To wait or to waaaaait...that is the question!

[John Ed]

I've been strongly considering getting a rental property. Duplex perhaps? I'm still interested but my interest is fading. I'm all about waiting until there's "blood in the streets" but with Govco. dropping the hammer on landlords, declaring  "thee shall not chargeth thine renter a dime!", I'm not so sure there can be enough blood to entice me to buy. I have my reasons as to why I believe the housing market is due for some down time so to speak, one being this moratorium b.s., therefore I believe a better time to buy will present itself in the near to mid-term future.

Has the government in the USA ever done this? No. It's nuts and frankly doesn't sound constitutional but I am no lawyer.

I'd think a site like this would have 50% or more of the new posts talking about this daily. Are all the landlords that are still getting their rents the ones that are still active on BP while the rest are attempting to salvage their overleveraged portfolios? 

[Christopher Contento]

Hey John! I would buy right now and buy as many as you can...I bought my first rental in February of 2018...we now have over 20 properties (47 units total)...I own some myself and some 50/50 with partners. We've done BRRR's, private deals, Owner holds, traditional mortgages, etc. I've kept my W2 through all of this and have a 5 year old, 3 year old, and 3 month old...I even started a little construction company geared towards investors along the way...my wife was able to stop working in September of 2019 and I am EXCITED about the future and it's all because of real estate! NONE of this would have happened for me if I didn't get out of my comfort zone and make that first purchase...if you have any interest in real estate at all, figure out how to go out and buy something! And if you like it, buy another...If you buy a place that cash flows ($200-$400 unit) it really doesn't matter what the market does, or if Covid comes back, or if interest rates go up, etc. It's simple math...We focus on B class properties, in Buffalo these cost between $70k-$150k and demand rents from $750-$1,000/unit. There is a huge demand for rentals like ours and there always will be...My suggestion would be to find a great B class property, purchase it and make every effort to be a great landlord. Good luck!