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Updated almost 5 years ago on . Most recent reply
How to Generate More Cashflow Before the Banks Stop Lending???
Hey guys! So My buddy and I were talking yesterday about the corona drama and our rentals. We were talking worst case scenario. He was telling me that he doesn't make much from his 3 rental properties (3 SFH) and that he needed more cashflow. He asked me how would I create more. Uhhhh
Anyway, he said that if I remember in 2008-2010ish the banks stopped lending so if he needs to borrow something the time is now!
I told him that I would drop it into the community and see if anyone had ideas. Here is the situation:
He has a wife and a one year old
Sales job 100% commission, (car or RV sales or something. Really slow right now)
She doesn’t work
They have a paid off 200k home
3 single family houses about 200k each, 50% paid off each (2 strong tenants work in the medical field)
$300 cashflow each house per month after all is paid
How would you create more cash in these uncertain times before it gets too bad?
This may help out other people too! Open to all suggestions.
Most Popular Reply
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The reason bank loans became much tougher to obtain last time around, was because there were a ton of new regulations and the creation of the CFPB. Not only were there new compliance costs and stricter rules placed on lenders, but there was also a ton of uncertainty about what lenders were actually allowed to do. Lenders were accused of making "predatory loans", and there were new laws punishing "predatory loans", but the CFPB didn't even define the term "predatory loans" for a couple of years. Many banks were scared to make loans, because they didn't know what was allowed. These new rules and restrictions were in response to structural flaws in the mortgage industry. We don't have those issues this time around, so there is no real reason to believe bank loans will become as scarce.
- Joseph Cacciapaglia
- [email protected]
- (210) 940-4284