Originally posted by @Heather Frusco:
The one I thing I hear from half of the smaller time landlords on here is that they would 'forgive the rent payment due to the pandemic' and then the same LL's will highlight that investors should have 3-6 month's of reserves in place for this... I'm sorry but these same 'investors' / landlords are likely not going to be here for much longer with that thought pattern (will likely find their foreclosed properties on the market soon). Tenants and really anyone else should ALSO have 3-6 months in reserves for times such as these. So if you have a responsible tenant/citizen which has 3-6 months in reserves in place there really is no missed rent payment.
What some of these 'investors' are failing to see it that it is not your position to cover someones living situation on your dime as in investor - that it is the state's responsibility, if that is something they would like to do. Have you seen any states instead offer to pay for a tenant's rent payment? ---- of course not and you won't because they would rather 'lean' on a landlord to 'adsorb' that cost. Look I'm not faulting you for covering someones rent during times like these in one of you rentals but if that's the case... I have a cousin that would love to rent one of your 'rent-free' units if you like to take him up on it.
We are certainly not callus to the situation but, any tenant's which we have that miss their rent payment on month 1 of this pandemic situation have dropped the ball they SHOULD also have 3-6 months of reserves but don't and as grown adults it is not a landlords or investor's responsibility to support another adult - heck the states don't even want to support these adults which is again why you don't see governments pay for tenant's rents - they just push it onto the landlord... how's that for an eye opener. Again not callus to the situation just realistic...if our tenant's miss payments during this whole situation, we will work with them to schedule a payment plan moving forward.... we will still file for eviction during this time and get it lined up for when the courts start processing again... and if by the time courts start processing evictions again an agreement hasn't been reached we will certainly carry out evictions as needed.
We currently have 3-6 months in reserves for all of our rentals but guess what?.... that is exactly what the are - reserves - which are meant to carry our properties over during long term evictions such as these... not meant to support adults which failed to prepare properly. For those looking to 'carry' your tenant's debts... a word of caution and important to ask yourself 'who will carry your debts once you have blown through your reserve and you are then facing a leaky roof, a leaky water heater, taxes, insurance, mortgage and utilities'?
@Arthur P. @Mike Wood @Brian Boyd Account Closed
It is absolutely callous. IT IS ALL OF OUR DUTY AS HUMAN BEINGS TO CARE FOR OUR FELLOW HUMAN IN TIMES OF CRISIS. You don't get to behave callously and then say "oh, but I'm not callous." Yes, you are. Sure, everybody should have 3-6 months of reserves. Cancer also shouldn't exist and money should grow on trees. While it may be true you will be hurt if one of your properties is foreclosed on, you will survive. The same can't necessarily be said about those you evict. One is CLEARLY more important than the other. In times of crisis, we prioritize the survival of the vulnerable, not your wealth. Sorry. To do otherwise would be deeply immoral.
