Coronavirus and your tenants

[Monica Johnson]

I wanted to put this out there to my fellow landlords that we should check on our tenants right now. The school closings could be devastating to some especially single parents with young children. I say this as someone who would have been in a very difficult position 10 year or so years ago had this happened when my son was a toddler. Fortunately, my tenants all reported that so far everything was good but I had a couple options prepared were that not the case: waiving the late fee for 30 days, charging 50% of next months rent and allowing them to do a payment plan to pay the remainder, or doing a payment plan for all of April’s rent depending on how dire the situation was. Customer service is important as a landlord!!! It is far easier to have a current tenant (especially a good one) resign a lease than search for a new tenant and they will remember that you checked on them during this time when it comes time to renew.  

[Jay Hinrichs]

Originally posted by @Monica Johnson:

@Jay Hinrichs As someone who has rented in the past, I have always been confused by the rigidity of renting. Any other bill, companies will work with you, electricity, water, cable etc... but landlords largely remain inflexible. I hope this does unite us and I’m glad to hear others feel the same way as me!

the reality is we are in the vast minority at least as it relates to most landlords on this particular website :)   I understand its a business .. I have dedicated my entire career to real estate in one form or function.. but having said that and having lived through 4 distinct now 5  distinct economic cycles or upsets.. you understand they are all different and you don't want to step over dollars to pick up pennies.. and alienating good tenants to me would be foolish just because you might have to forgo a couple grand and get it paid over time as things recover.. and if you cant afford 2 months payments on your rentals.. then that's your fault for being undercapitalized or taking on too much debt.. stuff happens.. we can all say well the tenant should be prepared.. but in reality its not the tenants investment its the investors they are the ones that need to be prepared.