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nd national government to see what relief plans (if any) are available to you, take advantage of all of them that apply to you.</p><p id="e7e7">Check to see if any loans or grants are available to you. Even go as far as to contact your utility and insurance companies to see if they are offering delayed or cancelled payments right now. Any little relief can help. Knowing your options will provide a little peace of mind as well.</p><h2 id="397e">Know all regulations and Landlord-Tenant laws</h2><p id="8dc7">COVID-19 has made it more important than ever to know exactly what regulations you are under, and what the landlord-tenant law is in your state. If you haven’t already, do the research to know what your rights are. You also need to check the updated changes put in place due to COVID-19.</p><p id="7305">Many state governments have placed moratoriums on evictions and foreclosures, understanding what this means to you will make a huge difference in your plan of action moving forward. Ignoring this information could become a major problem.</p><h2 id="12fb">Communication is Key</h2><p id="7134">Maintain active communication with your tenants. It is important to know where each one of them stand currently. I have been reaching out to my tenants monthly to check in. All business aside, the human element is more important right now. Mainly I do this because I am a human being first, and I genuinely want to know about their well-being and how they are doing in this crisis.</p><p id="5cb2">Checking in lets your tenant know that you care and want to help them. Take these check-ins as an opportunity to update them on your situation as well. Let them know that you have bills to pay and are struggling as well. Working together as a team is very beneficial for both parties.</p><h2 id="ccaf">Be Flexible</h2><p id="8bb8">Make sure your tenants know that you have obligations as well, but you are willing to work with them on rent. Having a tenant right now is more valuable than an empty apartment. Negotiate a payment plan with each tenant depending on their current circumstances. Waive late fees and accept partial payments, some income is far better than no income. Offer t

Options

he option to use a security deposit to cover a month’s worth of rent.</p><p id="f13b">If it ultimately comes down to the tenant having to move out, break the lease with no issue, it is not worth the legal battle that could ensue. Now is the time to be as flexible as you can, again, because you are human.</p><h2 id="2179">Hold off on non-essential repairs</h2><p id="129b">Let your tenants know that any non-essential repairs will not be performed for the next few months. Of course, you must still attend to the emergency repairs but now is not the time to repair that flickering hallway light that bugs your tenant, it can wait.</p><p id="31b9">As a landlord you need to minimize all of your expenses right now, just make sure your tenants are well aware of this new policy.</p><h2 id="4580">Try to Stay Positive</h2><p id="d618">Keep your sanity and try to stay positive about this entire situation. Even in the worst-case scenario, no one pays rent, you don’t pay mortgage or expenses, the likelihood of you losing your property right now is very small.</p><p id="1b98">Even if 6–12 months from now things are still horrible, there are protections in place, and you can normally work some sort of plan out with your lenders. Keeping a positive attitude and keeping things in perspective will alleviate a lot of anxiety and fear.</p><figure id="d5d1"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/0*1u6_BRObXRFlzowB"><figcaption>Photo by <a href="https://unsplash.com/@jannerboy62?utm_source=medium&utm_medium=referral">Nick Fewings</a> on <a href="https://unsplash.com?utm_source=medium&utm_medium=referral">Unsplash</a></figcaption></figure><p id="b9b9">Business needs to be pushed aside and genuine compassion needs to take over. Keeping this mentality will help you work with your tenants on a human level, and this will strengthen your relationship. Most people will remember the actions that you take right now, and they won’t forget your leniency and kindness.</p><p id="896d"><b><i>Perhaps the most important thing to remember during this COVID-19 crisis is that we are all human beings and we need to take care of each other.</i></b></p></article></body>

7 Tips for Small-Time Landlords During COVID-19

While the focus is on renters, COVID-19 presents a huge problem for smaller landlords too

COVID-19 has put strain on the finances of millions of people worldwide. The focus has been primarily on renters during this crisis, but small-time landlords are struggling just as much.

I define small-time as someone that has 1–10 properties and self-manages. I myself am a small landlord, owning 2 properties, a total of 4 units, and a load of debt along with them.

Here are 7 tips on how to survive COVID-19 as a small landlord:

Know your monthly expenses inside and out

This should go without saying but you need to know how much you are spending each month on your rental business, right down to the penny. This means reviewing your mortgage payments, equity loans, taxes, insurance, utility payments, monthly repairs and any other expenses you may have.

Knowing this information will not only put everything into perspective for you but will also identify how much you can work with your tenants on flexibility.

Check all of your options for relief

Take the time to contact your lenders. Right now many lenders are offering forbearance plans during this crisis. You may need to fill out some paperwork in order to set up a forbearance, so you better get started right away. Check with your local and national government to see what relief plans (if any) are available to you, take advantage of all of them that apply to you.

Check to see if any loans or grants are available to you. Even go as far as to contact your utility and insurance companies to see if they are offering delayed or cancelled payments right now. Any little relief can help. Knowing your options will provide a little peace of mind as well.

Know all regulations and Landlord-Tenant laws

COVID-19 has made it more important than ever to know exactly what regulations you are under, and what the landlord-tenant law is in your state. If you haven’t already, do the research to know what your rights are. You also need to check the updated changes put in place due to COVID-19.

Many state governments have placed moratoriums on evictions and foreclosures, understanding what this means to you will make a huge difference in your plan of action moving forward. Ignoring this information could become a major problem.

Communication is Key

Maintain active communication with your tenants. It is important to know where each one of them stand currently. I have been reaching out to my tenants monthly to check in. All business aside, the human element is more important right now. Mainly I do this because I am a human being first, and I genuinely want to know about their well-being and how they are doing in this crisis.

Checking in lets your tenant know that you care and want to help them. Take these check-ins as an opportunity to update them on your situation as well. Let them know that you have bills to pay and are struggling as well. Working together as a team is very beneficial for both parties.

Be Flexible

Make sure your tenants know that you have obligations as well, but you are willing to work with them on rent. Having a tenant right now is more valuable than an empty apartment. Negotiate a payment plan with each tenant depending on their current circumstances. Waive late fees and accept partial payments, some income is far better than no income. Offer the option to use a security deposit to cover a month’s worth of rent.

If it ultimately comes down to the tenant having to move out, break the lease with no issue, it is not worth the legal battle that could ensue. Now is the time to be as flexible as you can, again, because you are human.

Hold off on non-essential repairs

Let your tenants know that any non-essential repairs will not be performed for the next few months. Of course, you must still attend to the emergency repairs but now is not the time to repair that flickering hallway light that bugs your tenant, it can wait.

As a landlord you need to minimize all of your expenses right now, just make sure your tenants are well aware of this new policy.

Try to Stay Positive

Keep your sanity and try to stay positive about this entire situation. Even in the worst-case scenario, no one pays rent, you don’t pay mortgage or expenses, the likelihood of you losing your property right now is very small.

Even if 6–12 months from now things are still horrible, there are protections in place, and you can normally work some sort of plan out with your lenders. Keeping a positive attitude and keeping things in perspective will alleviate a lot of anxiety and fear.

Business needs to be pushed aside and genuine compassion needs to take over. Keeping this mentality will help you work with your tenants on a human level, and this will strengthen your relationship. Most people will remember the actions that you take right now, and they won’t forget your leniency and kindness.

Perhaps the most important thing to remember during this COVID-19 crisis is that we are all human beings and we need to take care of each other.