Rental Property Investor · Jacksonville, FL · Member since 2008 · 784 posts · 528 votes
For the record, I have 1 rental property in my portfolio and am not working on any flips until the crisis subsides.
If you have rentals, are you able to collect rent from your tenants in Jacksonville, FL? Its due on the 1st and late on the 2nd, but are your tenants giving you the slow pay right now? If they slow or no-pay you now, will they be able to make it up later?
I was reading this very good article on realtor.com about the fact that states have put a freeze on rent payments, but once the freezes are up, how many tenants will be able to pay what they owe, (rent is not forgiven)? One Stimulus check will not be enough if people are out of work for months.
You may have an area that has halted evictions, but what happens when people cannot pay? What will you do?
@Jack Bobeck You are incorrect, states have not frozen rent payments.
. Some states have delayed evictions NOT rents. . Federal Housing Financing has program of mortgage forbearance for Freddie Mac and Fannie Mae loans for 5 or more unit buildings.
The article you mention is only about states delaying evictions.
So for us... "court clerks have the option of putting final actions on evictions on hold until mid-April."
Each situation is different and without going into too much detail, I am seeing many offer repayment plans to their tenants or for financed properties I am seeing some do a repayment plan, payment deferral, or loan modification.
What I'm thinking is say you offer a repayment plan and then three months pass and three months haven't been paid? How do you go about this?
And for financed properties, how do any of the three options affect you personally?