COVID-19: Rent Stats and Lessons Learned

[Heather Frusco]

As investors we're all about figuring out what works in unique situations and learning from one another. I'm hoping everyone can share if they have received rent for April and what steps they top prior, if any: 

1. What % of your Tenants paid rent?

2. Did you send out a 'letter' before tenants said they would have trouble or did you wait until they contacted you? 

3. The type of property (SFH, Plex, Apartment) ? Class of property (A-D)?

4. Is the area under a COVID-19 eviction moratorium? 

5. Any unique observations? 

I'll start I guess... 

1. We received almost all of our rents in full (98%); and the one that did not pay in full (SFH B class), we worked out a payment plan (they paid what they could and we spread the rest over the lease term)

2. We did not send out a letter to tenants prior, we only addressed hardship issues as tenants contacted us. 

3. We have SFH and Apartments ; SFH - A & B class ; Apartments B-C class.

4. Yes all of our units are within eviction moratorium areas. 

5. We noticed oddly enough that most of our tenants actually paid their rent earlier than usual. We had 3 that asked for 'forbearance' once we explained that we needed proof from their employer and that they would still be responsible - only 1 followed through to a payment plan (the other 2 paid in full). 

What's your experience so far?  

(be honest... no one's going to judge you... this is all about gathering information for next time)