Depending on your tenant's job, at some point, it's possible that they won't be able to pay rent. If your tenants are having difficulty paying rent due to the coronavirus's impact on their ability to earn a living, and if the tenant has a good track record of paying on-time, then you should work with them on a revised payment plan. This new plan should be in writing and signed by both landlord and tenant. If, after signing the new plan, your tenants are still unable to follow the new agreement, then you should discuss lease termination options with them.

This is a tough time for your tenants and you. The best way to get through it is by working together. It's crucial to build positive relationships with your tenants (you do not want to be the person stating legal terms and threatening a lawsuit during this time of a pandemic), so we do not recommend charging late fees in the event of late payments. At the same time, you want to encourage on-time payments

I've written extensively about how the coronavirus has been impacting the Southern California real estate market. Here are four tips on how you can make the most of this new real estate market.