Mortgage Payments in Illinois
Like everyone else, I'm trying to make sense of everything going on right now. I really try to limit how much and where i get my information from but I keep hearing government officials encouraging tenants to not worry about rent, paying utilities, and halting evictions. I get it, but what about owners, like myself, who have to make that mortgage payments to the banks and lenders on all my real estate investments? Yes I have reserves saved but that will only cover for so long. Those reserves were meant for unexpected expenses, not for all my tenants not paying their rent for the foreseeable future.
When I ask What to do? Im asking just that "what do to do as an Illinois home and property owner?"
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@Account Closed I started checking in with tenants, and thus far I haven't found any that aren't planning on paying. Most of them are working from home or are employed in essential businesses like hospitals or post offices. I think a lot of land lords are overreacting right now as most tenants will be fine. If a good tenant gets behind due to this, I think it makes sense to work with them as much as possible.
This whole crisis has reminded me of all the reasons I love the B and C class apartment spaces. Lots of tenants means more vacancy buffer in case we have some collection issues for a month or two. Also, the rents are unlikely to be compressed during a down turn. Those class A new construction apartments for $3 per square foot are sure going to be empty soon...