All Forum Posts by: Shain Ismailovski

I'm sure it depends on the state, but here in NJ all real estate transactions, showings, and closings are still going through just with limitations on person to person contact.

https://www.zillow.com/rental-manager/resources/rent-receipt-template/

This is a solid template from Zillow.

Depends on the area, but people are still looking at properties and making offers. Many agents are still pretty busy. I would list it and price aggressively to give it that extra push to move. Worst case look for temporary tenants to move in for the time being that way rent can cover some, if not all, of the holding costs. 

Now is a great time to get ahead of this and as a landlord start thinking about a plan of action on what to do if a tenant says they can't pay the rent because of layoffs etc. I can't speak for every situation, but remember to first humanize before doing anything. This is a stressful situation for everyone. Ensure you start thinking about and developing a Rental Deferral Program and/or offer to start accepting credit card/debit card payments for rent if you haven't already. Apps like Venmo offer this feature and Landlord sits like Cozy do as well. Eviction is a nasty business in the best of times and like others have mentioned you can still file to evict, but it is unclear of when the process will start again. Work with everyone first if the situation is genuine and warrants it. 

I think now is a very good time for all landlords to be thinking about this and coming up with contingency plans for late rent payments if they have not done so already. 

You could ask them to provide pictures or instead of a phone call if they are interested in moving forward you could video conference with them using FaceTime or some other means. That way they can "walk you through" the property. 

https://www.biggerpockets.com/files/user/brandonatbp/file/cleaning-checklist---move-out-instructions

I think this one is pretty great. I use it as a separate document and do a full walk through with the tenants when they first move in to ensure they know and I know how the place was before they moved in. 

I wouldn't offer it if there isn't a need to. This can open the door to tenants taking advantage, or worse, taking your kindness as weakness. If your tenants are as great as you mention there shouldn't be any problems. If they do come to you with issues then work with them, but don't fix what isn't broken. What is great is you're already thinking about this stuff and have a plan in place should you need it. Some landlords aren't forward thinking and that is when they run into issues, and with this current situation many are running into problems. 

Somebody could have tried a quick resell like you mention. The owners could have been close to foreclosing and "panic sold." In most cases a house doesn't sell due to it being overpriced, especially if it needs a lot of work.I would do your do diligence, you could probably even directly ask the owners or their agent what is going on. Check it out for yourself, and if possible get an inspection done to see if there are any underlying issues with the property and do a title search if there are any liens on the property that could be influencing this drastic action. 

@Mike McCarthy You make a really good point. When it rains it can pour. My thought has always been if it involves court summons its always worth to at least consult an attorney.