A landlord’s perspective: Tenants, landlords should work together in a crisis.

The first of the month is rent day. As a landlord, I wanted to reflect on this day and share what it means to me to add some perspective to the conversation about certain calls to not pay rent. Note that, for most lease agreements, the 5th is the last day you can pay your rent before your landlord has standing to take action.

Part of accumulating wealth is about strategy of investment and return. Historically, economists like Daniel Kahneman tell us that the market will have positive returns over the long term. This leads to a convenient and rather simple strategy: dump some money into a diverse portfolio, make some good hedges and watch it grow. However, investors have another choice: real estate. Shows like “Flip or Flop” have shown insight into the world of real estate; glamorizing opportunities to make a quick buck. But for me, real estate is something different; it’s the choice to invest in people rather than corporations. I made the conscious decision to invest in real estate for the long term and rely on my tenants.

Even with due diligence, I face risk. I have properties in Florida that could be destroyed by storms. I have dealt with crooked management companies. I have to adhere to strict laws and need to pay for maintenance on houses where new roofs can be $10,000 easily! This is all without worrying about tenants and the issue of rent. The fact is that I am a landlord but I am not rich. I have bills. I have a mortgage. I pay taxes on each property I own. I have Home Owners Association fees due this month too.

In my opinion you want to pay your rent. You want to protect where you live. You want to be able to go home. You want a safe, clean place for you and your family. Your home and rent should be a primary focus, if possible.

We are all people facing a difficult time and in some way, we have all been impacted by this event (I lost an uncle). What we all share is the choice of how we respond; to act in good or bad faith. If you have lost your job, be proactive. Call your land lord. Be honest. Make a plan. Act in good faith and I think that things can be worked out because, in the end, we are on the same team and we want the same outcome! Landlords want you to stay, be safe and happy; so we can continue to collect rent!

Brendan Ryan is a local entrepreneur and landlord who owns properties in Kentucky, Florida and Colorado.