Buy Now or Wait Until After Covid-19
I am finishing up doing a rehab on a 6 unit building on the southside of Chicago, now I am ready for my next building (again looking for 6 to 12 units). To my surprise, prices have gone up on properties (I thought they would have gone down or stayed the same because of Covid-19 and the recession). My wife tells me that I should wait and not buy anything because Chicago has too many tenant friendly laws and that people are not paying rent. She has a friend that purchased a building, and none of the tenants in that building are paying rent because they know that they cannot be evicted. The mayor and governor keep pushing back evictions, so people are taking advantage of it and not paying rent.
I understand her concern, but even if I were to purchase a building today it would be 60 days before I close. I am hoping that by the fall Chicago will at least open the courts and begin evicting people. Also, I am concerned that prices will continue to go up not down. Should I buy now or wait until after Covid-19 is over (whenever that is)?