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I heard that it is already been struck by the investors giving owners a break. I'd take advantage of it but remember they are not going to forgive anything.
Renters in IL do not have to let the house be shown during quarantine. So landlord & agent are SOL. Can't evict them either during this time.
Ryan Huggins - Thousan...
Thousand Oaks, CA
Seems no matter what is happening in the world, renters still have more rights than landlord/owners. Wishing the best for all involved but do not plan on buying or investing in rental properties.
Oh Boy ... as the bank wheels turn and churn ... lets' see how this one plays out.
I am hearing from investors who own mutis and the tenants are not paying. He has to pay his mortgage, taxes, insurance, water, sewer and heat. Another month and he has to sell he says. I have a feeling there are many more like him
This is a tough question to answer as pre-established rules don't apply, temporary waivers are in place and are open ended plus the courts are not only closed but back-logged. The logic is we were never meant to stop the system. We are and we can all agree... in uncharted territories
Communication, information sharing and preparation with information is all I can say. Patience and proactive approaches are key.
I phoned my creditors, lien holders and tenants. I assessed what they are or are not doing, I'm seeing what my stop losses are through forbearance, reduced payments, creative arrangements and legal obligations.
It's a moving target, so staying up to date and educated in real time is critical in April 2020.
I thankfully have had information on short sales on my site for a while now. Maybe between that and my investor purchase option I'll get some business from that.
Haven't put any thought into targetting that market though, as my focus is primarily on a very specific subset of the market.