Rent is due and millions of tenants can’t pay due to the outbreak.
You can’t evict so how will the landlord and tenant work together to ensure neither fall into a contract breach, forcing the other side to request specific performance?
Many tenants are wondering, “Do I have to pay rent?” And the news in NYC, Seattle, and LA housing markets are talking about rental freezes or at least rental moratoriums.
While it is unlikely that rent will be frozen or forgiven what is most important is both sides working together.
Right now the tenants and the landlord are essentially stuck in a concept from game theory called “The Prisoners Dilemma.”
I go more into this in the video, however a basic summary is that you may need to create a landlord letter to help inform the tenant as to what expenses they can defer (that is not their rent.) Then you need to try and work with them on their actual budget. In the most extreme cases be open to talking about a payment plan.
"What's most important is both sides working together."
Bob Collopy
Associate Broker, CEO
I grew up in the Real Estate industry. I started by ripping up carpet for turnovers in middle school and have been moving up the ladder ever since.
Now I am ranked in Arizona’s top 10 brokers for real estate sales volume and total asset value sold. I am the go-to broker for large funds, Family Trusts, and select high net-worth individuals.
For years I’ve bought 30 houses a month cash at market rate. I buy and sell apartment complexes between Phoenix and Tucson. I reposition and rehab large apartment complexes in Arizona.
I helped grow the family property management company from 350 properties to over 1000. This was achieved by creating superior software and marrying that tech with generations of real estate experience.
Disclaimer
Robert (Bob) Collopy – am not a CPA, attorney, insurance, or financial advisor and the information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, electrical or financial advice.
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