May 1 and rents are in! What is your experience?

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May 1 and rents are in! What is your experience?

Tamar HermesPro Member
Real Estate Coach · Austin, TX · Member since 2019 · 70 posts · 28 votes

It's May 1, and I wasn't sure exactly how the rents would all shakedown. All of my passive investments, Airbnb and multifamily, are hanging in very well.  All my other tenants paid.  I do have one that is out of work and decided to move next month. It worked out because I was planning to sell that property anyway.  Thank goodness I have honorable tenants. This property is in Los Angeles, a big pro-tenant haven.  Had they decided to stay, I could not have done much about it.

What have you all been experiencing?

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Jim K.
Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
6y
Originally posted by @John Teachout:
Originally posted by @Jim K.:

I haven't received a cent in rent yet. I anticipate I'll get most it of this coming week.

 How were your April rents? Did you get all of those?

Yes, by -- I think -- the 9th, John. May not be as fortunate this month. We'll see how this month goes, and after all, this is why we laid in hard reserves.

Gonna take a lot more than COVID-19 and tenants in genuine financial distress to put us on our knees.

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  • Jade S.
    Investor · Evans, GA · Member since 2015 · 190 posts · 103 votes
    6y

    All residential and commercial tenants paid on time (one tenant in a SFH is PCS'ing out to a new duty assignment, so that property is being turned over with a new tenant incoming). In addition, my current performing notes were paid on time as well. Still holding my breath as we continue to see the extent of the economic damage unfold nationally.

    0Reply
  • John MorganPro Member
    Rental Property Investor · Grand Prairie, TX · Member since 2018 · 2k+ posts · 2k+ votes
    6y

    8 out of 9 paid which I’m really happy about. The rental I won an eviction at court on March 16 (that they won’t let me evict now due to the freeze) has a bunch of gang members living in it now. The cops have busted into it twice in the last two weeks. The first time with the swat team for stolen goods. Prisons won’t keep criminals so they keep letting these thugs back out. Last week they chased a guy who stays there all around town with a stolen car and he ran into my rental with them chasing him. Good tines!

    2Reply
  • Steven C kelly
    Hampton, VA · Member since 2018 · 17 posts · 10 votes
    6y

    Received rent from 3 out of 4 thus far. The other usually pay around the 5th

    0Reply
  • Heath Jones
    Rental Property Investor · Enterprise, AL · Member since 2019 · 137 posts · 85 votes
    6y

    @Tamar Hermes Still collecting... will reply back in next 6 days 🤞

    1Reply
  • Patrick M.
    Rental Property Investor · Red Bank, NJ · Member since 2017 · 1k+ posts · 1k+ votes
    6y

    @ 100% but as I've said- I am worried about November.

    1Reply
  • Bob B.
    Investor · Jasper GA · Member since 2015 · 1k+ posts · 1k+ votes
    6y

    All but one of mine paid before the first.  Got a text from the one that hasn't paid and he promised to pay tomorrow which I believe he will since he's been prompt for the last 3 years.

    0Reply
  • Bill Goodland
    Rental Property Investor · Allentown PA, United States · Member since 2016 · 567 posts · 442 votes
    6y

    @Tamar Hermes my tenants all paid. Perks of having rent deducted on autopay from Cozy

    0Reply
  • Jason Turgeon
    Realtor · Boston, MA · Member since 2019 · 244 posts · 275 votes
    6y

    16 of 24 in my TX properties have paid.

    Of the 8 that didn't:

    • 1 vacant (10 weeks and counting)
    • 1 tenant unfortunately passed away last week. Still don't know the circumstances.
    • 1 tenant was 2 months behind and abandoned the apartment last week. Hoping to get that turned around quickly and get a paying tenant in there.
    • 2 tenants who are chronically late and missed March 1, but evictions were halted by mid month. These 2 get the boot as soon as it's legal. I'll never see a dime of what they owe me.
    • 3 tenants who are usually on time but haven't paid yet. These are the ones I'm worried about. Good people who are in trouble. 

    In my Boston rental, all 4 roommates are current. That includes the one who got laid off early in March and missed April rent entirely. He borrowed money from family and paid me for April and May even though I told him he could wait until he was finally able to get through to unemployment. He has been unable to get through and hasn't seen a dime in any kind of aid in spite of being out of work for 7 or 8 weeks at this point. 

    So of 28 rent payers total, I am running at about 10% above average that aren't able to pay on top of 10% vacancy, coupled with a couple of people taking advantage of the eviction freeze. 

    Hopefully the situation improves soon, I have about $31k of tax and insurance bills coming up and will have to dip into reserves to cover them since cash flow has been hit so hard these last couple of months (also had a few 4 figure repairs in a row hit at bad times). 

    1Reply
  • Chris Montgomery
    Real Estate Investor · Steamboat Springs, CO · Member since 2008 · 54 posts · 33 votes
    6y

    Similar to April. 70 units in Northwest Colorado. 3 tenants haven’t paid so far. One is expected to pay a few days late. One is applying for assistance and will hopefully pay. One is in jail for Meth. Don’t think that guy’s going to make the payment this month!

    0Reply
  • Tamar HermesPro Member
    OP
    Real Estate Coach · Austin, TX · Member since 2019 · 70 posts · 28 votes
    6y

    @Joe Moore  Congrats Joe!  Funny, mine paid earlier than usual as well.

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  • Johnny Lau
    Investor · San Jose, CA · Member since 2015 · 89 posts · 46 votes
    6y

    They all paid last month and I expect the same in May. 

    10+ houses, majority in Bay Area and rest out of state

    0Reply
  • Michael Noto
    Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
    6y

    80% of our tenants have paid as of today and considering we cannot enforce late fees in our state until after the 10th of the month this is about normal. 

    0Reply
  • Jingru Sui
    Real Estate Agent · Atlanta, GA · Member since 2014 · 683 posts · 317 votes
    6y

    @John Teachout the property is in Ohio. We might still go ahead and file. Her lease ends at the end of this month so we are hoping she will move out or we’ll file eviction.

    0Reply
  • Luke G.
    Rental Property Investor · Hammond, WI · Member since 2017 · 139 posts · 217 votes
    6y

    91% of May rents have came in so far in my 65 units.  Pretty happy with that, we will likely end up with a few more sprinkling in throughout the month as well.

    0Reply
  • Michelle Fenn
    Real Estate Agent · Cleveland OH · Member since 2015 · 213 posts · 275 votes
    6y

    Same as April, one I gave a discount due to her job at Airport Mariott, she paid on time.  Another 9 paid on time in full.   I have 3 contractors that are not paying.   One I am providing forbearance as he had surgery this month.  The other 2 are not paying because, because Cuyahoga County in NE Ohio has an eviction moratorium.  I am waiting for the courts to re-open.   I find it interesting that all my problem tenants are contractors.  

    0Reply
  • Steve K.
    Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
    6y

    @Tamar Hermes 100% occupancy, 100% rents collected (20 units, Denver/Boulder area, mix of Class A,B and C). We had one payment come in this morning (our grace period goes until the 5th), which is a little later than usual, as we usually get them all by the first but that’s the only change. Filled 3 units easily in April. We had a few tenants who were planning on moving out because they were looking to buy homes this year who decided to hold off on that and continue renting. Sorry for them that they had to push back plans to purchase, but happy to have them stay.

    0Reply
  • Lien VuongBusiness Member
    Real Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes
    6y

    I'm at 100% for my April and May rent collection for 60 units. 

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  • Maggie Atilus
    Rental Property Investor · Killeen, TX · Member since 2014 · 12 posts · 7 votes
    6y

    My tenants still paid thei rent as well. I did read on a thread when this whole thing first started about the steps they were going to take if their tenant could not pay and thankfully I did not have to take that advice because they kept working. I got the timely email form my property management company about my tenants payments received. I'm good over here. 

    0Reply
  • Debbie Farmer
    Rental Property Investor · Blackhawk, CA · Member since 2012 · 46 posts · 14 votes
    6y

    I'm not sure about May yet - I'll check with my property manager on the 7th.  For April: 8 out of 16 are Section 8 (first time I'm ever GLAD I stuck with Section 8 tenants). Out of the remaining 8:  2 didn't pay or communicate, 2 are on furlough and paid half,  3 paid in full and 1 unit is in the middle of reconstruction from a fire.    Luckily I have solid reserves or I'd be a wine day drinker.....

    0Reply
  • Mark Johnston
    Real Estate Broker and Investor · Windermere, FL · Member since 2014 · 19 posts · 3 votes
    6y

    We have upgraded our portfolio from C class to B+/- properties and we have been pleasantly surprised with our collected rents staying the same. We trust this will be the same at our new 18 unit repositioned asset.

    1Reply
  • Denise Brown-PuryearPro Member
    Rental Property Investor · Julian, NC · Member since 2016 · 76 posts · 100 votes
    6y

    I've received all rents except 2 (who usually pay by the 10th as per our agreement). April rent was all in on time as well. Airbnb property has been booked monthly and all is well there. One property is in Brooklyn, NY and they have paid before time and on time for April and May; especially considering the pervasive "rent strike" atmosphere in NY at this time.

    1Reply
  • Syam Tadavarthy
    Real Estate Agent · Metro District of Columbia · Member since 2018 · 10 posts · 3 votes
    6y

    Primarily focused on SFH, and most have paid. We have one issue, but with some many out of work, I feel fortunate.

    0Reply
  • Derrick E.
    Investor · The Creek, WV · Member since 2014 · 890 posts · 1k+ votes
    6y

    All of my tenants have paid except for one who is paying tomorrow. She got a hold of me and asked if that was ok. She had missed a few weeks of work due to everything going on and gets paid again tomorrow. 

    0Reply
  • Tim Hall
    Flipper/Rehabber · Tallahassee, FL · Member since 2014 · 462 posts · 237 votes
    6y

    @Tamar Hermes all rents are in from the long term tenants and we’re converting our air bnb’s to long term rentals. I think it’s going to alright.

    0Reply
  • Ingrid Mignott
    Investor · Miami, FL · Member since 2017 · 8 posts · 4 votes
    6y

    So far 100% have paid.

    0Reply
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