Moving forward - Who has been busy?

[Erik W.]

With all the shut downs lately, it can be tempting to think the economy has ground to a halt.  But I've found my own business to be thriving!

March was a busy month.  We closed on a 4-plex that is getting extensive rehab.  Also purchased our first 77-unit self storage facility with a 2400 sq ft retail building on the same site.  Closed off the month purchasing a 10,000 foot office/warehouse building that's divided into 6 "bays" with offices and huge overhead doors, mostly rented by automotive small businesses.

Like many, I've been wondering how well rents would come in. So far, we're doing pretty well.  All of our rents due on the first are in, but we allow folks to pay at various times during the months (i.e. bi-weekly or twice per month), so some rents are still due to come in later.  Hoping all continues to go well.

I've been busy managing the contractors on the 4-plex rehab and scheduling lighting up grades for our office/warehouse.  Also chasing down slow payers at the storage facility: 80% collection success to date on those.  

What's going on with your business?  Has Corona stopped you in your tracks, or are you moving forward?

[Nathan Gesner]

We're very busy, and my workload has increased because I'm getting a lot of calls with Tenants and Landlords asking how this will affect them. Apartment rentals are steady but I have noticed a slow-down in single-family homes over the past two weeks. I suspect families are unlikely to move at this time of uncertainty.

Tenants are still paying like they normally do. Out of 360 rentals, fewer than 15 have contacted me to say they will be late. I expect at least 5% will be late this month. Next month may be the real doozy but it depends on how long the shelter order remains in place and how responsible people are with their unemployment benefits and stimulus checks.