All Forum Posts by: Matthew T.

I agree that we need to work with our tenants, my fear where I am is it is a very "tenant friendly" state and often I find we need to make these long drawn out payment agreements with the court system which often never get paid.  And if all of a sudden there is a huge flood on the court system how will that all play out?  My guess is that they will look to the landlord to carry most of the burden ( I could be wrong ).  In our state we can require a last months and security and we have those all held in escrow accounts for the tenants; so one idea we are looking to implement is to have those tenants that say they can not pay come April 1st, is to have them sign over their last months rents for April rental payment and maybe a payment plan to replenish that last month's rent.  

We are also in talks with all our local banks we work with and it seems most are going to be allowing us to defer payments for two months with no fees and tack on those payments at the end of our loans.  I would recommend everyone to start talking to their banks now.



Originally posted by @Scott Trench

Originally posted by @Steve Babiak:

Originally posted by @Matthew T.:

Can you share a link to the document?  Curious to see how it reads.  Thanks

Originally posted by @Sonja Sevcik:

Please go to your local rental association websites for more information on specific options in your state based on your laws and potential free to very low cost rent amendment documentation (The Oregon association gave it for free early this week - so I now feel like my membership has more than paid for-it-self).  Oregon already has a very simple document that gives you lots of options to work through with tenants.  I imagine that most other state have already done this or that they very soon will.  While I live in California - - joining the Oregon based rental association and receiving their low cost legal documents, monthly newsletters, and contact resources was the very best financial decision I made last year!!!!!!!  DO-NOT-WAIT if you have not done this.  They are generally very cheap to join and will give you experienced options specific to your state that will help keep you out-of-trouble.

I posted a link at this link:

https://www.biggerpockets.com/forums/892/topics/816712-coronavirus-and-late-or-no-rent-payments?page=17#p4802877

Originally posted by @Sonja Sevcik:

Please go to your local rental association websites for more information on specific options in your state based on your laws and potential free to very low cost rent amendment documentation (The Oregon association gave it for free early this week - so I now feel like my membership has more than paid for-it-self).  Oregon already has a very simple document that gives you lots of options to work through with tenants.  I imagine that most other state have already done this or that they very soon will.  While I live in California - - joining the Oregon based rental association and receiving their low cost legal documents, monthly newsletters, and contact resources was the very best financial decision I made last year!!!!!!!  DO-NOT-WAIT if you have not done this.  They are generally very cheap to join and will give you experienced options specific to your state that will help keep you out-of-trouble.

Originally posted by @Jennifer Ryan:

I'm w you Tyrone!

I haven’t broadcast this to my tenants but I’ll work with them. I’ll certainly waive late fees and if need be, I can reduce the rent by 30% for up to 3 months. (but no longer) I’d rather keep them and lose a month’s (total) rent than have to go through the larger costs of vacancy, make ready and re-letting expenses.

So far only one set has been laid off but they have some savings so they are expecting to get by.

Originally posted by @Jason L.:

What exactly is the rule in "no eviction" states/jurisdictions regarding rent payments? Does this mean that rent is optional for everybody in the next 90 days or are payments simply deferred past the 90 days period (i.e. if rent is $1000, do they owe $3000 in 90 days or are the next 3 payments considered lost income)? I haven't seen anything clarifying this, but I'm just wondering why even the employed renters would still pay rent?