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jimbeam
USA Fan
University of LSU
Member since Oct 2011
61210 posts

Landlords: how are you handling this?
Rents still coming in? Deals worked out? Payment plans? Just curious.


ItzMe1972
Member since Dec 2013
3347 posts

re: Landlords: how are you handling this?
"Rents still coming in?"

Time will tell. Should know soon.

One of my tenants is a waitress and I expect there to be an issue paying.

I've been a landlord for some time, and will work with her. It is a people business and I will help her as best I can.



C
Atlanta Falcons Fan
Houston
Member since Dec 2007
26108 posts

re: Landlords: how are you handling this?
Reached out to mine. Alll still have their jobs so payments are expected. My buddy down the street has commercial leases. He’s giving them all one month off, no questions asked.


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150
SloaneRanger
LSU Fan
Upper Hurstville
Member since Jan 2014
1625 posts

re: Landlords: how are you handling this?
quote:

One of my tenants is a waitress and I expect there to be an issue paying.

I've been a landlord for some time, and will work with her. It is a people business and I will help her as best I can.



What kind of arrangement do you have in mind exactly?


VirgilCaine
Alabama Fan
Further South
Member since Dec 2010
2041 posts
 Online 

re: Landlords: how are you handling this?
Case by case with commercial tenants. 4/1 will be interesting to say the least.


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GentleJackJones
Tennessee Fan
VOLS
Member since Mar 2019
764 posts

re: Landlords: how are you handling this?
My tenants are aspiring musicians, so they predominately work in the hospitality/restaurant and bar industry. I'm not contacting them directly with forbearance opportunities; they must contact me.

So, that said, I won't be turning down any rents as I have a mortgage to pay on the properties; however, I'll work out alternative arrangements if they contact me directly and simply ask.
This post was edited on 3/26 at 9:50 am


GentleJackJones
Tennessee Fan
VOLS
Member since Mar 2019
764 posts

re: Landlords: how are you handling this?
quote:

What kind of arrangement do you have in mind exactly?




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60
HBomb
LSU Fan
Dallas
Member since May 2012
166 posts

re: Landlords: how are you handling this?
Exactly what I'm doing. One of my properties(3 roommates I allow to pay separately, terrible I know ) reached out a week ago saying they anticipate having trouble. I said I expect them to pay rent but would be more lenient(late fees/multiple payments) as long as they communicate with me.


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Fat Bastard
Boston College Fan
Member since Mar 2009
46921 posts
 Online 

re: Landlords: how are you handling this?
quote:

Rents still coming in?


yup

quote:

Deals worked out? Payment plans?


if needed, yes. I will work with them. They know this.

If you bought right and had necessary reserves landlords should be able to get through this. If you bought wrong with bad cash flow and no reserves then you may be in a bind. Those people may need to re evaluate and reconstruct their business plan moving forward if so.


ColoradoAg03
Texas A&M Fan
Denver, CO
Member since Oct 2012
4771 posts

re: Landlords: how are you handling this?
Just resigned my tenants to another year on Monday. They are in construction and still working, so no issue with them paying rent have come up. (knocks on wood)
This post was edited on 3/26 at 10:28 am


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20
The Spleen
Alabama Fan
Member since Dec 2010
28618 posts

re: Landlords: how are you handling this?
I just have one rental house. It doesn't have a mortgage on it, and I have little out of pocket costs, so that insulates me a little bit. My tenant is a single(divorced) mother, so I'll be very lenient if she loses her job. She's a teller at a bank, so that may be happening soon. I talked to her the other night and told her not to stress about the rent payment for April right now and we'd take things as they come. I did tell her I would not evict her for non-payment in the short term. She's been a great tenant so I really don't want to lose her and I can withstand the loss of cash flow for a while. I have over a year's worth of rent in the rental house's checking account.


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80
TigerGrad2011
Member since Aug 2016
932 posts
 Online 

re: Landlords: how are you handling this?
Mine are students without jobs that use their loan money, so unless they just want to be a-holes the rent should be here on the 1st.


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ItzMe1972
Member since Dec 2013
3347 posts

re: Landlords: how are you handling this?
"What kind of arrangement do you have in mind exactly?"
---

Case by case basis.

I received a call last night from a great tenant that said he could pay the rent, but not have groceries for the next two weeks.

Rather than suggesting anything, I asked him what would help him out. He asked if he could pay half now and half when he gets his stimulus check.

He's out hustling and his wife works too. I said that would be fine, no problems. I hope he slept well last night.


Tri City Tigers
Memphis Fan
Member since Oct 2018
2234 posts

re: Landlords: how are you handling this?
I told my tenants that it's not my problem that they've been living month to month and that I have bills that are due too.


NOLAGT
Over there
Member since Dec 2012
10359 posts

re: Landlords: how are you handling this?
quote:

quote:
Rents still coming in?


yup

quote:
Deals worked out? Payment plans?


if needed, yes. I will work with them. They know this.

If you bought right and had necessary reserves landlords should be able to get through this. If you bought wrong with bad cash flow and no reserves then you may be in a bind. Those people may need to re evaluate and reconstruct their business plan moving forward if so.



This for me as well. I will know today if there are going to be any issues...I kind of expect some depending how long this last. I do have good cash flow from them and they all have enough $ in a account to get through 8-10 months empty. If one of them cant pay I will see what the mortgage company can do for me...if I dont have to pay I wont. If I still have to pay I will work with the tenants. Only have 2 currently and they are both good people that id like to keep (one has been in there since the day I bought it 6 years ago).

I am buying 11 more that I hope to close soon one...those give me a little worry, but ill have enough on hand to get by if they cant pay and again ill look to the mortgage company if I can

As a landlord you have to have $ in reserves for empty houses...if you don't you are begging for trouble.


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Golfer
LSU Fan
Member since Nov 2005
74841 posts

re: Landlords: how are you handling this?
quote:

I told my tenants that it's not my problem that they've been living month to month and that I have bills that are due too.


Oh the irony of this statement.


jimbeam
USA Fan
University of LSU
Member since Oct 2011
61210 posts

re: Landlords: how are you handling this?
quote:

told my tenants that it's not my problem that they've been living month to month and that I have bills that are due too.
Both sides of the mouth huh?


NOLAGT
Over there
Member since Dec 2012
10359 posts

re: Landlords: how are you handling this?
quote:

Oh the irony of this statement.





Tri City Tigers
Memphis Fan
Member since Oct 2018
2234 posts

re: Landlords: how are you handling this?
quote:

Both sides of the mouth huh?



Nope. I have bills to pay, so I don't get into a situation of living month to month.


MrJimBeam
New Orleans Saints Fan
Member since Apr 2009
4092 posts

re: Landlords: how are you handling this?
So far so good. One guy got a new job temporarily and is working 60 hours a week. Another I told I would pay them to do the lawn for a little extra cash each month. Another I told I'd pay him to clean all the other units. Been getting creative to help them as much as possible as I know it'll go a long way down the road. Have a decent cash reserve to cover a while so now is the time I think it's best to help. Hopefully get some good karma.


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