Brandon provides excellent advice in his video “Are Your Tenants Unable To Pay Rent Due To Coronavirus? Here's What To Do!” https://www.youtube.com/watch?v=1CLa0UJCn3w

In particular, his Emergency Rent Deferral Plan provides an excellent framework in preparation to guide our tenants through this difficult time. The 4 options he discusses are well presented. Brandon admits we’re navigating new territory which affects everyone.

QUESTION: Does anyone have thoughts regarding allowing a tenant to take in a border and use the money to help alleviate their financial stress. Granted, I realize that raises some legitimate concerns, but it might be an idea worth fleshing out.

@Matthew McNeil

The rent deferral has some merit.  I believe in communicating with your tenant.  Hopefully your tenant will contact you to inform you they are having difficult in paying rent.  What does this mean?  Can they pay some or nothing?  Usually they can pay some.  Normally I wouldn’t accept partial payments because in my state it precludes you from filing an eviction because you have accepted a portion of the rent.  So normally it’s all or nothing.  This is with the understanding evictions are on hold at least for the month of April.

Listen to your tenant.  Those who have tested positive, are sick or have been laid of off due to the pandemic are most likely going to receive some relief from a government program.  Of course this sounds great, but how long will this relief take to actually receive the funds.

I have received a couple calls from tenants regarding this.  One tenant employer had a number of projects pulled back so the work decreased, another in the restaurant industry.  Work stoppage/slow down.  I am working with them on reduced rent for the month if necessary.  Deferral with a payback over the term of the lease makes sense as @Brandon Turner has suggested.  $400 dollars short this month add $40 per month to the rent over the next 10 months.  This seems vary reasonable.  There can be many variables to this plan, but this certainly is a viable one.

As far as bringing in another border, I’m not a fan.  If the property can support another occupant (occupant load per the city) and they pass your screening process then maybe.  I’m not crazy about that plan, but if you are comfortable with it, it’s your business. I prefer the rent deferral plan.  

Thanks @Kenneth Garrett .  It all seems somewhat fluid at this time regarding owners trying to formulate a plan to deal with the problem.  Lots of suggestions being offered. I hadn't considered the partial payment precluding you from filing an eviction notice if needed down the road. Good point.  Thanks!

i told them to take a cash advance on their credit card 

@Matthew McNeil

Has anyone viewed or used a form they could share that works with the emergency rental deduction plan Brandon Turner talks about?

There are various ways they can pay by Credit card including Cozy and Plastiq, PayPal Venno and maybe others. That would be my first suggestion. So far I haven't heard from anyone so I'm leaving well enough alone 

Originally posted by @Matthew Paul :

i told them to take a cash advance on their credit card 

 This assumes they have a credit card and one with low interest rates.  Having them do a cash advance on a credit card with 20% interest rates is not a good solution.

Originally posted by @Theresa Harris :

Originally posted by @Matthew Paul:

i told them to take a cash advance on their credit card 

 This assumes they have a credit card and one with low interest rates.  Having them do a cash advance on a credit card with 20% interest rates is not a good solution.

It is for me 

Originally posted by @Matthew McNeil :

QUESTION: Does anyone have thoughts regarding allowing a tenant to take in a border and use the money to help alleviate their financial stress. Granted, I realize that raises some legitimate concerns, but it might be an idea worth fleshing out. 

During hard times, many renters will double up.

I've seen larger multi-family Class-A and Class-B properties with 11 people in a 2 bedroom (all related), only 2 working to support the whole group. I've also seen 5 in a 1 bedroom all working (all related), and 5 in a 1 bedroom only 1 working (all related).

When jobs are short, and vacancies start to elongate, money is money.

All 3 of these places didn't officially notice it, and just collected the monthly rent (win/win).

Turnover is a big expense.

Just my 2 cents.