Hello investor friends. I hope you are all managing to stay safe and sane in these challenging pandemic times. I have been meaning to send a note to ask how you are doing and to let you know how I am doing. This time has finally allowed me to put this website together and here I am blogging....
Firstly, I have been worried and concerned for everyone as I see people and small businesses hurting locally and everywhere. I was very worried that people who rent units I own would be losing their jobs and not paying rent - as a landlord I both sympathize with the plight of people who have lost their jobs, and I also have to be very concerned about still paying my loans. You may have heard stories like this and this about one third of U.S. tenants cannot pay the rent. I believe this data is actually somewhat overblown - one third may have not paid "on-time," but in many cases tenants are paying, just late and / or with flexible schedules. I know in that in Cincinnati / North Kentucky where I own 11 units (and maybe more soon) about 85% of tenants are paying rent and the rest are mostly making plans for late payments. A property manager actually sent me this youtube link to an amusing L.A. based investor breaking down some of the likely inaccuracies in that 1/3 figure.
We were able to close in February before things got very weird on a Phoenix 8-unit - so far everyone is still paying the rent...some tenants were already moving out and we do not anticipate trouble re-leasing as the area still has high demand from creatives, students, and people who want to live in the PHX metro urban core.
Well I mostly just want to keep in touch and let you know that I would be happy to schedule a time for a call if you have any real estate investing questions, or otherwise.
BTW, if you would like to do some research on multifamily investing, here is a link to Neil Bawa's webpage - there are a lot of interesting free webinars here.
Take care and I look forward to connecting with you soon. - B
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