New to Real Estate · Fort Lauderdale Fl · Member since 2020 · 46 posts · 14 votes
I'm a newbie with BP and I would want to own properties, but because of the pandemic, it makes me wonder how tuff it will be to find and really screen potential tenants. Anyone has thoughts on this, please let me know what you guys think.
Real Estate Agent · Tampa, FL · Member since 2018 · 43 posts · 39 votes
5y
Go with HUD housing. During times like this guaranteed income is the way to go. In areas like Tampa with a three year waiting list for section8 you're seeing HUD pay out more than market value in some locations. It's a win win during a pandemic.
Kalispell, MT · Member since 2020 · 8 posts · 0 votes
5y
It completely depends on the local market :-). Here in Kalispell, MT there is a substantial shortage of available rentals so landlords are able to charge a premium and choose awesome renters. I'm sure virtual unit walkthroughs and masked meetings would also help the potential renter(s) feel safer.
Rental Property Investor · NY · Member since 2010 · 21 posts · 7 votes
5y
Welcome randy ! That’s great. Never a bad time to start I believe . I think Connor is right , there is an influx of people that need to rent now so I think you can be more picky . I’d also look at programs. I know in Tampa they have DSS and they have that here in New York as well and that has only gotten more inflated with people and there is no worry about tenant removal .
Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
5y
@Randy Bates It is pretty much business as usual for me, I am screening more thoroughly and have raised my basics. Only showing when absolutely needed and wiping stuff down afterwards. Wear a mask and make sure they wear one too and clean their hands before anything.
Kalispell, MT · Member since 2020 · 8 posts · 0 votes
5y
@Randy Bates Okay, I didn't realize this was your main concern. As Jacob mentioned there are sometimes city or state specific programs that help in case they are laid off or get sick. Best of luck!
Real Estate Agent · Tampa, FL · Member since 2018 · 43 posts · 39 votes
5y
Go with HUD housing. During times like this guaranteed income is the way to go. In areas like Tampa with a three year waiting list for section8 you're seeing HUD pay out more than market value in some locations. It's a win win during a pandemic.
Investor & Agent · Tulsa, OK · Member since 2016 · 1k+ posts · 1k+ votes
5y
@Randy Bates
Oklahoma is very landlord friendly. But none of us can trump the feds. No pun intended lol. So it does depend on your state but also we all are holding our breath with regards to eviction moratorium’s etc.
Are you focusing on getting rentals as your single focus in REI?
If so may I suggest ancillary income streams related to RE. There is comparable reward with manageable risk.
New to Real Estate · Fort Lauderdale Fl · Member since 2020 · 46 posts · 14 votes
5y
Hi Nate yes that is my wife and I focus right now, but because of this pandemic and people are out of work and a lost of jobs, this has some concerns for us because lost of jobs and out of work means no one is paying rent , and then we all are in trouble making payments.
New to Real Estate · Fort Lauderdale Fl · Member since 2020 · 46 posts · 14 votes
5y
Hi Nate yes that is my wife and I focus right now, but because of this pandemic and people are out of work and a lost of jobs, this has some concerns for us because lost of jobs and out of work means no one is paying rent , and then we all are in trouble making payments. And thanks for your vote Nate.
Property Manager · Williamsport, PA · Member since 2020 · 93 posts · 74 votes
5y
@Ken Minard The indicator of future behavior is past behavior. Things like criminal reports, verifying former landlords, and verifying income are crucial and fair housing compliant. I promise, creativity not required.
Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
5y
@Randy Bates In general what you see here on the forums is people who own in areas where they can attract tenants with something to lose that it is largely business as usual since the pandemic.
In areas that attract more questionable tenants, those landlords have more of a likelihood of being impacted by the virus. So is it more difficult being a landlord during COVID? Yes, but the degree to which varies.
Specialist · Cleveland, OH · Member since 2011 · 1k+ posts · 852 votes
5y
@Randy Bates
Hey Randy, things are definitely different now with the pandemic. With that said, we have not had any problems collecting from existing tenants. It is definitely a time that you need to communicate more than ever with your occupants and let them know that you’re on the same team.
As far as screening new tenants, that is all done virtually, you can do background checks and have them send pictures of drivers license and if you market on Facebook to rent the property it is great to look at their profile to see what type of people they are.
Don’t let anything slow you down, find ways around every obstacle including this pandemic! 2020 was a great year and I’m really looking forward to a booming 2021!
I'm a newbie with BP and I would want to own properties, but because of the pandemic, it makes me wonder how tuff it will be to find and really screen potential tenants. Anyone has thoughts on this, please let me know what you guys think.
We've done ok so far. One took advantage by not paying when she could have, but we did get her out in early Aug. Looking back, she was the 3rd placement within a few weeks and I was screen fatigued. Good enough, at least it's over. Watch out for people that just moved from a far away state.
Don't be afraid to ask questions in your ad. I used to just put criteria in the ad, but asking specific questions like how much they smoke, how far it is to their work, how many animals they have and how soon they'd like to move helps. No answers, no response from us is our policy.
Then additonal screening is conducted prior to even responding via e-mail. We provide no ph# or address, just cross streets. Learned behavior over years of a tight rental market and doing a CSI on the duds. Also prevents rental scammers from using your full frontal pic and address when there is none.
I was calmed a bit by having about a third of our people on section 8 and/or guaranteed fixed incomes like ss or military retirees or disability. No jobs to lose. It was the professionals that were reaching out for latitude, not the fixed income folks. Contractors, agents, trainers. Commission and gig economy Uber 1099 folks, like that. W2s were getting unemployment at least.
If your local HUD office is good to work with like mine, sec8 is a safe program in times of income uncertainty provided the property type and your screening is multi-layered. I find small apts an excellent fit for sec8. In houses I had a lot of wait, who are you? New people showing up I didn't know about. But that's just my experience with 2 places.
A few additional ways to screen potential applicants.
Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
5y
@Randy Bates not hard in Florida with everyone from New York moving there... I am half joking but seriously there is a lot of population flow your direction right now with the pandemic. The key is doing good screening. Make sure the person has a solid job that is pandemic proof. This will pass over time. Good luck!
New to Real Estate · Fort Lauderdale Fl · Member since 2020 · 46 posts · 14 votes
5y
@Rob Gillespie
Hi Rob, and thanks for the reply, its great to here some positive out there, and you're right not to let this pandemic stop us from going forward with our plans.
New to Real Estate · Fort Lauderdale Fl · Member since 2020 · 46 posts · 14 votes
5y
@Steve Vaughan
Hi Steve, yes I guess at times we will get a few bad apples in the bunch, but at least we can pick them out, Lol Sec8 seems to be a best bet so far. We will look more in to that. And the thanks for your response.
New to Real Estate · Fort Lauderdale Fl · Member since 2020 · 46 posts · 14 votes
5y
@Joe Splitrock
Hi Joe, and the key is their type of job will matter a hole lot, I mean you have top chef's that works on a cruise ship and now he's out of work because the pandemic shut the cruise lines down, now I can't have him or her as a tenant.🤔
Investor · Tampa, FL · Member since 2017 · 589 posts · 251 votes
5y
It certainly can be tough depending on your location. Just be sure to screen properly and stick to it. Don't let emotions get involved and you will do great. I have noticed many landlords are going to month to month leases instead of long term during the eviction memorandums.