My response to COVID
This may not be for everyone but here is what I am doing. We are all in this together and we are all going to take a hit. I live in Nevada and have 13 single family rentals. I am taking a proactive approach. I have informed my tenants across the board that for April I will reduce their payments by 20%. Our governor just shut all non essential businesses which includes casinos and restaurants etc....for thirty days. I told my tenants that we will also reassess this in 30 days. I think we are moving towards no evictions and want to avoid not getting paid at all. The 20% reduction allows me to pay the mortgages and bills but eliminates most of my profit. I can absorb this for a while. I believe some of my tenants have ongoing income, while some are more effected. Rather than analyze each one I did this across the board. No evictions does not mean no obligation. So if they do not pay the reduced payment promptly they will owe full rent and late fees. If someone is truly impacted I will loook at it case by case. Ourial estate market was hot before this and vacancies were low. But right now I just want to keep my places full and the bills paid. I believe in karma and I hope by being proactive and kind I am doing this right. This may not be for everyone and I welcome your comment s.