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Why aren’t you considering paying it and having them pay you back in the future? There are also new laws springing up every day about evictions being on hold for nonpayment and other rent relief type laws, so worth looking into. You may also want to contact your landlord and see if they would be willing to let their portion go unpaid. Covering their rent as a gift seems far too generous unless these are your lifelong friends or your family is wealthy.
Pro
Do what is sustainable for you. I think it’s really nice you want to help in some way. Agree w others about reducing rent a sustainable amount for 3 months or something and maybe paying utilities. They will likely be very grateful. But you need to make sure whatever you offer is an amount that will not impact your savings, just come out of your discretionary income that’s coming in regularly.
Former landlord here...Are they good roommates/tenants? If so, it might be worth forgoing some rent for a couple of months to avoid having to replace them with new tenants who might give you new problems (loud, messy, sketchy guests etc.). Not to mention the fact that you're all sharing the same space means tensions around money could get extra difficult.
What about offering to charge them half rent in April and take it from there? Assuming they qualify for unemployment that shouldn't be an issue for them and could go a long way in cementing this as a positive relationship.
Evictions aren't/shouldn't really be an option right now so it's only to your benefit to work with them here.
Be flexible! They honestly could strike and then nobody is moving in. Think worst case scenario is making nothing and friends being homeless. Come up with an escalation ladder of tactics. Maybe start with a rent reduction, then loans, then free rent. That’s just a random order but smaller stuff you can do first. Be honest and transparent.
... that we'd figure something out when it came to paying the rent. A friend suggested that I cover their rent (meaning, pay it as a gift, not as a loan) for 2 months "if I can afford it." My question is, how do I define whether I can afford it? I have savings, which I know is more than most Americans right now, but should I be taking out $4,000 to cover my roommates? I want to help them, and I want to do the right thing, but that seems overly generous.
So, if you can suspend your mortgage for a few months with your bank then problem solved. Roomies dont have to owe you and you can get a few months of payment into your savings as I believe that even interest isnt accrued by your lender. Try that first. Solves everything.
Just looked around online and it doesn't look like my state (Colorado) is doing any kind of rent forgiveness. Based on all the responses, I'm thinking I'll tell them that I'll fully cover utilities next month (~$250, as a gift not as a loan) and say if they need to be late on rent, to let me know a schedule for catching up on the payment and I will work with whatever that is.
Pro
This is a wise plan!
Chief
They should explore other options first, unless these roommates are your brothers they should ask their family first
If they are a couple they can pull money in together but you are not daddy warbucks.
If you can afford to be generous, be generous. I can't image you'd ever regret it and it would mean a lot to your roommates/tennants
Pro
Forget your friends comment about “what you can afford”. Some people live paycheck to paycheck and think what they can afford is anything above broke. Others who are wiser w money (you seem to be) know that most of us - even employed people - consider $4k to be a lot when we have mortgages, retirement to fund and our own safety net to build if our jobs go. So forget that comment. Do what’s smart for you. Your plan above of covering utilities and letting you know if they need to be late on rent sounds great.
I think if you do choose to be generous and reduce rent if they need to /ask for it, I would offer between $100-500 off a month for 3 months. You can either just make this a reduction or an interest free loan they could tack on to payments later after they are back on their feet. I tend to think just straight gifts are better because there is no weirdness or lingering issues w recollecting. But in that case make sure the amount you offer (if you do offer one) is very manageable for you. They should feel grateful for any assistance honestly.
Unless you come from money, or you guys are super close, don’t do that. 4K is not a small amount.
Pro
Um for many of us Thats def more than a half month salary
To be clear... The roommates haven't asked for anything. It's a friend of mine who suggested that I don't charge them rent for 2 months.
Gifts are never free... it will cause a discord because they will feel like they owe you and you will feel like they owe you...
They need to file for unemployment. that can help a little as they look for work.
From reading the comments you don’t have two roommates, you have two tenants (because you own the property and rent to them). You need to figure out what your state is requiring of landlords. There is talk of requiring rent deferral so you may be required to do that. Also talk of mortgage deferral, so you may need to take advantage of that if your renters aren’t required to pay and then don’t. Find out what is required for an eviction and how it is changed due to Covid, figure out how long you can pay your mortgage by yourself so you don’t lose your property to foreclosure. The you can figure out when you have to start eviction process in time to avoid foreclosure if it comes to that. It can take six months to evict even in normal times. Can you pay mortgage for six months or more without their rent? It’s one thing to be nice, its another thing to lose your property to foreclosure. You can only “afford” to pay their rent if you can afford to keep the house without their contributions. Many years ago my parents rented a house to some very nice people who got into financial trouble. My folks let them stop paying rent, which started as a temporary accommodation but ended up being permanent. By the time my parents investigated eviction it still took several months and by then they could no longer pay the mortgage, and they lost the house. Thankfully it was an investment property not their primary residence, but lesson learned that as a landlord you do have to be careful if you want to be nice to a tenant. Know their rights, know your obligations, and plan accordingly.
tough position, and there's no formula that's going to lead you to the right answer. chances are at some point years from now, you'll look back and say, man i'm really glad i helped even though things were tight. or you'll say, man, i really wish i would have helped even though things were tight. i think the only thing to consider is that if they go back home, and you stay at the residence, you'll still end up paying the whole thing
Rising Star
It sounds like your roommates are also your tenants. This is tricky. I’m not sure where you are but many places are suggesting / condoning rent strikes for April 1. Evictions are also on hold in many places.
Not suggesting you evict them. But knowing your options will help you decide. It’s likely you guys will be living together for a few more weeks at minimum, and a few months possibly.
Personally I wouldn’t give this as a gift. But I may be willing to consider a payment plan, no interest, or something like that. I want to stay on good terms with people I live with in a house I’m on the hook for financially.
no your first instinct was right and already generous. you do not by any measure need to cover it as a gift.
They just got laid off and they can’t afford the next months rent that’s due in like 5 days?
It’s an extremely tough time for folks in hospitality.
@OP Do I need to direct you to some Judge Judy episodes?
Pro
I would say here are a few things YOU CAN help them with, that isn’t $4000:
1. Information and help on filing unemployment. Looks like they’re now entitled to about $2400/month for four months on top of state benefits EACH
2. Offering to stock the house with toiletries and staples for now next few months
3. Being really generous about food when you make it. Like go out of your way to cook for everyone in the house at least once a week
4. Being there for them to talk.
5. Maybe proposing you all have a social distance dinner, where you sit far apart but have spaghetti and meatballs together and watch a comedy special on Netflix...or Idk, anything
Chief
Uncle Don should have them hooked up nice with that unemployment for 4 months....they can afford it
Rising Star
That’s exactly the purpose of unemployment right? It’s not like you get the check and go buy a new iPhone
Some landlords that I’ve read about give one month deferment, so you tack it on at the end, or try 1/2 month rent now and half later? I would get that in writing though.
Exactly what I was going to say. Can you incrementally increase future rents by ~100 or whatever amount to eventually pay it back. Note: I have no in depth knowledge of the April 1 rent forgiveness laws in the works.
Rising Star
I have a few ?s about the situation:
do they know their rent doesn’t cover the mortgage? as in, do they know you’re already doing them a solid
did they sign a lease? What’s “required” of them contractually
are they eligible for UEI? as in if nothing some paycheck is comin
do they work in healthcare (assuming not?)/restaurants/hotels &/or hospitality? - thinking maybe?? so a steady gig/payback may be harder
& crucially: what $$ are you willing to part with for these people who are semi-friends & not see again ever? Because that’s the max u can & should give (IMHO).
This is tricky, your heart is in the right place.
If I was you (I own & have tenant roommates as well):
I would email/txt/leave note (purposefully not in person so they don’t feel pressure to respond immediately) saying “I want to work with you both to understand your needs. Please feel free to take X (the weekend) to let me know how I can best help you guys. I understand this timing is not great — I do not need an answer before the 1st (or whenever they typically give u rent).”
If they are great room mates and you know how difficult it is to find good room mates. If you can afford to you should offer to let them stay rent free for a couple of months
Pro
OP I think you should just keep the convo open and ask them how they are doing and what they need. They should still be able to pay rent w emergency savings and unemployment (encourage them to apply ASAP). With the additional unemployment amount, it should put them in a place to sustainability pay rent. If they are expressing issues w paying rent, then negotiate a deal that will keep them there longer paying out the full lease at least - what’s best for you is keeping them there and paying as planned for as long as possible.
If they express need for assistance, I would give them $100-200 off a month for a few months. Set the expectation up front. “I can give you $150 off the rent for 3 months. Let’s talk at the end of that period and see how things are going. I’m not sure I can alleviate the burden much more, but let’s see how things are going then. I’m happy to keep the conversation open”. It’s incredibly generous you’re willing to work w them but most people do see rent as a fixed expense and I’m sure they realize they are still going to be expected to pay it. I would only alleviate that expectation if they are struggling to do so. And in that case, you need to alleviate it in a way that’s sustainable for you. Any reduction in rent you take needs to be one you can sustain (ie comes from your monthly income not your banker savings). Hope that is helpful
How the hell is this chat still going? Surely all perspectives and opinions have been shared by now?
Rising Star
The entire thread could be scripted into an entire season of THE FURLOUGHED ROOM MATES.