The current beach closure is through April 30th. We will not be surprised to see these extended.
We are still seeing modest bookings come through into homes but these are not coming close to replacing the lost revenue from the pandemic.
With the loss of rental revenue, if you are worried about paying for your investment property, you have some options.
> Reach out to your bank/lender and speak to them about a "Deferment"
Click here to read a Forbes article on loan deferments.
Click here to read a BBB article on what banks are doing to help.
> Apply for an SBA loan. *At this time we am unsure about the qualifications needed to receive this loan but we would suggest starting the application process right away if you think there is a chance you will need it.
Click here to view the SBA COVID-19 website.
I have a "loss of rental revenue" coverage on my home-owners insurance policy. Will this help me?
> Unfortunately, this coverage will not be effective for the viral pandemic. This coverage would only come into play if there were physical damage to the home which cause it to be unreliable. Obviously, you should reach out to your carrier because all policies are different but it looks like this will not be of any assistance in this situation.