With the resurgence of Coronavirus cases in the Sunshine State over the past few weeks, the financial impact is widening, too. In fact, according to the Household Pulse Survey from the United States Census Bureau, more than one-third of adults in Florida reported that they missed their June rent or mortgage payment and/or will not be able to pay for July.
Even with the talk of another round of economic stimulus funds (Coronavirus related) on the way, it could be much too late for many homeowners and renters to dig themselves out of a deepening financial hole. So, where does that leave Florida rental property owners – particularly given an extended (last minute) moratorium on evictions?
As of now, landlords in Florida will soon be allowed to serve 30-day notices and file for evictions. And, according to the Florida Housing Justice Alliance, as many as 2,600 evictions are “cued up” and ready to begin moving through the court system.
This can give property owners the opportunity to eventually sell some or all of their investments, or to target new potential tenants. But, there are other ways to help “make up” for at least some of the lost income over the past few months, too.
For instance, most small landlords can deduct up to $25,000 in rental property losses each year – and there is a special rule that permits some landlords to deduct 100% of their rental property losses every year, no matter how much.
Managing and maintaining rental property can be a big job – especially if you own multiple units. One way to ease this burden is to bring a property management team on board. Not only can you free up more time to focus on other things, having the right property manager on your side can also provide you with tax and financial tips that could help to better your bottom line.
If you own residential rental real estate in Orlando and/or the surrounding Central Florida area, give us a call and let us provide you with more details on how partnering with us could be a win-win situation for your real estate investment business.