All Forum Posts by: Bob Woelfel

Curious to see if things ever got better for you on this rental listing?  We are in the same spot.  Zillow used to be where we got 75% of our leads and tenants, but I'm seeing the same thing.  Potential tenants contact me using one of the automated features and I respond only to never hear from them again.  I like some parts of technological automation, but I'd like to at least talk to the tenant and screen a little before I show it to them or let them apply.  Call me old school I guess.   We are paying $10 a week to list with Zillow and the traffic appears to be way down as well.  I know it's Thanksgiving week, but something feels different.  

@Timothy W. well the WHO did declare a it a global health emergency on January 30.  Question them all you want, but you can't say we weren't warned.  

@Joshua Myers I think a lot of people had a very good understanding a week ago about what was going to happen.  I don't think the numbers from the last few days should shock anyone as medical experts have been saying for weeks that this is going to happen.  

I'm honestly trying to be diplomatic here because I know that's what you were trying to do with your post, but as it pertains to the President and opening by Easter I'm not sure he's the guy I'm going to listen to about this.  Not meant to be a political statement, more of just a statement of fact about what was said on the record.  

While it is encouraging that most people posting are getting their rents for April (we are expecting most to come in as well), I would temper enthusiasm as I think the real test is going to be in future months.  The stimulus will realistically only get most people through another month and then after that is when things really get challenging.  I'm looking towards summer and fall months to really see the fallout of this.  There are a lot of other sectors of business that are starting to feel these restrictions now and more layoffs will happen.  Not trying to be buzz killington here but I think it's pretty early in the game.  Save your cash...hopefully we won't need it.

@Bill B. using your source you are actually incorrect.  Daily deaths the last four days in the US are as follows....113,141,225 and 247.  Not sure where today (March 26) will end but daily new cases are following the same trajectory.  

https://www.worldometers.info/coronavirus/country/us/

I'm also not sure why you made a point to call me out when @Brad F. above said cases had peaked with only "64 cases in the last few days" without citing where that information came from.  Unless I missed something in his post it's completely untrue. 

And yes lots of people die every day of various things.  The point that so many people are still failing to realize and I'm not quite sure why is what happens if this gets really big and thousands start to die every day?  You may not care or think that's possible, but do you really think our government would essentially shut down our economy for a month just because 100 people are dying a day?  They clearly have seen what's possible if they don't take drastic action.  Now we can debate what that will do to real estate all day long, but if we can't agree on the same set of facts about cases and death then what's the point.

Not sure where people are seeing that cases are on the decline or have peaked.  We are essentially doubling the number of cases and deaths in the US every 3 days.  If that trend continues things get pretty ugly in a month or so.  We will be well over 70,000 cases and 1,000 deaths by tomorrow.  I don't pretend to know what that's going to do overall, but it doesn't sound great.  Hospitals in some of the hardest hit areas are starting to really get stretched by the sounds of it.  In my humble opinion based on what I've read this is just getting started.

Thanks for the info.  The seller gave us a credit at closing to cover a month of her rent.  Honestly thought I wouldn't hear from her based on everything we knew at closing and talking to tenants over the past few weeks.  Was fairly surprised to hear from her yesterday.   

We just purchased a small multifamily building.  One of the tenants in this building is never there....as in for weeks we thought it was abandoned.  None of the other tenants had seen her in over a month.  She rarely if ever sleeps there and doesn't come back to the unit for weeks at a time it seems.  We've owned the building for 3 weeks now and she first contacted me yesterday.  She wants to stay although was way behind on rent with the previous owner.  Her water was cut off as well.  Aside from her issues in paying and being a responsible tenant i'm looking for blind spots here.  What issues might come up with a tenant that is never occupying the unit?  I'm aware of utilities and issues there, but I'm just wondering how big of an issue should I make this with her.  We were going to evict and still might, but I have a meeting with her to discuss her tenancy.  Any thoughts are appreciated.  

You could talk to a commercial lender with a local or small regional bank in your area. Many will not have seasoning. We have refinanced out of a number of BRRRR properties we've done in just a few months. Good luck.

@Diana Rivera there are no blanket statement loans out there. Some HML will require a penalty, but many won't. Shop around and find someone in your local market. Good luck.