Tenant doesn't pay his rent.....

Have a serious talk with him about how the current times are hard, but at the same time if he doesn't pay rent you can't pay a mortgage therefore he'll have nowhere live?

Maybe y'all come to a compromise and he pays a little less but y'all both get what you want?

Call your mortgage company

Gotcha. Yeah, I’d contact your mortgage company and explain the situation. Maybe get a few months forbearance. You can’t be the only one in this situation. Wasn’t there something or other about banks not calling in loans for a period of time? Or maybe it was just hearsay.

Ahhh. That's a different story. Sorry about my earlier assumptions.

I think this is about to happen a ton. No good answers as a lot of businesses are going out of business. You'll probably need to talk to the lender about options. Probably not too likely to find a new tenant, so you're all in this together.

I’m a commercial banker - call your bank. We are giving everyone two options, either interest only for 90 days or a total 90 day deferment. It depends on the situation and sounds like you need the total deferment since you have a single tenant.

This call will not catch them off guard trust me.

I would also say make it a win win with the tenant. You don’t necessarily want to kick them out in that things may be back to normal in 60 days. Much easier to tack on a few months to the existing lease or have them make up the lost rent payments over the next 12 months on a payment type plan. Just document whatever you end up doing.

Call your local bank. We called yesterday and apparently there’ll be SBA loans that will be forgiven (so let’s call them SBA gifts) which cover things like rent, payroll, and other expenses. It’s all part of this new deal which was just signed. Banks will have info next week.

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apparently there’ll be SBA loans that will be forgiven (so let’s call them SBA gifts) which cover things like rent, payroll, and other expenses. It’s all part of this new deal which was just signed. Banks will have info next week.

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It’s called the “ppp” (payroll promise program) but will only be applicable if OP has payroll.
It’s 2.5x his monthly payroll. If he has no payroll, he doesn’t qualify. His tenant can apply, however.
There is also a disaster relief loan program (up to $10 mil, 30 yrs, capped at 4%). If you apply, whether you qualify or not, you auto get a $10k grant.

I was on a call with the National restaurant Association yesterday.

Here is a link:

[quote]LINK ]

It is interesting how this thread has evolved and the conclusions that some people have come to.
I have never said I was going to evict my tenant.
Certainly with a ten year lease or even less than that, I would work with the tenant.
I had a previous tenant leave unexpectedly and that lack of revenue are into my reserves and cash flow for a year.
I can always dip into my home equity line of credit to ease this situation.
My biggest concern is cash flow.
Not just mine, but everyone's.
There are all types of payables that will be due soon for all of us, a lot with no relief attached. And the government assistance monies will not be in people's hands/accounts for several weeks when this is all said and done.
So no, I am not going to throw my tenant out on the street, but I am very curious how this pans out with Everyone's cash flow.