Check out the next podcast in our series on making the most of your investments!
Today Marcia and I discuss alternative assistance options for Oregon landlords outside of the Landlord Compensation Program and how you can receive the aid you need during this time.
Featuring:
René Nelson, Eugene commercial real estate broker
Marcia Edwards, Eugene residential real estate broker
Making the Most of Your Investment Properties – Part 2
Marcia Edwards: We went in the path last program of the landlord compensation program at the state level and how it’s not working out so well. Let’s talk about that. What’s going on briefly there and what the alternatives are.
René Nelson: Thanks, Marcia, as I mentioned in the last show, the landlord compensation program really has not panned out as well as everybody had hoped and anticipated.
Marcia Edwards: And to digress, what is that compensation program?
René Nelson: Yes, there’s $150 million, which that’s just a ton of money, setting in a program for Oregon landlords, so that if you agree to give up 20% of rent that has been deferred because of COVID hardship, you can get up to 80% of your rent reimbursed by the state.
Marcia Edwards: I like the concept, the execution’s failing a little bit?
René Nelson: It is. Right now the program is shut down. It collapsed pretty quickly once they tried to roll it out. The software was a nightmare. It was very frustrating for even professional property managers to traverse through the software in the system and it’s not functional right now.
Marcia Edwards: Okay. So stay tuned there. Is there anywhere else they can pursue money besides their tenant at this time?
René Nelson: Yeah. So I talked to Kyle Gray from Emerald Property Management yesterday. And he said that last week, the local area charities rolled out some different programs. And he called all of his tenants the day before and said, at 7:00 AM, you need to be on the website trying to apply for this and calling this phone number.
So if you are a landlord and you are owed some rent, call your property manager and see if those funds are still available, ’cause again, that was last week. And the Savvy property managers all called their tenants, email and texts, a lot of the times the attendants are busy, they’re not really paying attention. So picking up the phone and saying, “Make that phone call.” ‘Cause think about it, if you can get the tenant out of that hardship and they don’t owe all that money and you get some government assistance, you’ve really done a great thing for that tenant.
Marcia Edwards: Exactly. So it has to be tenant-driven, in that case.
René Nelson: It does, the tenant has to apply and qualify. And then the landlord gets the money but it is tenant-driven.
Marcia Edwards: And this is a non-profit private organization?
René Nelson: Yes. There are several organizations here locally. One is Catholic community charities as an example. I know St. Vincent De Paul has some different programs.
Marcia Edwards: Okay, those nonprofits in no housing. Check-in with them.
René is available to answer your real estate investment questions. If you’re considering investing in a property or want to know how the pandemic may affect your investments, schedule a 15-minute discovery call today.
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