How Can Owners Of Rental Properties Survive The Current Odd Market?
- ilifty
- Nov 29, 2021
- 2 min read
Rental properties have been a great source of extra income for many years.
Using all kind of creative strategies to fund fix and flips, turned many American communities in to literal gold mines over night.
The current post Covid19 strategy seems to be a wait and see attitude more then a bulls rush to unload unprofitable properties.
Having long range planning that includes, understanding your rental properties market potential. Will be key in riding out these very turbulent times.
In August 2020 it was stated in a weekly US Census Report, that 30 to 40 million Americans were facing eviction due to Covid19 and other circumstances.
This being over 12 months ago, reflects the serious predicament many property owners are in right now.
That 30 to 40 million people facing possible eviction, equals millions of landlords and property owners, who are missing and lost income.
Over 12 months later, there is no real relief or insight including, lobbying elected officials for some type of assistance for property owners, to recover at least some of their losses.
With many just hoping the they can ride out the storm and make back their losses later.
Most not seeing odd market opportunities in how to strategize losses including, unforeseen liability issues in more extreme cases.
Your rental property is your business so you have to see it like that by summarizing your added responsibility to a dollar amount. Keeping your rental properties value and local communities current property market values stable.
Making sure that losses are counted even in the case of selling a property for a lot less then it's worth. Often a decision based on the out of pocket costs that still need to be paid even if the property is not generating any income.
Visiting your rental property more often, adding security cameras based on the changing relationship rent arrears creates between renters and property owners. Are all part of odd market loss strategies that can help property owners stay afloat even if they don't sell their property.
Keeping good records of your losses and the valuable extra time and expense spent keeping track of the current housing market situation and your rental property will be key in riding this current situation through.
The more a property in worth the more liability the owner has if the property becomes dormant or unprofitable.
Make sure your keep track of all your losses.
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