@Michelle Backer
I am a Real Estate Investor with 2 decades of experience buying only in Brooklyn and have a Portfolio of 10 Brooklyn Properties in Ditmas Park, Windsor Terrace, Clinton Hill and Bed-Stuy.
As of today, I have NOT had issues with tenants unable to pay rent except for some small situations such as a Canadian tenant that wound up being stuck across the border to renew her Visa as the Border was shut down as well.
Obviously, lower income neighborhoods will have a much different experience, which is why I buy only in A to B neighborhoods in Brooklyn.
I would like to suggest you go to Brooklyn Bridge Park on a nice evening, if you have not already done so.
It really is AMAZING the amount of wonderful people enjoying the amenities in Brooklyn. The exodus as has been proposed doesn't seem to be impacting my properties and I have been re-renting several apts between 3 months ago and Now.
That being said, the notice to leave for 3 of my apts are due to moving out of Brooklyn from those that came here out of State. But I don't blame them at all considering that they want to be closer to family right now.
So while I have to do more work to re-rent apts, I'm actually getting higher rents for my specific buildings.
I believe that's the case because High Rise Elevator Apt Buildings are now seen as too dense during a Pandemic. When you step into an Elevator you cannot social distance. Imagine if someone sneezes in an Elevator with you?
I had just listed one of my apts in Clinton hill early this morning for a 1 Bedroom, Balcony Apt in a Brownstone on the Parlor floor that was previously rented for $2,400 for $2,500.
I just got 5 inquiries from tenants that already mentioned to me that they have good qualifications (ie... one is a Psychologist making $150k with an 800+ FICO... etc). I have set up 3 appointments and it has not even been 24 hours yet.
I think if you are Investing in the right areas AND are priced right, it's difficult to go wrong.
I have survived at least 3 Major Crisis in NYC. Those were the Dot Com bust on Wall Street, 9/11 and the Financial Crisis.
I guess I'm used to it, but the Pandemic is just another Crisis to me in which I will be just fine!