Do a short or long term payback agreement for Tenant who is behind?

[Timothy Heck]

Hello,

I have a tenant of my parents who is now 3 months behind, their lease is up in 3 months.  It was 2 brothers and their mother and the mother has moved out.  As well one brother is a trucker who has said the loads are slowing down.  Bottom line their income is down and I don't see signs of getting better as the economy slows down.

Should I offer a payment plan to the end of their lease or give a longer timeline?  Or just keep it short to look to evict?

I've heard its a landloard market so i shouldn't worry about getting someone maybe late summer or fall.  This is not in a great town but close to NYC and they have some new condo buildings that are renting for $400 more than ours currently, our building is 15 years old, not luxury but definitely modern.