As a tenant, with the coronavirus pandemic, everything seems to be on pause. Tenants are now unable to pay their rent due to other sudden obligations. Their children maybe out of school for the school year 2020 and they may be forced to find a daycare. If the child(ren) are old enough to watch themselves, food must be provided. This becomes another bill. Rent maybe the last thing on your tenant’s mind.
As a landlord, it is important to know how to deal with late or missed rent. You must first have a plan in place. What steps would you take if a tenant calls and lets you know they just lost their job? Next, empathize. Let the tenant know you understand and are there for them. Lastly, let the tenant know, even though these circumstances that rent is still due and give them payment options if needed. This way, they may not be able to pay it in full, but partial payments are also good.
Real Estate options can be an amazing tool to utilize in your investment strategies. If you are a creative investor and need further legal assistance, contact Martin Law Group. We are providing you with a free consultation for the month of April.