| by Kenneth Chase | 27 comments

Coronavirus Impact on Landlords – NO RENTS?!?!


what’s going on guys it’s Daniel one
half of the Kwak Brothers guys I know what’s going on out there in the
world with the coronavirus and you know a lot of people are fearful a lot of
people are asking a lot of questions you know in my home state of Illinois they
just shut down all restaurants and my gym is gonna be shut down for you know
until the foreseeable future right till further notice but they’re literally
shutting down at 8:00 p.m. today so they mean they shut down restaurants you know
my church service is happening virtually and even my meet up guys my real-estate
meet up that I host every single Tuesday night in Naperville Illinois you know we
had to postpone that but just coronavirus affecting all the industries
that it did well my tenants typically work jobs such as you know a waitress at
a restaurant or maybe they’re a flight attendant or maybe they’re you know
working something that typically they make between forty to eighty thousand
dollars so for a lot of them its disrupted their income and it may affect
the way that they pay rent so now the question is how does this coronavirus
affect us landlords well the biggest thing that’s been going around that’s
been viral has been this one article that this gentleman put up I don’t know
his name I’m not gonna say any names for you know disclosures sake but he pretty
much says I’m a landlord in New York and I’ve allowed my tenants to not pay rent
this month due to the coronavirus and I you know implore and I encourage all
landlords to do the same well I’ve got a little bit of a question around that
because for me as a landlord who has a lot of tenants and has a lot of units
you know it’s not necessarily that simple because well the question that I
have for that gentleman well if my tenants aren’t gonna pay rent does that
mean that I don’t have to pay my mortgage payment to the bank that I have
all these financing that these finance notes with does that mean I don’t have
to pay my mortgage payment my debt service to the seller in which I have a
seller financing note with does that mean I don’t pay any taxes all my rental
properties does that mean I don’t pay insurance does that mean I don’t pay
maintenance am I gonna call my maintenance guy and say hey man because
of the coronavirus I’m not gonna be able to pay you even though you did ten
thousand dollars worth of work to all my units right is that gonna be the in the
real question is is that fair so with landlords right how does this affect us
should we as landlords allow tenants to stop paying rent should we allow that my
recommendation possibly you know something that were landlords and
tenants and you know different government officials were we could
possibly meet in the middle is maybe a rent discount maybe we asked enough rent
from the tenants for us to you know to pay our taxes to pay our mortgage to pay
our expenses we just won’t take on any cash flow from the property now of
course a lot of things may get sticky because I like many of you have
investors we have investors attached to our properties and guess what my
investors also invest in the stock market and as you guys know the stock
market right now is in a little bit of a shamble things are not looking good
they’re looking unpredictable and things aren’t looking certain right there’s a
lot of uncertainty that’s going on so I don’t know maybe the question is I take
on just enough rent for my investors to get paid the insurance company to get
their check the maintenance guy to get paid the mortgage guy to get you know
maybe I just take on enough rent to cover all those bases and I know another
big news a big article that’s going on right now you know is some states are
stopping eviction processes from happening see does that mean the tenant
stop paying rent during that eviction process I don’t know if that’s
necessarily the answer I don’t know how stopping an eviction will help prevent
people from getting the coronavirus I’m not sure guys I am in you know kind of a
similar boat to a lot of you there’s a lot of uncertainty going on and we just
have to kind of see what happens but maybe that’s an idea
maybe we again take a little discount from our rent just to show that hey
we’re doing our part in this situation and we’re just going to ask enough rent
for to cover our mortgage to cover our expenses our maintenance because I know
a lot of tenants people who rent they for some reason envision that their
landlord is this rich millionaire or billionaire that’s taking their rent
money and they’re buying Ferraris and Lamborghinis which to me is crazy cuz I
still drive a 2011 Toyota Corolla right I’m not some flashy guy you know do I
make money yeah I do all for myself but I’m not some
who’s gonna buy Lamborghinis or anything like that you know there’s expenses like
mortgages insurance and maintenance that’s got to be paid that’s for the
benefit of my tenant all right and in regards to the eviction thing man you
know I’m not sure if I agree with that I don’t know if I agree with stopping all
evictions or whatever maybe cuz now you’re putting the landlord in a
situation where he’s not gonna be able to provide a good experience or the rest
of the tenants so you know do we allow one tenant who’s getting an eviction to
affect all the other tenants in the same building so all of this to say guys I’m
in the same boat you guys are I’m just here to maybe think and mastermind some
ideas on what we could do as landlords and how this coronavirus is affecting us
so again guys like and subscribe this video I really appreciate it and most
importantly let me know your thoughts let me know what your thoughts on how
this coronavirus is gonna affect us as landlords and potentially maybe even
some opportunities in real estate just for us to be optimistic so again guys
leave your comments questions let’s start a discussion in the comment
section below and see where it takes us but again above all things guys with
this whole coronavirus thing that’s going on I encourage you guys to stay
safe right wash your hands love each other this is no time for people to
panic if anything this is a time where we all need to support and encourage one
another as opposed to being selfish and trying to hoard everything right we
should be trying to help each other out and we these are the times we really
need to be loving on each other so thank you guys so much got a lot of love for
all of you my name is Daniel 1/2 the clock brothers and let’s stay tuned
let’s see what happens

27 Comments

Joel Montiel

Mar 3, 2020, 11:19 pm Reply

🔥🔥🔥🔥

Trisha Kroner

Mar 3, 2020, 11:21 pm Reply

FREE STUFF FOR EVERYONE🎉🎉🎉🍾🍾

The Kwak Brothers

Mar 3, 2020, 11:40 pm Reply

What do you think you should do as a Landlord???

Blair Group

Mar 3, 2020, 11:59 pm Reply

China should pay all the rents due as punishment for releasing the china virus

Megan Watkins

Mar 3, 2020, 12:08 am Reply

But how are you going to collect rent if people can't work? I think a better idea to be charge those who don't work customer facing jobs. negotiating with the people who a land lord has to pay to work out a payment plan. also adjust rent prices once crisis to recoup loss.

BigE

Mar 3, 2020, 12:25 am Reply

Unless unemployment hit an all time high 17% or more, I don't see it really impacting the cash flow for Landlords as a whole. Discounts to my tenants will be on a case-by-case basis.

Savannah

Mar 3, 2020, 12:25 am Reply

You must go to a good church. We do need to love and care for one another to get through this. God bless everyone and if you belong to Jesus, He will protect you and take care of you. Better than anyone else ever could.

Brian Gomez

Mar 3, 2020, 1:08 am Reply

So true , i feel the same way . What about association lol

Suava Lomax

Mar 3, 2020, 1:15 am Reply

Hey I just heard you say you have a Real estate meet up in Naperville Illinois and I stay really really close and wanted to know more information about your meetups

Dennisrepetiton Miskowski

Mar 3, 2020, 1:27 am Reply

Hey Daniel I think I'm gonna offer my tenants a community service, Where they actually come and work with me. I will not be able offered this to all of my tenants but to a select few. I think it's a win win situation.

evilknibbo

Mar 3, 2020, 2:51 am Reply

If my bank pays my mortgage, I'll discount my tenants' rent by the same amount. The same goes for my insurance and utility providers.

Quattro 4

Mar 3, 2020, 3:28 am Reply

Republicans all of a sudden love socialism.

Bin Chen – Real Estate Simplified

Mar 3, 2020, 3:53 am Reply

The guy in NY was doing it as a favor to his tenants because hes probably in a spot where he can afford to cover all the expenses and just wanted to help out

Star arora

Mar 3, 2020, 4:01 am Reply

How about if the tenant also has a on going loan, he also has to pay EMI as you have to pay for mortgage. You expect rent to be continue so you can pay your mortgage and maintenance because your tenant is tied with you.

But how the tenant will continue getting customers if the shut down has been called by government.

No one's thinking no one's billionaire here. As per the crisis just see if the business is shut as per govt orders. It's a loss to everyone.

Stephen Bushman

Mar 3, 2020, 4:34 am Reply

I just wrote to my mortgage officer yesterday to ask for a forbearance, which sets up a temporary postponement of payments due during financial hardship. I may ask my insurance company and utilities if they are receiving any relief that allows customers to skip payments during this quarantine period. If they accept my request, I will ask my tenants to help me cover mortgage interest, which I believe will continue accruing, and any other expenses left over. I think a diminished payment will come as a great relief to those who are unable to work for the time being.

david forte

Mar 3, 2020, 5:52 am Reply

Piss on you people…imagine 200000000 evictions, or car repossessions, or electric shut offs….youd see every city in America burning from riots…the military can't even stop one state from riots..not large enough. You guys will have to apply for government fund replacements for lost rent…leave them alone

ae86 – sr5 to gts conversion

Mar 3, 2020, 6:14 am Reply

they will be getting some relief money and hopefully can apply it to their rent. if you get a mortgage relief… they will probably tack the missed payment to the end of the mortgage…. maybe do something similar with rents. like a prorate of the missed month into the remaining payments on the lease?

Cool Pips

Mar 3, 2020, 6:56 am Reply

Because businesses close and lots of Americans like myself and you’re are without jobs

Akin DT

Mar 3, 2020, 8:44 am Reply

You can't (have the government) tell people they aren't allowed to work and then turn around and tell them they also have to pay their feudal rulers.
If landlords can't make ends meet, may be they should have saved up for a rainy day and shouldn't have eaten so much avocado toast. Bootstraps, people!

prceptn_is_ reality

Mar 3, 2020, 1:18 pm Reply

In regards to evictions, it's the same concept as temporarily closing any other service/business bc it's a domino effect…once tenant gets evicted it's a whole process in court, which means a large crowd in courthouses then a tenant needs to search for a new place to live, which means meeting with landlords, paying a deposit (with the money already don't have), moving companies, buying supplies, etc etc…with all of these people movement it doesn't help flatten the coronavirus curve. It's the bigger picture: as a landlord, I support this even though I desperately want to evict a tenant bc nipping covid-19 in the bud is much more important for the economy

Li’ Li Tea-Time

Mar 3, 2020, 2:14 pm Reply

You should make a video on how to handle the extra people some tenants are allowing people to stay with them ( college kids) cuz I live next door to a guy and he’s been having a girl stay here secretly here for more than a week, and I’m pist cuz she’s coming n going n nows not the time to have extra people running through the building, so I told my landlord, and he’s not happy about it either

Nattylite29

Mar 3, 2020, 3:29 pm Reply

Maybe you’re seeing that this economic system 1) isnt sustainable. 2) economic crisis isn’t okay for pay to to paycheck workers 3) if you don’t take care of your tenants and you’re putting their livelihoods at risk

d money

Mar 3, 2020, 3:44 pm Reply

Daniel, I'm in Oak park Illinois. how can i get the information on your meetup when you start them again? after the restrictions, of course.

Hava Donut

Mar 3, 2020, 4:40 pm Reply

dont pay for anything. not your credit not your car not your house. the virus is going to spread andartial law is here.

Alex Tyler

Mar 3, 2020, 8:16 pm Reply

As a landlord of lots of units – late fee(s) are never waived but I would spread any late fees over a few weeks or a month or two. If you start waiving or offering discounts they will take advantage of your kindness and want it anytime they have a problem. Don’t set a pattern of doing this or you will be going to a seminar!

Dee Patterson

Mar 3, 2020, 10:45 pm Reply

What I'm going to do with my tenant's is let them get behind. Then when the courts allow for evictions, keep their security deposit. Move on to the next tenant. My tenants on month to month anyway.

Rene Talavera

Mar 3, 2020, 11:17 pm Reply

I’m not a landlord. But, I see your point and feel for you and the renters. This crap has changed everyone’s life. Suggestions for you. Hold a meeting with the renters and come to a resolution. Good luck bud.

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