Real Estate Jammed Up In Jacksonville?

Since Jacksonville Mayor Lenny Curry ordered all nonessential businesses to close, you may be wondering, what do I do now? Here are a few tips if you fall into one of these categories.

1. Small Business

-Get on this local list if you're a restaurant or locally-owned business.

-Apply for related SBA loans or relief programs. I'm hearing things from friends that are business owners and have done the process. The paperwork is extensive and it's an overall pain in the behind. That said, it beats the alternative. Grin, bear it and jump through the hoops.

-Pay what you can. In most cases, it's better off to pay what you can on the lease, rather than zero until a later date. In most cases, your landlord would much rather have 50% now, than nothing and possibly little in the future. Talk to them and do what you can. Unless they are from another planet, most will appreciate the communication and cashflow.

2. Landlord

-If you have renewals, consider not raising rents or putting tenants on a month to month plan for now. If you raise rents on renewals right now, the possible bad press and headaches with being accused as a "price gouger" is not what you want right now. If folks go on a month to month plan, for a bit, the normal increase for renewal can be baked in at a later date when this has passed. It's a win-win.

-Consider deferment programs. While we wait for the gov't to sort out and get the relief funds out to folks that need it, consider a rent deferment. You can let folks skip a month or two, and then have a "catch-up" payment in their future rents. You may be able to add on to the end of their lease as well.

-Check-in on your tenants. Make sure they let you know what's going on. The last thing you want is a nasty surprise on the 1st of May or thereafter.

3. Homeowner

-Investigate mortgage deferment. Requests for deferment have gone up 2,000% over the past few weeks. One big caveat, ask when the payments resume and what you will own when they do. You want either payments tacked onto the end of the loan, or a "catch up period" with an extra amount over your normal payments. What you DO NOT WANT, is a particular type of forbearance where ALL your skipped payments are due at once, and in full. This option WILL sink your proverbial Battleship.

-If you're in a really tough spot, contact We Buy Ugly Houses. They pay cash for your house and should close quickly.

Any other tips or ideas on what folks can do during this rough time? Leave a comment below!