Originally posted by @Joe Seegers:you guys have to realize you should work with tenants,because if this last along time like 2008 ,you will realize what i mean.sure everyone should be able pay their rent with their stimulas checks.sure you might have to workout payment plans to they get them.but after that it might get rough ,if the goverment does not get people back to work.what choice to you have,a tenant you know,or a complete stranger without a job.alot of you where not around in 2000 and 2008.this market could get real bad.like now if you advertise a place you get a good responce to look at it.in 2008 you would advertise and hardly anybody would respond and if they did they wanted 1 or 2 months free rent.i would prefer to work with tenants now,and i can already  know which tenants its going to be.it will be the 10% of tenants you always have to remind to pay.90% of your tenants will find a way to pay.we  all know they signed a contract to pay,just be nice if they work with you,maybe stop late fees or reduce them.but to forgive the rent is another story,unless the goverment forgives our taxes.you got to realize now you should be in survival mold,for i can tell you if you make it threw their should be sunshine at the other end.because most new building is coming to a halt,most remodeling coming to halt ,most family being home more ,which maybe creates larger family,and when this done most banks will have even more tougher standards for a loan ,like 6 months reserve for a borrower.so down the road rents will rise probably more then before this crisis.so just hang in their and develop a plan you your situation.so look as this as a bump in the road.and if you live in wisconsin ,you should know by the amount of potholes we haveYUP you tend to have those posting who lived and worked through the GFC in a meaningful way.. and those that are post and this is just something they have no experience with and really dont know what is going to happen.. real estate is risk reward.. its not guaranteed income 

Don’t be afraid to ask more specific questions and expect to build meaningful relationships as your settle into your new home!

The challenge is that we don't have enough data yet to really look at the numbers and make any meaningful predictions or summations of the effect so far.There will likely be an increase in supply for the coming months in the Phoenix market, as the Covid crisis will undoubtedly push some homeowners in foreclosure, force some AirBnb investors to sell off some properties, and kick the iBuyers out of the market for now and force sellers to sell via traditional means if needed.It may be reasonable to expect a short-term recession (and I mean super short term, as everyone is hoping this will be over in 60-90 days), but it's not reasonable to expect a massive depreciation of home values or another foreclosure crisis like in 2008.Home prices in the Phoenix market have risen consistently since 2013 (like most of the country), but not outside the affordability range of average home buyer with a median home price of $265k or so.If the majority of average buyers can weather the storm with government aid and such, then we should be ok and bounce back fairly quickly once the pandemic subsides. 

My friend buys the note at like 50% remaining value.I don't really like note plays for just extracting yield on them I would want to eventually own the dirt if it came with real estate.

Like you said Attila now is a meaningful time for a lot of investors to look at how much they are leveraged.Something I've often struggled with is this...You start with one property, and you set aside a certain amount for future predicted expenses (vacancy, cap exp, etc.).

We try to have education and discussion with them and the banks The valuation and net equity numbers should at a minimum have an asterisk as the numbers you present could lead someone with insufficient knowledge to believe they have a good chance of being able to add an ADU as a value add, then refinance it at 75% LTV with conventional loan and with you valuation be able to extract all or their ADU costs and maybe all of their primary property acquisition. 

You must've established a meaningful relationship with the seller, and understood her goals, to get those terms.

So do not refi if you want cash flow, but for me I rather extract when I can and cash flow later.

Our local economy, by my estimate, is about 20% shipping/imports, 30% fuel production, and 60% petro-chemical (plastics, clothes, 95,000 different chemicals extracted from oil, etc).

Currently information gathering and looking forward to making meaningful connections here on this forum to achieve my goals while contributing to the success of others.