Your Cash Flow During This Virus Crisis and After
78% of American Workers are living paycheck to paycheck (and the 22% who are not are probably not renting).
With so many businesses laying people off, and 10 days until the end of the month it's going to get real serious real quick, especially when no evictions are allowed.
If you think your renters can afford to "Wrap" the missed month(s) payments into their future payments--78% of them are going to have a tough time keeping that promise and remaining on time and in full with their payments.
Section-8 probably won't be hit as hard by this, (it's basically a 2nd parallel US economy) "Cradle to Grave" free government handouts.
What are your thoughts on this?
Most Popular Reply
- Real Estate Broker
- Cody, WY
- 41,511
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I believe the threat has been greatly exaggerated but it's a train that can't be stopped.
Nobody can predict how long it will last or what the impact will be. What we do know is that a majority of individuals and business owners are woefully unprepared financially. In one week, individuals were already screaming for handouts. It's been two weeks and I'm seeing a large number of businesses owners following suit.
The economy has been booming for years. Why don't people set aside just 10% during the good times to prepare for the bad?
I've watched business owners brag about growth and now they're applying for loans and hoping Uncle Sugar bails them out. Individuals have spent their money on fancy cars and pickups,but now they can't afford to go without pay for two weeks?
COVID is pulling back the curtain and exposing the pretenders. Many of them will crash and burn. Those that spent the last few years living wisely and preparing for a rainy day will not only survive, they will thrive as they buy out the weak.
- Nathan Gesner
