EYL Live presents Real Estate During Coronavirus With MG The Mortgage Guy

TL;DR

Now is a great time for both first-time homebuyers and investors to consider purchasing real estate, but it's important to carefully consider factors like credit score, down payment, and reserves. Landlords should work with tenants to find mutually beneficial solutions during this time.

Transcript

oh we good are we good are we good you to was going on was good sorry for a few minutes late we had some technical difficulties social distant I want us to be great yeah you know your boys yeah we got a very very special special so on a night real estate in the corona market this crazy it's a lot to cover right now so we gonna break back on in a mi... Read More

Key Insights

• 🏦 Banks are tightening lending requirements, but options for financing are still available for both residential and commercial real estate.
• 🧑‍🏭 Real estate investors should carefully evaluate potential properties and consider factors such as cash flow, property location, and future market trends.
• 💦 Landlords should be understanding and work with tenants to find reasonable solutions during this challenging time.
• 💱 The real estate market is experiencing both challenges and opportunities, and it's important to be flexible and adapt to the changing landscape.

Questions & Answers

Q: Will the recent changes in lending requirements affect my ability to get a lower interest rate on my mortgage?

Interest rates are currently at all-time lows, but your ability to qualify for a lower rate will depend on factors such as your credit score, income, and loan amount.

Q: How are commercial real estate properties being affected by the pandemic?

Commercial real estate is facing challenges, especially in areas like retail and hospitality. Prices may drop, making it a potentially opportune time for investors, but it's important to carefully evaluate each property and consider cash flow.

Q: Are there any assistance programs available for landlords with tenants who are unable to pay rent?

Most assistance programs are focused on supporting individuals and households, so the burden of finding solutions typically falls on the landlord. However, landlords can work with tenants to create payment arrangements that are mutually beneficial.

Summary & Key Takeaways

• The real estate market during the coronavirus pandemic is experiencing both challenges and opportunities.

• Banks are tightening lending requirements, but there are still options available, such as FHA loans for first-time homebuyers.

• Landlords should be understanding and work with tenants who are struggling financially due to job losses.