All Forum Posts by: Peter Lohmann

Rent collection is close to normal for us. 

Leasing activity has actually increased.

I have done this, rate is $175/hr.

Thanks for the mention @Remington Lyman! Be happy to chat if your properties are located in A or B areas.

Checking back in on this thread.... how's everyone in the Airbnb world doing?

@Alicia Heil Have you contacted any of the recommendations in this thread? There have been some great ones. For example, I know @Nathaniel Busch is a CPA who is also a real estate investor.

Evictions can still be filed, just no hearings are currently taking place. We are working with tenants one on one to figure out solutions.

As of today April 16th, we're at 94% of rent collected, which is very close to our average at this time of the month. This is for 400-something occupied units.

Some other points to consider:
-If you have a federally backed mortgage (Fannie, Freddie, VA, FHA, or HUD), you are forbidden from charging late fees or initiating evictions for 120 days from the passage of the CARES Act. This will be a bloodbath for landlords as we get into June/July and more and more tenants fall behind in rent, with no way to replace them with new paying tenants.

-This idea that tenants (both residential and commercial/office/retail) are going to "get caught up on rent later" (by spreading out the missed payments or tacking them onto the end of the lease) is complete fantasy. Landlords are going to be selling to escape the pain.

-The response to non-paying tenants by our clients (the landlords) is all over the map. Everything from "Waive the next 3 months of rent" to "File eviction ASASP". We are deferring to our client's preference.

-Property managers who earn a % of the rent collected (instead of a flat monthly fee) are may have solvency problems in the near future.

-Leasing continues to be BRISK for us. I attribute this to our self-showing lockboxes (most don't have this -- and so can't show property at all).

How are you finding rent collection to be for your portfolio?

Thank you @Robert Ellis!!! Let me know if I can help Omer.

Facts below:

One tenant is on Month-2-Month and the other just started a short term lease. Both with the current owner.

Are you sure it's a short term lease? I was pretty sure CMHA requires 1-year leases but I could be wrong about that. See if you can get all the CMHA paperwork from the seller to confirm.

Can i ask the seller to collect the May rent and entirely credit it to me on closure?

Probably not the best way to handle. What should happen is the seller should contact CMHA - email Shay Mock (you can look up her email or phone on their website) and request the May payment to be held due to an upcoming sale. That way they won't release it the seller, and you should be able to collect it directly once you get set up.

I intend to keep my tenants and sign long term leases, but is CHMA going to need a new inspection because the title change?

No they will not. However they do still do annual inspections (though they are on hold right now due to coronavirus and they're allow self-inspections).

I have not spoken to any tenant yet, but how do you suggest I do this? Speak to them and figure out if they are committed to stay in the first place?...

I don't think you really need to speak to the tenants just yet. You're going to need to get set up with CMHA regardless to collect May and June rents. I would wait until that's all done before discussing the tenant's future plans with them.

Anything else I should watch out for?

Section 8 is no golden ticket, even now. Section 8 tenants beat up on properties badly, and their financial situation can change at any time so that they start to become responsible for a portion of the rent. 

Don't worry, I will be posting an update!