New to Real Estate · Saint Cloud, MN · Member since 2020 · 4 posts · 0 votes
Like the title suggests, is it a good idea to get my first property with the current circumstances? My only fear is due to people losing jobs, not having cash, etc. That they will not be able to pay rent.
I am very new to real estate but want to get started ASAP but obviously with things going the way they are, patience is a must I feel.
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
6y
@Tyler Blessing yes it is a good idea to get into real estate any time. This is a long term investment strategy, and as long as you are buying a good quality asset in a solid location you should be fine. This whole Covid-19 pandemic is about to blow over after the next month or two and then real estate should be back to normal.
Rental Property Investor · San Antonio, TX · Member since 2019 · 30 posts · 22 votes
6y
Tyler, I am in the same situation you are in. I am taking my time to assess the situation. I don't know what is going to happen with the virus in the short term. This could last for two months. It could last for a year. No one knows. My thinking is that the economy is contracting sharply, millions of people are losing jobs, and the real estate market is going to reflect that. I have one purchase due to close at the beginning of May, but the contract was signed before the virus became front page news.. I am going to live in it and rent out three bedrooms. If I can find employed renters, that is. If I were you, I would take a couple of months to assess the situation before leaping in.