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.

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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.

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What kind of arrangement do you have in mind exactly?

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.

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.

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)

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.

"What kind of arrangement do you have in mind exactly?"
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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.

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Rents still coming in?


yup

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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.

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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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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.

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Both sides of the mouth huh?

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Both sides of the mouth huh?

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