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CoronitaParticipant[quote=svelte]See Joe Run.
Go Joe Go.
Bernie’s on the ropes.[/quote]
Yup!
CoronitaParticipant[quote=svelte][quote=Coronita]
I’m still paying all housekeeping and gardening etc even if they don’t show up. I’m sure they have tons of cancellations. Guess I’ll have to grow out my hair and turn into a hippee and have rotting teeth since I won’t step inside a dental office for some time.[/quote]We’ve been getting a bunch of emails from our dentist. They are apparently very worried.
It’s all the tentacles this thing has that I don’t think any of us thought of up front. It touches virtually everything and everybody.
The doom has to be setting in in the White House.
I mean it could still turn around in the second half. But every day that passes things look just a little bit gloomier right now. Like hitting an iceberg at night. How much damage was really done? We may not know until the sun comes out again, if we make it that far.[/quote]
For now this administration and this country has chosen public health over economy, as is many parts or the world. This isn’t a credit towards this adminstration, but for a few select individuals that managed to convince an otherwise incompetent administration to make the right call, albeit a bit too late. Namely, Deborah Birx, an original Obama administration appointee to the Aids working group. If it weren’t for her, we’d be in bigger deep shit I think.
Any business that requires close human contact is affected.
A housekeepe sent a joke via text to my former boss that said “I’m working remotely this week, but I’ll setup a video conference to tell you what you need to do”.
Oh and about car rentals. Here’s an interesting experiment.
Take one of those disinfectant hand wipes and run it across your steering wheel a few times. I wouldn’t be surprised if it turns dark gray or black.
CoronitaParticipantUS-Canadian border closing…
https://www.cnn.com/2020/03/17/politics/us-canada-suspend-travel/index.html
CoronitaParticipant[quote=svelte][quote=Coronita]https://www.usnews.com/news/us/articles/2020-03-17/california-governor-most-schools-likely-out-until-the-fall
This sort of sucks.[/quote]
I’m betting that’s what will happen.
I did a deep-dive into how the 1918 Spanish Flu hit San Diego.
Days All Public Places Closed: 37 Days (all places where people congregate: businesses, churches, etc), then they reopened for 12 days which was premature because the flu numbers rose again and they had to close for another 9 days.
Then they quarantined the entire city for 4 days.
Then they backed off and required gauze masks for 14 more days.
But during this entire period, the schools were closed – somewhere around 70-80 days.
This doesn’t even include round 2 in 1919-1920.[/quote]
Yup. Prepare for a war-like economy. We will be in lockdown for some time.
CoronitaParticipantIt never was funny. It’s only funny when bad things don’t happen to you. Then you can wish all the bad things you want to happen……until it hits home.. And like I said, IF something dramatic like this happens, everyone gets hit. As the saying goes: be careful what you wish for.
I’m still paying all housekeeping and gardening etc even if they don’t show up. I’m sure they have tons of cancellations. Guess I’ll have to grow out my hair and turn into a hippee and have rotting teeth since I won’t step inside a dental office for some time.
CoronitaParticipantCoronitaParticipant[quote=The-Shoveler][quote=Coronita]Rebate checks coming soon! Lol…
IMO they do that maybe 1 more time then declare Victory!![/quote]
Lol.
CoronitaParticipant[quote=covidwithlime][quote=TheBrianNarrative]Say the low education coastal elite from the sun belt that has spent much of the last decade complaining about his tenants and his neighbors
My last tenant stayed eight years. Never late once. Only thing I ever had to do was help Her once or twice when she locked her self out. Property almost tripled in value and rent return was 20% on down payment cause I never raised the rent. Could’ve been higher but she was helping support her mom and I like that so I never raised it.[/quote]
I’m with you. Time is money. The less time I have to spend on managing my rental, the better. I find SFR tenant so far to be much better to deal w/ and they don’t call you for the little stuff. One of my tenant ask if they can replace the window AC by themselves.I have a great single mom tenant who has been in the house for 8 years now w/ the same rent. She’s now about 20% below market rent. I would have kept the rent the same the next time her lease renewed, but with the new rent cap law, I have to raise it a little. Still below market rent, but have to keep it not too far bellow.[/quote]
I have the opposite experience. I find the small professional enginerd tenants usually leave me alone because they are too busy working or busying raising a family. I can only get 5 years out of them because that’s usually how long before they get their greencard and move on to buy their own house. But then again, after their 5 years, their peers that are just starting out end up taking their place. I think the longest vacancy I had was maybe 1 month in those condos. The other condo in not as near SDSU saw really good appreciation but saw a much rougher tenant pool. Fortunately I got a very nice grad student that stayed there almost 4-5 years and never skipped a rent, but being all the way down there it was managed professionally simply because I didn’t want to deal with when things broke there. As soon as the lease was up and they had other plans, I sold it, took the appreciation and bought back in closer area with better tenant pool. SFH rent is still too early, probably will be more difficult. We will see. CarmelV tenants seem to be really picky. But I guess that’s the price to pay for >$4000+/month rentals.
Hopefully 2 more additional properties, and I’m done here. I think I have enough dividend income on the non-rental income stream to make up for the rest.CoronitaParticipantRebate checks coming soon! Lol…
CoronitaParticipant[quote=TheBrianNarrative][quote=FlyerInHi]Flu, nothing personal…. just read your own posts about Vegas on this Covid 19 thread. You brought it up. Not me.
As far a Vegas housing goes, I would worry about California investor groups that bought large apartment complexes for $250k per door. Will they be able to keep those apartments rented, while paying maintenance, management and debts.
Many of the assets were flipped to outside investor groups.[/quote]
When you are leveraged you can walk away and limit your losses. When you own absolutely with no leverage every dollar of decline is another cut. I wouldn’t be so happy about the lack of leverage in Vegas. That’s called being trapped in an investment you can’t walk away from[/quote]
It depends, right? Whether that leverage is recourse or non-recourse.
Well, then Brian, good you aren’t taking it personally. You won’t mind if we discuss the gaming industry and LV in the context of the coronavirus then. And like I said, nothing to worry about if you don’t think it’s true. We are all just speculating different scenarios on piggs. And if you don’t like what is being said, you can always hit the ignore button.
CoronitaParticipant[quote=FlyerInHi]Flu, If you want, just look at Case Shiller for Vegas. The market is not back to previous peak yet. That underscores the need to know when recessions happen and to buy at the right time.
You can be cash flow positive, with a cushion, only if you buy at the right time, at the right price.[/quote]
Dude, you’re really really dense if you think you’re responding to me, lol. Do you really think I know Case-Shiller like the back of my hand to the degree that Friend has been posting? Think about that one. But carry on.
CoronitaParticipantNot sure why would you take it personally Brian, I’m looking at this from an opportunity perspective. Afterall, nothing would make piggs happy than a crash and burn scenario that actually materializes, even me.
Nothing personal, just simply $$a$$. I think all the casinos/gaming industry here in SD will see a lot less traffic too. Not sure why you would be getting all defensive about this if it is amplified in LV or any other hotbed economy built strictly on gaming. If you are in denial and think otherwise, you’re definitely entitled to your opinion and like we always say, time will tell. No need to get personal about it.
As far as the casinos going under. Yes, some casinos will do fine. Some aren’t so well capitalized, but I don’t see that as the main problem, because as Friend alluded to, businesses can always change their business model and survive. I’m talking about all the hourly workers that will see their jobs suddenly vanish and not come back, if the industry changes, accelerated by the current environment. And what matters for rent and housing prices is those regular people that need a place to live. Now there are a few scenarios. The officials in other regions hard hit could adopt a plan similar to Newsom and have a moratorium on rent, foreclosures, utility bills too. And it’s maybe more likely in a hard hit region, so while it might hurt some people who count on rental income, in the long scheme, if it can slow down a mass exodus, maybe that’s a good thing and a small price to pay for landlords there to offer temporary free rent. Part of the cost of doing business in the high risk, high return investment.
At the other extreme, nothing can be done, and people, well just leave. And that could crater home prices.If you don’t believe this, than none of this this should worry you and you shouldn’t feel so defensive talking about it. Afterall, we’re just looking for great deals and opportunities at other people’s expenses. Right? That’s what many of you guys here have been saying all along… Inclusive, right? So if it crashes and burn, which looks more likely, that’s actually really good news from an investment perspective. Bring it on!. More good buys for us in the long term.
The the key important thing to remember is the following. Public health far more important than any sort of short term economic pain, no matter how severe it is. I’m glad that out of all things, finally this administration has made this decision.
I’m glad we are now starting to close stores, venues, bars, restaurants, to reduce infection. Even if that causes a massive economic crash in some areas, it’s a necessary thing to do out of the well being and concern for all the people in the this country. One small involuntary financial sacrifice that a small insignificant percentage of the population need to make for the the greater good of everyone else.. So, I think you’re looking at this wrong Brian. If you really do own property in Las Vegas, I’m sure the majority of the population really appreciate any sort of financial assistance you might be providing for them, voluntarily or involuntarily by government decree.CoronitaParticipantThe key is, like any other investments, is diversification. San Diego a long time ago diversified well out of the norm of just tourism and just military/defense. If you look at SD, SD doesn’t have one thing they are exceptionally known for, but there’s a lot of things going on. High tech, bio-tech, tourism, military/defense, very large healthcare research, university ( UCSD is a top rank school). Any sort of hit in any one sector (tourism) is blunted by the other ones. Heavy concentrated LV or Bay Area is great when times are good, not so great when growth and speculation comes to a grinding halt. Everyone knows that. Just look at history.
While a one time, exceptional event like a pandemic probably cannot be predicted, the economic fallout is probably is much more so.
CoronitaParticipant[quote=TheBrianNarrative][quote=Coronita]Gig economy not as bad as bartenders, restaurant workers, attendants working in the gaming industry. Those jobs aren’t coming back. Newsom’s moratorium on evictions utility shutoff perhaps is necessary in an emergency, but ultimately the decision is left up to the county. And that doesn’t mean late payment still can’t damage credit or go to collections. It’s just a temporary stopgap measure in an unusual circumstance in unprecedented events. Gaming industry, gonna be a long uphill recovery i think.[/quote]
The solution is simple and already available and growing. Online gambling[/quote]
Yes, and the need for even less people. But gaming, I think in part, the fun is the rush of physically holding cards, or in the case of poker, trying to bullshit your way through versus the other players. Poker simply won’t be fun online.
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