The recent COVID-19 pandemic has created stress and anxiety for many who own rental properties in the Greenville and Spartanburg area. Even those not affected due to rent loss currently are still somewhat concerned about what can happen. Landlord's realize that if a tenant fails to pay rent, they may qualify for rent forbearance under CDC guidelines. So, what can be done?
In this situation, it is best to exercise reasonableness. The pandemic created a new chain of events that caught everyone by surprise - including landlord's, tenant's and property managers. It created new legal guidelines that everyone has had to adjust to. It created uncertainty with the Greenville economy and put many out of work. As a rental property owner, if you currently have a mortgage, contact your lender to see what options are available under current guidelines in the event your rent income is reduced or stops all together due to tenant non payment.
Find out what rental assistance is available for Landlords. Have a back up plan just in case. Though many homeowners and investors have avoided lost rental income, being prepared - having a backup plan - can prove to be invaluable and reduce stress. Additionally, be proactive with the tenant. Find out what rental assistance may be available to them. Many organizations, including government entities, have offered rental income support during this time. This can likewise prove to be a great backup plan just in case the unexpected occurs.
Of course, maintain a positive relationship with your tenant. This is important given the fact that COVID and the resulting economic situation created anxiety for many individuals. This is also important in an effort to preserve your property. A poor or souring relationship does not usually bode well for all parties. It's best to look at the big picture.
In the end, being prepared will prove to be key in helping you navigate these unique times - which we soon hope will be behind us.
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