CDC Eviction Moratorium - USE THIS FORM

[Nathan Gesner]

I'm still seeing a lot of Landlords that don't realize the eviction moratorium includes Tenant requirements. If you have a tenant that is not paying due to the Eviction Moratorium, use this form to document the situation. If they are unwilling to complete the form, that can be used as evidence against them later on. The form includes resources for additional information or assistance.

https://www.cdc.gov/coronaviru...

[John Clark]

Originally posted by @Phil Davies:

I've been considering property investment for a couple of years now.  I was ready to pull the trigger a year ago but then Covid hit and I feel like I've dodged a bit of a bullet with the ludicrous eviction moratoriums in place.  Does it make sense to move forward now, or should I wait to see how the eviction bans (Fed & States) pan out moving into the summer?  

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Wait, for longer than this Summer, for two reasons: First, as you say, you need to see how the eviction moratoria play out, and; Second, you want to see how the foreclosure moritoria play out.

The eviction front will put a lot of inventory on the market and rents will go down. That will give you a better idea of what you can charge for apartments and therefore what you can pay for a building. The foreclosure front will put inventory on the market as banks foreclosure. The two combined will put more inventory on the market as small scale landlords quit the business because they are fed up with being abused.

Use this time to investigate the areas and neighborhoods you want to be in, and to develop your policies and criteria for those neighborhoods. You will read a lot about people here insisting on WRITTEN screening criteria. That's nice, but investigate credit score cut offs, employment screens, pet/prison/income criteria, how to recognize necessity moves (probably stiffed the old landlord), etc. etc., and work up your own criteria, consistent with local laws. Work also on your financial models -- those will change depending on the neighborhoods you want to be in. Find examples of failed financial models and figure out why they failed. Find good models and figure out what made them good. That way, when inventory starts coming on the market you'll be able to buy at a good price properties that you know will work for you.

Finally, start small. It's important to start, not to get big quickly. Grow with experience.