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re: Landlords: how are you handling this?
Posted on 4/2/20 at 10:26 pm to Fat Bastard
Posted on 4/2/20 at 10:26 pm to Fat Bastard
This EIDL loan might not be what everyone thinks it is. What can you spend it on, and how would they even know. It says you can’t pay down old debt, but can pay fixed debt. What’s that mean? Everyone thinks they are going to be paying off high interest debt and buying new properties, and I’m not sure that’s possible.
1
Posted on 4/2/20 at 10:42 pm to Rust Cohle
in our case, it is mainly for expenses like mortgage debts, maintenance, etc. if you are a LL like us. i gave them a projected loss of rents, gross revenue,etc just like they asked for.
the SBA guy who posted in the BP thread i linked here said same thing. It is not meant for expansion or paying off other debts. It is to provide debt relief directly related to your business.
quote:
Everyone thinks they are going to be paying off high interest debt and buying new properties, and I’m not sure that’s possible.
the SBA guy who posted in the BP thread i linked here said same thing. It is not meant for expansion or paying off other debts. It is to provide debt relief directly related to your business.
Posted on 4/3/20 at 11:40 am to Fat Bastard
Wondered how this was affecting you. Hope you’re hanging in there. 
Posted on 4/3/20 at 12:04 pm to jimbeam
Its interesting that I am both a tenant and a landlord.
My commercial landlords are all forebaring for 2 months and maybe a 3rd. Really nice people to deal with.
For me, I called all lenders to see what the lenders would allow me to do. They are going to allow us to skip at least a month.
My plan of action is to file under the covid-19 relief in anticipation that they cant pay.
As a result, I reached out to tenants and put their minds at ease by telling them we would not try to evict them and would not accept any payment this month. Even the ones still working.
Next month revisit it
My commercial landlords are all forebaring for 2 months and maybe a 3rd. Really nice people to deal with.
For me, I called all lenders to see what the lenders would allow me to do. They are going to allow us to skip at least a month.
My plan of action is to file under the covid-19 relief in anticipation that they cant pay.
As a result, I reached out to tenants and put their minds at ease by telling them we would not try to evict them and would not accept any payment this month. Even the ones still working.
Next month revisit it
Posted on 4/3/20 at 12:21 pm to Jag_Warrior
quote:
Wondered how this was affecting you. Hope you’re hanging in there.
so far so good. I am just ultra conservative on stuff like this for good reason. I will apply for reserves to add on top of my reserves just as a double safety valve until we are in the clear. Better safe than sorry.
Posted on 4/3/20 at 3:37 pm to Tri City Tigers
I have 4 tenants and four different residential rental properties. I can’t afford paying 5 mortgages without rent. All of them have paid so far except my problem child which was expected. I’m thinking my best course of action is to tell him I’ll let him pay late this month and won’t charge a late fee and hope he pays. I’ll tell him if it comes to that I get mortgage payment forgiveness I won’t ask him to pay but as long as I need to pay my mortgage I need to collect rent.
Posted on 4/3/20 at 4:26 pm to LSUGrad2005
quote:
My long term tenant said they could not pay this month, her husband owns a few gas stations so I am skeptical but they have been good to I said we could work out a repayment plan once things get back to normal.
We will see.
Gas stations are still open and so are the convenience stores attached to them.
Posted on 4/3/20 at 4:35 pm to Rust Cohle
quote:
I’ve had 25% pay full, 10% pay the half that we agreed upon. 30% express concern, and the other %70 haven’t said anything.
Your math doesn't add up.
Posted on 4/3/20 at 7:48 pm to lshuge
quote:
Your math doesn’t add up
With updated numbers. I’ve had 50% pay full, 20% pay the half that we agreed upon. Can’t say what the others will do.
Of all my tenants, 30% express concern, and the other %70 haven’t said anything.
This post was edited on 4/3/20 at 7:50 pm
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