This COVID-19 crisis is changing so rapidly, I would love to get an update from other landlords as to how they are handling tenants that cant pay right now.
Our plan for tenants that have been financially impacted by COVID-19 has been to ask them to apply immediately apply for unemployment, check with all local agencies that provide rent assistance,(we provided links to all of the local agencies that provide assistance), try to borrow from relatives or use the option to pay with a credit card. Once they have exhausted these resources, we have asked them to provide proof of either having been laid off or that their hours have been significantly reduced due to COVID-19, then pay what they can. We suggest at least half, and we will make a payment plan for them to pay back whatever amount they are behind once they are allowed to go back to work. Basically what Brandon suggested in his post from about three weeks ago.
Our plan, at the time we implemented and communicated it, seemed to be predominately what other landlords and property management companies were doing. I am curious, as the situation changes, is this still what most landlords and property managers are doing?