Is the Pandemic affecting your business? No trolls please
Seeing a difference in buyers/sellers/tenants?
Colleagues are posting signs and we are sanitizing.
Originally posted by @Mark Pace:No cancellations at our Florida Airbnb yet. The beaches are doing great. They can’t close the beach. We did get a refund on an Airbnb we were renting for the Masters golf that was cancelled. I’m not going to loose any good tenants over a short term problem. I’m planning to put the good ones on a payment plan to catch up if needed.
How goes it?
What a difference 2 weeks makes. All beaches are closed and deserted in St Pete Beach where we live. Gulf Blvd has no traffic. Hotels are empty. The only time I have ever seen it like this was one time we had a forced evacuation due to an approaching hurricane. At my Airbnb we lost the next 2 months of bookings. My single family rentals are a different story. I was proactive and offered each tenant a $100 discount for paying early. Everyone paid except one. I fell very blessed however going forward I expect collecting to be more of a challenge.
How did everyone else come out with April collections?
My portfolio includes LTR Condos ( in NJ) and STR(Airbnb - in the Poconos). The long term rentals are doing fine as of now. All long term tenants paid rents on time. One of these LTR is rented to the division of disability in NJ , so don't think that would be problematic at all .
The STR is a different story.All my original bookings were cancelled but I was seeing a lot of interest for 30 day long rentals from people from NYC who wanted to get out and stay someplace quiet as they wait the social distancing out. The only problem is that a number of counties in PA have banned STR , as a measure to curb visitors coming in from areas where there is widespread covid cases.
So in summary - the LTRs are doing fine but the STR are empty. Thank fully I have a good 6-8 months of reserves, so hoping the situation will be better by then.
Sid
My rentals are doing well so far. One tenant of 2 years is paying half and I am applying the rest from her (2 months) security deposit until she gets back on her feet. SFH under contract to sell in June and received my second earnest check (total 2.5% earnest money) last week. My flips are coming along as planned and should be ready to sell by September, meanwhile lenders are staying strong! Besides crossing my fingers have plan A,B,and C in place. As for stocks, they will ride out the next 5 years, hoping for the big jump! I hope that we will all get through this together and come out stronger in the end!
@Mike Cumbie nope, two move ins this week, 95% of rent collected, buying two more props, ( already sold one before I even close ) and actually making more money as I am trading stocks for the 1st time in 30 years.
Good luck to all and be safe
I've hit a speedbump in the Multifamily deal I'm working on. I am looking at a property and had set up an appointment to walk the property with the Realtor. I actually flew out, Rented a room for a month and then the next day crickets. It turns out that the realtor had some sort of accident, and then has been out of touch.
What I've been doing is working on building my team. The property has an assumable mortgage on it, so I called the mortgagee and got information on the assumption of the loan. I've shifted to syndication as a possible financing option and I'm just networking my butt off.
Only partially. The first week was rough and most of my investors that I called were really unsure, but at this point things are starting to return to normal. There's some confidence at least here in San Antonio, Texas that real estate prices are not going to be affected significantly in the long term.
WTF IS NO TROLLS PLEASE?
The answer is yes for me!
Those who had money to invest, have been cautious. That's OK, as I expect to do well when the world opens for business again!
I understand about the online showings, but I will not buy what I cannot step on and feel with my hands. I can do an online showing with realtor pictures. I trust what I can see and feel!
I can wait!
I really appreciate some of the comments here. Thank you @Heather O.and @Terrell Garren for your compassionate approach.
I am seeing huge difference depending on the region and country. I was getting a 20+% ROI in Thailand and the Philippines properties I have and now with the lockdowns and countries not renewing Visa's ALL of my renters cancelled for the year so far. This was a significant cash injection into my business I have suddenly lost and no idea as to when it will return.
Properties in the USA have seen about a 50% loss in revenue with renters going on forbearance with paying rent. I just hope as landlords we will have the backing of the state and fed governments to re-coup the rent once all is done. I have some properties in Portland Oregon and that place is landlord hateful so I'm figuring they will allow renters to stay even if they never pay it back.
As for growth in the real estate market we just closed on 4 properties in the USVI both commercial and residential so we are expanding and opportunities are definitely presenting themselves during this time if you are cash heavy and able to invest. Good luck to all and stay safe.
They still have bidding wars on "A" housing just talked to my tenant moving out.
I think the market I am in has a lag might take a while before it really hits.
I do read about the tighten of the belt just a matter of time of it keeps going on.
I took a position in the stock market in waves on down days.
If the housing market really hits hard I will then sale my position in the stock market and buy into SFH in the housing market that I play.
I prefer the housing market best.