All Forum Posts by: Jennifer S.

Absolutely you should do what is best for you. Do not let anyone pressure you into closing early if you do not feel comfortable.

It could be a multitude of reasons why the seller wants to close sooner - they don't want you to back out as has been mentioned and know that prices will drop, they need the money due to being laid off, don't want to be stuck with property tax burden, they don't want to deal with the hassle of trying to rent it out when it's extremely difficult to find tenants right now.

Desperation is usually a deal breaker along with all of the above.

I have two newly acquired units I'm trying to rent out. One, I'm confident will be completely rented out because I knew someone who wanted to move in and just needed to find roommates. I've had maybe 15-20 people contact me so far, and the most promising contacts just drop off. I've only had three showings so far. Not sure if it's just that no one wants to risk moving somewhere new, the price is too high given how many people have lost jobs, or something else. Anyone else running into issues?

@David J. You may not be able to evict her yet, but you can definitely tell her you will give the poorest reference possible to anyone she tries to rent from in the future. I can't imagine anyone will want to rent to her. You should also mention that she is being disrespectful not only to you but to your other tenants who legitimately have issues paying and who want to pay and are actively working with you. That might be enough to get her to realize how stupid she is being. This is a Varsity Blues cheating scandel-esque slap in the face to good tenants who play by the rules. 

For everyone talking about risk, this situation we are all in is so rare it's not really something you can screen for. You can rent to someone who exhibits all signs of being upstanding, but the fact is you never really know someone's true character until it itself is stress tested. But now that we know what some people are capable of, we can and should plan.

I would not be surprised if we start to see riots in the streets if these lockdowns last into June. People's mental health is going to start suffering.

Am wondering about this as well. We are about to list two rental apartments for leases starting as early as May. Our plan is to take an absolute ton of photos so people can get a good sense of the units ahead of time, cast a wide net for finding tenants, and do some prescreening up front. Pricing and up front rent/deposits are going to be very tricky as many people are laid off. 

@Victor Vella

Did you have to reduce your rental price at all compared to pre-virus market rate?

Up here in Boston, we are under contract for a multifamily house and will have two units to rent for annual leases (not STR). I'm wondering if we will still be able to rent at pre-coronavirus rates or if we will need to reduce a smidge to get the units rented amidst a lot of unfortunately newly unemployed folks and/or people hesitant to move. Am curious to hear what folks in other cities are experiencing in that regard.

Currently in an inexpensive online MBA program right now. Honestly, it was the best decision I ever made. I've learned so much stuff that has proven useful and has been eye-opening. It has definitely helped me to get out of the "worker bee" mindset and start thinking about long-term strategy both in my job and outside. If you can handle the course load and your employer is willing to pay for it, you should go for it.

Multi-family investor here in the Boston area. We exist, I swear! Would love to connect to other women investors!

It never occurs to some people to dream big. They are like hamsters on a giant hamster wheel and can only see what is right in front of them. And others are just risk-averse and afraid of the unknown. And other people just blindly accept conventional wisdom.

Don't listen to naysayers. But listen to the people who can give actual advice and speak from their own experience (not just a story about their brother's cousin's friend's aunt's pet).