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Updated almost 5 years ago on . Most recent reply

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61
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Patrick Crehan
46
Votes |
61
Posts

I was about to rent my first property out until....

Patrick Crehan
Posted

Hello BiggerPockets community! So I have an issue... I think. Here's what it might be: 

I recently purchased my first property (in Cincinnati OH) last July to live in and eventually rent. The house is perfect for rental, for it was a very cheap, but manageable in terms of fixing up, which I did. The house is in great shape now and ready for rent. I was excited, for I had plans for about this time of the year to start looking at new properties and to fit a renter in to the house I just fixed up. Everything was going as planned and on schedule... I have my money saved up for a next property, the property I own now is ready for rent and all of a sudden........ COVID19 GETS IN MY WAY... or does it? Iv'e been debating whether or not this whole pandemic had really effected me from moving on with my plans. I recently talked to my finance guy and he said that government backed loans may be getting a little more stricter and it may be harder to get a loan in general. But, I am still working at my job, my credit score is around a 700 (which I consider ok, especially if I wanted to get an FHA loan), and I have plenty of money saved up for another property. Here is where I could see a problem: Finding a renter to rent out my house I just fixed up. I mean, people are still renting out apartments and houses, but I assume the number of people searching for a new rental has declined immensely. I am in no rush to leave my property, but I do like to stay on track with schedule. That being said, I do not want to delay this process the whole entire summer and surpass a potentially hot market. So BiggerPockets community... what should I do? Delay my goals, or pull the rope and give myself the ok for a full steam ahead? Also, what could be the most obvious negatives and positives for opening up a new rental or purchasing a new property during the COVID19 pandemic?

Generic info:

Single family house in cincinnati OH for rent

Rent would be 1200

Looking to purchase another property in which I would be living in for a while. (one with a good school district and good neighborhood, wink wink).  

Thanks guys 

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