filed Feb 24 and Writ of Possession and Money Judgment were signed on May 15 and sent to the Sheriff's office, but Sheriff office is on hold still. There is no Moratorium in Georgia (my state) on evictions. Georgia is a landlord/business friendly state. My property does not have any mortgage, not under the Care Act. This is why we are able to get the Writ of Possession. Tenant is squatting. Total owed by now would be around $7500 +. PM's initial dispossessory affidavit only asked for the 1st month rent, late fee and court cost, as that was filed in Feb and that is what the amount of Money Judgement granted. This complicates the situation as now tenant is not 1 month but 4 months in arrears, which means we have to file another suit to claim additional rent owed up to tenant leaves. Any suggestion from the biggerpocket community would be appreciated.

    That's the problem with PM companies. They will not care for your property the same way you would. I had one issue with a tenant, who was placed by an PM company. Every other tenant has not been an issue, because I carefully vetted them myself.

    So far I have received all my rents on time.

    0Reply
  • James Martin
    Property Management · Memphis, TN · Member since 2009 · 668 posts · 362 votes
    6y

    @Chris Clothier hey Chris I know you didn't mean to, but you really didn't have to stunt on us with those management numbers! Our company is knocking on the 500 doors under management and I just can't imagine the moving parts to your operations (Congratulations and much success moving forward)! Just as you mentioned we really haven't had any collection issues. Our average rent is around $700.00 a month and I believe that majority of our tenant base work at corporations that were considered essential during this pandemic such as Nike, FedEx, UPS and Amazon.

    1Reply
  • Richard Jumonville
    Investor · LA · Member since 2018 · 24 posts · 6 votes
    6y

    We have been 100% on receiving rents from existing Tenants, Just having trouble filling our last vacant unit.  

    0Reply
  • Holly BrownBusiness Member
    Real Estate Agent · Houston, TX · Member since 2019 · 190 posts · 137 votes
    6y

    We moved all of our STR to medium term renting and have stayed mostly booked. We were 78% to projected.

    100% LTR rents for both April and May. Very thankful.

    281-250-0650
    Invest In Houston Real Estate Team
    WebsiteView Page
    0Reply
  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    6y
    Originally posted by @James Martin:

    @Chris Clothier hey Chris I know you didn't mean to, but you really didn't have to stunt on us with those management numbers! Our company is knocking on the 500 doors under management and I just can't imagine the moving parts to your operations (Congratulations and much success moving forward)! Just as you mentioned we really haven't had any collection issues. Our average rent is around $700.00 a month and I believe that majority of our tenant base work at corporations that were considered essential during this pandemic such as Nike, FedEx, UPS and Amazon.

    If I'm not mistaken you've got a family operation that is very hands-on and takes great care of your properties, correct?  I think you also place a premium on knowing who your residents are.  That is the difference in my opinion. When residents are treated like a number and with the flippant attitude that they are replaceable then, when in times of stress, it is hard to get them to work with you.  However, if residents are treated fairly (poor word choice because we may all have different definitions of what it means to treat a resident fair), but let's just say respectfully, then that relationship makes it really easy to be at 100% collection.  Best of luck to you - keep it up!

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  • John Reyes
    Lender · Member since 2019 · 3 posts · 1 vote
    6y

    Hello from the SF Bay Area.  So far all my tenants have been paying rent, although some have already warned of possible work furloughs.  Luckily it looks like things are normalizing.  Good luck to everyone!

    1Reply
  • Mark-Anthony Villaflor
    Rental Property Investor · El Nido, Palawan · Member since 2012 · 29 posts · 7 votes
    6y
    Great way to to phrase it! 

    Originally posted by @Account Closed:

    Our attitude wasn't "PAY OR ELSE" it was "HOW CAN WE HELP YOU TO AVOID HIGH RENT BALANCES WHEN THIS IS OVER".  

    1Reply
  • Melissa Mariano Vigil
    Rental Property Investor · Denver, CO · Member since 2019 · 1 post · 0 votes
    6y

    @Daman Gandhi 100% rent paid in March/April/May/June on my 2 properties in Denver.

    0Reply
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