All Forum Posts by: Raul R.

@Bryan Beal

I disagree, dont get me wrong at first I had your same opinion but after living it and having love ones get the virus and seeing how my Marathon Runner 30yo brother came very close in being rushed to hospital and how the virus kicked his *** for a week or 2 my opinion changed. Fortunately he made a full recovery but the stress it gives once you know you have the virus is unbelieavable. No easy answer, I dont have one...

@Daniel St John

Welcome to BP.. If you plan to rent out your Townhome make sure you are familiar w your HOA rules concerning renting out your home so you don't run into any surprises ..

@Jean Joseph

I did the same with the SBA DLA 10k application. Once I heard about it I jumped to apply to get the $10k grant to later find out most landlords will not qualify because you need employees. I hate providing my personal info unnecessarily online with my luck SBA will get hack and my info will get stolen 😂

@Jean Joseph

Appreciate info, I’m hearing the same from other people requesting Forbearance.. That’s a major issue if bank is not being upfront what will happen in the end? Always remember banks are not looking out for your best interest. My concern if I was making request is what if the options they provide are not reasonable like a lump payment in the end or payment option that I can’t support payments..

In the future when making a request like this make sure you know your options upfront if not it’s not worth taking unless you are in danger of losing property..

@Jean Joseph

How did you negotiate the forbearance with bank? Will you pay one lump sum in the end of 3 months or did you negotiate a payment plan w bank?

The reason why I didn’t request forbearance is I’m concern it will give me issues getting financing in future.. Even though it will not be reported to credit unions. Information can still be shared between banks or they can make it a question in your next loan application? Without financing difficult to grow didn’t want to risk it

@Scott Beal

The opposite, I have no plans to take forbearance I have your same opinion.. What I meant I want to wait 3-6 months to see how this forbearance fiasco plays out w other homeowners..

@Scott Beal

I started the process before the pandemic but once it started everything got slow including getting appraisal done which was expected.. Fortunately I’m in no rush for the funds but if I was this would have been an issue.. I want to see if I’m able to complete these 2 refi without any further issue and then I will provably wait 3-6 months to see how the forbearance fiasco plays out..

@Savannah Kennedy

Main concern for me is financing..I'm in the middle of 2 cash out refinance Fortunately I'm still employed w my W2 and still collecting rents but it's taking longer than expected to complete refi. My main concern is if I do another BRRR how long will it take to complete refi how will I be able to repeat.. Once I know banks are doing Biz as usual I will be more willing to jump in..

@Miles Rose

Thank you for sharing your post.. Too many get allured w house hacking thinking it’s an easy way to create wealth but many forget about the issues that may arise and having landlord/tenant disputes w your neighbor can be an added stress.. That is why I’m glad my tenants are over 500 miles away

I agree with what others have mentioned sending a certified mail or an email to stop the smoking remember you want everything in writing not verbal. Also waiting until this Covid-19 crisis is over is probably your best bet. Did tenant at least pay you rent for April?

@David Hulit

Eligibility requirements changed as well, you now need employees to qualify.