All Forum Posts by: Jason Fernandes

So excited to be at 45+ units now. We have been waiting for the big FIVE - O for a little bit. I'm not sure if it will be in 2020 but we are getting there.

We are nearing our goal of 50 units in the next and just super excited to be there

I'm seeing different response times. I applied for my relatives (with an LLC but no properties in LLC, all are individually owned) who are technically-challenged and myself(with an LLC with multiple properties in LLC, mix of LLC + individually owned).

They got closing docs within 12 hours of portal setup, verifying identity, etc. I have been in "processing" for close to 2 weeks now.

When I called they kept saying processing times may vary. Yesterday they gave me an email address - 

disastercustomerservice at sba.gov

If you write to this email with application number, name and business name.. they will send you an update on status between 24-48 hours.

I did get a response today, but it pretty much just said it is still in the processing department.

@Vinci S. as per the website it will not have to be repaid.

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

@Larbi Djoudi@Larbi Djoudi When I tried to go to the link where we applied, it looks like they are not taking applications there right now. I haven't had to login to any portal as of yet. https://www.sba.gov/disaster-assistance/coronavirus-covid-19#/

We applied on March 31, got a response on April 14. It said that they received the application and in order that it helps most people, they will send out 1k per employee. We had a credit check yesterday (April 21) and a 2k deposit hit today (April 22).

• Do you live in California? No
• Have you lived in California in the past 5 years? Yes
• If so, where? Bay Area (San Jose)
• Will you be staying or leaving? Left
• Why? Expensive, Traffic, Warriors 
• What is your full time income producing job? Applications Developer

Expensive - we have a lot more left in the pocket for the same pay.

Traffic - every time we go back for a week or so, we get the same feeling of why did we leave? Takes just one drive in rush-hour traffic to remember how lucky we are now.

We go back 4-5 times a year to visit family and manage our 2 rental properties in the Bay Area.

I contacted PenFed today. They said once I own more than 4 properties they consider me as a business, and they do not lend to businesses.

Just FYI - if you come to this post searching like me :)

They do offer home equity lines on Non Owner Occupied homes if you own up to 4 properties. Link with rates here - https://www.penfed.org/home-equity-center/home-equity-loans

Thanks for the information @Chris K.  I will PM.

Good luck and welcome @Abel Sanchez. Most institutions do not like for the down payment to be borrowed (at least in my experience), but I suppose you could ask and see what kind of response you get from the RE agent or loan officer you end up working with.

@Leo Lanza Thanks! You are right. The more I think about it, I keep kicking myself for not doing multi-family sooner. Thanks for the recommendation on the book. I will try your tactic and be more direct about the portfolio lender talk.