Conversation

Jesse Powell
@jespow
I have spoken to a few local biz owners who've been rekt by COVID. What I've learned is that these mom & pop shops aren't necessarily business savvy. The biz might have barely been paying them a decent salary. They didn't negotiate with landlords and now they're buried in debt.
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🫃🏻₿RIAN CAPSLOCKHART
@BrianLockhart
Small biz owners: "well OF COURSE we gotta keep servicing our debts and obligations. Ugh, this is gonna hurt!" Corporations: "effective immediately we will not be paying rent at the following 500 locations. Suck it."
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🫃🏻₿RIAN CAPSLOCKHART
@BrianLockhart
Replying to
@jespow
Same mentality on display during the ‘09 housing meltdown. People stuck in underwater mortgages, ruined for years because they felt it was immoral to stop paying. Corporations? Lol nope. Strategic default / walk away clean. I
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Schedule F them all
@sstackmore
Replying to
@jespow
and
@BrianLockhart
We stopped paying commercial rent. Offered 50% as long as lockdowns last back in May. Idiots refused like they have the upper hand. We stopped paying now. And I’m sure we were one of the last to do so. Either 50% and no escalation or nothing. Value of commercial is plummeting.
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