Bought when Covid was starting but I felt is was a good deal even if I had to old for a while to sell.

We put in a full-price offer of $250K, the financing however fell through as we put it under contract right before Covid Lockdowns became a thing and lost the original financing due to Covid, we renegotiated to $200K as the owner has already had two contract prior to ours fall through. 

With a $650000 loan at 5% payment is $3489 plus tax and insurance which is unknown because I have no idea where subject sits but a  guess add another $1500 so your nut is $4989 and they say they are collecting $650 for nine units $5850 Are the tenants paying during Covid my guess is 90% of them in a C neighborhood are not.

After COVID shut down most lending, I negotiated with the seller to buy the units on seller financing, which turned out to work best as a master lease option How did you finance this deal?

It sounds like either you are going to busy using Lyft/Uber, investing in a car, finding out out how bad Mass transit is in NJ, or borrowing a friend’s car (assuming you have your own driver’s license) if you are going to personally have some involvement with the investing.Otherwise, you are going to be doing something similar to and out of state investor who has to rely to others to do all legwork and report back to you what are the various conditions.Even with covid-19, you probably want to see the property, the neighborhood, etc.  

@Stephen J Davis If I rent the property on a one-year lease tomorrow, and the tenants hit me with a COVID letter the day after that, then I'm for sure out the November and December 2020 rent. 

Prior to COVID-19,  conventional loan lenders use 70% or 75% potential rental income of subject property as income when calculating DTI.

We had to extend the closing 3 times due to Covid delays and this was frustrating for all of us.Yet like all good things, just keep going until you get to your goal.  

COVID, weird economic shifts, a quickly aging workforce, etc. are creating a perfect storm.

I have a tenant who received her 3 day notice to vacate for non payment and decided to willingly move out. I have her security deposit. She “claims” she will be out by Oct 14th. If she does willingly leave w/o a forma...