Port Richey, FL · Member since 2016 · 129 posts · 48 votes
I am curious what others are hearing and doing during this coronavirus time. Personally I am watching what businesses are being forced to close. I am not sure what I will do if my tenants are impacted. I may wave late fee's and also considering waving rents. Also wonder how I could wave rents for some that are out of work and still collect from others. This is going to be interesting...
We are working with multiple retail tenants and will likely be doing a moratorium on rents, then will amortize the balance due over the remainder of their lease. Not sure if that is the best option or not, but we figured we give up a little now to help them stay in business and will recover from it later in the year.
We are working with multiple retail tenants and will likely be doing a moratorium on rents, then will amortize the balance due over the remainder of their lease. Not sure if that is the best option or not, but we figured we give up a little now to help them stay in business and will recover from it later in the year.
I am lowering my April rents to just being able to cover all of my mortgages - basically, I'm giving up my profit for April. That's between $ 300 and 500 per unit.
I figure there'll be stimulus checks coming in and with most of my properties having 2 or 3 people living in it, they will rather use those funds to pay the rents and keep their place, than breaking the lease and moving in with relatives or just not paying, because there's a moratorium on evictions in Atlanta.
Better to give some now and not have vacancies.
I feel it's a win/win. I don't have an expensive life-style and don't need much money for myself. And I have 60k in cash reserves and 90k in credit cards, that I could touch, if needed.
I am lowering my April rents to just being able to cover all of my mortgages - basically, I'm giving up my profit for April. That's between $ 300 and 500 per unit.
I figure there'll be stimulus checks coming in and with most of my properties having 2 or 3 people living in it, they will rather use those funds to pay the rents and keep their place, than breaking the lease and moving in with relatives or just not paying, because there's a moratorium on evictions in Atlanta.
Better to give some now and not have vacancies.
I feel it's a win/win. I don't have an expensive life-style and don't need much money for myself. And I have 60k in cash reserves and 90k in credit cards, that I could touch, if needed.
As I understand the situation in Atlanta, there is only an official moratorium on evictions for specific city of Atlanta partner organizations (e.g., Atlanta Housing Authority, Atlanta Beltline, Invest Atlanta, etc.). However, even if the courts, marshals, etc. continue to serve, I doubt eviction would be their priority anyways, so best to make things work amicably like you said.
I am lowering my April rents to just being able to cover all of my mortgages - basically, I'm giving up my profit for April. That's between $ 300 and 500 per unit.
I figure there'll be stimulus checks coming in and with most of my properties having 2 or 3 people living in it, they will rather use those funds to pay the rents and keep their place, than breaking the lease and moving in with relatives or just not paying, because there's a moratorium on evictions in Atlanta.
Better to give some now and not have vacancies.
I feel it's a win/win. I don't have an expensive life-style and don't need much money for myself. And I have 60k in cash reserves and 90k in credit cards, that I could touch, if needed.
As I understand the situation in Atlanta, there is only an official moratorium on evictions for specific city of Atlanta partner organizations (e.g., Atlanta Housing Authority, Atlanta Beltline, Invest Atlanta, etc.). However, even if the courts, marshals, etc. continue to serve, I doubt eviction would be their priority anyways, so best to make things work amicably like you said.
Actually, I've had 2 evictions running for a while and the court dates have both been cancelled and not reset. The eviction moratorium goes for every landlord.
Like you said, this is definitely going to be interesting. I like Bill's idea of amortizing the balance over the remainder of leases, that way the rent will still eventually be paid and you don't have to evict anyone who can't pay right now. There are plenty of options though!