Florida Renters: How Can You Prepare for an Ongoing Global Emergency?
Florida PMServices • April 20, 2020
If you’re a Florida renter wondering how you will possibly get through this current global pandemic, we want you to know that we understand and share your concerns, your anxiety, and your uncertainty. These are unprecedented times, and we hope that you and your loved ones remain healthy, safe, and calm.
At Florida Property Management Services, we are here to support the tenants renting homes from us, and to provide as many resources as we can to anyone who needs them – whether you work with us or not.
On today’s blog, we want to discuss how Florida renters can get through this current emergency and prepare themselves for any future and unexpected disasters.
What Florida Renters Should be Doing Now
Right now, you may be feeling emotional and distracted. If you’ve lost your job or seen your hours or your paycheck decrease, you’re probably stressed out financially. Even if you’ve managed to hold onto your job, you may be required to put yourself at risk every day by going out into the world to do what you’re paid to do.
Talk to your landlord or your Florida property managers. If you’re able to continue paying rent, we recommend that you do so. This will allow landlords and rental property owners to help the tenants who are truly struggling and cannot put together even a partial rental payment. Yes, there’s a temporary ban on some evictions and a delay on others. This doesn’t mean everyone should stop paying rent. If you’re still employed, we recommend that you maintain as much normalcy as possible. Pay your rent, pay your bills, and help your loved ones when you can.
If you find you are under extreme financial stress and you cannot make your next rent payment, talk to your landlord or property manager. This is not the time to shy away from uncomfortable discussions. Explain your situation and together you can put together a payment plan or work something out. If you’re working with a great landlord or a professional property manager, you will probably be able to come to a resolution that protects both you and the person who owns your home.
Preparing for the Future: Crisis Planning
It’s hard to think clearly and proactively during a crisis. But, you can use this time to make an emergency plan for the future. If something like the COVID-19 pandemic occurs again, you’ll feel a little more prepared and a little more resourceful. Some of the things that should go into your crisis plan include:
- Contact information for all state, local, and federal resources. This could include the hospital closest to you, all your medical contacts, the CDC, FEMA, and the Florida Department of Health.
- Contact information for your landlord or property manager, your renter’s insurance company, your banks and creditors, and all utility companies.
- A financial plan. Write out what you will do if you lose all your salary, part of your salary, or all your savings.
No one likes to think about worst case scenarios, but having a plan in place for them will help you handle anything that may happen, whether it’s another outbreak, a hurricane, or something equally as disruptive.
How to Be a Good Tenant During a Global Crisis
Finally, do everything you can to be a good tenant. All the stress and anxiety you feel is also being felt by the people around you. That includes your landlord. A good tenant will be open and honest. A good tenant will communicate and return phone calls and messages. A good tenant will continue to follow the terms of the lease agreement and pay rent to the best of his or her ability, even in times of crisis.
Perhaps those cosmetic repair issues can wait in order to respect social distancing orders and avoid having maintenance people in your home. Perhaps your unemployment benefits are more than you expected, and you’ll be able to pay most of your rent next month. Perhaps you can order or pick up some groceries for an older neighbor who is at a higher risk if exposed to the virus.
This is an opportunity to be a good tenant, a good citizen, and a good human.
We are here to help in whatever way we can. If you’re a Florida renter with questions, please contact us
at Florida Property Management Services.
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What is it? A cost segregation study looks at the different parts of a rental property to see which ones can be depreciated faster. This can allow investors to take some deductions sooner instead of spreading them out over the standard 27.5 years. Who uses it? It’s mainly used by real estate investors and property owners who want to claim larger depreciation deductions sooner on their rental properties. A qualified tax professional or cost segregation specialist typically performs the study. Where does it apply? Cost segregation can be used on residential rental properties, including single-family rentals, although whether it makes financial sense depends on the property and the investor's tax situation. The IRS specifically provides guidance for cost segregation studies involving residential rental property. When should investors consider it? It is often considered when purchasing, constructing, or making significant improvements to a rental property. Investors can also look at existing properties, but the potential benefit depends on the property's cost, improvements, and tax circumstances. Why does it matter? The goal is to potentially move some depreciation deductions into earlier years, which can reduce taxable income sooner and potentially improve near-term cash flow. It doesn't create new value in the property, it changes when certain costs may be deducted for tax purposes. Investor Takeaway: A cost segregation study can be worth exploring for investors with higher-value rental properties or significant improvements, but the potential tax benefit varies from property to property. It is recommended to always work with a qualified tax professional to determine whether a study makes sense for your situation.
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