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Delaware Statutory Trust Investing Across Market Cycles

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By The Editors
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Kay Properties and 1031 and 1033 exchanges and eminent domain options details

By Sebastian Moya
Associate at Kay Properties & Investments and the Kay Properties Team

One of the common topics that frequently pops up in investment conversations these days is discussion about what stage of the “cycle” the market is in. Why does cycle matter, and what does the current cycle mean for DST investment opportunities?

Simply put, market cycles refer to the periodic ebbs and flows that occur in the economy and across individual sectors, such as tech, energy and commercial real estate. Markets rise and fall across four phases: expansion, peak, contraction and trough.

Four stages to the cycle:

Recovery/Expansion: The market is following a healthy, positive growth trajectory.

Peak: The top of the market where assets are fully priced.

Contraction: Growth slows but isn’t negative.

Trough/Recession: Growth stalls or becomes negatives and can fall into a recession, which is usually defined as two consecutive quarters of negative growth.

Delaware Statutory Trust Investing Across Market Cycles

Record-breaking expansion cycle

Timing investments right can help to maximize returns. Yet getting market timing exactly right is never easy unless you happen to have a crystal ball handy. There are plenty of savvy investors making educated guesses about where the market is at in its current cycle. Most are willing to wager that it is late in the expansion phase. The reality is that the current cycle has moved into uncharted territory. The U.S. is officially in its longest expansion, breaking the record of 120 months of economic growth previously occurring from March 1991 to March 2001, according to the National Bureau of Economic Research.

The length of the current economic expansion has many people worried that an inevitable end must be in sight. Yet this current period of slow and steady growth has proved to be sustainable, and there doesn’t appear to be anything imminent that could derail that pattern. The “peak” that some were worried was nearing in both the economy and commercial real estate markets could very well turn out to be more of a plateau. Even if there is a contraction or trough ahead it could be a slight downturn rather than a sharp drop off a cliff. There are numerous variables that contribute to the shape of market cycles that range from Fed monetary policy to market bubbles that pop, such as the housing and dot com booms that caused the last two recessions. Hindsight is always 20/20, but it is challenging to predict exactly what events may surface and when they will hit.

Real estate cycles vary

The added challenge in real estate is that it is not a one-size-fits-all market. Different property types and cities are at different stages of their market cycles. For example, the Manhattan office market, may be viewed by some as being close to the peak with slowing or flat growth ahead, whereas the Nashville or Orlando apartment markets could still be considered to be in the mid-stage of expansion with more upside potential.

Defense vs offense? Cyclical investing strategies

What does the current market cycle mean for DST investors? People can and do invest across all phases of the cycle. However, strategies can change depending on the phase. During expansion, investors may choose to be more aggressive as they see more upside for growth. Investors in early stage expansion cycles are more prone to play offense so to speak and are willing to take on more risk. The closer a market gets to peak and a potential down shift to a contraction or trough phase, the more likely investors are to be cautious of risk and gravitate towards defensive strategies.

In some cases, mature market cycles are fueling an increase in property sales and 1031 tax deferred exchanges. Property owners who believe values may be at or near peak see it as a good time to take chips off the table and sell real estate that has experienced good appreciation. DSTs are an accepted alternative for use in a 1031 tax-deferred exchange. Individuals also have an opportunity to reinvest proceeds into a variety of different property types and geographic markets. For example, Kay Properties has DST opportunities with a minimum investment amount of $100,000 for investors with offerings that span multifamily, student housing, self-storage, net lease (NNN), industrial and medical office properties.

About Kay Properties and www.kpi1031.com

Kay Properties is a national Delaware Statutory Trust (DST) investment firm. The www.kpi1031.com platform provides access to the marketplace of DSTs from over 25 different sponsor companies, custom DSTs only available to Kay clients, independent advice on DST sponsor companies, full due diligence and vetting on each DST (typically 20-40 DSTs) and a DST secondary market.  Kay Properties team members collectively have over 115 years of real estate experience, are licensed in all 50 states, and have participated in over 15 Billion of DST 1031 investments.

Investing In Net Lease Properties Via Delaware Statutory Trusts

Five Things To Remember When Deciding To Do A 1031 Exchange

3 Areas Where Congressional Legislation Falls Short, Could Be Detrimental to Rental Housing Market

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By The Editors
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Federal Dedicated Rental Assistance Coming, Finally

Legislation passed by Congress to stave off economic collapse may create problems for rental-housing property owners, according to a release from the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA).

“While there are a number of important provisions included that will be helpful to the industry and its renters, there are others that will create substantial challenges for rental-property owners and imperil housing stability Americans need and deserve during this crisis,” the two associations said in the statement.

“To its credit, Congress took important steps to provide relief to affected American renters and property owners. Boosting funding to U.S. Department of Housing and Urban Development (HUD) programs, expanding unemployment benefits and providing substantial tax relief are welcome resources. Yet, more must be done. NMHC and NAA have identified three areas where the legislation, while well-intended, falls short and will be detrimental to the stability of the rental housing market.”

Three areas where legislation falls short for rental housing

NMHC and NAA have identified three areas where the legislation, while well-intended, falls short and will be detrimental to the stability of the rental housing market.

No. 1 – Eviction moratorium not tied to COVID-19

“First, while we understand the intent of the national eviction moratorium included in the legislation, lawmakers inadvertently neglected to specifically tie the moratorium to those affected by the COVID-19 crisis.

“Instead, what should be a limited protective step is expanded to those who have not been financially impacted by the pandemic. This is already creating an expectation that unaffected renters do not have to meet their lease obligations.

“The unintended consequences of the eviction moratorium will wreak havoc on the stability of the rental-housing market and places it out of step with similar state and local actions. Congress must swiftly address this discrepancy,” the associations said in the statement.

3 Areas Where Congressional Legislation Falls Short, Could Be Detrimental to Rental Housing Market
“The unintended consequences of the eviction moratorium will wreak havoc on the stability of the rental housing market,” the associations say.

No. 2 – More emergency rental assistance needed

“Second, the current package provides substantial financial support to residents though HUD and unemployment insurance; however, more direct emergency-rental assistance is necessary—particularly for those who do not presently receive federal housing assistance but now find themselves needing it.”

No. 3 – Mortgage forbearance needs to extend to all rental housing

“Congress provided mortgage forbearance for multifamily property owners negatively impacted by the COVID-19 outbreak. The legislation, however, only provides this relief to owners with federally backed mortgages, such as those through the Federal Housing Administration (FHA), Fannie Mae and Freddie Mac. This protection needs to be expanded to all types of mortgages. Owners and operators are tasked with ensuring the viability of apartment communities. They, too, are experiencing financial hardships sometimes tenfold as renters in the communities across the country struggle.

“Further, the provision limits forbearance to a 90-day time period, which is out of alignment with the 120-day eviction moratorium. Unless it is fixed, this disconnect could result in a mass wave of financial delinquencies and defaults from rental-housing providers of all types and sizes, jeopardizing the stability of entire communities,” the associations said in the release.

More resources on COVID-19 from NMHC and NAA can be found here and here.

How To Handle Rental Maintenance During COVID-19

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How to Report COVID-19 Debt Information to the Credit Bureaus

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By The Editors
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How to Report COVID-19 Debt Information to the Credit Bureaus

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If they haven’t already, your residents will soon be contacting you about COVID-19 debt information related financial hardships. How you help them through these tough times is up to you (we offered some options in this recent article). No matter what arrangements you make, though, you’ll want to report them accurately to the major credit bureaus.

Requirement or recommendation?

On March 9, 2020, the Board of Governors of the Federal Reserve System and all five federal banking agencies issued a joint press release encouraging financial institutions to “work constructively with borrowers and other customers in affected communities.”

The Office of the Comptroller of Currency (OCC) echoed this recommendation. A March 13 OCC update encouraged banks to “prudently” work with “adversely affected customers.” The agency suggested waiving fees, offering repayment accommodations, and extending payment due dates regarding COVID-19 debt information.

While this guidance is directed toward banks and credit unions, it’s advice that any lender should consider. In fact, the Consumer Data Industry Association (CDIA), which represents consumer reporting agencies, backed the Fed’s suggestions. The organization also shared specific reporting guidance for member companies who want to help consumers avoid credit problems amid the COVID-19 pandemic.

“This guidance is available in the current situation to help consumers work with their banks and other creditors if they are impacted—directly or indirectly—by the virus,” said Francis Creighton, CDIA President and CEO.

At this point, working with your customers or tenants who have been impacted financially by COVID-19 isn’t a requirement. The Fed, OCC, and CDIA are all using words like “guidance” and “recommend” to reiterate this fact. It’s possible, though, that government aid packages may soon include mandatory rules for working with your customers on COVID-19 debt information amid this unprecedented outbreak.

COVID-19 is a natural disaster

There is no policy within the Credit Reporting Resource Guide that specifically addresses COVID-19, coronavirus, or pandemic. However, the Guide — better known as the “Metro 2 manual” — has long included policies on “natural or declared disasters.” Most people use this policy after widespread weather-related emergencies like devastating hurricanes, wildfires, or mudslides.

However, according to the CDIA, the current COVID-19 pandemic falls under this category for credit reporting purposes. Indeed, the economic circumstances facing consumers today, including potential job loss, are through no fault of their own. This is the same criteria that describes the impact of natural disasters on consumers.

“The nationwide credit reporting companies have long had systems in place to minimize the impact of disasters and other singular situations on consumers’ credit standing,” said Creighton. To remind data furnishers of this long-standing policy, the CDIA issued an Important Metro 2 Announcement on March 9.

The CDIA advised data furnishers who report information for consumers affected by natural disasters to refer to FAQ 58 of the Metro 2 Manual for specific reporting guidance.

FAQ 58 highlights

While we encourage you to consult the FAQ 58 documentation for full reporting instructions, here is a summary of the guidance.

  • There are two options for reporting natural disaster status on open accounts and closed accounts with balances owing.
    • Report the account as deferred or in forbearance (more details below), along with Special Comment AW (affected by natural or declared disaster), OR
    • Report the actual account status that applies to the account, along with Special Comment AW
  • If an account is already being reported as derogatory, continue reporting these statuses and add Special Comment AW.

When a data furnisher adds Special Comment AW to an account, the notification indicating that the consumer has been impacted by a natural disaster will appear alongside the specific trade line. Traditionally, credit reporting agencies (CRAs) will not count trade lines with the AW code when calculating credit scores. For all intents and purposes, these trade lines are invisible while the code remains in place. It’s up to you as a data furnisher to remove this code from the account when the consumer’s financial situation has stabilized.

 Guidelines for deferment or forbearance

As referred to in FAQ 58, deferment or forbearance of an account are popular options for creditors seeking to help consumers during times of natural disaster. Each allows the borrower to temporarily postpone making regular loan payments. However, they differ in the way interest on the account is handled. Typically, an account in deferment does not accrue interest while payments aren’t being collected.

A forbearance arrangement, though, will increase the amount the borrower owes, because interest will not stop accruing during the grace period. While the account is in forbearance status, you may encourage your customer to make reduced payments or interest-only payments if possible.

To report a loan as deferred, follow the step-by-step process outlined in FAQ 44 of the Metro 2 Manual.

To report an account in a forbearance, follow the step-by-step process outlined in FAQ 45 of the Metro 2 Manual. Loans in forbearance will need the Special Comment Code CP (account in forbearance) in addition to code AW (natural disaster).

Remember that when a customer’s account comes out of deferred or forbearance status and begins repayment, it’s up to you as the data furnisher to adjust the reporting fields accordingly.

Be consistent and considerate

In January 2019, the National Consumer Law Center appealed to the heads of the CDIA and the three major credit bureaus to change the way natural disaster codes were recorded on credit reports. The group referenced a 2018 study by the Consumer Federal Protection Bureau (CFPB), which found reporting inconsistencies that negatively impacted consumers.

The Natural Disaster Credit Reporting report focused on consumers in the disaster zone of Hurricane Harvey, which hit the Houston, Texas area in August 2017. The CFPB found that less than 40% of those impacted by Harvey had disaster code AW on their reports. Only 16% of mortgage servicers and 5.7% of credit card issuers added this AW designation.

“[T]his disparity is illogical and unfair,” the NCLC concluded. “[I]f a consumer was impacted by a natural disaster with respect to their mortgage loan, they would be impacted as to their credit card account and other tradelines as well. Without comprehensive coverage, consumers face ongoing harm from unflagged financial hardships beyond their control.”

The NCLC recommended that data furnishers leave the AW code on reports for at least six months. The group also asked that any tradeline with an AW code should not include delinquencies during the time period. In other words, if an account is not in deferred or forbearance status, but has the AW code, data furnishers would use the “current” designation or “D” code for “no information” in the Account Status field.

Again, at this time, these are all recommendations and guidance for data furnishers regarding COVID-19 debt information. However, as we’ve shared before, your consideration and kindness today during these unusual and unpredictable days of COVID-19 may go a long way toward future customer loyalty.

Please feel free to contact us at support@datalinxllc.com or (425) 780-4530 if you have any questions or need our assistance during this difficult time. https://datalinxllc.com/

Visit the site here.

10 Ways to Keep Residents Engaged During COVID-19

How to Report COVID-19 Debt Information to the Credit Bureaus
If they haven’t already, your residents will soon be contacting you about COVID-19 debt information related financial hardships. Photo credit tumsasedgars via istockphoto.com

10 Ways to Keep Residents Engaged During COVID-19

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By The Editors
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10 Ways to Keep Residents Engaged During COVID-19

Here are 10 ways to keep residents engaged during the COVID-19 crisis, put together by the National Apartment Association (NAA).

Social distancing is a challenge in apartment communities which are at their core a people-driven business. That makes it more difficult to abruptly cut off face-to-face communication.

“Now more than ever, apartment owners and operators have a real opportunity to make a difference in how we respond to these challenges by moving resident events and communication online to further engage residents in a different manner,” the NAA said in its release.

“Allowing residents to see continued effort is key to satisfaction. Apartment professionals can provide value while also helping people to feel connected and combat loneliness and depression in the weeks and months to come.

10 ways to keep residents engaged

  1. Host an online book club. Let residents vote on a book to read online or listen to on a platform like Audible. Then create a Facebook group to discuss the book virtually once a month. You can host separate clubs for different age groups or book choices.
  2. Use the power of technology with daily or weekly check-ins. Use social platforms, such as Instagram or Facebook Live, for example. People love to feel important and a part of their community so keep residents engaged and check in on how everyone is doing and keep them updated on current events and neighborhood information.
  3. Consider gifting subscriptions to Disney+ or Netflix. This will assist with the boredom your residents may enter while being confined to their apartment homes. Take it a step further with recommendations about great movies and shows to watch, and even start a discussion online for neighbors to comment on their favorites and keep residents engaged.
  4. Encourage healthy competition at an online game center; nothing beats a competitive game of neighborhood Scrabble! There are thousands of games your residents could play together online. You can play chess, find all sorts of virtual reality games, or find card and other puzzle games. Get creative and make your own crossword puzzle using words from your community.
  5. Recommend online fitness apps if your fitness center is closed. Encourage your residents to continue putting their health at the forefront of their confinement with apps, such as Peloton and Beachbody, to name a couple. Consider paying for the first month of their subscriptions in substitution for that month’s resident event.
  6. Create a photo scavenger hunt online. List missions in different categories to allow residents to post pictures of objects they find inside their apartment homes. Residents can also solve riddles and complete fun photo challenges to share with neighbors.
  7. Design your own community potluck cookbook. This is an awesome twist on a classic resident event. Have residents submit recipes for their favorite dinner. Then, compile the recipes into a community cookbook and share all recipes on Dropbox or Google Drive.
  8. Send out daily trivia to residents. Random trivia can productively kill time by teaching residents new facts. You can make this into a competition among neighbors by publishing a weekly leader scoreboard. Take this a step further by giving out prizes, such as e-gift cards for winners.
  9. Make a music playlist on a platform, such as Spotify, to share with residents. Energetic music will help motivate residents to exercise, clean, and even dance around their home. You can even ask residents to make suggestions for music to add to the list to increase community participation.

Share online learning websites designed for children from preschool to middle school that encourage positive distant learning while schools are closed. Age of Learning and Scholastic Magazine are just two examples of online programs providing free home access. Even when schools are closed, you can keep the learning going with these special cross-curricular journeys – and parents will appreciate the help while they navigate the balance of work and childcare.

Apartment Jobs Almost 40 Percent Of Real Estate Jobs, NAA Says

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California Apartment Association Asks Landlords to Freeze Rents, Offer Payment Plans

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By The Editors
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California Apartment Association Asks Landlords to Freeze Rents, Offer Payment Plans

The California Apartment Association has called on members to freeze rents, halt evictions, offer payment plans and waive late fees as a result of COVID-19, according to a release.

“The COVID-19 pandemic has brought frightening and uncertain times, leaving many Californians with health challenges and economic difficulties. The California Apartment Association urges rental housing providers to act with compassion and work with residents who face COVID-19-related hardships,” the association said in the statement.

“The last thing Californians need when they are struggling to maintain stability is to lose the safe place they call home. In this time of crisis, CAA members offer stability as they provide safe homes to millions of Californians sheltering in place.

“To ensure this stability, CAA calls upon every California rental housing provider to support CAA’s Safe at Home Guidelines by committing to the following through May 31, 2020:

  • Freeze rents on all residents & pledge to not issue any rent increases.
  • Halt evictions on renters affected by COVID-19, absent extraordinary circumstances.
  • Waive late fees for residents who pay rent after the rent due date because they have been affected by the COVID-19 pandemic and related government actions.
  • Offer flexible payment plans for residents who cannot pay rent by the due date.
  • Direct renters to available resources to assist with food, health, and financial assistance.
  • Communicate with residents proactively that you are available to assist them and want to work with them to ensure they remain housed.

Freeze Rents, Offer Payment Plans

“The challenge before us is one like we have never endured.  But as a community of responsible housing providers, it’s our opportunity to help our communities heal.

“CAA believes rental-housing providers have an obligation to stay informed, to look out for each other and our residents, and work together to weather this storm. If we meet this moment, we can come out of this crisis stronger,” the association said.

The National Multifamily Housing Council has called for the industry to halt rent hikes and evictions for 90 days.

6 Actions Landlords Can Take to Support Residents Now

 

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Renters Still Optimistic About Finding New Apartments

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By The Editors
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Renters Still Optimistic About Finding New Apartments

Renters are still optimistic about moving, and finding new apartments remains a priority even during these times, as 56 percent saying they would move as soon as they find one, compared to 17 percent who decided not to move, according to Rent Café.

The survey was conducted of 6,000 people between March 18 and March 20 and asked renters whether they’re still planning to move now, what their main concern is, if and for how long they intend to postpone moving, and how their renting preferences and selection process have changed, if at all.

The survey showed optimism despite rising concerns regarding the spread of COVID-19 and a visible drop in overall apartment search volume just in the past week.

According to the survey results, so far renters seem optimistic about moving now; 45 percent of respondents said they have no particular worries during this time.

On the other hand, 18 percent reported pondering whether it’s safe to move now, and another 18 percent are concerned about their lease expiring and having to move regardless.

And, more than 13 percent are worried about finances and paying rent, while 5 percent are concerned with whether they should renew their current lease.

Renters Still Optimistic About Finding New Apartments

Almost half of the respondents reported no changes in their renting preferences. But 28 percent are now considering something cheaper than what they looked for initially, and 15 percent say they are now paying more attention to how clean a potential new apartment is.

Events and opinions tend to develop fast in times of crisis; we’ll be interested to see how renter perception changes as things move ahead. RENTCafé plans to re-run its survey later this week to capture renter sentiment after stay-at-home orders were put in place in a number of states. We will update this story when those results come in.

See the full report from Rent Cafe here.

 

National Average Apartment Rent in January was $1,463

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Insurance for Property Owners and Managers

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By The Editors
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Tips for Controlling Your Insurance Costs

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A transparent relationship between a real estate investor and property manager is critical to a successful rental property. Especially as it relates to insurance. Both parties should agree on what coverage the other should hold, how they are protected within that arrangement, and understand their individual exposures.

I’m a property manager, how should the property owner be insuring the property correctly?

Most landlords know they need property insurance for direct physical damage (fire, lightning, theft, etc). This can be purchased for named perils (known as basic form coverage) or all-risk (special form coverage), where any cause of loss is covered unless specifically excluded in the policy. Some of these exclusions can be “bought back” with additional endorsements, such as terrorism and earthquake.

But often, even more important is premises-liability coverage with a minimum of $1 million of coverage per occurrence. Premises liability covers the investor in case of bodily injury at the property. You, the property manager, can and should be listed as an additional insured on the owner’s liability policy. This does two things – could provide cover for you in the event a tenant sues both parties, and notifies you if the owner is in jeopardy of letting their coverage lapse for non-payment, or any other underwriting reason. And can be done for no additional cost.

Imagine a tenant notifies you of some broken stairs at their rental. You consult with the landlord, who does not authorize the repairs. The tenant falls on the broken step a few days later, injuring themselves, and files suit against both you and the landlord. If you are not listed as an additional insured on the premises-liability policy, you could be left with no legal protection for injuries on the property, regardless if you are determined to be at fault or not.

A couple other things to note about the investor’s liability insurance – be sure the owner’s liability policy provides defense costs outside of the limit of liability. Legal fees can add up. And if you are managing more than one location for the same owner, be sure they carry a liability limit per location versus per occurrence, so that limits are not shared with multiple properties. Depending on the size of the portfolio by a single owner, an umbrella policy may be considered to provide additional cover above those limits in their underlying liability policy.

I’m a real estate investor, what insurance should I expect my property manager to carry?

First and foremost, the property manager should carry adequate professional liability including both general liability (for day-to-day business practices) and errors & omissions (E&O) coverage. Like your liability policy, you should be listed as an additional insured on the PM’s policy and it should include a minimum limit of liability of $1 million per occurrence. The PM should be sure the policy includes crime coverage, and wrongful eviction coverage. E&O coverage protects the PM (and you, if listed) from claims related to a mistake made by the property manager.

If the property manager has employees, they should also consider employment practices liability insurance (EPLI) to cover for claims by their employees for wrongful termination, failure to promote, sexual harassment or discrimination. This is especially important to you if you share employees (such as maintenance workers). They might also consider workers compensation coverage in case an employee is injured on the job.

Where can we get this coverage?

National Real Estate Insurance Group operates the largest and longest running insurance program in the country, built specifically to meet the needs of rental property owners and their property managers. The program allows investors or their property managers to manage property and liability insurance for portfolios of any size, on one or multiple accounts, on the same schedule, with monthly reporting and payment options. For property owners who assign responsibility to their PM to secure and keep insurance coverage active, we can engage directly with the manager with ease and flexibility. And our full-service commercial agency has access to 300+ insurance markets and carriers for all of the professional coverages needed to keep both parties protected.

Link: nreig.com/rentalhousingjournal

Insurance for Property Managers and owners

 

Rental Property Maintenance and the Fight Against the Spread of COVID-19

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By The Editors
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property maintenance cleaning covid 19

With the real-estate industry and property-management businesses already reporting losses since the outbreak of the coronavirus (COVID-19), it is easy to get caught up in worry, not just about the health risks, but about your properties, tenants and property maintenance.

At Keepe, we understand that health is wealth. Since the outbreak of the coronavirus, we have taken several action steps to protect our business, our workers, and our clients. Being in the service industry requires us to be proactive in our actions toward fighting the spread of this virus.

Below are some of the recent action steps we have taken/are taking to fight against the spread of the coronavirus.

  • Encouraging Rental Property Cleaning Habits

Cleanliness is essential for rental properties. Not only does it help in the fight against the spread of the coronavirus, but it helps in the promotion of a healthy living environment for tenants. We encourage our clients (property managers) to introduce a regular rental-property cleanliness plan. Our recent emails and blog posts focus on how property managers can get their tenants to clean their respective rental properties, with actionable steps.

  • Screening Our Workers Ahead of Work Orders

Every rental property needs a reliable handyperson or contractor at some point in time. While this is one of the motivations behind our business model, we understand the need to put our clients first. Buildings and property managers will always need the service of a reputable vendor to handle minor to major maintenance requests.

But even in the face of a pandemic such as the coronavirus, buildings or tenants with repair issues cannot be left without a vendor. That is why we are taking all precautionary measures to screen all our workers before they are sent out to handle a work order in a tenant’s home.

Our screening practice involves hopping on a call with the workers to discuss their present health condition, and making sure they adhere to the practices of good hygiene. We also encourage our contractors to keep a minimum six feet distance from any of the tenants present while getting work orders completed.

  • Approval from Clients 

At Keepe, we understand that individuals around the world are in panic mode. People are wary of what they touch, the food they buy, and the people allowed into their homes. In the face of a virus, we understand the need to be careful, and we encourage it as a business.

That is why before our workers proceed to your home for maintenance repairs, we will need to request your approval for their entry into your unit. And all of our workers are aware that clients may require additional hygiene measures, such as the washing of hands, wearing of a face mask, and refusal to shake hands with them.

In conclusion

At Keepe, we are doing our best in creating safety measures targeted at not only fighting the spread of the virus but also in serving you better. We encourage you to plan on how to safeguard you and your tenants from the spread of the coronavirus. Above all, we would love to hear from you on strategies you may have adopted to fight against its spread in your property.

Other property maintenance posts from Keepe.

3 Ways to Effectively Handle Tenants’ Property Maintenance Requests

How Can You Detect Faulty Electrical Wiring In A Rental Property?

About Keepe:

Keepe is an on-demand maintenance solution for property managers and independent landlords. The company makes a network of hundreds of independent contractors and handymen available for maintenance projects at rental properties. Keepe is available in the Greater Seattle area, Greater Phoenix area, San Francisco Bay area, Portland, San Diego and is coming soon to an area near you. Learn more about Keepe at https://www.keepe.com

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Oregon Governor Orders Stop to Residential Evictions for Nonpayment of Rent During Crisis

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By The Editors
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Governor Extends Oregon Foreclosure Moratorium to End Of The Year

Oregon Governor Kate Brown has ordered a stop to residential evictions in Oregon by placing a temporary moratorium effective for 90 days due to the public health emergency caused by the spread of coronavirus in Oregon, according to a release.

“Through no fault of their own, many Oregonians have lost jobs, closed businesses, and found themselves without a source of income to pay rent and other housing costs during this coronavirus outbreak,” Brown said in the release.

“The last thing we need to do during this crisis is turn out more Oregonians struggling to make ends meet from their homes and onto the streets.

“This is both a moral and a public health imperative. Keeping people in their homes is the right thing for Oregon families, and for preventing the further spread of COVID-19,” she said.

Under the governor’s emergency powers, the order places a temporary hold throughout Oregon on law-enforcement actions relating to residential evictions for not paying rent.

Recognizing that landlords and property owners face their own costs if tenants are not able to pay rent, the governor and her Coronavirus Economic Advisory Council are engaging lenders to find potential solutions and are exploring various state and federal policy options that might be available to provide assistance to borrowers or other options for relief.

Oregon Housing and Community Services and the Department of Consumer and Business Services are also pursuing relief options at the direction of the governor.

Portland and Multnomah County Residential Evictions

Portland Mayor Ted Wheeler and Multnomah County Chair Deborah Kafoury have signed emergency orders suspending evictions for tenants who cannot pay rent due to coronavirus-related challenges.

Residential tenants cannot be evicted for not paying rent during the entire time the county and city are under a state of emergency, the two officials announced in a press conference.

Both moratoriums on suspending evictions say that rent owed to a landlord will continue to accrue during the state of emergency. There will be a six-month repayment grace period, which will begin as soon as the state of emergency ends.

Seattle Mayor Signs Emergency Order Placing Moratorium on Evictions

Portland, Multnomah County Sign Emergency Order Suspending Evictions

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Dear Landlord Hank: Tenant Cannot Pay Rent Due to COVID-19

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Hank Rossi
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Dear Landlord Hank: Tenant Cannot Pay Rent Due to COVID-19

In this week’s Ask Landlord Hank question he deals with a COVID-19 question and a tenant who cannot pay rent. Hank is a veteran property manager and landlord and strives to help other landlords and property managers. He does not offer legal advice.

Dear Landlord Hank:

With schools closed, my tenant has advised she has to stay home with her children and cannot go to work and thus will have no income to pay rent. She wants to know if she can delay paying rent.

-Sam

Dear Landlord Sam,

With this pandemic, most are living in fear and uncertainty right now. I’m all about business first, but this is different.

Government bailout money is in the works, supposedly mortgage companies may be offering delays on payments (I’d call your mortgage company to see what their stance is), businesses are shutting down, etc.

We all have to work together in this disaster. Even if you didn’t want to help out your tenant right now, courts are suspending evictions in many districts.

I’d try to work with this tenant if you can. Hopefully, with all the measures that are being taken, this can be contained and eliminated and we can get back to the good life.

Sincerely,

Hank Rossi

Dear Landlord Hank: Tenant Cannot Pay Rent Due to COVID-19

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About the author Landlord Hank:

“I started in real estate as a child watching my father take care of our family rentals- maintenance, tenant relations, etc , in small town Ohio. As I grew, I was occasionally Dad’s assistant. In the mid-90s I decided to get into the rental business on my own, as a sideline. In 2001, I retired from my profession and only managed my own investments, for the next 10 years. Six years ago, my sister, working as a rental agent/property manager in Sarasota, Florida convinced me to try the Florida lifestyle. I gave it a try and never looked back. A few years ago we started our own real estate brokerage. We focus on property management and leasing. I continue to manage my real estate portfolio here in Florida and Atlanta. “ Visit Hank’s website here.

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