COVID - laid off and no rental income

[Account Closed]

Hello! Seeking help!!

I’m a landlord in Chicago, I work in a hotel and was laid off due to the COVID coronavirus crisis. I also am receiving less and less of my rental payments. My gross income in 2019 of $80,000 doesn’t allow me to apply for the city’s mortgage grant which caps off at $70,600.

I had a tenant break their lease and move out, another tenant breaking their lease as they’re students and had rotations cancelled, and a tenant behind on rent, and another also moving out. 

So now, I have no job, I’m still waiting for these unemployment checks to show up, so zero income, and will likely have zero rental income in the coming month, and already am receiving significantly reduced rental payments. Not to mention, I feel I would be in violation of my tenants safety by allowing their units to be viewed during the stay at home order.

Does anyone know of any local, state, federal, anything, assistance for someone in my shoes?

From my employer I’ve only made probably less than $3000 so far this year before I was laid off. 

Any insight would be greatly appreciated. 

[Josh Bakhshi]

I would contact your lenders right away and see if they would allow you to miss 2-3 payments.  Then I would apply for unemployment.  Then talk to your bank to see if you qualify for an SBA loan as your rental properties should be considered a business.  

I don't know the rules in Chicago, but if the tenants moved out and it is empty I would contact local non-profits and churches and work with them to see if they can help people move in at a reduced rate and cover power bills for 3-5 months.  

Your goal right now is to survive the next few months and get back on your feet around August and September.  Spend some of this time to make a PLAN so you are better prepared in the future.  Things to consider are how to build up reserves, how to get better tenants, are the properties you have now the right fit for you, why were you only making 1K/month for working Jan-March?

Hope this helps