I'm a Psychologist, as you know, but I'm also a landlord. There is a lot of fear and panic about how we will all manage financially given what's going on. This represents one perspective I have as a landlord. I'm hoping that with everyone struggling, we will all do our best to make it all work. I realize there will be some people who continue to force solutions when there are none, but let's try and be patient with them. They may soften over time.
Also, for what it's worth, several people suggested that instead of not paying my mortgage in full, I underpay on utility bills since the stakes aren't as high with those.
---
Attention fellow landlords: I thought I'd share my thoughts on rent and mortgages and what-not here. Maybe you'll see things the way I do. I hope you do.
We only have one property, one that sits in our backyard. Our current tenant has a job that will be adversely affected by coronavirus containment measures. That's a given. They will likely have trouble paying their rent, but I know they will try. It may be less than usual. It may be absent. First thought is selfish: "Dang. That's super stressful. They HAVE to pay their rent so that I can pay my mortgage." But my feeling that they "have to" is like a child holding their breath until they get what they want. Sometimes it's just not going to happen.
My second thought is this, "Well, let's say they literally can not pay. And let's say I can't pay my mortgage in full. I can pay my mortgage partially. And that's what I'll do." Do I want to pass the burden right now to my tenant? Or to a bank? Easy question. The bank.
Will my bank penalize me if I don't pay my mortgage in full? Usually yes, but right now? I'm seeing lots of signs that isn't going to happen. Because they can't kick a large percentage of residents out of home where they live in the middle of a pandemic. It's not safe. It's not even possible. And so the bank just won't get the full rent. Fine. I'm OK with that.
I realize it feels super weird to consider not paying your bills, and you should do your very best to pay them for as long as you can, but we just don't have the infrastructure to penalize every American who won't be able to pay right now.
And so I choose to accept whatever payment I can get, and I am accepting that the bank will get whatever mortgage payment I can afford. I can stretch the paying back time out over several months. They will accept that, and they will like it! And if they call me about it and pressure me? Pretty good chance I won't answer my phone. Because keeping everyone safe is far more important.
People are REAL slow right now to accept that this is happening. It is real. Putting service workers at risk so they can pay their rent right now... it's not fair to them.
I know I'm not every landlord, but this is my little corner of the world, and if I can influence even one other landlord to lay off of your tenants in the next month or two while we flatten this curve, then I'll be glad I posted this.
Also, for what it's worth, several people suggested that instead of not paying my mortgage in full, I underpay on utility bills since the stakes aren't as high with those.
---
Attention fellow landlords: I thought I'd share my thoughts on rent and mortgages and what-not here. Maybe you'll see things the way I do. I hope you do.
We only have one property, one that sits in our backyard. Our current tenant has a job that will be adversely affected by coronavirus containment measures. That's a given. They will likely have trouble paying their rent, but I know they will try. It may be less than usual. It may be absent. First thought is selfish: "Dang. That's super stressful. They HAVE to pay their rent so that I can pay my mortgage." But my feeling that they "have to" is like a child holding their breath until they get what they want. Sometimes it's just not going to happen.
My second thought is this, "Well, let's say they literally can not pay. And let's say I can't pay my mortgage in full. I can pay my mortgage partially. And that's what I'll do." Do I want to pass the burden right now to my tenant? Or to a bank? Easy question. The bank.
Will my bank penalize me if I don't pay my mortgage in full? Usually yes, but right now? I'm seeing lots of signs that isn't going to happen. Because they can't kick a large percentage of residents out of home where they live in the middle of a pandemic. It's not safe. It's not even possible. And so the bank just won't get the full rent. Fine. I'm OK with that.
I realize it feels super weird to consider not paying your bills, and you should do your very best to pay them for as long as you can, but we just don't have the infrastructure to penalize every American who won't be able to pay right now.
And so I choose to accept whatever payment I can get, and I am accepting that the bank will get whatever mortgage payment I can afford. I can stretch the paying back time out over several months. They will accept that, and they will like it! And if they call me about it and pressure me? Pretty good chance I won't answer my phone. Because keeping everyone safe is far more important.
People are REAL slow right now to accept that this is happening. It is real. Putting service workers at risk so they can pay their rent right now... it's not fair to them.
I know I'm not every landlord, but this is my little corner of the world, and if I can influence even one other landlord to lay off of your tenants in the next month or two while we flatten this curve, then I'll be glad I posted this.