In the past I used to have a deed-in-lieu prepared in advance at closing should a default occur.

As you’ve seen with current events of the covid-19 pandemic, rental income or even a w-2 isn’t a guarantee.

While it's not the best time to be going out to networking events and such, if there are any investors in the area who'd like to chat online, please feel free to PM me!

This clause allows parties to back out of a contract due to "Acts of God" or by events that are outside the control of either party (flood, tornado, war, etc.) - consult your attorney to see if this applies in your case.Unless there's a valid contractual reason for backing out, your deposits are at risk. 

People need to remember that the buying opportunities from the last recession didn't really occur until 2009-2011, not 2008.

If this continues to occur on a larger scale, I'll wager $1000 on this being heavily regulated in the future especially with more and more inexperienced investors jumping into apartment syndication. 

In the event that I nor my renters have jobs I can still pay all my bills for more than 6 months with my HELOC.

But yeah, this is going to be a long term event so maybe good to hold out for a bit :)  

My consultation with a zoning attorney yielded this response:As I mentioned briefly when we spoke yesterday afternoon, the “grandfather” provision in the Knox County zoning ordinance (Section 3.60 “Nonconforming uses”) that the lender appears to be referencing requires a showing that the existing land use was lawful at the time when a prior zoning change occurred (that resulted in the current use being rendered unlawful).

To the best of our knowledge, the courts will continue to accept eviction filings, but the lock outs will not occur until after May 1, 2020.