Updated about 4 years ago on . Most recent reply
Eviction moratorium has my wife worried.
With the new extension to the eviction moratorium my wife is having a hard time getting on board with buying rental properties. I have spent the past 2-3 years reading a learning about investing in real estate and I finally got my wife on board (for the most part) but now she is questioning if we should buy now with the moratorium extension.
What can I tell her to help ease her mind? I know it’s a risk to take but damn I think the reward can far out way the risk if you do it right.
How common is it out there to have tenants take advantage of the moratorium?
Is there any assistance for landlords dealing with it?
Most Popular Reply
Rich Dad Poor Dad is definitely a good place to start for the mindset side of things. I can understand her hesitations now that life is pretty good. Remind her that the biggest thing that keeps people from having a great life is having a good life.
Another thing that may help quell her fears would be having large cash reserves. If you can say even if the tenants don’t pay and we lose our jobs, we still have x months/years in savings to cover our living expenses and mortgage on the other property, this usually puts things into perspective. Because if everything goes wrong and you still have months of runway before disaster, the downside looks much more manageable and becomes a tangible measuring stick.