With many parts of the country either under or facing shelter-in-place orders from local and state governments, many Americans whose jobs are not conducive to working from home may not be able to pay their rent in the weeks and months ahead.
As a Twin Cities rental property owner, the very thought of this may cause panic.
In my experience, however, a crisis is always a time to think outside the box and get creative. So here are three strategies to help you survive these challenging times.
First, if you have a mortgage, and are thin on reserves, call your lender. Explain your tenants may not be able to work from home, and you are anticipating a loss in revenue. Ask if it would be possible to make interest-only payments for however long this lasts.
Second, call your tenants. Ask if there’s anything you can do to help. They may see they need some rent relief. Regardless of whether or not your city has placed a temporary moratorium on evictions, grant it to them. They will remember your kindness and you may avoid a long-term vacancy by deferring a few months of rent.
Finally, if you haven’t already received an offer from your utility companies to maintain service while missing payments, reach out to them and ask whether that’s a possibility during this national crisis.
Taking these steps will help us all get through this together.