Investing with Unemployment so High

2 Replies

Hello all,

I've searched the forums a bit and can't find any new information about unemployment benefits coming to and end and the expectations from that.

I've finally started the process of buying my first property and am worried the timing is off with unemployment so high and benefits coming to an end with a possibility of not being renewed. I'm looking to buy a property with a tenant in place but have yet to find out what the actually do for a living so I'm not sure if they're affected by COVID at all.

Thanks everyone!

I always say to the seller I’m not in business of buying tenants but in business buying investment properties. And yes the unemployment is high but I have been placing tenants in vacant homes even in shutdown and I have a very strict screening. I have not had an issue yet, I’m from Detroit so we already have high unemployment and been hit before with the Financial Crisis. So if your deal is good and the numbers are great I would buy it. Tenants come and go. 

@Brian Gouthier actually Detroit is a wild wild west unfortunately so there are a lot of scammers trying to sell rentals with questionable tenants. You definitely want to get the application information on a tenant in Detroit and also their rental ledger. You do want to be careful though because some of this can be faked.