Quote:
Originally Posted by 3rd_gear_Ted
I'm in the same situation and proactively went to my tenants and offered lower rent in exchange for NO missed payments going forward. I'm getting 75% of my past income, but tenants are still paying on time.
You have to always realize the WIIFM (what's in it for me) in a any business scenario and meet those needs. They need a roof over their head and I need income security. They couldn't pay what they did in the past, so I had to compromise first. Don't like it at all, but IF BUSINESS WAS EASY EVERYBODY WOULD DO IT.
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Is it rent controled? That puts the fear of god in me because once the rent is lowered, I am afraid they will make you stick to the lower rent when the dust clears.