All Forum Posts by: Sudhanshu Singha

@Kevin Hu Yes your interpretation is correct. Homeowners do not have to worry about a foreclosure and renters do not have to worry about getting evictions until August 31st. I really think this deadline will keep getting extended until sometime in 2021 unless a vaccine comes out or the the economy drastically improves.  

@Alexander Biniam I feel like the ones who know how to play the system are also top donors to elected officials. I really think if you can get people to make big donations to your city council/local politicians then you will have a better chance of  accomplishing your goal.

@Omar T Sharaf You should also try to refinance your current home at a better interest rate. If you plan on holding the rental for a long time the extra closing costs will be worth it. A lot of lenders are offering rates below 3% especially credit unions. That may help you squeeze out a little cash flow each month when taking reserves into account. 

@Corey Shimmel I would say expand the geographic area that you are looking at. I see that you are from the Richmond, Va area so maybe check out suburbs of Richmond or maybe even Hampton Roads area.  

@Colin M. I only contribute to my match percentage and that is only since it is really tough to beat guaranteed 100% returns. The market has come back strong though so as long as you didn't change your investment allocations you should of reversed most of your losses.

The only thing to take into consideration is the vesting of your match if you only plan to stay in your current job for 1-2 years and you do not have immediate vesting then you might want to just save the extra money for reserves or downpayment on your next deal.

I think it would of been a good idea to pass a law similar to PPP program where individuals in bad financial situations due to COVID-19 could bring in proof of how much they paid for housing the previous year or are currently paying and receive a forgivable loan for that amount. The bank would then keep the loan in a escrow account and only allow draws for housing costs such as rent and utilities.  

It's not the best idea and there would probably be problems with the initial roll out but it would greatly reduce the the eviction situation many tenants and landlords are in. It would also not be as expensive as people think since the vast majority of people are still paying their rent. It also would set up infrastructure if the economic situation deteriorates in the future due to strict social distancing requirements or even a possible lockdown.    

@Rob Bergeron I think if Louisville wants to get a NBA team they will have to get a group of local businessmen together and buy a NBA team. Once they get ownership they can probably convince the rest of the owners to let them relocate the team to Louisville. That is basically how the Oklahoma City Thunder came into existence.

@Tim Moore If you are flipping houses, you unfortunately will be stuck paying ordinary income taxes instead of capital gain taxes and you also won't be able to defer any taxes with 1031 exchange. You can avoid the taxes if you do a cash out refinance but it will be tough to be able to cash out more than 80% of ARV. Depending on how well you managed your rehab costs you may or may not be able to pull out profit with a 80% cash out refinance.

@Michael Osborne I think this program is geared more towards people people who have worked in the federal government in the past and have have been furloughed in their current Non-Federal position. You can still keep your money in the TSP accounts even if you leave the federal service and go work for the private industry.

If your pay is reduced since you can't do overtime you should be able qualify pretty easily. I'm not sure about the proof but since it is your own money the only thing you might have to do is self-certify that you meet the criteria set by the CARES act. 

@Jim Bridges I would suggest a HELOC since it is a revolving line of credit and you can decide how much of the equity portion you want to pay off each month if any at all.

Also make sure to check to see if you can actually pull out 40k. If your Zillow estimate said 250k and you owed 160k then you are in good shape to pull out 40k since it is not not difficult to find lender who will do a HELOC or Cash Out Refinance at 80% LTV . But if you Zillow estimate said 400k and you owe 310k then you will need to look for lenders who lend at higher LTVs of around 90% which is harder to find and you will have to shop around a little more and possibly pay higher rates.