All Forum Posts by: Nicholas B.

That 69%...is only 13% below the 2019 average of 81%. The statistic is accurate but misleading @Amit M.

close to 100 units, Henderson and Boulder City NV. Most in the 1k range and very nicely renovated. 98% gross rents compared to last month same dates but there are 4 new units that were being renovated that weren't on the market las month. Based on conversations with tenants I am guessing 85% collections by mid month and closer to 95% collections once unemployment kicks in. I expect April and May will have more job losses but the unemployment will cover it. Lucky to be in the niche I am in, and almost none of my tenants work directly on the Vegas Strip.

I had Buildium and loved it. Switched to Appfolio because I felt it would grow better as I expanded and love it too. You can't go wrong with either in most cases though perhaps at 500 units or so Appfolio might be considered better. Buildium is a bit more user friendly perhaps though I haven't kept up with it in the past 18 months. Also hear that Buildium is better for owner/managers, though I've had minimal issues as an owner/manager with Appfolio.

@Account Closed My rents are almost all in the $800-$1000 range, one and two bedrooms mostly.

@Eric Fernwood I also think that if the government plan of providing full salary compensation up to $550/day based on 2018 tax returns does in fact happen, or anything remotely similar to this, a lot of the worry will go away, not just for property owners but for the economy at large. EU seems to be working on a similar plan. It is being treated like a war as it should be. 

I am at around 100 doors, am not proactively offering tenants anything if they don't reach out. Everyone is panicking right now, which I believe is a good thing because it makes people take this seriously and isolate as required so that we can overcome this faster. 

Every time I pay a bill right now I second guess if I should wait, if I have a larger bill owed to a company that offered me to defer payment I would take the offer immediately even though financially I can afford to pay the bill. I think a lot of tenants would take the offer even if they didn't need to. The government plan to provide cash infusions to all Americans will go a long way to helping us out too I believe, though the next few months will be crazy before things begin to settle down a bit.

We have to remember also that this is just the initial panic portion, the world is working together not just for a vaccine but for medications that will help slow down the rate of infection and severity of the symptoms if people develop any at all. 

I have signed 7-8 leases in the past two weeks at full market rent, have had 2 people ask to defer a portion of past due amounts, and am more than willing to work with people that need temporary help as everyone should be. So far so good, most of what I read online says that the B/C rental housing should be better off than most other segments of real estate investments.

I own rental properties in Henderson and Boulder City, all very nicely renovated. The past 2 weeks I've signed 7 or 8 leases to qualified tenants at full market rents, including one that paid a year up front. I am not certain what is going on or if I am a lucky anomaly, but am guessing that if sales die down, rents will be stable on the B/C class properties. I have seen very little online that forecasts a drop in rents and am looking for indications. I have also fielded a few messages from tenants, though a very small amount so far, regarding jobs being suspended.

Thanks for this. Very interesting.

Late fee capped 5% of monthly rent seems a bit low but I have seen some ridiculous late fees where PM companies charge hundreds of dollars in late fees. 

A tenant may fight an eviction and not be required to deposit the rent in an escrow account seems a bit crazy.

I'm also wondering if not discriminating based on a tenant's income derived from government benefits means landlords would be required to accept Section 8 and other subsidized tenants? 

If you can't refinance then you can't finance a new purchase and would be limited to all cash on a new purchase unless you went hard money. I would vote for keeping it.