What It’s Like To Be A Landlord During Coronavirus | Millennial Money
April 27, 2020
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10:02Now PlayingWhat It’s Like To Be A Landlord During Coronavirus | Millennial Money
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as posted by the channelIn the wake of Covid-19, millions of people are facing economic hardship. Here’s how four millennial landlords across the U.S. adjusted to the economic changes, from Todd Baldwin outside Seattle, WA to Gabriela Ariza in Brookfield, IL. This is a special installment of Millennial Money, which profiles millennials across the U.S. and details how they manage their money.
Read more here
Unemployment claims in the U.S. continue to climb due to the coronavirus pandemic, surpassing 26 million last week. Laid-off workers are struggling to make rent payments, and small landlords are already starting to feel the effect.
CNBC Make It followed up with four Millennial Money subjects who own properties and rely on rental income to find out what it’s really like to be a landlord during this economic downturn.
Here’s how they’ve been impacted by the crisis, what they’re doing to support their tenants and how they’ve shifted their strategy when it comes to investing in real estate.
Seattle-based Todd Baldwin, 27, and his wife, Angela, 28, own six rental properties.
They both make six-figures from their 9-to-5 jobs, which haven’t been affected by the pandemic. But their real estate revenue still represents a big chunk of their income: They bring in about $38,000 per month in rent. After expenses, including mortgage payments, taxes, insurance and utilities, they keep about $12,500 of that.
Rather than renting out each house to a single tenant, they rent out each bedroom. In total, they have 34 tenants.
“I know that some of them have been laid off or furloughed or lost hours,” Baldwin tells CNBC Make It. In April, the couple still received full payments from all of their tenants, but the Baldwins are preparing to work with them if they can’t make ends meet in the future. To keep spirits high, the couple made quarantine baskets for each tenant, filled with wine, snacks and a roll of toilet paper.
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What It’s Like To Be A Landlord During Coronavirus | Millennial Money
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