The COVID-19 pandemic has been difficult for many types of businesses. But some real estate investors have been hit particularly hard, as rent moratoriums have been in place for more than a year now.
In fact, the CDC’s latest order has extended the residential eviction ban until at least June 30, 2021. Through this order, landlords for residential properties across the U.S. are prohibited from evicting tenants who “have used their best efforts to obtain government assistance for housing, are unable to pay their full rent due to a substantial loss of income, are making their best efforts to make timely partial payments of rent, and who would become homeless or have to move into a shared living setting if they were to be evicted.”
But where does this leave property owners who have their own expenses to pay, such as monthly mortgage, utility, and insurance?
One possibility is the PPP, or Paycheck Protection Program funding program. The second go-round of this program in 2021 could be more beneficial to real estate investors than the initial PPP legislation that was passed in 2020.
Likewise, the Coronavirus relief package that was passed by Congress in late 2020 as part of H.R. 133 could directly impact tenants’ ability to pay rent and allow them to remain in their homes. In addition, landlords who are paid current and back rents may be in a better position going forward to catch up on back mortgage payments, as well as utilities, insurance, and other costs associated with their investments.
With so many financial angles to keep abreast of, it can be difficult to maintain a full schedule of finding and managing tenants, showing property, and keeping up with maintenance and repairs. This is where a professional property management team can come in.
If you own residential rental property in Orlando and/or the surrounding Central Florida area, contact us and we’ll provide you with more information on how you can delegate your time-consuming landlord tasks, and leave all of the legwork to us.