COVID-19 Resources

This guide gives real estate investors with rental properties helpful resources and tips for managing the COVID-19 pandemic.

  By Team Stessa

Table of Contents

CONTENTS

Introduction

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.

2. Evictions

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.

Municipalities — California

Municipalities — Texas

Municipalities — New York

Municipalities — Washington

Municipalities — Florida

Municipalities — Illinois

3. Taxes

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.

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.

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.

California

Ohio

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.

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”.

National

State

8. Insurance

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.

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.

10. FAQs: COVID-19 and Real Estate

Have more questions? We’d love to hear from you. Please visit our COVID-19 Community Forum thread today to ask or share anything related to COVID-19.

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.