Rental Property Investor · White Plains, NY · Member since 2018 · 348 posts · 86 votes
We have two closings within the next couple of weeks. One is a rehab, but currently has HAP tenants which were sent notice (I assume that's going to be stayed due to the COVID-19). One closing is scheduled for Thursday, but we've not heard back from the bank yet. The second closing is two weeks from Friday.
Anyone faced with a similar issue; whether to close or not?
Just concerned if we're running into a brick wall due to this virus. NY/NJ suspends evictions so I am also concerned some tenants will cause issues.
I'm hoping NY suspended mortgage, utility, and taxes too. If that was the case I wouldn't mind forgoing evictions for non payment issues involving people being laid off due to this virus. I wonder if banks will give out mortgages if everything gets suspended.
It has delayed a few of my closings so far. I was supposed to close 3 this week but many of the investors live in Boston and Cali where there is a quarantine. We have had to extend, nothing anyone can do about it. Just have to work through it.
We aren't looking for properties to purchase now. But I think that in 3 months' time, there will be a LOT of bargains available. I myself prefer to put my extra money into the stock market in about 6 weeks, when things are really bad. I wouldn't be surprised if the market bottoms out at about 15,000 on the DJIA, and after this is all over, will rise dramatically again. But if someone wanted them, and had cash to buy them, gonna be a LOT of rental real estate on the market for cheap in 3 months' time.