All Forum Posts by: Michael Masters

Fed Chairman is now ok with letting inflation rise while keeping interest rates low. To me, this will help housing prices as high inflation will allow house prices to rise while low interest rates will keep mortgage costs cheap. As a landlord, I loved reading this article.

https://www.cnbc.com/2020/08/27/powell-announces-new-fed-approach-to-inflation-that-could-keep-rates-lower-for-longer.html

Originally posted by @Roy Gutierrez:

Originally posted by @Michael Masters:

Has anyone else applied for an increase to their EIDL loan?  I did and received a response asking me to fill out two forms, IRS Form 4506-T and mystery form 3502.

I sent form 4506-T but their link for form 3502 did not work.  Does anyone have any clue what this form is?  An internet search didn't help.

 Hey Michael,

I just applied with an increase, you first had to send out an email and then they would send you back an email with 2 attachments (the 2 documents), look below, fill them out and emailed again my last tax return plus these 2 documents filled in. Applied Friday hopefully I won't take long to get an answer.

 Hi Roy,

I received a similar e-mail but the forms were not sent directly, instead a link to them was sent.  Unfortunately the link to form 3502 was broken and I can't find it on-line, can you send to me?

Has anyone else applied for an increase to their EIDL loan?  I did and received a response asking me to fill out two forms, IRS Form 4506-T and mystery form 3502.

I sent form 4506-T but their link for form 3502 did not work.  Does anyone have any clue what this form is?  An internet search didn't help.

Not looking for a political discussion, but I think there was rioting and looting in the first few days but since it's been mostly peaceful protesting. I wouldn't be scared away from living in a city that protests racism in police departments. And just to be clear, defund does not necessarily equal disband. Defund means just diverting some funding for police departments to other city departments that provide assistance to the less fortunate. I'm not sure many cities want full disbanding of police.

More anecdotal information on the upper end of the spectrum.  Our local real estate market (NYC suburbs) has exploded recently.  Our area was seeing declining values but now people are getting above asking for their homes with all-cash offers from families looking to move out of Manhattan.  I think the main demographic is young families who were considering moving and this has accelerated their urge to move out with young kids.

Another local trend is to rent your home out to Manhattanites for summer vacations at almost extortionary rents.  We're seeing homes renting for $2,000/day (not a typo) here in Westport.  The main complaint we got when we put ours up for rent was that people wanted to rent it for the entire summer, not just a few weeks.

We're making the best out of the situation by renting our home which is 60 miles outside of NYC.  People are renting out their homes to Manhattanites for $2,000/night, crazy cash.  When we rented our place out the biggest complaint from renters was we only rented it out for 3 weeks and most families wanted the lease for the entire summer.

This is helping us to build funds in case renters in our apt buildings stop paying rent.

Originally posted by @Edward Liu:

I applied through each of my LLCs - all same info with difference in damage amount.   Only 1 (the one requested most loan amount) is officially approved while most are rejected, a few more still review in progress.  

I had heard only 1 loan per person even if you own multiple LLCs.  Not sure if that is true but that could be the reason.

Originally posted by @Derrick Dill:

^I applied 04/01, got approved already

I got approved for 15k (w/6 properties MFR,SFR), I filled out the "need help form" and copied the part of the contract that states you can request for increased loan amount. No one answered the "need help?", so I called them, got a person on the phone. I told her the contract stipulates specifically that I can request an increase and read the verbiage for her.. She looked something up and said EIDL is not taking any increase in loan amounts at this time due to shortage of funds, that I should keep an eye out if they add more funds to the program.

I'd like to know if anyone else had a different experience because I filled out the form, called, and that was the answer I received

 I did the same exact thing, asking for more via "need help" and called them.  I got the same response, no more increases right now as funds are short.

Mar 31 - Applied

Apr 21 - Received $1000 grant

May 16 - Approved and asked to create an account

May 18 - Told them I erred on application and requested more funds

I'll let you know what they say and when.  My new request is for 25% of 1 year's rent.

Rate is typically higher for a fixed rate so depends if it will be debt held for several years (choose fixed) or a few years (choose variable).