After a few technical difficulties last night, I launched my first Q&A Live in the Portsmouth Landlords Facebook group.
Armed with my glass of red, I went Live at 8pm speaking to Landlords about how lockdown is affecting them.
Of course, one of the hot topics was the Eviction Ban. If you follow my page, you’ll know that it’s quite a buzz in the industry because at the moment, Landlords you can not evict your tenants until the end of August.
This is massive. Landlords are currently waiting to be able to evict problem tenants, whether that be due to anti-social behaviour or non-payment of rent – they are unable to do anything about it right now.
Now unfortunately, because of the sheer volume of landlords that could well be looking to take action this is also going to result in a backlog when they do reopen. My estimation? We could be looking at another 3 months on top of that before a tenant could be evicted. Crazy.
So my best advice for the time being? Get your paperwork in order. You can apply now, but you need to be aware that nothing will be processed until the end of August.
Paul asked how to get his tenants to pay rent. From my guess, this is because there are industries that took a knee jerk reaction at the beginning of Lockdown and unfortunately let a lot of employees go.
For more information on this, I’ve got a Guide available to download, which will help you work out how you can get rent from your tenants if they’re struggled to pay the full amount. It’s called 11 Questions To Ask If Your Tenant Asks For A Rent Holiday
Remember, we do not give free rent.
Rental income is your salary. It’s your right and your entitlement as a Landlord. You have purchased a property and you deserve the return on the investment.
If you’ve offered a rent holiday, you can help them. If they’ve been furloughed then they are still receiving 80% of their salary. If they’re still working, then they’ll still be getting 100% of the salary so realistically, yes they can still pay they rent, even if it is a discounted amount for those that aren’t on their full monthly wage. Speak to them about it, explore their options with them. Any rent is better than no rent.
Ask them: How much can you pay towards the rent?
One thing we need to be conscious of is that there are lazy tenants in the world. It would be great if it wasn’t the case, but the fact of the matter is there will be those out there that will take advantage of the situation so make sure you are requesting evidence to make sure you’re not being taken for a ride.
Remember, you can’t evict any tenants at the moment so do what you can to help them whilst maintaining your status as Landlord.
We’ve seen a massive surge in lettings enquiries over the past week or so, it’s as if everyone was waiting for the restrictions to lift before they started looking for their new home! We’re going to see a sharp uplift in rental demand over the next couple of months so it’s a great time to review how much you’re currently charging.
Now if you’re investing in new properties and you’re looking to expand on your portfolio, I’m excited for what we’re going to see over the next few months. There will be people that will need to sell quickly; whether it be due to their own circumstances or because a chain has fallen through over the past few months – either way, there are going to be some great investment opportunities coming up and it’s a great time for us Investors.
Take the opportunity if there is one in front of you
Someone’s going to buy one, it may as well be you.
We as investor Landlords must do whatever we can to recover our costs during this period. As I mentioned on the meeting; I am more than happy to support any of you that may be struggling at the moment so just give me a message and we’ll take it from there.
Thank you to everyone that joined me! The next one will be Wednesday 8th July at 7:30pm so come and join us over on the Portsmouth Landlords Group.