All Forum Posts by: Tim G.

Considering the countries showing the most promise for re-entering a life of some sort of normalcy are the ones who took the strictest measures of lockdowns and testing. I wonder why we would choose any other path. 

These times are beyond belief, its down to life or death. People outside and risking higher deaths or home and hopefully reducing the loss. Makes me feel like my financial needs aren't that important.

For those having a harder time navigating this experience. Once this event passes and life returns to some form of normalcy. Do you think you'll continue being a landlord? Or has this experience shown you that this isn't something that is a good fit for you handle? 

I could see it going down in my market. There are many short term rentals that could switch over, increasing competition. There could be a combining of households to help recover financially from current events. Meaning higher vacancies and again, increased competition from landlords wanting to fill these vacancies could see a drop in rents. 

The other interesting factor will be in the selection of tenants, renters placed into two categories... Does your line of work survive quarantine shut downs or not? The ones who don't being less desirable, higher risk tenants. The ones who do, likely having their pick of where they rent and better rates due to security. 

I'd guess a 10-15% drop could happen easily. 

 Thank you, I'm really proud of the workmanship and design

Yeah it could be, and with protection laws set in place someone could move in and not pay you and you're stuck. If you were ask me, when is the worst possible time to buy a property to rent I'd say, during a global pandemic. 

The first buyer walked, the listing agent is doing their job but the value has changed due to circumstances and its safe to say we don't know yet, how much that value has changed. 

I had a flip planned to complete early to mid March, when things started looking more serious mid Feb we rushed it done. Accepted an offer right away and incentivized the buyers with $10k to close 9 days sooner (we closed 3/27). So, you can see I was of the mindset I'd prefer to hold cash right now than a vacant house. 

There is still activity and deals going on in my market although MUCH less. But... personally I'd try and sell now. If it doesn't sell, revisit on the other side of this. Here are the factors in why I'd try for now. 

1. Prices are probably going to go down, either from fall out or the inventory that all hits the market once they can begin selling after this is over. 

2. Lending is likely going to tighten up more and more making it harder to get loans. 

3. There are likely more layoffs coming and that will reduce buyers. 

4. No one is going to think your DOM are unusual even if it doesn't, we're in a pandemic.. 

You've got nothing to lose by trying now, just my opinion. 

You don't have enough reserves. 

Knowing how the current tenants receive income is necessary now to understand viability of employment. 

There is a high chance rents are going down once this is over. People leaving and combining households to trim expenses and recover. 

We have no idea when the end is in sight for this situation, the odds are very high better deals will present themselves on the other side of this. 

If this is true, a nurse.. fired for catching this virus and being in a position to not pay rent now... I am so embarrassed to be an American right now. 

I have a suspicion these posts saying to go for it and this will blow over are going to age like milk. We are about to see unemployment numbers of astounding proportions. Virginia just extended stay at home orders til June. 

Where is there any data showing the linear curve going anywhere but up on new cases and deaths. This does not seem to be taken seriously, but this country has a knack for ignoring science and data. 

Wait, this isn't a good time to buy a house or find a person to rent a room with. Timing is everything, the odds are greater it'll be a better buying environment in the future than it is now.