COVID Considerations for New Buy and Hold: occupied or not?

[Carolina Selva]

Hello BiggerPockets community! I hope you're all healthy and enjoying continued success. I'm getting ready to start looking for deals on my next investment: a cas-flowing long-term buy and hold rental SFR or MFR in Chicago, Philadelphia, or Troy/Albany, NY. I don't want the current pandemic to stop me or slow me down, but I want to be cognizant of the issues.

My main question is, if I don’t plan to do a tremendous amount of work in the new property, but I am willing to do some cosmetic upgrades, does it feel safer to buy something that’s already occupied and has good tenant history… Or some thing on occupied where I can be sure tenant selection is stringent?

Will you share your thoughts with me? Also, I will soon be looking to build teams in these markets, most likely in Chicago first… Since I’ll be dropping my son off at college (hopefully) in late August. Feel free to connect with me if you’re there!

[Alex Uman]

I would definitely pay attention to the Philly market. I may be biased living and working here but pay attention to the population growth, development and property evaluation. The pandemic may have slowed us down in the beginning but as of late the market has really started to pick right back up.