This guide gives real estate investors with rental properties helpful resources and tips for managing the COVID-19 pandemic.
By Team Stessa
Every day there are updates on the spread of Coronavirus (COVID-19), and we want to keep you informed. Whether you own a single-family rental or several apartment buildings, understanding how new policies affect you and your tenants is critical for your business.
We’ve compiled helpful resources of public and private loans, grants, and financial support programs specifically for rental owners. We will be updating this on a regular basis as additional resources become available. Please visit this Community Forum feed to pose questions, leave comments and suggestions. Also, get up-to-date news alerts by visiting our COVID-19 News Feed.
1. Lender-Borrower Relations
As landlords across the world suffer economic vacancy, it’s more important than ever to communicate with your lender to understand your relief options. Mortgage forbearance and deferral policies differ greatly depending on the lending institution. These resources will help landlords understand their options. To begin, the American Banker Association (ABA) has created an alphabetical list of publicly announced steps banks of all sizes have taken to respond to the crisis.
- List of banks offering homeowners help — Bankrate
- How to request mortgage forbearance under the CARES Act: Use this hardship letter template — The Mortgage Reports
- Mortgage Forbearance Is Not All It’s Cracked Up To Be—Here’s the Ugly Truth — Realtor.com
- COVID-19 Guide: Coronavirus & Home Loans — MortgageLoan.com
- COVID-19 relief programs: Financial aid for homeowners, renters, and the unemployed — The Mortgage Reports
- Communicating With Your Lender in Light of COVID-19 Business Strain — Parker Poe
- Mortgage Assistance — Federal Housing Finance Agency
- Coronavirus Assistance Program — Federal Housing Finance Agency
- How to tell if your loan is backed by Fannie Mae or Freddie Mac — Freddie Mac
- Cities and States That Have Paused Evictions Due to COVID-19 — MillionAcres
- Coronavirus Rental, Mortgage & Credit Card Payment Relief: UPDATES — The Basis Point
- Need to defer your mortgage payment due to coronavirus? Here’s how — Fortune
With evictions and foreclosures paused across most of the world, many landlords are left wondering what their options are during this difficult time. Below are some resources to help landlords figure out what to do when rent payments don’t come in. It is advisable to first explore your options with your lender, and communicate with tenants to propose rent payment plans, deferral options, or discounts. Following this, landlords may have no other option but to initiate the eviction process despite not being able to follow through with that option immediately.
- CDC Eviction Ban (in effect until Dec 31, 2020) — Centers for Disease Control and Prevention (CDC)
- Cities and States That Have Paused Evictions Due to COVID-19 — MillionAcres
- Questions about mortgages and foreclosures during COVID-19 crisis — The Legal Aid Society
- COVID-19 Eviction Moratoria: New Rules Affecting Landlords and Tenants — JD Supra
- Eviction process explained — Stessa
- FHFA Moves to Provide Eviction Suspension Relief for Renters — FHFA
- Local governments California eviction stance — California Apartment Association (CAA)
Municipalities — California
Municipalities — Texas
Municipalities — New York
Municipalities — Washington
Municipalities — Florida
Municipalities — Illinois
On Friday, March 20, Treasury Secretary Steven Mnuchin announced that the tax filing deadline will be delayed from April 15, 2020, to July 15, 2020. If you are expecting a refund, you can still file today and receive your refund as usual. The Department of the Treasury and Internal Revenue Service (IRS) have also announced that they will be allowing individuals and non-corporate tax filers to defer up to $1 million of federal income tax payments until July 15, 2020, without penalties. Corporate taxpayers can defer up to $10 million of federal income tax payments until July 15, 2020, also without penalties. Click here for more information on tax payment deferrals.
- State Tax Filing Relief Chart for Coronavirus — AICPA
- California: Information on Property Tax Penalty Waivers — CAA
- Tracking State Legislative Responses to COVID-19 — Tax Foundation
- COVID-19 Tax Resource Center — Drucker Scaccetti
- COVID-19 Coronavirus Resource Center — CPA Practice Advisor
- COVID-19 Tax News & FAQ — National Association of Tax Professionals
- Coronavirus and Real Estate: News, Reports, and Discussions — The Real Estate CPA
4. Tenant-Landlord Relations
Now, more than ever, it is critical to be communicative and empathetic with your tenants. Know that we are all in the same boat, and both you and your tenants have a shared interest—your property (their home). That’s a good starting point for a myriad of discussions surrounding rent payments over the coming months. Here are a few resources to help landlords navigate their relationship with tenants during this difficult time.
- Apartment Manager Guide — Propmodo
- Legal FAQs for Landlords — Legal 360
- The Coronavirus Resource Directory for Landlords and Tenants — Avail
- Guidance for dealing with COVID-19 — National Apartment Association
- How to manage tenants and rent payments during COVID-19 — BiggerPockets
- The Passive Real Estate Investor’s Guide To The COVID-19 Pandemic — Good Egg Investments
- What to Do if Tenants Delay or Skip Rent During Coronavirus Pandemic — Domu
- Renters: How to Get COVID-19 Rent Relief — Invesopedia
- Rent deferred. Full amount due. What landlords are telling tenants — Austin Monitor
- Are Your Tenants Unable to Pay Rent Due to Coronavirus? Here’s What to Do — BiggerPockets
- Leasing FAQs during COVID-19 — Texas Realtors
- Handling Maintenance during COVID-19 — Rental Housing Journal
- Property management in the time of coronavirus — Buildium
- Oakland Rent Forbearance Agreement — Bornstein Law
5. General Assistance (by state)
All levels of government are offering some sort of COVID-19 relief. It’s important that you are aware of the federal, state, and municipal policies being enacted as a result of COVID-19. If your state is not on the list below, we encourage a Google search: “STATE COVID-19 resources” to help you understand what is available for landlords in your state.
The National Conference of State Legislatures (NCSL) released a portal titled State Action on Coronavirus (COVID-19). This platform summarizes on a state-by-state level the different legislation passed related to the COVID-19 pandemic.
- Finding the Right Help During the COVID-19 (coronavirus) Outbreak — Benefits.gov
- COVID-19 Hub for Multifamily Investors — National Multifamily Housing Council (NMHC)
- State laws in response to the coronavirus (COVID-19) pandemic — Ballotpedia
- New York
- California government resources
- Coronavirus (COVID-19) Updates — California Association of Realtors
- San Francisco: Community Resources for Building Owners Impacted by COVID-19 — SFAA
- San Francisco: Guidelines on San Francisco’s Shelter-In-Place
In the Context of Rental Housing — SFAA
- San Francisco: Temporary Moratoriums on Residential Evictions — City of San Francisco
- Coronavirus Updates and Information — Ohio REALTORS
6. Small Business Help
Small businesses make up a significant portion of the American economy. All levels of governments are offering some sort of relief for small businesses, including those involved in real estate—cleaning, property management, maintenance, and the list goes on. Here are some resources that may be of assistance to property investors who are also running a small business.
- Disaster Assistance — U.S. Small Business Administration
- Coronavirus Guidance: Commercial Real Estate — National Association of Realtors
- The Big List of COVID-19 Financial Assistance Programs for Small Businesses By State — Workest
- A Master List of States and Counties Eligible for SBA Coronavirus Relief Loans — Zenefits
- COVID-19 Small Business Resource Hub — Gusto
- The Small Business Administrations’ (SBA) new $349 billion Paycheck Protection Program — The National Law Review
7. Landlord Organizations
Associations, communities, and networks of like-minded entrepreneurs can be a super-power, particularly during difficult economic times. News, advocacy, and resources are all benefits of membership in these local, state, or national landlord associations. See the below list of major associations, and we encourage readers who are not already part of a local or state organization to conduct some internet research: “STATE/CITY landlord association”.
As we navigate the seemingly chaotic landscape of COVID-19, it is important to not lose sight of critical tools available to investors should damage occur to their properties. With overwhelmed insurance providers worldwide, here are some tips and tactics for navigating the insurance landscape during this difficult time.
- Homeowners insurance and coronavirus: what you need to know — Policy Genius
- Insurance Coverage for Coronavirus (COVID-19) — National Law Review
- NAIC COVID-19 Resource Center — National Association of Insurance Commissioners (NAIC)
9. Short-Term and Vacation Rentals
There are few other industries hit harder from the COVID-19 pandemic than travel. Mass cancellations across the board, shelter-in-place restrictions, and outright bans of STRs have many investors in this asset class in extreme financial hardship. There are things we can still do, here are resources to help STR managers during this difficult time.
- Guide to managing COVID-19 for vacation rentals — Hostfully
- An update on coronavirus (COVID-19) — Vacasa
- COVID-19: Impact Reports on Short Term Vacation Rental Regions — KDD
- The future of Airbnb — Think Realty
The information contained in this Covid-19 Resources has been compiled from sources believed to be reliable. Stessa, Inc. does not accept any liability or responsibility for the accuracy or completeness of the information contained herein. And no reliance should be placed on the information contained in this Covid-19 Resources.