How many of us actually communicated / our tenants about April $?

Question

Curious to see not only how many communicated or did not but what PERCENTAGE of rent did you actually collect based upon your communication or lack thereof? I personally only addressed those tenants that contacted us about 10% of our ( 5/6 out of 58  doors ) holdings . We have collected 96% of all revenue as of this morning. Currently only ones waiting to pay have filed and are waiting on unemployment to arrive. Now that the dust is settled and we are 6 days into the month numbers should be very accurate of April's collections IMHO.

Nicole Heasley Beitenman · Answer

I did not communicate. I didn't want to give my tenants the idea of not paying if it wasn't already there. I received 100% of my rents.

Dick Rosen · Answer

I have been in constant communication with all our tenants. We have sent out a series of 3 separate emails with information and resources. We have stressed to all of our tenants to keep the communications open and cooperation will only help everyone.

We have currently collected in full from 90% of our tenant's.  @Anthony Gayden yours are all paid :)

Keep the communications open and encourage your tenants to cooperate and we will all be just fine, this will

Tyson Cox · Answer

We sent a letter March 26th similar to the one Brandon Turner presented that week. We have 48 units with 46 currently rented. We have one tenant who has paid half and plans to pay the difference next week. We have 2 who have not paid yet and are waiting on unemployment benefits. We have received 94.57% of rent from rented units. At this time none of our tenants have plans to not pay rent due to COVID-19.

Anthony Wick · Answer

Business as usual, unless a tenant contacts me and requests assistance. I'm a landlord and not their health care provider, or their relative, or their friend. I'm not here to intrude on how they are doing. While I hope all are doing well, there is a boundary between me and my tenants, and I will be keeping said boundary. All rents paid for April. The end of April brings communication for units that have leases ending June 30. We do 60 day notices. If and when a tenant needs financial assistance, we will work with the tenant on a solution, and not just a hard line "rent is due on the 1st" approach.

Tyson Cox · Answer

I also made a blog post of the letter we sent to the one tenant who has not paid April rent.https://www.biggerpockets.com/...

Anthony Gayden · Answer

I called all of my local tenants and asked them how they are doing. I also let them know that if there were any issues I would be willing to work with them. They all assured me that they would be fine making the rent for April.

My property manager reached out to my tenants in Arizona but I don't know yet if they all are going to pay.

As for me personally, I have already paid all of the mortgages, insurance costs, and utilities for the month of May. I also have enough reserves to cover 6+ months without any rental income. I still am working full-time (I work in law enforcement), so my pay isn't threatened by this situation.

Chris Youssi · Answer

THX for all the responses as predicted the vast majority have not communicated and are still on track for collecting 95%+ receivables. Not sure why one would do it any other way. As has been discussed and needs to be top of mind this is a business and as such we have obligations to our lenders and other vendors. If someone choses to allow their business to be charitable good for them but for most of this this is not feasible . Happy investing!

Mike McCarthy · Answer

I don’t have nearly the portfolio of @Nathan G. But my approach and results are similar. Sent out an email hoping everyone is staying safe and let us know if there’s anything we can help with. (Didn’t mention rent, but made the assumption that people would reach out if they needed help).

For April, we’re right on target with prior months. No change.

I did also offer one tenant who’s lease is ending at the end of May and who has already given notice to stay an extra month or couple if they want (with 15 days notice). Figured it might be easier for both of us.

Jennifer Huba · Answer

We just bought our Mobile Home Court on 2/28. I did not send a letter regarding COVID since we are still getting to know everyone.  22 out of 24 paid on time for April.

One person contacted me a couple weeks ago about having difficulty being able to get a job because her children are home now.  At the time, she had no knowledge of the stimulus bill, etc., but was thrilled when I told her.  She plans to pay April rent by April 30.

One person (who moved in in early March) did not pay.  We touched base with her and she stated that she's waiting for her unemployment check to arrive, and offered that she had no problem paying the $50 late fee.

I did have one other person that stated she would not be able to pay, but did actually pay in full.

If a tenant expresses concern, we are providing a questionnaire to them asking for their employer's name ( so we can verify), if they applied for unemployment, if they are aware of the stimulus, what their plans are to pay the rent, etc. My plan was to waive the late fee for anyone that contacts us with their concerns and fills out the form and to have them pay April rent by the end of April since they should have a check by then.

Nathan Gesner · Answer

I sent an email to all my tenants two weeks prior to rent being due with just a generic update about office hours, local resources, etc. I didn't say anything about rent. A few tenants (out of about 350) wrote back to thank me for the information but that was it.

I sent another email one week prior to rent being due. This time I provided more resources, reminded tenants that rent was still due, asked them to communicate with us if they were going to be late, and offered to waive late fees as long as they communicated with me. We had 15 renters contact us to say they would be a few days late and a couple said they may be up to two weeks late.

As of this morning, I'm at about 92%. Most of the late rent is from tenants that are regularly late so there's no real difference for me this month.

How many of us actually communicated / our tenants about April $?

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