[quote=SDNative2]Hello. Decade-long reader here within just one SFH rental house with a mortgage. What are Pigg Landlords doing about offering or otherwise notifying their tenant(s) regarding possible rent deferment? If so, for how long? Is anyone taking advantage of forbearing a mortgage on their rental (if applicable)?

I ask, because my property mgmt is taking the stance of basically offering this to all of their tenants, and it’s falling back on owners to make it work on their end.

Thoughts?[/quote]

Nothing. Not mentioning anything. If one of my tenants have an issue, they can follow up with the law and notify me with 7 days of the due date that they were directly impacted by the CV , and then they can talk to my property manager(if needed) so we can work together to work out a payment plan that meets their immediate need while still ensuring at the end I get paid.

But, so far so good (knock on wood). I got all my rent from all my tenants. Most are H1-B’s that work for tech or pharma, one nurse, and a few other that had sold a house and according to bank statement cash reserves. That was one of the main reasons I wanted this kind of tenant pool (hedge #1). All my tenants have credit scores above 790, and as someone once said one don’t get high credit scores by luck and being a shithead shyster, so we’ll test that theory (hedge#2). Lastly, no outstanding loans from paying off all mortgages from equity gains over previous years despite low interest rated, so monthly debt to income ratio is slightly less than 1% (hedge#3).

Any sort of good deals that do come, cool! We wont see any for some time, definitely not until state laws allows agents to start showing properties again. Most agents, through the advice of CAR, have been removing/withdrawing listings since there will be no allowed activity in the foreseeable future.

I think you guys are worrying about the wrong thing. Imho I’d be more concerned about dying from CV versus getting ruined financially. I’d make sure your living trust and advanced health directive is up to date more so than anything else.
Nothing would suck more than your last moments be under remain-at-home and you’re rushing to finish your living trust or advanced directive so your heirs doesn’t have to go through probate or argue amongst each other when to pull the plug. That would be the ultimate slap in the face to those you care about. Although it’s a low chance that it would happen to you, it’s definitely not lower than before, and you wouldn’t say don’t by insurance because the chances of something happening are low too.

Also make sure all your life insurance and retirement accounts are up to date with the correct beneficiaries.

Also make sure you have some way to give your heirs all the passwords/access codes to all your accounts should something happen so they don’t need to wait for access. Make sure you keep an inventory of all your assets on a list including but not limited to bank accounts, financial accounts and any physical precious metals , jewelry , etc that you might have stashed all over different safe deposit boxes or escrow services. (Don’t put those list online or electronically) Keep a spare set of keys , access codes, etc to any sort of lock box.

Make sure the executer of your trust is still alive and competent. It wouldn’t be a bad idea to have more than one alternatives, just in case the first one is also dead when you are dead, things probably weren’t thinking would a be possiblity due to a pandemic that could affect more than one parent or relative or friend at the same time as you. Also probably a good idea to have a talk about “if something were to happen” with spouse and adultish kids.

Plan for the worst , hope for the best.

Lastly, enjoy your life while you can. You don’t know what tomorrow brings. Good luck to everyone.