All Forum Posts by: Steven Glasgow

Excellent. Thank you for the feedback

Question for you tax pros. Do you agree that this is the property way to complete a W9, for an IRA LLC (with checkbook control)? Or not? Thanks!!! See

https://sdirahandbook.com/ira-...

The only part of his executive that has me concerned, is section 3(a). Trump may attempt to get the head of the CDC and/or HHS to say "Evictions are bad, and evictions could result in a spread of the virus, so therefore none can happen". That would really hurt the housing market, if they try to enforce that. At least the Cares Act had relief for landlords, who could take a deferment without damaging their credit, on a mortgage while they could not do an eviction. And it only applied to government backed mortgages - not hard money loans, private loans, portfolio loans, paid off houses, etc. That's probably thinking too much into it...but you never know. Trump said "Today, I'm directing the [government agency] to make sure renters and homeowners can stay in their homes, so I am protecting people from evictions..." 😬 See for yourself at https://twitter.com/WhiteHouse...

I read it twice, and I'm reading it as "evictions and foreclosures are bad, we need to stop or reduce them, and I encourage government agencies to do what you can to give extra funds to renters & homeowners, and do what you can within the law to stop evictions and foreclosures". So ... he's not saying "stop all evictions" per se. But I can see Fannie Mae or Freddie Mac delaying any foreclosures and/or evictions for a while - but that's IF they decide to do something. As said above - my only concern is the obscure section 3(a) language he inserted -- they would be dumb to stop all evictions, for all types of non-payment of rent situations / mortgages / properties

Here's Trump's full executive order - https://www.whitehouse.gov/presidential-actions/executive-order-fighting-spread-covid-19-providing-assistance-renters-homeowners/

Here's Trump's actual executive order - https://www.whitehouse.gov/presidential-actions/executive-order-fighting-spread-covid-19-providing-assistance-renters-homeowners/

I read it twice, and I'm reading it as "evictions and foreclosures are bad, we need to stop or reduce them, and I encourage government agencies to do what you can to give extra funds to renters & homeowners, and do what you can within the law to stop evictions and foreclosures". So ... he's not saying "stop all evictions" per se. But I can see Fannie Mae or Freddie Mac delaying any foreclosures and/or evictions for a while - but that's IF they decide to do something. My only concern is the obscure section 3(a) language he inserted -- they would be dumb to stop all evictions, for all types of non-payment of rent situations / mortgages / properties

The only part of his executive that has me concerned, is section 3(a). Trump may attempt to get the head of the CDC and/or HHS to say "Evictions are bad, and evictions could result in a spread of the virus, so therefore none can happen". That would really hurt the housing market, if they try to enforce that. At least the Cares Act had relief for landlords, who could take a deferment without damaging their credit, on a mortgage while they could not do an eviction. And it only applied to government backed mortgages - not hard money loans, private loans, portfolio loans, paid off houses, etc. That's probably thinking too much into it...but you never know. Trump said "Today, I'm directing the [government agency] to make sure renters and homeowners can stay in their homes, so I am protecting people from evictions..." 😬 See for yourself at https://twitter.com/WhiteHouse...

--The core of executive order--
Sec. 3. Response to Public Health Risks of Evictions and Foreclosures.

(a) The Secretary of Health and Human Services and the Director of CDC shall consider whether any measures temporarily halting residential evictions of any tenants for failure to pay rent are reasonably necessary to prevent the further spread of COVID-19 from one State or possession into any other State or possession.

(b) The Secretary of the Treasury and the Secretary of Housing and Urban Development shall identify any and all available Federal funds to provide temporary financial assistance to renters and homeowners who, as a result of the financial hardships caused by COVID-19, are struggling to meet their monthly rental or mortgage obligations.

(c) The Secretary of Housing and Urban Development shall take action, as appropriate and consistent with applicable law, to promote the ability of renters and homeowners to avoid eviction or foreclosure resulting from financial hardships caused by COVID-19. Such action may include encouraging and providing assistance to public housing authorities, affordable housing owners, landlords, and recipients of Federal grant funds in minimizing evictions and foreclosures.

(d) In consultation with the Secretary of the Treasury, the Director of FHFA shall review all existing authorities and resources that may be used to prevent evictions and foreclosures for renters and homeowners resulting from hardships caused by COVID-19.

Here is what I gather, after reviewing the actual text of the bill
- Multifamily landlords who have government backed loans, can get forbearance on their loans, but during that timeframe have to agree to not do any evictions (page 572)
- Any landlord who participates in the section 8 housing program, OR has a federally backed multifamily or single family loan, may not evict anyone for 120 days from the date the act begins (page 574) - so it is not perpetual; this seems to conflict with what's above re: the multifamily properties
- All other evictions (say you own a house free & clear, or have a portfolio loan through a local bank) can still occur, albeit any hangups from state/local laws; in north Texas where I am located I doubt they will have many holdups very long. As of 03/27/20 the TX Supreme court said no evictions until 04/19/20 and Dallas county specifically said no evictions until 05/18/20