All Forum Posts by: Scott Kimberly

@Robert Harpster

Honestly? I have not. My big roadblock to real estate is the money. I don't really have any means of buying anything real estate related. I don't have rich parents or friends or anyone within the sound of my voice to help. It is what it is. 

My current finances are comfortable. I have plenty of money to save and get by and live a very comfortable life. It is very hard to risk any part of that when there isn't a burning need to get into real estate right now, other than my own desire.

Don't get me wrong, I am still on this path, but its a lot longer for me than it would be for others. I have to solve my problems on my own and I am enjoying that process and learning a ton along the way.

Man, what a good post!

You have to come back around to "why are you doing this". Which you essentially hit on. 

Great things to point out, its not all about vast wealth or sitting around doing nothing all day because you're so rich.

I think it's very hard to guess when the bottom is because the markets are entirely divorced from reality. 

Unemployment is 20%-25% and the market keeps moving right on up. 

Personally I don't think the bottom will be until a few months after the mortgage deferments end. As far as I've heard, once it's over, all of your deferred payments will come due at once. There will be a rash of foreclosures and refinances. Depending on how big that mess is, or if its a mess at all, will dictate the bottom. 

Of course, as others have said, there isn't really any way to know while it's happening. 

I think its a lot more complicated than "the fed made-up money, now there's inflation". 

Fully 10% of the workforce filed for unemployment over the last 3 weeks. 1/3 of all renters didn't pay rent this month. Oil prices are way down, but the markets have bounced back considerably because "reasons". I haven't heard any statistics on the number of mortgages being deferred or going unpaid. 

It will probably take a year or more to sort out what happened over the last few weeks (and is still going to be happening over the next few)

I mean. They should. Having a 6-month emergency fund is sound financial advice isn't it? 

First of all, it's not a false equivalency because the tweets are about how landlords reacted to a change in the market. The market conditions absolutely matter because if they only work in a bull market, surprise! Your investments are bad.

Secondly, it doesn't matter if the original tweeter knows that or not. You know why? Because investing in real estate is optional. Its an investment. All investments have risks and if someone refuses to acknowledge even the extreme outside risk, like an economy ruining global pandemic, it's still on the investor and no one else.

@William Coet no.

Mostly because that doesn't make any sense. If anything you're reinforcing my argument by failing to admit that real estate investments can go bad.

I realize that its almost anathema to this community, but real estate doesn't always go up endlessly.

@Douglas Graves 

The point is that no one should be so hopelessly dependent on one thing that they are screwed utterly when that thing vanishes. Landlords don't have to help tenants, but it's in their own best interest to do so, otherwise, they will certainly face vacancies or damages from eviction, plus eviction costs themselves.

Tenants don't have to help landlords because landlords need to be prepared for all of their risks. But, then again, it might be in their best interest to try to solve some of their own problems with maintenance or help out their landlord to ensure they have a quality home. 

@Danny Grey i cant say i disagree with those tweets. 11 years of a bull market and explosive, ridiculous, speculative growth is a hell of a drug for a lot of people.

From CNN about multifamily: 

"The US Federal Housing Finance Agency stepped up today to protect renters in multi-family properties.

Fannie Mae and Freddie Mac will grant owners of multi-family properties who are "negatively affected by the coronavirus national emergency" forbearance of mortgage payments -- as long as they don't evict renters who are unable to pay their rent because of the coronavirus impact.

“Renters should not have to worry about being evicted from their home, and property owners should not have to worry about losing their building, due to the coronavirus," said FHFA director Mark Calabria in a statement."