What to look for in the coming months

[Steve Meyers]

For those of you wondering what impact the election of Biden does to our current real estate market...here's a quick snapshot of things that MAY happen. Biden has proposed a few different policies that real estate investors should be aware of!

1. Assistance for renters and homeowners - Among Biden’s ideas is the hope to support first-time homebuyers by initiating up to $15,000 in tax credit.

2. Rent and Mortgage Forgiveness - Another concept Biden has supported is the notion of rent and mortgage forgiveness. Should it come to pass real estate investors could potentially struggle with tenants who are not able to pay rent.

3. Increased Tax Rates for Investors - Another proposal was Biden’s wish to eradicate the 1031 tax loophole for investors that have an annual income of $400K or more.

All of these listed above are only possible scenarios but it does not bode well for investors.