All Forum Posts by: Raul R.

 Watch the latest MeetKevin video on YouTube, very informative.. Then go to SBA website and review guidelines it matches what he said, unfortunately its not a April fools video....

 There are new guidelines that just came out yesterday for SBA DLA Loan/10K grant.. TO sum it up, if you have no employees dont expect to get a dime.. If you go back to website you will noticed they also removed 3 day time frame, they replaced 3 with "days"..

Be very careful if you decide to do Forbearance.. Make sure you have something in writing from Bank of your Payment Plan or if your loan will just be Extended. My Brother In Law works for a major bank and he informed me what his bank is doing is providing Forebarance do their customer but they are not being clear or they are not offering anything in writing on what will happen after the Forbearance period is over... Which means when the 3 or 6 months are up the bank can ask for full payment if they want..

The other negative is you will probably not qualify for any new loans or refinance if you decided to do it and who knows for how long you will not be eligible..

Dont shoot the messenger..

SBA came out with new guidelines for the DLA loan/Grant.. It was wishful thinking but most of us will not qualify unless you have Employees.. If you have payroll/employees you can still qualify but if you're just a landlord w tenants best we can hope for is our tenants getting their stimulus checks soon, we will not qualify for this loan..

Who knows maybe they'll do another change, I hope so....

@Greg Moore

Wouldn’t it be nice that we could rate our appraisals in Yelp or maybe even here in BP??

I understand we can’t pick our appraisals but with some type of review process that we have access to we can at least avoid some...

Yes you can but options are limited and it won't be a Fanie Mae Loan so rate will be a bit higher. Im in the process of refinancing some of my Non-Warrantable Condos that are under my LLC. Im working with Visio Financing, I've done 1 loan w them already and it went smoothly now Im refi 2 other of my properties.

@Alex Murphy

You may find financing but your options will be limited and it will not be a Fannie Mae loan which means interest will be higher than the standard rates..

If you want the best rates you need to buy in your name. Some buy w their name and then transfer to LLC but bank can call the Due on sale clause which is the reason I don't do that..

@Beth Barnes

Investing OOS long distance is more difficult at first, forces you to find your “Core 4” one by one and you are force to learn quick sink or swim turn key I would imagine is easier but you’re paying a premium price for that luxury.. I guess it all depends on the market, the market im in don’t really know of any turn key providers compare to other markets. Some start w a turn key providers and once they have their feet wet and with some experience then they do it themselves it doesn’t really matter how you start Whats important is to start somewhere..

Best of luck

@Adam Leitman Bailey

The new rent laws validated my reasons to invest 500 miles away from my hometown. Glad I made the decision to invest OOS 4 years ago. As a new RE investor you will make mistakes making a mistake with these new laws and this environment can be devastating for new investors.