I have practiced law in private practice for 30 years and I have never seen anything in my practice, or during my lifetime,
that comes close to what has happened since March of 2020. The Kansas Governor announced a 30 day halt on evictions and
foreclosures, which later got extended. Jackson County Missouri would not execute on Writs of Restitution, but would allow
new filings. Hearing have been by web/ex which is like a zoom application and I see hearings going that way in the future
for a variety of reasons. That is a positive in my opinion. The average person cannot afford to pay a lawyer several hundred
dollars an hour just to appear in Court.
As of today, 6/29/2020 all foreclosure and evictions are allowed, however, careful compliance with the CARES act is necessary
and/or a verification of compliance. Real estate transactions are continuing to occur more quickly in the FSBO sector that is
not as bound by rules for showings and social distancing.
Small businesses are being hit hard by the last 3 months, and that has a cascading effect. More people work from home, which means
the dry cleaning business by work has less business, the coffee shop, the gas station, less car repairs, fewer trips to get a haircut,
no concerts, large gatherings, KC Royals Games, swimming, large outdoor anything, and what I thought I would never see in my lifetime
is for a government to mandate church congregations not meet.
Knowing what I know, if you are wanting to get out of real estate do it now. Otherwise expect to hold on for another 4-10 years.
Lot of renters are and will continue to be unable to pay. Commercial buildings are expected to become more affordable for purchase which is
a positive for investors.
Look for commercial leases to be re-negotiated.
Expect to see a very large surge of foreclosures and evictions before the end of 2020 which will open up properties in the
spring of 2021. I see a mix of variables that are to unpredictable over the next 24 months and for that reason if you are looking to get
out of real estate I would say do it sooner rather than later.