You have to be really careful putting your money into real estate right now. Owners haven’t felt the real pinch yet and they’re still keeping their asking price high.
I know a few landlords who are shocked right now because they haven’t been able to rent their apartments since March. They are people who have good properties in highly desirable neighborhoods. They’ve never had trouble in more than ten years renting their places but can’t rent them now.
If you’re looking to buy rental property, think about who you might rent to. There are some companies who are having 90% of their employees work from home. There are schools that won’t open. The students, the faculty, the post-docs - they’re not going to be renting.
Some very experienced landlords are having a hard time right now. If this continues there might be some bargains out there.
I agree in our case we inherited a very old historic home in Tyler as you can imagine it needs resources for siding plumbing work even with my hubby doing much labor on it... we have been at it for over 3 years. This house could rent if we get it r day however the real goal is retirement home. So we can rent or not rent...nonetheless less our long term goal is to finish it up. In Houston we have a rental that has not missed a beat the entire time a perfect tenant.
So paying off the bank with a few thousand is better to us than playing Wall St. we believe Tyler will grow and grow as Texas watches the big cities go blue and too big.