Managing Tenants and Landlords during the Covid-19 pandemic in Warner Robins Georgia.
As of now, Warner Robins Georgia has confirmed its first victims of the covid-19, the coronavirus. Tenants and property managers alike are worried about making their payments next month. Banks want a mortgage payment which means property managers need their rent payments. Many people in Houston, Bibb and Pulaski county have been warned not to travel unless absolutely necessary. Many businesses are cutting back their staff or closing doors all together. This is causing a major hardship on many tenants that need the income.
The coronavirus problem for Warner Robins tenants.
Toward the middle of March, businesses in Warner Robins Georgia were asked to close doors if they were not considered essential to the covid-19 pandemic (food, hospitals, cleaning, etc.). This was an attempt to reduce interaction among people in the cities and limit exposure to the coronavirus. Keeping people apart from each other to reduce the spread of the virus was a good idea, but it comes with a cost. Many homeowners, Property managers and tenants are not financially prepared to sustain themselves for a month or two without an income and it is starting to show.
If this pandemic lasts more than three months, Warner Robins and the surrounding area could be in real trouble. This is where a good property manager and smart tenants need to get pro-active. It is a good practice to have enough money to pay at least two months of expenses in saving at all times, but most Warner robins tenants don’t do that. Now, people are really wishing they had.
What should Property managers do
If you are a property manager in Warner Robins Ga, the best thing you can do right now is TALK TO EVERYONE! Landlords should be calling the tenants and finding out what kind of position the tenants are in and if they think they are ok. Tenants in some areas have started “rent strikes”, thinking they can get out of paying rent all together. Tenants don’t realize, housing is a business and most housing has a mortgage. If the mortgage doesn’t get paid, they will be evicted as soon as this pandemic is over. That’s why it is good for the property manager to talk to the tenants now and get ahead of any possible mutiny that might be developing.
Next call the bank and find out what terms they are offering to borrowers. Many banks are offering some delayed payment plans. Learn what they can do so you will have that information. The most recent relief is coming from in the form of a new bill just signed into law. See the last paragraph.
What should Tenants do
If you’re are a tenant, renting someone else’s property is a partnership. If the homeowner or business owner losses the property your staying at, the bank can foreclosure and evict you as soon as this is over. No one wants to keep a trouble tenant, not even the bank.
Pay your rent if you can. If you are out of work and need help, contact your Property manager Immediately and let them know what is going on. They can help, but only if they know. Many property managers will work with you as best they can, because they rather keep you happy and afloat, then an empty house.
Important Government relief
OK, I promised the to tell you about the new bill. Paycheck Protection Program has just passed into law. It is a loan for business owners to pay their employees and keep people and businesses open during this pandemic. This is a loan that helps pay for: Payroll, rents owed, 1099 contractors, mortgage interest and other similar expenses. Landlords with lost rents and can’t pay the mortgage can qualify. IF, the business owner/landlord pays the agreed expenses over the next eight weeks (starting in April), the loan can be forgiven. CHECK WITH A SMALL BUSINESS ADMIN. LOAN OFFICER FOR DETAILS… NOW. Wells Fargo, Bank of America and other large banks should already have officers briefed on this program from SBA. This is open thru April as was told to me.
Another SBA loan they are offering is called an EIDL. This is a small business loan for businesses impacted by covid-19. Either program may help. For more information, click on Investorshift.com