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Possible of recession & Fico 10.

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dragontears
Senior Contributor

Re: Possible of recession & Fico 10.


@CA4Closure wrote:

People stop being a fatalist. I happen to be doing well in the stock market and my 401k is doing fantastically. Right now my rental and commercial income is doing good. No evictions and Reserves are great.

We all know there will be a RESET for certain states like California whose real estate market is crazy high. This is because of over regulation. If you live in California, you will be the one in a financial crisis if you did not save for a rainy day. 

In the business world, companies are investing in manufacturing in the States but states like California won't see it because of the over regulations. Texas, Tennessee, Kentucky and states that do not over regulate will reap these rewards. If Trump is re-elected the recession will be mild compared to the last recession. 

The currect financial mess is due to the Corona Virus and China's inability to ship product. But companies are switching to other manufacturing countries like Vietnam, Dominican Republic, India and Mexico. 


I mean this in the nicest way but how do you know yet if you will actually be getting income from your rental properties next month? 

I also have rental property income and have already received notifications from my property management company that there is currently an eviction ban in place and if my tenants get laid off and can't pay their rent we are required to work with them and there is no other option. I am hoping my tenants keep their jobs and keep paying rent but as it stands right now if they don't I could be footing all of the expenses without getting rental income for as long as this pandemic lasts...

Message 21 of 31
Anonymous
Not applicable

Re: Possible of recession & Fico 10.


@FireMedic1 wrote:

This country has bounced back so many times. Its only been a couple months. Summer is coming and this thing will die out. No virus likes heat. This virus swells with humidity and dies out. This isnt 2008 folks.


That's not looking to be true. It was summer in Australia and the outbreak still happened. The experts don't believe the virus will die off because it's so contagious that it doesn't need to last long outside of the body anyway. 

I think people are a bit too optimistic about economic recovery considering this virus hasn't even peaked yet. 

Message 22 of 31
iced
Valued Contributor

Re: Possible of recession & Fico 10.


@Anonymous wrote:


That's not looking to be true. It was summer in Australia and the outbreak still happened. The experts don't believe the virus will die off because it's so contagious that it doesn't need to last long outside of the body anyway. 

I think people are a bit too optimistic about economic recovery considering this virus hasn't even peaked yet. 


It's also unknown if this virus is also seasonal, which means it will flare up every year and be with us until the world develops herd immunity (via vaccine or the hard way).

 

Either way, thinking if we just hide in our homes until summer that this virus will just get bored of waiting for us to come out and go away is wishful thinking.

Message 23 of 31
Anonymous
Not applicable

Re: Possible of recession & Fico 10.


@iced wrote:

@Anonymous wrote:


That's not looking to be true. It was summer in Australia and the outbreak still happened. The experts don't believe the virus will die off because it's so contagious that it doesn't need to last long outside of the body anyway. 

I think people are a bit too optimistic about economic recovery considering this virus hasn't even peaked yet. 


It's also unknown if this virus is also seasonal, which means it will flare up every year and be with us until the world develops herd immunity (via vaccine or the hard way).

 

Either way, thinking if we just hide in our homes until summer that this virus will just get bored of waiting for us to come out and go away is wishful thinking.


Seasonality more refers to whether it will wane in the warmer months or not. It's inevitable that this one will be sticking with us for the foreseeable future regardless because it's spread so far around the world. And what's even more intimidating is that this is an RNA virus like the flu which means it's prone to mutating. I read an article the other day that over 100 mutations have been seen in samples already. The good news is that now the virus has found an effective way to spread, the lethality will likely start being mutated out of it. 

New Orleans is getting hit hard right now which pretty much put the nail in the coffin for hopes that this will go away by summer. It's 84 degrees there right now in the early evening with 43% humidity and they have a whopping 1800 cases in Louisiana with around 1300 of those in the New Orleans metro. Louisiana is right behind New York and Washington as far as infections per capita are concerned. They are facing the potential of an Italy style healthcare collapse as soon as a week from now if the numbers don't stop climbing.

Message 24 of 31
Anonymous
Not applicable

Re: Possible of recession & Fico 10.


@dragontears wrote:

I mean this in the nicest way but how do you know yet if you will actually be getting income from your rental properties next month? 

I also have rental property income and have already received notifications from my property management company that there is currently an eviction ban in place and if my tenants get laid off and can't pay their rent we are required to work with them and there is no other option. I am hoping my tenants keep their jobs and keep paying rent but as it stands right now if they don't I could be footing all of the expenses without getting rental income for as long as this pandemic lasts...


If this happens, then wouldn't you be able to ebe in the same boat? And then tell your Mortgage Lender that the tenant is not paying due to Covid-19. So you should be able to defer as well.

 

As for Australia, it's probably due to someone already infected going there. It being Summer there isn't stopping someone from another Country bringing it there, but there shouldn't be as many cases as or spread as fast as places where it's stiil cold. We'll see i guess.

Message 25 of 31
iced
Valued Contributor

Re: Possible of recession & Fico 10.


@Anonymous wrote:

 

As for Australia, it's probably due to someone already infected going there. It being Summer there isn't stopping someone from another Country bringing it there, but there shouldn't be as many cases as or spread as fast as places where it's stiil cold. We'll see i guess.


Russia says hi.

Message 26 of 31
dragontears
Senior Contributor

Re: Possible of recession & Fico 10.


@Anonymous wrote:

@dragontears wrote:

I mean this in the nicest way but how do you know yet if you will actually be getting income from your rental properties next month? 

I also have rental property income and have already received notifications from my property management company that there is currently an eviction ban in place and if my tenants get laid off and can't pay their rent we are required to work with them and there is no other option. I am hoping my tenants keep their jobs and keep paying rent but as it stands right now if they don't I could be footing all of the expenses without getting rental income for as long as this pandemic lasts...


If this happens, then wouldn't you be able to ebe in the same boat? And then tell your Mortgage Lender that the tenant is not paying due to Covid-19. So you should be able to defer as well.

 

As for Australia, it's probably due to someone already infected going there. It being Summer there isn't stopping someone from another Country bringing it there, but there shouldn't be as many cases as or spread as fast as places where it's stiil cold. We'll see i guess.


Maybe, all the information I have seen on help with mortgage is centered around owner occupied not investment properties. 

Message 27 of 31
FireMedic1
Community Leader
Mega Contributor

Re: Possible of recession & Fico 10.


@Anonymous wrote:

@iced wrote:

@Anonymous wrote:


That's not looking to be true. It was summer in Australia and the outbreak still happened. The experts don't believe the virus will die off because it's so contagious that it doesn't need to last long outside of the body anyway. 

I think people are a bit too optimistic about economic recovery considering this virus hasn't even peaked yet. 


It's also unknown if this virus is also seasonal, which means it will flare up every year and be with us until the world develops herd immunity (via vaccine or the hard way).

 

Either way, thinking if we just hide in our homes until summer that this virus will just get bored of waiting for us to come out and go away is wishful thinking.


Seasonality more refers to whether it will wane in the warmer months or not. It's inevitable that this one will be sticking with us for the foreseeable future regardless because it's spread so far around the world. And what's even more intimidating is that this is an RNA virus like the flu which means it's prone to mutating. I read an article the other day that over 100 mutations have been seen in samples already. The good news is that now the virus has found an effective way to spread, the lethality will likely start being mutated out of it. 

New Orleans is getting hit hard right now which pretty much put the nail in the coffin for hopes that this will go away by summer. It's 84 degrees there right now in the early evening with 43% humidity and they have a whopping 1800 cases in Louisiana with around 1300 of those in the New Orleans metro. Louisiana is right behind New York and Washington as far as infections per capita are concerned. They are facing the potential of an Italy style healthcare collapse as soon as a week from now if the numbers don't stop climbing.


New Orleans never cancelled Mardi Gras. The Mardi Gras season ran from Jan. 6 to Feb. 25. Perfect storm. Recipe for a disater. (Not to throw this in your face at all) Bad decision.

no.JPG


Message 28 of 31
Anonymous
Not applicable

Re: Possible of recession & Fico 10.


@FireMedic1 wrote:

@Anonymous wrote:

@iced wrote:

@Anonymous wrote:


That's not looking to be true. It was summer in Australia and the outbreak still happened. The experts don't believe the virus will die off because it's so contagious that it doesn't need to last long outside of the body anyway. 

I think people are a bit too optimistic about economic recovery considering this virus hasn't even peaked yet. 


It's also unknown if this virus is also seasonal, which means it will flare up every year and be with us until the world develops herd immunity (via vaccine or the hard way).

 

Either way, thinking if we just hide in our homes until summer that this virus will just get bored of waiting for us to come out and go away is wishful thinking.


Seasonality more refers to whether it will wane in the warmer months or not. It's inevitable that this one will be sticking with us for the foreseeable future regardless because it's spread so far around the world. And what's even more intimidating is that this is an RNA virus like the flu which means it's prone to mutating. I read an article the other day that over 100 mutations have been seen in samples already. The good news is that now the virus has found an effective way to spread, the lethality will likely start being mutated out of it. 

New Orleans is getting hit hard right now which pretty much put the nail in the coffin for hopes that this will go away by summer. It's 84 degrees there right now in the early evening with 43% humidity and they have a whopping 1800 cases in Louisiana with around 1300 of those in the New Orleans metro. Louisiana is right behind New York and Washington as far as infections per capita are concerned. They are facing the potential of an Italy style healthcare collapse as soon as a week from now if the numbers don't stop climbing.


New Orleans never cancelled Mardi Gras. The Mardi Gras season ran from Jan. 6 to Feb. 25. Perfect storm. Recipe for a disater. (Not to throw this in your face at all) Bad decision.

no.JPG


Correct that they still threw Mardi Gras and that's likely how it started spreading but Mardi Gras is over and people are in lockdown and it's still spreading. If it was going to stop in the summer for the rest of the country, it would be slowing down there now and it's not. 

This is the thing that really panics me about this ordeal is the possibility we won't get a summer reprieve. 

Message 29 of 31
FireMedic1
Community Leader
Mega Contributor

Re: Possible of recession & Fico 10.

@AnonymousIm not trying to win anything. Here in Fl we have more cases than LA. Check the map out. Mouse-over the map. Not that bad here in central Fl. SoFl being hit hard like Miami. Inside of a state it depends on region. NYC being the epicenter due to its population is making the news in the state of NY. You dont hear about Buffalo, Albany, Rodchester or up-state NY. New Orleans is being hit hard. Same applies. No news about Baton Rouge or other cities. Each state has its own epicenter.

https://www.cdc.gov/coronavirus/2019-ncov/cases-updates/cases-in-us.html 

I hope it ends soon. I'm tired of going to a call like its a meth lab haz mat situation.

haz.JPG


Message 30 of 31
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