Real estate mogul: April 1 will feel like D-Day
The Corcoran Group founder Barbara Corcoran on coping with the coronavirus’s impact as rents come due.
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As rents come due, many Americans will face the harsh reality of the coronavirus pandemic, according to real estate mogul Barbara Corcoran.
“Lots of people are going to be calling up their landlord or simply ignoring sending in their check and just saying, I can't do it for them, it feels like D-Day tomorrow, April 1,” Corcoran told FOX Business’ Neil Cavuto. “And I think it's the first day that people are really going to come to terms with how different everything is right now.”
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However, Corcoran said there are steps to take if you can’t make your payments.
Corcoran said if you really have no money the first thing to do is stop paying your rent.
“It puts you in a much better negotiating position if you're holding any money you have versus paying the little you can and then begging for forgiveness,” she said.
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Corcoran said the next thing to do is call your landlord before you know you have a real problem.
“That's really when the landlord wants to hear from you and to propose something reasonable that you genuinely can afford,” she said.
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