What It’s Like To Be A Landlord During Coronavirus | Millennial Money

In the wake of Covid-19, millions of people are facing economic hardship. Here’s how four millennial landlords across the U.S. adjusted to the economic changes, from Todd Baldwin outside Seattle, WA to Gabriela Ariza in Brookfield, IL. This is a special installment of Millennial Money, which profiles millennials across the U.S. and details how they manage their money.

Unemployment claims in the U.S. continue to climb due to the coronavirus pandemic, surpassing 26 million last week. Laid-off workers are struggling to make rent payments, and small landlords are already starting to feel the effect.

CNBC Make It followed up with four Millennial Money subjects who own properties and rely on rental income to find out what it’s really like to be a landlord during this economic downturn.

Here’s how they’ve been impacted by the crisis, what they’re doing to support their tenants and how they’ve shifted their strategy when it comes to investing in real estate.

Seattle-based Todd Baldwin, 27, and his wife, Angela, 28, own six rental properties.

They both make six-figures from their 9-to-5 jobs, which haven’t been affected by the pandemic. But their real estate revenue still represents a big chunk of their income: They bring in about $38,000 per month in rent. After expenses, including mortgage payments, taxes, insurance and utilities, they keep about $12,500 of that.

Rather than renting out each house to a single tenant, they rent out each bedroom. In total, they have 34 tenants.

“I know that some of them have been laid off or furloughed or lost hours,” Baldwin tells CNBC Make It. In April, the couple still received full payments from all of their tenants, but the Baldwins are preparing to work with them if they can’t make ends meet in the future. To keep spirits high, the couple made quarantine baskets for each tenant, filled with wine, snacks and a roll of toilet paper.

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What It’s Like To Be A Landlord During Coronavirus | Millennial Money

[redunicorn]

This really just shows that if you're smart and already have money, you profit from recessions. It just really F's the average person 😂

[wd]

For some reason. I really don't like the first guy in this video.

[destanybatista]

It’s incredibly off putting that the first landlord is encouraging his tenants to take out credit cards to pay rent. If they can’t already pay for rent without using a bonus payment, what will that mean for their additional monthly credit payment? He’s setting them up for disaster if they’re not well versed in credit card management.

[stephen]

As I wrote in the other video with the Seattle guy - he does not make $615k/year. He makes approximately $225k (before taxes) when you factor in business expenses and splitting the real estate profit with his wife. $225k is still very good but it's not $615k.

[camcam]

Landlord talking about his renters getting a new credit card” if you spend a thousand they’ll give you 200 bucks”. Yeah so don’t be late pay up! Lol

[redunicorn]

It had been a really sad realisation for me that I didn't have enough money to invest at this current dip in economy.

[Bdavis]

The emotional intelligence displayed by most of these landlords is terrible. The last thing I want in a recession/pandemic is a financial literacy book and credit card suggestions

[Dud-iniu]

I hate when people try so hard to look rich that they lie about their income. Sales revenue is not net income, just like gross rent is not your take home. Also, these investors don't factor in maintenance and capital expenditures to their rental income cash flow calculation. Their actual profits are usually almost non-existent after all that is taken into account. So annoying how seems like everyone on YouTube is doing this now.

[AlannaMonet]

If my landlord suggested financial books and sent me credit card applications during a time of crisis, I’d be offended.

[Don-qbvi]

lol I don't have much sympathy for these landlords to be completely honest. Financial literacy books to his tenants? LMAO how degrading.

[AlexSanchez]

Thanks for reaching out to collab yet again CNBC, love y’all!

[crazy-beautifulgg]

Alex/Garrett were the only two that either had paid ahead or had the money IN CASE OF anything. That's something everyone can take note from. Having an emergency fund is very important 3 months or more of it.

[sb]

the guy gifting financial literacy books to his tenants. lmao. he cannot be serious

[drewconway]

I would be so offended if my landlord gave me a Dave Ramsey book. It’s basically saying to someone, “I don’t think you know how to manage your money.” Very rude.

[NightSociety]

Rents/Mortgages are skyrocketed high, I see new generation will start build their own fancy mobile homes on wheels; vans, suvs, trucks etc., greener planet and less footprints too. Stop making money off these basic human essential needs.

[jakebruxvoort]

didnt even interview the guy that made you, graham stephan

[nguday]

I don’t place renters or owners above either. I think the government needs to support both during these unprecedented times. Imagine if social security wasn’t implemented and the President at that time just let people die and in dire conditions. Where are renter stories or do those not have as much value?

[teambennett-wells]

alex is hands down the smartest person ever on millnieal money!! i am still amazed by him

[TheTbabylati]

Millennial Money: Drops new video

Comments: Where’s Graham

[klwarns]

Shoutout to the rich parents of America and exploiting the misery of others