Since this recession is not being driven by an economic downturn due to the Covid-19 corona virus, I think the main threat to landlords is tenants falling behind on rent due to temporary job losses.

The problem is that while the federal interest rate is 0 and Fannie and Freddie will continue to purchase these loans, the true reason that the actual mortgage rate would go down is an increase in demand of these loan from the secondary market (increased demand = increased price = decreased rate).Right now, investors are spooked, so the secondary market for these loans has fallen off in demand as people adopt a "wait and see" mentality for this outbreak. 

I want these things paid off sooner, which will over the course of my loan DECREASE my interest expense over the long term. 

(Also note: Future adjustments to payments may occur to allow for "increases or decreases" in property taxes, any additional future assessments, etc.).Hope you found this helpful John (I.e., and can use something similar in California!)

I think you will find that if you have a tenant that has no income a 20% decrease will be meaningless to them..

Second, this is likely to be a temporary event, I estimate it will be totally over by June-July.

I know there are temporary measures due to the virus, but this is pre-virus regulation changes, if any.I'm considering holding a 1st position note.

I am hopeful that this is temporary and we will soon return to regular business.

If lost wages result in increased evictions, rents may decrease.

Hopefully you had planned to have reserves going in... looking at most viruses that have passed through the world, they're all rather temporary.