When their young family outgrew their first home, some friends of mine decided not to sell it. Instead, they kept it as a rental, finding they were able to cover the mortgage and repairs and still end up with a little extra each month. This small venture into landlording has been a boon. Yet when the pandemic hit, it became a serious risk.
Like many places, my state of Minnesota was under an eviction moratorium even before then-President Donald Trump issued and President Biden extended emergency renter protections at the federal level. If my friends’ tenants had stopped paying rent, they couldn’t have been evicted.