It seems that a lot of the government's response has been to 'pass the buck' to landlords instead of equally distributing any hardship. Remember 'tough times don't last. tough people do.' I'm letting this whole virus and gov shut down situation be a 'wake up' call to retweek and fine tune my business and personal life.
There's a lot of discussions about helping renters or 'rent forgiveness and eviction blocking laws ' where there's not much to do about our expenses as housing providers. We have mortgages, insurance, repairs, improvements, maintenance, vendors, utilities, and of course property taxes. I definitely feel bad for our society collectively, but I also don't think they should stigmitize us as landlords--who are really job creating entrepreneurs and small business owners.
Us landlords are probably going to be the last ones that government and society will think to need help or assistance.
The government is puting protections which can drastically 'cut' our income as property investors, yet doesn't have any plans of subsidizing all of our expenses. There are some discussions about mortgage deferement or forebearance, but that doesn't cover the other half of my expenses.
In the long run, I believe a lot of politicians and the government will use the social programs to implement more of their agenda taking away property owner rights. This historically has backfired, often making the wealth gap increase. and housing less affordable.
Let these unprecedented times be a 'Reset' to rethink, or finetune your goals and priorities in your RE business. Think long term and zoom out. This will just be a 'blip' in the path to RE and life success.
Stay positive and be proactive. Action is the solution to every 'problem'. We'll get through this and anyone who does will be stronger.
Here are some resources mainly about the Coronavirus Tax bill "CARES ACT
https://caanet.org/ Check out California apartment association Disaster Guide - Updates on Gov Newsom and COVID related to apartment industry
https://www.sba.gov/funding-pr. SBA Disaster Assistance - for Sole proprietor (landlords) LLC S Corps 3.75% loans under 25k without collateral or 3.75% for + $25k loans with collateral (like your real estate)
The CARES Act is a retroactive amendment to the bonus depreciation rules, which should allow taxpayers to claim 100% bonus depreciation for “qualified improvement property.” Real estate owners who previously would have qualified for the 50% bonus depreciation provisions, would now potentially qualify for the 100% bonus depreciation for qualified improvement. Taxpayers who may have made expenditures during calendar year 2018 and who have already filed U.S. federal tax returns for 2018, may be entitled to tax refunds based on the retroactive application of this amendment.