I would also contact your tenants and ask them if they suffered a loss in income; you can point them in the direction of some State and Federal government assistance programs.

I foresee him now being able to pay the rent for another 4-6 months or so.I will be unable to afford this kind of loss as a result.

NY would be giving away your income for 3 months, incurring massive losses.

After editing this report several times, I am realizing that making an offer of 350k is not feasible.

@Claire Rosenberg your returns or losses can be massive.

This servicing runoff creates losses for that Mortgage Lender who is servicing the loan.

The flip side of that is for smaller deals this is a great time for master lease options and seller financing and asking seller to escrow three to six months of rents from proceeds to offset rent losses !

While this may be feasible for small mom and pop landlords, if you plan to scale your portfolio this quickly becomes inefficient.

Your renter is eligible for unemployment and shouldn't have any loss of income.

Didn’t end up 1031-ing it because of losses we have from this and other properties.