All Forum Posts by: Andrey Y.

OK.  If you need questions answered or a way to avoid the BS of the SBA or government websites and direct to the people actually helping people with the packages letme know.  my linkedin is in my profile and i will send you on to them as no one should have to deal with the issues and delays that can cause you to not get the loans you need.  And since I have a way to help minimize the pain i feel you all should have it.  There are no fees, charges, or costs.  No one will sell you crap!  Just go there soon before everyone gets wind. Hope this can help!  connect here and get in touch via linkedin .  Thanks!

I have two rental properties, a SFR and a townhome. Does anyone have a recommendation for how to fill out the cost of goods sold and the rent loss portions of the EDIL application? My tenants both paid for April, but I don't want to be in trouble if there are issues in the future.

@Rajesh M.

Hi Rajesh, it is my understanding that sole props must use Form 5c

That being said, if you are not organized as a sole prop and just report the income on your schedule e, not schedule c, there could be complications. For example, I have 2 duplex’s but just report the income on a sch. E, therefore I personally don’t believe I am eligible, tho I’m not 100% sure, I wish I knew for certain.

I suggest reaching out to your local SBDC (small business development center) or hop on an SBA webinar (google search EIDL webinars) and ask your question at the end of the call, it’s probably the fastest way to talk to a living person at the SBA.

Hopefully that helps!

Hi Travis,

I don't believe they will be calculating the loan amount based on equity position for landlords. I believe they will be calculating loan amount in one of two ways:

First (for the majority of Small Business): 2018/2019 Gross Revenues - COGS = Gross Profit / 2 = Loan Amount

Second (likely for Landlords): Actual or Projected rental loss due to disaster + any liabilities such as mortgage + fixed debt payments etc.

This is my expectation.

You cannot use the funds for business expansion. Only for working capital such as paying fixed debt

No more online applying as far as I can tell.   Mail in only.  And it asks for a PFS to be submitted with app.  Which means schedule of real estate, which means show your total equity.  Which means on paper you look rich.  I am nervous about this part.   I am cash poor (like very), but asset rich.    Won't this be a problem to qualify?    I guess given current conditions,  property values have plummeted, so maybe it's actually zero or negative equity!  yay!  

@James E.  I have not heard back from the sba. They had actually shut down their website for a few days and now thats its back up, I can no longer login and see what the status of my file is. They're saying to call or email to find out the status.

I tried calling but its forever on hold. I sent an email.  We'll see what they say. But if its this hard to get the status of the file, i'm guessing they're not really doing much in terms of being able to process the files.

because of my love of everything about airplanes the only Cardone u tube i have watched was when he was taking ownership of his NEW Gulfstream 550 in 2018  those are 30 to 40 million dollar birds.. his wife ( assume it was his wife) was just giddy.. its a beautiful machine.

wonder if he can keep it or will need to down size .. ?? those machines cost about 30k an hour to operate or so.. I know my little bug smasher cost me 600 an hour all in and it was only a 450k machine..

On another note if his company suffers dramatically you know its going to be all over the news and social media and that wont be good for others in the industry either. 

In the next 10 days it will become obvious that he will not be able to meet his obligations for all his non-federally secured financing while his tenants aren't paying. It's only a matter of a few months until that house of cards will collapse. As several people have said here and on other threads about syndication: "Its easy to make money and look like a magician when the markets keep going up. When they crash, its a totally different story. INvestors at Cardone Capital don't have a right to ask for their money back before the 10 years are done and if the market is trash at the sales point who knows what will happen. I predict the current funds will not make it to 2021. I feel really sorry for all the unaccredited investors Cardone took money from.

The advantage us Landlords have is that we get to investigate and know the tenants financially while they do NOT know our financials.

90% of my tenants are doing well and I would say quite well. They would probably qualify for the to 10% of Earners.

10% are NOT and I know who they are.

If one of the 10% who are not wealthy are struggling because they lost their jobs in the Gig economy where Tips are probably the bulk of their earnings, I will give them a rent rebate of about 10% to 20% of their portion of the rent (most of these non-wealthy tenants have roommates in their apts).

I do NOT lower their rent. I give them a gift of money AFTER they pay their rent to help with their struggles.

3 of my tenants are giving birth within the next 2 months. They did not even ask for a handout, but I want to give them a gift of money just to help them considering how overwhelmed our NYC hospitals are AND how scared they are to give birth here.

In a time of crisis, not every Landlord has the means to help.

BUT, if I have that means, I will help the ones who are struggling since I can verify that they happen to be struggling during this time.

I don't see my tenants as only tenants. I see them as residents and neighbors. In fact, I see them as family.

While I don't share the same ideology as the Progressive Left that wants to give free rent to EVERY tenant, I firmly believe that if there is free rent to be given, it should only be given through a Means Test where it is verified that the tenant is actually struggling.

I am in the best position to determine that. Therefore I help those that I know need it most.

Also, I see great benefits to Landlording this way.

If tenants hate your guts, it is most likely the tenant will be looking for anything that you do wrong to sue you.

If tenants love you, they will stick up for you and support you in case others try to sue you, for instance, a person who supposedly slips on your property. I expect my tenants to support me with an affidavit testifying on my behalf. And I'm sure they will from experience.

I don't look at these gifts or treating the tenants well as giving them some advantage. I look at it as extra liability protection.

I also look at it as a job where I love the people I work with. After all, what's the point of being a Landlord if you don't like the job?