A wealth of knowledge shared here, thank you everyone. I've read your response at least twice and each time I read it there's new information I see. Now that I have plan how to weather the coming tsunami, @Fred Cannon open a new avenue, the future of RE investing with non-paying renters. So if you evict your renters, they would need another place to rent and since they haven't paid during the pandemic, I wonder if another Landlord will accept them. What will happen is there's a big exchange of delinquent renters between Landlords. Well, that's not our topic.
In Summary,
We should not just ride the appreciation but invest for the long term.
If we're caught up, we could either dump the property and buy at the bottom, do a loan modification or ride it out (depending on which is best for the property).
SFR's seems to be better suited for the downturn than MFR's.
Leverage does not equal genius. Warren Buffett would agree. He said there's two things that will destroy a man, Liquor and Leverage.
Focus on cashflow and other fundamentals.
Cash is King during the GFC because lending will stop.
@Luciano A. that's how I feel right now, FOMO. Thank you for pointing this out. I would bid 20% higher just to get a property.
@Steve K. how would you know that a market has poor fundamentals, you mean the neighborhood, income, school, migration, jobs, crime, appreciation?
