Finance Emergency Upgrades with an Oregon Hard Money Loan
Landlords and renters share common concerns when natural disasters and emergencies strike. Life can turn unexpectedly upside down, and tenants must ultimately be responsible for their own safety. But a good landlord can help mitigate risks, hazards, and loss of property. Emergency preparedness and good communication are key.
If you own rental property, follow these emergency preparedness pointers to help ensure the safety and security of both your tenants and your investment. (For a detailed checklist, click here.)
Safeguard Your Rental Property: Landlord Emergency Preparedness Tips
Preparation: Know the types of weather risks that are most common to your area to help you effectively prepare your rental property against damage. The Northwest is prone to severe rain, ice storms, and wildfires; other parts of the country deal with tornadoes.
Protect your tenants and their home with proper maintenance and a clear evacuation plan. If a storm or potential for fire are forecast, take additional steps to secure your rental property. Trimming surrounding landscaping and securing loose shingles, gutters and siding are examples of proactive maintenance.
Post-Disaster: Quickly assess tenant needs and property damage following a disaster. Make decisions about next steps and keep tenants informed.
If a rental is uninhabitable, a lease may be voided. State laws differ, so consult with an attorney. If a property is inhabitable, the lease is binding.
However, tenants may struggle to pay rent due to loss of income and emotional distress following a disaster. Tenants who carry rental insurance might still come up short. Be flexible and fair, especially with tenants in good standing. Offer information and resources; FEMA assists renters affected by natural disaster.
File your own insurance claim for property damage immediately following a disaster.
Good communication, flexibility and a supportive relationship will benefit both landlord and tenant when emergency occurs.
Get Fast Financing for Repairs. Talk to Our Oregon Private Money Lenders.
The faster you get tenants back into their home after an emergency or natural disaster, the better for them – and for you. If you need fast cash for investment property repairs, consider an Oregon hard money loan. The Gregory M. Russell private money lending team has over thirty years’ experience in real estate. Unlike traditional lenders, our streamlined hard money loans are based on equity; your credit and employment history are secondary. To learn more, give us a call at 1-888-477-0444 or complete our simple online application form. When disaster strikes, we’re here to make life a little easier.