Your Mother’s situation probably sounds like most job situations across America at this time. With over than 50% of the workers gone and really no hiring being done even during the summer heat.
Has your stepdad had to lower his rents?
Out here in Californicator land, rents this year versus 3 years ago in many areas are running 30 to 50+% below the 3 year period.
No, he hasn’t, but he bought the apartments just under a year ago. He got them from foreclosure for about $400K. After paying his mortgage, the manager, and other expenses, he’s making about $70/unit, which according to his fellow real estate buddies, is about what he should be making. He’s been in the rental business since the 80s, but these are the first apartments he’s owned. He’s looking to dump the houses and just own apartments.
He’s looking at an 89 unit place right now. It’s got a much bigger price tag, but I believe it’s in a more affluent area of Indianapolis. The current apartments are in small town outside Indy.
Him and Mom live about 30 miles outside of Indianapolis, and they bought the 57 acres they live on for $18K in 1987, when I was starting high school (on which they now have a large house and barn). Today, the land around them is going for anywhere in the $3-$5K/acre. They’re not looking to move anytime soon, however.