Professional · Anaheim, CA · Member since 2017 · 1k+ posts · 686 votes
If you are a landlord, have tenant or looking for a tenant, I would think section 8 type government assistant tenant is better than the conventional work/job paying tenant? I had both types, and during coronavirus, had one tenant lose job and thus became late on payments. While the other type, section 8, all made their payments. Most of situations have section 8 pay 80% and tenant pay 20%. For example, 2 bed/2 bath for $850, tenant is responsible for $170.
If regular paying tenant loses job, falls behind, and at some point would be 6 months behind. At 6 months, it is better just to take advantage of Nevada eviction moratorium, and milk it for whatever you can. The tenants gets the government checks, $1200, $600, and the child checks/credit, but still do not pay rent.
The vast majority of my tenants are young professionals who work remotely or are capable of working remotely when the need arises. I am extremely thorough in my vetting and interview process and develop a good, professional rapport with my tenants... I believe this is paramount in these circumstances.
I have spoken with some of my fellow landlords, some of which rent to blue collar tenants who have lost jobs. Fortunately, they are the ones who taught me to vet and when their tenants lost a job they immediately replaced it... yes- it can be done, it is a mindset... that can be spotted in the vetting process.
Right now it is impossible to find an apartment in my market as the decent people of Gotham are sick of being assaulted by the city government, drug users, the plaque and homeless serial masterbaters... they have fled to our burbs! The average rent has skyrocketed over the last year...
I guess people will say that the young professional paying $2500 a month is the same as the person who can't pay $200 a month...