Today, as the current health crisis takes its toll on the economy, many landlords are wondering how they’ll make their next mortgage payment and navigate this uncertain time.
In this guide, we’ll share insights, practical tips, and predictions from our community of real estate experts from organizations like BiggerPockets, National Multifamily Housing Council, The Real Estate CPA, National Association of Residential Property Managers, and Azibo.
Topics covered include:
- Communicating with Tenants
- Tax Strategies & Opportunities
- Protecting Your Real Estate Assets
- Working with Property Managers
- Scaling Your Business
- The Future of Real Estate
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Check out a few of the expert insights below:
- “When it comes to real estate, there are two things you want to do. The first is to protect your assets, and the second is to protect your family. If you don’t have asset protection, you’re not doing either.” – Jeffrey H. Lerman, Esq., The Real Estate Investor's Lawyersm, Lerman Law Partners, LLP on the importance of asset protection (for example, LLCs).
- “Think of forbearance as a last case scenario,” said tax attorney Deven Munns. “Even if your bank doesn’t charge penalties and interest, going into forbearance is generally not a good idea.” – Deven Munns, Tax Attorney, KKOS Lawyers, LLP cautions landlords that forbearance does not equal forgiveness.
- “There are things you can do to get creative, like delayed or partial payments, where you’ll still collect all the rent but the timing may be different. These will be seen as good faith attempts to work something out if it comes to litigation.” – Matthew Rappaport, Esq. Vice Managing Partner, Falcon Rappaport & Berkman shares advice on working with tenants who are struggling financially.
- “Move your investments to cash where possible. If lending gets tight, anyone with cash will have an advantage—especially in a market without a lot of buyers.” – J Scott, Real Estate Investor and Host of the BiggerPockets Business Podcast on how landlords can prepare for a recession.
- “We took a hard look at the financial services market and saw how it’s designed for consumers and small businesses, but not landlords. We used technology to bring together all the tools a landlord needs to manage their cash in one platform, with one login.” – Chris Hsu, CEO & Co-Founder, Azibo, on why he started the company.