{"id":11133,"date":"2020-04-10T19:02:53","date_gmt":"2020-04-10T19:02:53","guid":{"rendered":"https:\/\/udirectira.com\/?p=11133"},"modified":"2023-07-18T19:10:07","modified_gmt":"2023-07-18T19:10:07","slug":"collecting-rent","status":"publish","type":"post","link":"https:\/\/udirectira.com\/collecting-rent\/","title":{"rendered":"Covid-19 and Rent Collection"},"content":{"rendered":"<h3>Did the tenants in your IRA-Owned property pay rent this month?<\/h3>\n<p>Nearly a third of U.S. apartment renters didn\u2019t pay any of their April rent during the first week of the month, according to new data to be released April 8, 2020 by the National Multifamily Housing Council and a consortium of real-estate data providers.\u00a0 You can check out their Rent Payment Tracker <a href=\"https:\/\/www.nmhc.org\/research-insight\/nmhc-rent-payment-tracker\/\">HERE<\/a>.<\/p>\n<h3>Be aware of the IRA property management rules for your state, county, and city.<\/h3>\n<p>When it comes to managing your IRA rental property during this precarious time, there are a few things you can do to ensure delinquency doesn\u2019t affect your passive income. Here are some of the steps you can take and IRA property management tips:<\/p>\n<ul>\n<li>Take stock of the situation. Consider the\u00a0tenant&#8217;s\u00a0payment history<\/li>\n<li>Call or visit the\u00a0renter.\u00a0Get\u00a0in touch quickly to find out why they didn&#8217;t\u00a0pay\u00a0the\u00a0rent<\/li>\n<li>Pay\u00a0or quit notice. In most states, your IRA\u2019s property manager can serve the delinquent\u00a0tenant\u00a0a\u00a0pay\u00a0or quit notice as soon as the\u00a0rent is\u00a0past due<\/li>\n<li>Pay\u00a0the\u00a0tenant\u00a0to move out<\/li>\n<li>Ask the tenant to investigate housing assistance programs<\/li>\n<li>The tenant can check with their employer to find out if they have any unused Sick-Pay (PTO) to or if they can take a 401(k)-plan loan to provide additional funds for rent.<\/li>\n<li>If there is no eviction moratorium, then that is an option.<\/li>\n<\/ul>\n<p>With IRA property management, it is important to remember, all expenses of the IRA need to be paid for by the IRA. These expenses include eviction proceedings if necessary and include any loan servicing costs if your IRA holds the note on the property.<\/p>\n<h3>Contributing to Your IRA<\/h3>\n<p>During these uncertain times, if you find your IRA running short remember the <a href=\"https:\/\/udirectira.com\/contribute-to-account\/\">2020 contribution limits<\/a> were raised.\u00a0 For Traditional and Roth IRAs, you can contribute $6,000 if you are under 50 and $7,000 if you are 50+, should you qualify to do so.<\/p>\n<p>So far there are no government loan programs that IRA-owners can take advantage of.\u00a0 The SBA loans being made to businesses cannot be made to an IRA or 401(k) accounts because IRAs are not <a href=\"https:\/\/www.sba.gov\/funding-programs\/loans\/covid-19-relief-options\/covid-19-economic-injury-disaster-loan\/about-covid-19-eidl\">&#8220;Eligible Entities&#8221;<\/a><\/p>\n<p>If your IRA has a non-recourse loan on a property, check with your lender about any leniency they are willing to extend on the repayment of loans during this crisis.\u00a0 Perhaps they will be willing to add the payment to the \u201cback of the loan\u201d and extend the maturity date.<\/p>\n<p>Check with a component tax or legal expert when making decisions regarding your Self-Directed IRA.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Did the tenants in your IRA-Owned property pay rent this month? Nearly a third of U.S. apartment renters didn\u2019t pay any of their April rent during the first week of the month, according to new data to be released April 8, 2020 by the National Multifamily Housing Council and a consortium of real-estate data providers.\u00a0&hellip;<\/p>\n","protected":false},"author":5,"featured_media":9212,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Covid-19 and Rent Collection | IRA Property Management<\/title>\n<meta name=\"description\" content=\"With these uncertain times, it\u2019s important to understand rental rules for IRA owned property. 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