Those landlords are in for commercial rents that are 40% of what they are used to getting, or 0% for that matter. If they are willing to let everyone else get fucked and think they are immune, hopefully they get fucked worse.

That's the kind of stuff that has me worried avout the second wave. Because BC has done well so far more people may not take it seriously enough the second time.

I'm a commercial LL and I will share my side of story.

Many of us are quite heavily leveraged, meaning that we have a LTV of 60% or more (some of them as bad as 85-90% by doing some "creative financing") and in the golden days, we are pretty much MAXED OUT in term of cashflow (meaning whatever we get goes into mortgage/loan payment to always MAXIMIZE the amount of properties we can take on)

Some of us are lucky enough to have a buffer of a few months but that's about it. It's NOT that we aren't willing to share the difficult times, it's just that the other alternative is for us to go bankrupt or default.

Too many people think that LL are just some bloodsucking SOB who does nothing other than hoarding huge amount of assets and does nothing all day except eating bomboms and fucking bitches. I do know a very lucky few who are in their RETIREMENT (or those who inherited a crap load) who are basically that... but the MAJORITY of active Commercial RE investors I know are living their life just as difficult as others. We are just in different business, but life is just as harsh.

Now, taking those rants out... I'd explain my own situation, which I think can help out those who are leasing a property.

Ever since the whole pandemic broke out, even before shit hit the fans with lockdown and everything, I already fired a few emails to all my tenants asking about their situation (both financially and operationally) and how they plan to prepare for this. Then, we made several plans (along with the necessary paperwork) that would help us both through this time. These plans go from the very light effect to the worst-case scenario imaginable. We laid out terms for each of them and a solution that can satisfy both sides.

The details don't really matter, what matters is CONSTANT COMMUNICATION AND PREPARATION. I believe this is the best approach to this unprecedented uncertainty that we are facing. My business works only when my tenants can continue paying me, meaning they have to make enough money from theirs. So, I don't expect to be able to make money in this situation, but I also don't want my tenants think they can get away without doing anything.

So, my suggestion is that talk to your LL, be honest and frank with them. Let them know your difficulties, and that you WILL FAIL if things just don't go the way you plan even when you are doing the best you can. Thus, you want them to pitch in what they can do in order to keep you afloat. Each side would take their risk. If they just flat out say NO. Then too bad, you have a stupid LL or one of those bloodsucking SOB who don't think anything about their business because they simply don't care or don't have the pressure to make any effort. Because in a time like this, it might take me months if not years before I find another decent tenant paying the same rent, all while having to bear the carrying cost such as property tax and whatnot in between.

^so you deferring payment like what Obsidian is seeing? Or you signed up for CECRA?

Most of my portfolio is in US, so CECRA doesn't apply.

It's not a deferral, but neither is a waiver on the total, it's just a way we could both operate as far as our businesses go.

However, I said the detail isn't important as everyone's case is different. What's important is get in touch with your LL and start talking if you foresee your business could fail. Setup parameters/conditions of certain things kicking into effect, and those conditions are sth both side can work with while both side need to take a bit of hit.

Basically, by doing nothing, the END can come sooner than one expects and really it's in nobody's best interest. And the idea is to do everything possible to either find a solution or ride out the crisis.

Hehe sorry to include you in a blanket statement, I didn’t mean for that to be the case. I just am speaking about issues that you pointed out as well that communication and compromise is key. After all, landlord/tenants will be a lot better off if the work together. I understand if the landlord is in the financial position that they can’t budge, then it’s not because of a decision to just fuck the tenant.

Nothing to feel sorry. I was just trying to share a different POV and make a suggestion on how I'd try to address the situation we are in now for those with a commercial lease.

It's always enlightening to see the other side of the coin. People in general tend to see the jealousy perspective first. In this case I am also guilty, that our LL just sits on his thumb all day while collecting from all the tenants, just our building alone with us, the luggage store underneath, massage shop, bubbletea, Ice cream shop, and few others I figured they should be crushing it making mad coin. However unfortunately from what I know our building owner is one of those bloodsuckers (overseas from... you know where)

More often than not many people chat with me and say "Man you are so lucky, just living the life! All you do is chat with friends and drink booze all day while I'm stuck in an office."

My reaction:

They don't realize that I work 14 hours a day.
I've lived my life not comparing myself to others, and trying to stay positive.

^x10000000

One of my landlords is loblaws. They don’t give a shit

Good job Quebec.

https://montreal.ctvnews.ca/quebec-s...-JGlu_aUnL6zZ4

how do you guys do PD measures at the patio? What if some passerby starts coughing outside the patio space? :heckno:

Yeah pretty sure that’s a calculated risk I’m ok with. What happens if someone in the car beside you coughs and you both have your windows down.

That was toxic as fuck. It's as if you are blankly labeling every property owner as scum, and that they should get fucked.

Truth is many people who own commercial properties it is their business, and no they arent all tycoons, and millionaires. They can be pretty average people, and maintaining commercial buildings and properties can be a full time job. SO they are just trying to run a business, the same as mom and pop running a bakery, or hipster joe running an ethical bean cafe, or some hippie running a pansexual vegan restaurant. This thing is affecting everyone, and yeah if rents drop to 40% or 0% or people default and dont make their payments, maybe some of those LL will foreclose on their properties, and that's not good for the economy either, because the people who are in those buildings who are making their payments will likely lose their location in the midst of the whole thing.

At the end of the day the situation between the renter and the landlord is exactly the same, they can either weather the storm or not, it's all based on if they set money aside for a situation like this or not.

Makes no difference if you are a property owner, or a business owner, you over leveraged yourself while the economy was booming, and now while we hit a rough patch you realized you aren't adequately prepared.

But for some reason everyone wants to throw shade at the guy who owns the building, meanwhile the renters who are going belly up are all sob stories. Well I can tell you what, those business are getting a lot more aide then the property owners, so have a little humility and dont be an asshole, we're all in this together, and it's not a good situation for anyone.

PS: it's always a clear divide on subjects like owners vs renters, because anyone who rents resents people who own.

After reading the last little bit I'm glad I'm not in the small business world, it sounds fucking cutthroat.

Running a restaurant always gets romanticized on Food Network with all the celebrity visits and food truck challenges and stuff... but man... I can't think of a more high effort / time sucking endeavour than owning a restaurant.

We don’t have that issue as we are on the second floor so it’s more of a rooftop garden terrace type deal. :)
I know what you mean though I’ve sat on Granville street patios, I think it was a Donnelly pub and getting harassed by panhandlers every 5 minutes was a total buzzkill

Lol can confirm. I've known Obsideon since HS and I remember as I was having fun on the weekends you know being a fucking teenager I would see him working hard away at then Daimasu and that was in a son helping the family business role then so you best believe he be pulling 14hr days now.

His hard work and long hours aren't all bad. He's got a nice car to drive home at the end of the day.:nyan:

Damn Obsideon is from Daimasu? That was my go-to sushi spot in Richmond back in the day! SeemsGood

Lol get over yourself man. It’s pretty fucking clear I’m talking about people that are in a position to take a hit like the examples that have been explained by obsideon and K4rl that are referring to. Obviously if someone can’t make their mortgage if you miss a month of rent then it’s not their responsibility to take care of your business.
If I need to make it clearer for you, I have no issue with our landlords. They were happy to play ball, because they understand the symbiotic relationship between renter and tenant. We’re all in this together, until someone decides (without necessity) that they’re not. When that happens? Fuck em.

some guy driving down a 30km/hr zone had his window down and sneeze out the window driving by i'm like :rukidding:
can't stop it

i also had to google what pansexual meant...had to read it a couple of times and process what the definition meant :lol

First time I saw the word it was in some chicks tinder profile, I also had to look it up. I'll be honest I still dont get the difference between it and bi-sexual, the bitch who used the word couldn't explain it either.

If the last page or so of this thread is any indication, Coronavirus is pretty much cured, right? :badpokerface:

News overload imo. It's not the new thing anymore, humans are dumb like that eh? We can only hold our attention on something for so long.

I went to go get tested for COVID, but the test came back negative. It may have been a false negative. I've never had a flu last this long.

I've had a fever for almost 2 weeks, and lost 10lbs. I'm already a pinner. The first 5 days, my fever was a high (104.1F). I experienced fatigue, bad chills, and aches. My fever broke, but it still came back at 102.5F. I spent another 4 days with that. On Friday, it finally dropped below 100F. I also got my appetite back. Now, I'm waiting for the fever to completely go away. Today is the most normal I've felt in a long time.

Thank God, my wife didn't experience the severity of symptoms I had. She only had fatigue and a sore throat that came and went.

I have no idea where I picked up this illness, but I suspect it was at the Wendy's drive-thru a week prior to my symptoms. The one by the hwy 1 exit in Langley had zero-COVID protections at that time. No plexi-glass, no masks. The kitchen packed with employees.