I don't want to sound callous, which is what all the people freaking out irrationally keep calling rational people, but it's REALLY not turning out to be a big deal.

Many people have an irrational attachment to them.

Put simply, no one really knows for sure what these buildings are worth right now.Eventually, as a few deals are done, we will start to see a large enough sample size to begin feeling more confident in the new market conditions and word will spread to sellers that it may no longer be viable to expect the price levels that marked the irrational exuberance at the end of the previous expansion.How This HappensAs a result of the pandemic we are already seeing decreased consumption across US markets, which results in decreased revenues for businesses, which results in less money to pay to employees.

Thus, cash is king, but not in the sense of 'I have a high cash flow rental', but I have the cash to weather six months of market irrationality, whatever the source. 

Just in case they do something irrational, take pictures of the new fence.

Sentiment can be a huge driver for irrational decisions.

Global pandemic, civil unrest, irrational stock market, and an unleashed fed making the money printed go BRRRRRRRRRR..

If the LP has other investment options, I think they're more likely to choose your transaction over another based on their relationship, confidence and communications with you and team rather than a difference of 1% pref or projected IRR.  At

Where I do agree with John is that many of the south suburbs are very poorly mismanaged and have very horrific and irrational real estate regulations -- you will not want to deal with the municipal officials in many of these towns while doing a rehab, particularly as a rookie 1,000 miles away.

To your point, even if it’s not “fire sale” prices like 2009-2011, they won’t be irrationally high either.Good luck, and thanks for posting.