A landlord recounts pandemic-era struggles managing a portfolio of 40+ residential properties when evictions were restricted. Cash-poor but equity-rich, he sold properties during a hot market and describes offering a tenant $2,000 "cash for keys" to vacate; the tenant requested 90 days of storage for his belongings but local storage facilities were fully booked.
Chapters
So back in the pandemic, you know, I had like 40 plus properties between single families, duplexes, triplexes, and you know, I couldn't evict anybody because of monetary reasons. People lost their jobs, people couldn't pay. So I'm stuck with the mortgage, the taxes, the maintenance because you can't cut the water off and then your property can condemn. So I was really cash poor, but equity rich, right? So money that's in the walls, but I can't touch it. Yeah. And you know, I said I need to start selling off some of my properties to liquidate so I could keep afloat during this time. So I sold off a few of my properties. I was getting good money because, you know, the market was sky high at that point, interest rates low, people was overpaying. And one of my tenants, right, he didn't want to leave, so I offered him cash for keys. So I said, look, I give you two grand, give me the keys. I need you to go. I don't care what you owe me. You wash one hand, wash the other, just go. He said, I just need you to put my items in the storage unit for 90 days. I said, bet. So we looked up every single facility in the area. Everything was sold out though, right? Couldn't find a unit.