Advice for being patient? need advice ASAP :)

[Kirk R.]

I've been hunting for a deal lately planning to use my HELOC.

Seems like there is more demand than there will be around the holidays.  Because:

$1,200 stimulus money.  $2,400/couple +$500/kid

+$600/week unemployment til July 31.

Interest rates have dropped alot.

People that kept their jobs may be working from home & have time to buy. 

Tenants should be cash rich (EXTREMELY if their rent is canceled) now altho by Christmas probably will have blown all their dough waiting for 2020 tax refund in February. 

on decreased demand, most bankers aren't loaning til people show that they are back to work.  Banker told me no dough til I'm back to work. 

So Guess I'll just try to be patient & work on other ventures? 

Or maybe SFH aren't right place to be focusing?

[Scott Passman]

Despite there being 33 million unemployed right now, because of all the things you just listed (stimulus check, enhanced unemployment, special forbearance periods etc) we aren't likely to see a great deal of opportunities in the markets yet. Once people have to start paying again and some of the enhanced benefits from the government subside we will start to see how many people are in financial distress. Most likely, the real deals won't start coming until late 2020 or into 2021 depending on what type of policies the government pass and how long all these lenders can allow people to hold off on paying their mortgages. At some point banks and lenders will need to collect. Stay patient, work on accessing sources to capital, bolstering credit score, improving DTI etc. so when the opportunities do present themselves you're in position to capitalize.