- What's up guys, Clint Coons here.
And in this video, I wanna talk about ways in which
you can get paid by the Federal Government
when your tenants aren't paying their rent.
Okay, let's get started.
(upbeat music)
Okay, so here's the deal.
As you know, we've been going through COVID
and there's been a lot of moratoriums out there
where tenants have been told
they don't need to pay rent to landlords.
And that may be great for tenants
but if you're a landlord, that just plain old sucks.
Because you still have mortgages that you have to pay,
you still have utility expenses that are going out the door,
and you don't have the income coming in from your tenants
and on top of that, you can't evict them.
So where does that leave you?
Well, the government has stepped up.
If you haven't been following the law back in December,
at the end of December
they passed the Emergency Rental Assistance program.
Now, what did this do for you as a landlord?
Well, basically threw out $25 billion to the states
to allow there to be funds made available
to help landlords cover the rent.
Now, this program is a fabulous way for you
if you haven't been getting paid to go in,
and I'm gonna walk you through how to how to apply for it,
to get some funds.
Because not only does it count going forwards,
you can also go back up to a year.
Now, not only do we have federal programs
there's many state programs as well
and I'm gonna show you a website where you can go to
and you can find all of the
places within your state that you can apply to
to get assistance as a landlord to help cover the rent
that's not coming in right now.
So the money's out there,
you just need to know where to look in order to find it.
So thankfully, we have that available to us.
You just need to know some of the background
in order to apply and it's really not that difficult.
So there's really three different criteria
in which you would need to
or a tenant would need to be eligible
in order to apply for this assistance.
Now, the assistance itself will go directly to the landlord.
It'll cover rent as I stated, could go back 12 months
and actually it can go forward three months.
So there's a total of potentially 15 months here
of which you can receive compensation.
Now, in order to do that
your tenants have to meet one of three criteria.
They either have to be unemployed
or they have to experience a reduction in income
within their household or significant costs
or hardship due to COVID-19.
This is the first requirement, one of three.
And I think this is the easiest one
for every tenant to apply under
because everyone has been affected as a result of COVID.
Now, if they can't meet that test,
you have the second test which they must demonstrate
a risk of experiencing homelessness or housing instability.
Who knows what that means?
Maybe if you were to say that
once moratorium's over on evictions,
you plan to evict them.
So that would be an opportunity for them to apply for this.
And the third one is
you have to have a household income
at or below 80% of the median for that particular area.
So one or three would typically qualify most everyone
that wants to participate in this program.
Now, if you wanna go and do that
you're gonna have to go to a website first off
and I'm gonna to bring that up in a moment
to show you where to apply.
And you're gonna actually apply with the tenant
or you can apply for the tenant in many cases.
Now, in order to do this,
if you wanna apply for your tenant
because maybe your tenant doesn't have a computer
or they're just not motivated to apply
because they're maybe too busy spending money
that they've received from the government stimulus
that hasn't been going to pay rent.
Well, all you can do is
for them is you can actually fill out the application.
And you must have them sign the application,
it can be an electronic signature
or it can be a wet signature.
On top of that, you have to provide the tenant
with a copy of the application.
So of course they have to see this.
You just can't go out there and start applying for tenants
without having their information of course,
you have to collect information from them.
And there are some rules about making sure that
that information you collect is protected
so that it wouldn't be disseminated to the general public.
So watch where you store this information.
Don't leave it laying around on a laptop
that possibly you take into a repair shop.
And a third on that,
you can apply for rental assistance payments
that are awarded from the state or the Federal Government
to the rental obligation of the tenant.
So what it means here is that any money you receive,
you have to take those funds and it has to be used
to cover their rent obligations and their utilities.
And depending on the program that you apply for,
you'll find that some don't apply for utilities, just rent
I found and others will cover both.
But they're great opportunities for you
if you're a landlord to go in and take advantage of this.
And so also wanna say is that
if when you're making these applications
there is a priority that's given to individuals,
if there's more than one person in the household
that's been unemployed.
So if you have people or tenants
where there is an unemployed person there,
of course, you wanna make note of that on the application
so you get priority status.
Because again, there's 25 billion but that can go quickly
is depending on how many people are applying for this money.
Now, you're probably wondering
where do I go to find out in my state,
how I can take advantage of these programs?
Well, thankfully the National Low Income Housing Coalition
has put together a very extensive Google Doc sheet.
And guys, you can find this in the actual show notes.
There's a link to it there,
where you can go here and you can just scroll down
as you can see you can look for your state here.
Here I'm looking at Alabama, they have links to it.
They talk about tenant eligibility.
What it takes to apply.
They've got what you have to prove as well.
They've got all this pertinent information
so you can delve in here.
You can see what the funding amount is
they've been allotted
and you can just walk your way through this spreadsheet
and it's gonna answer many, many
if not all of your questions.
In fact, they got some other resources here in various tabs
down at the bottom.
And I would highly encourage you
that if you want to take advantage of this program,
you utilize this as your first tool
to start doing the research.
I can't say enough for the fact that
they provided all of these links.
It makes your job so much easier
when it comes to finding assistance,
not only for your tenants but also for yourself.
So you can make sure that all those costs that you have
that have been accumulating,
the utilities and the unpaid rent
you can finally get paid on that.
So hey, the money's out there.
Don't sit there and fret about it.
You can get paid.
You just have to take advantage of it
and go out there and make the applications.
And so that means having a good rapport with your tenants
and explaining to them the benefits of it.
That by doing this,
it's not only make sure that they're covered
'cause as you know that many of these instances
the tenants are still responsible for the rent
even though they haven't had to pay it.
And this way,
they're gonna have that cover.
They won't have that ongoing obligation
and as I've stated at the end of the day, you get paid.
All right guys, I hope this was a lot of information
to know about before and that you can benefit from this.
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All right, take care, everyone.
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