All Forum Posts by: Scott Rogers

It will be interesting to see what the post COVID-19 economy looks like.  The majority of people that I talk to are sure that things will ramp right back up to normal with 6-9 months.  Really??  Companies will be required to re-hire some of their workforce to comply with the CARES act loan rules.  But not every employee will be re-hired.  The transition to a remote workforce was pretty seamless at my company and has management questioning how many face to face meetings with customers, vendors, peers are actually needed. We won't be flying or driving nearly as much as pre COVID-19.  I know my family will continue to social distance to some extent for the next few years at least.  My rental income for April was not impacted in April but I see that being impacted during the summer as people realize that $1200 isn't really that much, the stock market continues to lag and the job situation fails to improve.  

Given his age and financial position I would not be looking at growth.  He would be in survival mode.

Keep what he has in cash and look for as much assistance as possible.  Those of us who are in better situation pay a lot of taxes and donate to worthy causes.  Reach out to family, the government and local charities.  

There will eventually be jobs available but until then it's time to hunker down and make it out the other side.

I am not sure about the 401k but for IRA money if you pay it back within the 3 year window you avoid paying taxes on it.

I own some DRV (-300x RE ETF) as a hedge.  Hoping for the best but preparing for the worst.  

Haven't experienced any impact from my rentals yet but it's still early in the game.  

Hello @Sheree Wegenke

Congratulations on the duplex. I have watched GB properties on the MLS and have seen some good deals go by. I have been told there are some rougher areas in GB so you have to be careful. What class would you say your property is in? (B or C)

What is the rent on the occupied side of the duplex if I might ask?  Curios if it makes the 1% rule (of .5% in your case).

Thanks

Scott

I don't have any experience related to selling a house.  However I have just learned the hard way that trying to rent a space in Wisconsin in the winter time is not fun.  Less competition because all of the smart landlords have 12 month leases that run summer to summer.  But definitely harder.  Again, not a shocker.

@Randall Weatherall Yes, you are correct.  I should deal with it now since I want to keep the duplex for a while.  Sometimes when the numbers look really good there is a reason.  You are not going to get the current going rate for the 3 BR/1 BTH in that area because of your "special situation" or you will have a large expenditure to correct it. 

Thank you @Crystal Abing, I appreciate the feedback.  

@Cody Merkes  It's not easy to get into "the club" right now with so many buyers around looking for the same deals. Try and make yourself stand out somehow.  "The guy who pays 5% more than others",  etc.  Or go find the deals yourself with some marketing and leg work.  

 Yes, this rental was an experiment with a PM company.  As much as I am not excited about dealing with tenants and maintenance issues, I have been underwhelmed by the PM so far.  I think I am pushing more leads to them from FB than they are getting themselves.  I realize that with me only have 2 units under management I am not a high priority.