"I feel like the 2008 financial crisis was just a dry run for this,” said Kenneth S.

So loss making start ups were already facing increased scrutiny and funding was drying up.

It's totally possible that they either  (a) buyers/seller are appropriately scared and prices reflect the actual risk or (b) sellers of hotel real estate aren't particularly spooked by coronavirus and, combined with low interest rates + institutional "dry powder."

If you are relying on HELOCs associated with either property, those may dry up (never happened to me, but can) but beyond that, mortgages don't have calls on them like margin calls on equities.

- If I send a lease renewal, it feels more cut and dry.

>>> If you don't do this, you may very well find dead rotting stinking animal carcasses ruining the carpets and sub-floor when you are able to turn the unit, plus it's just the right thing to do.Good Luck!

These lenders have dried up a lot over the past 2 weeks so be very specific with your needs when approaching them.

The issue is, the one unit has no carpet, no trim, small bathroom subflooring rot from a toilet leak, and the outside of the building needs new paint.

Just sitting there rotting away.

It seems like a high percentage of the hard money lenders have dried up.