How to survive with less rental income
- Reduce repairs as much as possible. Patch, don’t replace.
- Take precautions when you enter an apartment to do repairs. See below for precautions during the coronavirus crisis and possible long after it.
- Do as many repairs yourself, if you can.
- Save your limited money for critical needs, such as no heat, no hot water, or no electricity.
- Avoid costly repairs that are not critical to health or safety. For example, if a dishwasher breaks down, wait on replacing it and let the tenant wash dishes by hand.
- Cancel any capital improvements that can be put off.
- Save your money for property taxes, insurance premiums, and any other important expenses.
- Seek mortgage payment relief. It is available for landlords.
- Seek an Emergency Injury Disaster Loan (EIDL) through the Small Business Administration, if it is still available or has been renewed. You can get some aid for lost income due to COVID-19 within a few days (they say), and you may not have to pay it back. Check out the Small Business Administration website on coronavirus: www.sba.gov/funding-programs/loans/coronavirus-relief-options/
- Property taxes. Let’s see what cities do on property taxes. Usually, they demand full payment and you can appeal for an abatement – a very long process. Otherwise, high interest rates apply to unpaid taxes. Plan ahead. We should push hard for local cities and towns to suspend all penalties – usually at a very punitive interest rate – for the duration of the crisis and six months thereafter.
- Any other suggestions??? Send your thoughts to email@example.com.
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