Real Estate

Dealing with tenants paying rent during Covid

  • Last Updated:
  • Jul 16th, 2020 12:13 pm
[OP]
Sr. Member
Sep 14, 2007
941 posts
337 upvotes
Toronto

Dealing with tenants paying rent during Covid

So I have a tenant that's been paying 50% saying times are tough. I've come up with a written contract they've signed to promise paying back the residual 50% for each month in the future. I didn't even specify a particular date to show my goodwill towards the tenant.
How long should I let this go for, and at what point should I start enforcing payment? Anybody else dealing with these situations and can recommend what to do? Or should I be counting blessings that my tenant isn't one of the many out there that are paying zero rent?
4 replies
Deal Addict
Dec 5, 2009
1643 posts
1919 upvotes
Best to check in periodically with your tenant. Unfortunately, it was a mistake to not specify a particular date when your goodwill would end. If you have a solid tenant then you might not need to worry so much but if you have someone taking advantage of you then you might be in a tough spot...
[OP]
Sr. Member
Sep 14, 2007
941 posts
337 upvotes
Toronto
During this time they've been e-transferring rents. I also have post dated cheques which I could just take from. But I don't want to forcibly take it in case they aren't taking advantage and it would put them in a tough financial situation. If I burn the bridge, they could turn into a squatter and I'd have to go through the length eviction process and end up losing money. So i want to do this amicably, but just wanted to see how other landlords have been dealing with this situation.
Sr. Member
Dec 18, 2003
600 posts
131 upvotes
make it clear to them that the 50% owned will need to be repay in the future, I would say within a year or when they end their tendency .
Deal Guru
User avatar
Mar 23, 2008
13006 posts
9952 upvotes
Edmonton
Yeah, I think you want to be more specific. The whole premise of the proposed bill is that as long as the tenant is abiding by the repayment agreement, they can't be evicted. And if the agreement is vague and non-specific (like "Will start repayment when they have more money"), it would be difficult for you, as the landlord, to demonstrate that they aren't abiding by the agreement.

Keep in mind that if you make it specific and want to relax things later, you can. Like, if you say that repayments will start on October 1, 2020, and in September the tenant comes to you and requests and extension, you can be a nice guy and cut them some slack. It's easier to do that than it is to tighten things down on them later.

C

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