Got a rental home and got a call from the tenant (public oil company $500MM mkt cap) saying they've laid off 50% of workforce and would like to get out of contract (expires July 31st), but would pay May rent. My initial reaction is to tell them politely (would hate to burn bridge if things turn around because they overpay on rent) that its not possible on my end due to the current oil market and uncertainty of new renter.
What would you do?
They've only been my tenant since Feb 1st, 2020, so not much of a relationship. They one lady i talk to is very nice but after all it is a publicly traded oil company. I guess i just dont see the repercussions of telling them to kick rocks, besides obviously not getting them back as a client? What am i missing?
Summary:
Would be forfeiting $6,200 if i agreed to payment (June & July Rent)
Mortgage is $1,450
Rent is $3,100 (which they recommended, I pay bills)
Rent i could get from a family would be around $2,000 tops (they pay bills)
Once again, this is a publicly traded oil company worth around $500 million
What would you do?
They've only been my tenant since Feb 1st, 2020, so not much of a relationship. They one lady i talk to is very nice but after all it is a publicly traded oil company. I guess i just dont see the repercussions of telling them to kick rocks, besides obviously not getting them back as a client? What am i missing?
Summary:
Would be forfeiting $6,200 if i agreed to payment (June & July Rent)
Mortgage is $1,450
Rent is $3,100 (which they recommended, I pay bills)
Rent i could get from a family would be around $2,000 tops (they pay bills)
Once again, this is a publicly traded oil company worth around $500 million
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