I guess We are on the verge of a pandemic. stocks have already lost a considerable amount of value due to this virus. Thankfully I was able to sale majority of my positions a couple days ago to prevent any further losses, and im glade I did so . How do you think this will effect real estate? what will you be doing to protect your self from potential losses if any?
Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
6y
The corna virus is deadly and insidious. I anticipate it will do to our global society what the bubonic plague did to medieval Europe. I am hoarding respirators, nitrile gloves, Tyvek suits, AK-47s, and a million rounds of ammo, waiting for the height of the pandemic when the gubmint quarantines and locks cities down, leaving the sheepeople, excuse me, ordinary citizens, defenseless. That's when I'll start my new business enterprise. The looting and warlording will suffice for my initial round of venture capital funding until I can get the sex trafficking up and running. "The future belongs to those who believe in the beauty of their dreams." -- Thomas Robert Malthus
VP Pence announced the everyone gets tested who thinks he has COVID-19 yesterday (3-4-2020) simultaneous with the deployment of 1.5 million test kits nation wide. There are reports this level is not being reached, but huge numbers of tests appear to have reached the field from the numbers of new cases being reported today. https://chicagoboyz.net/archiv...
The problem in the US, was nobody (past tense) was allowed to do CoronaVirus Testing, but the CDC. Seems there was a SNAFU involving an FDA Rule and CDC, and lots of finger pointing. The got fixed (FDA emergency authorization), and now private labs can do testing for CoronaVirus. During the first 2 months the amount of tests done in the US was in the hundreds, while other countries were in the tens of thousands. The initial tests in the US had a flaw.
@Josue Vargas The funny thing is, we've had several people book with us over the last 3 weeks who wanted to stay in a house instead of a hotel to avoid being around more people. Weird unintended consequences seem to be the norm.
Kind of weird how people think. They travel but don't want to be around people. I'm sure your place is cleaner than a hotel. But hotel service their room every night and no one else is staying in the same space with them. AirBnB? Unless they book the whole property for themselves, they will have a complete group of strangers living with them (if its a shared property renting by room or the like)!!!!
True, they can get less exposure time in the lobby or hotel restaurant in a crowded hotel. I could understand that behavior in rural areas where travelers look for hiking or any sort of that type of activities. Still, they go through airports, eat at restaurants, do whatever they do in their vacation. I suspect they are not just hanging out in the AirBnB.
Wondering how things are going your way. I have cancel a cruise vacation, working from home until May 1 (if not extended). Hope is all good. Greetings.
Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes
6y
It's delayed a closing 30 days and a couple commercial tenants are asking for rent abatement of 60 days. If you aren't living paycheck to paycheck, everything's fine.
Rental Property Investor · Rockford, IL · Member since 2019 · 471 posts · 342 votes
6y
Well, hoax that this is, we need to understand that there will be changes.
No disrespect to our president, whom I support and voted for, or to my governor, that is just one head in the Medusa making Illinois the worst state in the Union, thee and other leaders saw the writing on the wall, and wanted to get control as soon as possible.
So far, the control is all voluntary, everything! There are no laws passed, and no orders of martial law declared in the states because of this virus season. ( yes, it's the virus season, just the past, and those to come.)
Everything done, has been by suggestion, and because the people don't really understand their rights, and the role of our government as they should.
But, here we are.
Every city in the nation claims to have virus casualties. Each have declared emergencies, as well as the President for our nation. These states of Emergency are effective words that come with powers over certain laws and regulations. Under these states of emergency, our governments can move a bit quicker than without the emergency. On the GOOD side, this means that government aid can flow much faster when it is needed. We will not know the BAD side until years after this is last year's news.
I hope that didn't seem political to a certain side, as I am just posting fact.
Ours, is a game of watching, waiting, and reaction. Then we continue that circle a few more times while things change again, as they will.
I like the discussion here about what to do when they don't pay. I like how we are still looking to move forward with our lives when when the axe drops, and the horses run free.
I am going on the assumption that everyone I talk to, is hammered in the media frenzy and still thinking that the talking heads on TV or your favorite FB type outlet have any clue at all. They do not! That being said, I am speaking to my tenants with respect. I am reminding them that I am not the government, and that the government will not be sending me a check because they did not pay the rent. Tenants need to know that we have bills. Our loans come due, and our investment can be lost if they do not pay. So far, I have tenants that will pay. I can pay my staff and mortgages. Because I am new to this game, I have my properties close, and I know my tenants well enough that they do not hide when I come over.
However, I have shared with them the ideas that they should ask their other debit holders like credit card and auto loan companies if they have provisions to waive or set ahead payments.
I have no such luxury, aside for the homes that I own outright. If time comes when they cannot pay, I expect to know before hand, so that I might ask my lenders for assistance. I have assured my tenants that there will be no move to put people on the street if they are truthful and act like the adults I expected they were when we signed the lease. It's a respect thing. I have given a home back to the bank because I was unaware of my options. I was shown respect when they came to set my things on the lawn, and that respect will be shared. They had a job to do, and my situation was one that allowed me to walk away so my family could recover from our issues.