C0VlD-19 Effects on Rental Properties

[TurtleSprint]

Greetings all,

Interested to hear how the recent happenings have affected all of you fellow owners and managers.

Have you taken a hit from tenants being unemployed?
Difficulties filling vacancies?
Thriving?

I've taken a share of bumps and bruises but feel fortunate to have created this supplementary income. I hope this opened a lot of eyes to work towards independence.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Michael Burgess]

Canadian here.

From what I've heard, a lot of my landlord peers are a little on edge but things are still working fairly well - no unusual payment or tenant issues.

Personally, I had one tenant that stopped paying months prior to covid - by the time I could take him to the Landlord Tenant Board and get an eviction order, he was given three weeks to move out or police could come physically remove him. Guess what happened when the three weeks came up? Covid! No evictions allowed during the pandemic here.

That pissed me off a fair bit, but I ended up selling that building and made a decent little sum from it haha

 

[TurtleSprint]

Canadian here.

From what I've heard, a lot of my landlord peers are a little on edge but things are still working fairly well - no unusual payment or tenant issues.

Personally, I had one tenant that stopped paying months prior to covid - by the time I could take him to the Landlord Tenant Board and get an eviction order, he was given three weeks to move out or police could come physically remove him. Guess what happened when the three weeks came up? Covid! No evictions allowed during the pandemic here.

That pissed me off a fair bit, but I ended up selling that building and made a decent little sum from it haha

Yeah I had the same headaches with no evictions being allowed. Most of my tenants were good although I had some extreme cases that bailed and cost me a fair amount. Starting to see the effects of jobs being lost though. Tenants that can usually afford things pretty easily are having to cut back and are leaving to downsize.

Really wish we (landlords) would have been given some sort of economic relief to counterbalance the eviction ruling.

 

[Mckenzie]

Yeah I had the same headaches with no evictions being allowed. Most of my tenants were good although I had some extreme cases that bailed and cost me a fair amount. Starting to see the effects of jobs being lost though. Tenants that can usually afford things pretty easily are having to cut back and are leaving to downsize.

Really wish we (landlords) would have been given some sort of economic relief to counterbalance the eviction ruling.

Here in Victoria, Australia, the eviction ruling is officially extending from Sept to 31/12/2020 today.
Yeah, the event really opening my eyes toward independence. I re-reading the Unscripted book today and it said: "...the UNSCRIPTED undersand the difference between the uncontrollable limited leverage (depend on the job/stock/housing market for decades and pray to God)."

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Alleghenyman]

I’ve had no problems despite tenants being unemployed for short time periods. Treat them with a basic level of respect and decency and reap dividends. One person needed a little flexibility in her due date, not a big deal. Most people don’t want to have their credit ruined and to become ineligible to ever rent again, even if there is a temporary delay in evictions.