Learn how multifamily investors can survive and thrive during this challenging time
The effects of the COVID-19 pandemic are being felt all around the globe. The world of real estate is no different. Most multifamily investors are not concerned about buying and selling real estate right now, but instead are very concerned about doing all they can to help their current investments weather the storm.
In order to survive and thrive during this downturn, multifamily owners need to:
– Ensure their tenants are continuing to pay rent
– Fill any vacant units as soon as possible
– Be in constant communication with their lender.
Here’s the advice we’ve been giving to our multifamily clients across the country who are feeling the adverse effects of the COVID-19 pandemic:
Rental assistance programs for tenants
If you’re a multifamily owner, it’s very important that you take a proactive approach with your tenants, who may be struggling to make rent.
Sharing information about government assistance programs is a great way to help them at this time.
See the links below for the different rental assistance programs available in the Central Florida area.
– Orange County
– Seminole, Orange and Osceola Counties
Conversations with your lender
At this time, it’s crucial that you not only communicate with your tenants, but also with your lender.
You should demonstrate to your lender everything that you’re doing to help your tenants be able to pay rent. For example, describe what rental assistance programs and what charity websites you’re sharing with them.
Your lender will then know without a question that you, as an operator and steward of the multifamily property, are going above and beyond to help your tenants be successful and to be able to pay rent.
Why? Because if at some point you have to go to your lender and ask them for help, you’ve already laid the groundwork to show them that you’re helping your tenants and working hard to get your property performing as well as possible.
When your lender knows that you are without a doubt doing all you can then they will be much more likely to help you as much as they can.
Federal SBA programs
The majority of our multifamily clients own small businesses, or they operate their multifamily property as an LLC and run the management company as a separate company.
In addition to traditional funding programs, the U.S. Small Business Administration is offering multiple funding options for those seeking relief.
For the most up-to-date information, please visit the SBA website.
How we can help multifamily owners
Do you own a multifamily property in Central Florida with vacant units? In today’s climate, it’s essential to rent them out as soon as possible. However, physical showings are not practical right now.
We are here to help! Right now, we’re offering our state-of-the-art 3D virtual tour service for FREE to anyone who has multifamily units they’re trying to let.
Contact us to learn more at Nikky@100Units.com.
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