Today's Focus

Current Goal: Eliminate Mortgage on Rental Property

January 1, 2019: $59,592
March 20, 2020: $52,982
2/14/20 paid $750 towards principal
3/20/20 paid $1000 towards principal
4/17/20 paid $1000 towards principal
5/5/20 paid $2000 towards principal

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Tuesday, March 31

Economic Quarantine, a Diary: Day 15 (Sunday, March 29th)

This Amazon driver can't get a single route!
I forgot to mention that we filed for unemployment yesterday.  It doesn't look like the meeting industry is going to crank back up anytime soon.  I had been holding off on filing for a couple weeks.  For one, I have mixed feelings when it comes to accepting help.  I don't like doing it.  But after yesterday's real estate issues I realized that our cash flow will be dramatically lower for the foreseeable future.

I thought I was diversified:

  • Income from work included meetings and events, rideshare driving and making deliveries.  Even Amazon deliveries have slowed down dramatically as they way overhired drivers here.  There's just not enough work to go around.  The entire meeting industry has ceased and I'm not comfortable giving strangers rides in my car at the moment (not to mention the significant drop in demand).
  • I own real estate including single-family long-term rentals, a short-term Airbnb, and am a minority partner in 5 apartment complexes.  I am also geographically diversified.  The Airbnb is obviously suffering - beaches are closed.  My long-term tenants are struggling to pay or planning to move out.  The apartment complexes are also struggling with cash flow issues.
  • My stock portfolio was heavy on dividend paying companies, cruise lines and retailers.  I expect dividends to be cut, and most of the stocks have plummeted in value.
So, even though our income is derived from multiple sources, it's taking approximately a 90% hit right now.  Thus, I don't feel I have a choice but to file for unemployment.

2 comments:

  1. These are very unusual times. RE: Including providing for unemployment for categories of employment not previously covered (gig and self employed I think). It seems to me that you are doing everything you can and that you should feel no reluctance in applying for unemployment.

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    Replies
    1. Thanks, Kim. It helps to know unemployment is insurance that I've been paying into, at least with my w2 stuff. At least I know it's not just welfare. But even if it was welfare, I'm afraid we don't have much choice right now. Our assets aren't liquid - you can't sell a house right now without taking a big loss.

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