Wednesday, April 15, 2020 / by Nicole Villegas
Prediction for the future from Nicole Villegas…
Immediately and for the next four or five months, I would scratch up as much cash as is humanly possible. Live on rice and beans, sell so much stuff the dog thinks he’s next, brainstorm a way to side-hustle once the quarantine is lifted and basically stash it all away and here’s why…
Right now, the government has put a moratorium on evictions meaning that a landlord cannot take action against a tenant who has not paid their rent. The problem is that banks haven’t taken any such moratoriums on mortgage payments. How long do you think most landlords can float that mortgage? Two months? Three months? My guess is that most of them will be in a dire situation in three months. The courts will be backed up once they reopen so it’s going to take weeks if not months to remove a tenant and then the landlord will have to turn over the unit and find a new tenant. Don’t forget, contractors will be backlogged once they’re allowed to return to work too. All in all, my guess that is that for some landlords, it will take until January of 2021 to see a penny in rent again.
Can they wait that long? Can they cover the costs of turning over the unit with no income coming in?
My prediction is that there will be a wave of property owners, residential and commercial, single family and multiunit, that need to sell and sell quickly. That’s where your opportunity comes in. If you prepare now, you will be able to swoop in and help those people out of a bind while getting an investment at a great price.
You can take several action steps right now to prepare. 1. Get your down payment together. This is where the rice and beans and the dog come in. 2. Consult with one of our expert Home Hunters to define the property that’s right for you. If you don’t know what you’re looking for, you won’t find it. 3. Consult with one of our financial specialists to make sure you’re credit and documentation are inline. To learn more on this topic, text me direct at (616) 920-0292. ~ NV