All Forum Posts by: CJ M.

@Roy Muller

I have an LLC, but the collateral piece of this loan is interesting to me since all of my properties are leveraged, so there's not much equity/collateral they can take

I'm wondering how much impact this will have on my DSCR? Assuming lenders will see this loan when they run my credit in the future.

@Mark S.

Appreciate the update. Your thinking is exactly what mine is...and I'm leaning towards taking the funds to.

Do you know if they disperse all of the funds to you at once, or in intervals? The reason I ask is, there was language in my agreement that was a bit confusing regarding how they payout the loan.

@Mark S.

Were you able to get any more info on the loan from your tax folks?

@Stephen Bianes

I've always been curious about this. I don't use a PM, but what's to say a PM won't put the better qualuty tenants in their own units?

@Carey Lynch

Seller financing? Trade a child for his house? wholesale it for him? Give him lots of free car washes to lower his asking price...

@James Michels

It's possible if you go the commercial/portfolio route.

Up the purchase price with the seller so that the "overage" covers your downpayment. The properties would have to appraise higher of course.

@John Cantu

Thank you! Yes, I actually spoke with someone after I posted this. From what I gathered is, (like you said) the terms are sent after the acceptance of the loan. Also, the collateral piece will only involve the properties that are used to secure the amount of the loan (i.e. the selling restrictions are not necessarily a blanket on my business as a whole, or across all properties. Just what's needed to cover the amount of the loan). 

Hey BP,

Did some searching to no avail. Where can I find the full terms and conditions of the EIDL? (url please) I was just approved for more than $25K and would like to better understand the collateral piece. I only have 28 days left to decide how much to take, so any help would be appreciated!

All my properties are under 1 LLC (buy and hold only). For a loan GREATER than $25K, does this mean I can no longer cash-out refi future BRRRR properties without SBA approval? What if I started another LLC in the future (I've been considering it for the past year anyway). Would the loan impact that LLC?

I'm waiting on the SBA to get back to me, but who else would be the best person to get more information as it relates to my business? An attorney? I already checked with my CPA and he was not cometely clear either.

Thanks in advance!

@Samantha P.

As others said, go with what your lease says. If it's not outlined that they are responsible for the lawn, then you'll probably need to cut it.

Quite honestly, I just build the cost of the lawn into the rent amount for my duplexes. Then I atleast know the yard is being taken care of by my lawn gal.