As the days go by, the coronavirus outbreak, is causing a new set of problems especially for small Beacon Hill condo owners who rent out their properties.
A story about one Beacon Hill condo owner
One of my friends, had to temporarily lower his rent as it became increasingly more difficult for his tenants who are laid-off restaurant workers to come up with the rent for their two-bedroom Beacon Hill apartment (rented condo). Unfortunately for those most affected, are not just tenants, but also small Boston condo landlords that still have mortgage payments that can’t simply be ignored — at least, not without dire repercussions.
This, more or less, is the catastrophic “domino effect” not only for Beacon Hill real-estate investors but through out the entire country. Simply put, if tenants don’t pay rent because of a lack of cash, then these small Boston real estate investor owners might be squeezed so much that they will default on their mortgage payments.
Unfortunately, I know how this story ends.
The coronavirus outbreak has suddenly halted cash flows of all kinds. Washington needs to find a solution …… FAST.