Goodmorning everyone. As you all know the mayor of Chicago continues to extend the covid mandate another 30 days every month. When do you think this might end? I hear that a lot of landlords are going to be looking to get rid of their properties. I also was told by multiple investors to wait until the mandate was over before I get my first rental property. Any advice or suggestions?#chicagolandrealestate
From the latest information the State Moratorium on evictions enacted by Governor Pritzker expired on March 6, 2021. The Federal CDC Moratorium which overrides the state action is set to expire on March 31, 2020. The newly ratified American Recovery Act (March 6, 2020) did not include any further extensions.
@DuBois Othero Toy if you’re ready to buy now, then do so. Just make sure your screening criteria is super strict during these hard times. I brought a couple of properties during Covid and plan to buy more as opportunities present themselves. In my opinion, I don’t see a light at the end of the tunnel for the moratorium ending anytime soon. Good luck.
@Martin Neal thanks man!! I had the same thought process! Can't stop the process, just gotta learn how to navigate through it.
@Quincy Lockett less than 24 hours ago the mayor extended it another 30 days
I’m in the Chicago area. There really isn’t a lot of inventory right now, and you can expect a decent bidding war for any property you try to buy.
I may be unpopular in my opinion but I would wait until the mortgage forbearance period ends this summer as part of the cares act. That will put a lot more inventory on the market IMO as opposed to the eviction pause.
Just googled it and can’t find that anywhere. Mayor Lightfoot instituted a “Stay at home order” through January 2021. Please forward the link.
I am an agent who has been doing almost exclusively 2-4 units for the last 7 years. I have had hundreds of clients buy on the north side during that time. I still talk to most of them on a pretty regular basis, and I only know of 1 who needs to evict. Even throughout the last year only a coupe of times have there been issues and it was usually a tenant breaking a lease early because they needed to move back home.
I don't think we are going to see an influx of inventory when the forbearance ends either. The vast majority of tenants have been paying on time on the north side so if a landlord took it, they should be caught up by now.
Thanks. I now see that the Governor of Illinois has again extended the moratorium until April 3rd.
@Quincy Lockett 🙄 🤦🏾♂️ right. We should link sometime if you're interested and available
I agree with brie if you buy north side the mandate has practically zero impact as i have never or any clients seen an eviction needed.
Yes sir. Definitely.
@DuBois Othero Toy my bets are on July. I believe that is when the vaccine should be available to everyone - I read that here:
(Note: not attesting to the accuracy, just referencing)
Regardless I think by then better weather will help on all fronts : gig and tourism economies, travel, …general freakin morale maybe too? Who knows.
I don’t know the answer for sure, look forward to hearing if someone else does!!!
PS regardless, be aware that WHEN the eviction and forbearance moratoriums let up, there will be:
A) the people that were in trouble to begin with
B) the people that have suffered during COVID
BOTH being forced to move/act. We will likely be more overwhelmed and stressed, wishing we were back in this waiting period time. Be prepared, not scared! We’ll get through this transition folks!
We're approaching one year of eviction moratorium. I have been completely spared by this, mostly due to luck. I paid exorbitantly last April to get someone to leave. If not, he'd be riding 16 months before I get him out. Win win situation. For me, for him.
Anyway, the news gets worse for landlords. Eventually the moratorium ends but the courts and sheriff are backed up.
Some of this might last into the year 2022! That's just my prediction.
@DuBois Othero Toy ever since I began investing, I have had people tell me that now is the wrong time to invest. I continue to search for quality buildings in areas I believe in, and I continue to find success. I don't really think one can time the market. A handful of investors were able to kill it in 2011, 2012, etc, but for the rest of us we may never see a buying opportunity like that again. That was a once every 100 years type of phenomena and I doubt we will have that opportunity again.
@DuBois Othero Toy - My sole advice is don't wait!
It's like trying to time the stock market it never works out and then you've wasted valuable time. The compound interest of investing is real and the best time to start was yesterday.