Landlords: How to Budget During an Eviction Moratorium
Not only are tenants struggling to pay their bills, their landlords are facing the same problems. They are not allowed to evict those who can’t afford to pay rent due to unemployment, yet they aren’t bringing in the monthly rent like they used to. Even worse, some of these landlords are unemployed also, making it even harder to pay their bills.
However, we will get through this, like others have before. So, what can you do to budget during this difficult time?
Focus on the necessities. Some plans, like remodeling the bathrooms, can be put on hold. Instead, focus on paying the mortgage and other bills that are necessary. Fix what needs to be fixed immediately, such as leaky faucets, and leave some of the other less pressing things to the side (until your income is back up).
Cut back on certain things. You may also have to cut back on certain things to help with the costs. If you are paying the cable bill for the whole building, can you find a smaller package until things turn around. If you give gifts to your tenants, can you make some small gifts instead? All of these little things can add up quickly!
Do more work yourself. If you are at all handy (or maybe not at all), you may want to think about trying to do some of the things around the place yourself. Instead of hiring someone to mow the lawn, you should have plenty of time to do it yourself. Do you have a plumbing problem that needs to be taken care of? Watch a YouTube video and see if you can handle it!
Though others may not realize it, as a landlord, you may also be struggling. You have to find ways to stretch your money. To do this, you need to focus on taking care of the most important things, such as your mortgage and other bills. You may need to cut back on other things. You may also need to do more things around your building yourself. This can really save you a lot of money in labor, making it worth the extra time it takes you!