Finding tenants during covid-19

[Shai Flax]

Hi everybody!

It's my first post here in BiggerPockets. My name is Shai and I'm an out of state investor in Pittsburgh.

I was looking for a while for a rental property and just found one in a great area with great numbers.

I would really appreciate if you could help me with a few questions - Is it a good time to buy a rental property? Are there any people who are looking to live in rentals or people are not really moving anywhere? Does anyone has experience in this situation from the last few weeks?

Thank you in advance and stay safe!

[Abel Curiel]

Originally posted by @Shai Flax:

Hi everybody!

It's my first post here in BiggerPockets. My name is Shai and I'm an out of state investor in Pittsburgh.

I was looking for a while for a rental property and just found one in a great area with great numbers.

I would really appreciate if you could help me with a few questions - Is it a good time to buy a rental property? Are there any people who are looking to live in rentals or people are not really moving anywhere? Does anyone has experience in this situation from the last few weeks?

Thank you in advance and stay safe!

Hello Shai and welcome to BP!

This is a tricky time to purchase but there are some benefits - i.e. low interest rates, properties sitting on the market due to COVID, and anticipated high rental demand since FHA has tightened up lending requirements.

We haven't seen much of a decline in rental inquiries for the apartments we are listing. I highly recommend utilizing virtual tours for the time being.

Due to many people losing their jobs and NY's already tenant-friendly laws, we have been recommending our clients consider filling their vacancies with Section 8 tenants. I mainly recommend this strategy to prospective new investors who are concerned with rental income during economically uncertain times like this.

Of course, there are other ways to insure you get a quality tenant.

Best of luck to you moving forward!

Abel