In response to Covid 19 Tenant Request Rent Reduction-hours cut

[Gehmelle Johnson]

Good evening Real Estate Investors!

I have been a landlord for about 11 years and still finding myself learning new business techniques, and styles. I own a total of 5 units, a multi unit (in which I reside in one) and a condo- DMV area. I must say, I became a bit worried when they mandated businesses to be closed due to covid 19-some of my tenants make fair wages. Gratefully, I received all rents this month! However, one tenant (who paid this month) sent me a letter today requesting a reduction in her rent due to her hours being reduced in response to Covid19.  

Question: If I proceed to agree-would I just add an addendum to her current lease outlining the balance needs to be paid once she returns to full time- how do I go about doing this.. I want to do the noble thing-she has been be late a couple of times but, has been consistent with her rent. Should I allow for some thing like this or will this become a **** show... Please advise. Torn..

[Anthony Wick]

We are not discounting rents, at all. But, if asked, we will work out a payment plan. Remind tenant of the $1,200 stimulus check that is coming, and to apply for unemployment for the reduced hours. Work out a payment plan over the life of the lease, and also perhaps a catch-up with the $1,200 stimulus. And put everything in writing, and signed.