Safeguard Your Washington Rental Property. Finance Emergency Upgrades with a Hard Money Loan.
Landlords and renters share common concerns when natural disasters and emergencies strike. Life can turn unexpectedly upside down. Tenants must ultimately be responsible for their own safety. But a good landlord can help mitigate risks and hazards and avert 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.)
Landlord Emergency Preparedness Tips
Preparation: Know the type of weather and risks most common to your area to help you effectively prepare your rental property against damage. The Northwest is prone to severe 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 fire is imminent, take additional steps to secure your rental property. (Trim surrounding landscaping. Secure loose shingles, gutters and siding.)
Post-disaster: Quickly assess tenant needs and damage following a disaster. Make decisions about next steps and keep tenants closely 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. If a tenant carries rental insurance, they may 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 an insurance claim immediately following a disaster; keep in mind that tenants should have their own renters insurance.
Good communication, flexibility and a supportive relationship will benefit both landlord and tenant when emergencies occur.
Get Fast Financing for Repairs. Talk to Our Washington Hard Money Lenders.
The sooner 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 a Washington 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.