All Forum Posts by: James Edwards

I think too many people are expecting that Advance; it's SUCCESSFUL application , meaning it still needs to have eyes look at it and deny it or move it on to the next step of a true loan application. Thus it won't be three days from when you hit the "send" button. Too many pipe dreamers on this.

According to the letter of the law, it has to be...

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Nothing on the EIDL here, no email or call or anything. They've got about 3 hours to get the money in my bank according to what the law requires they have to do...

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bump

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What day/time did you apply and did you hear anything, or get any kind of email response, or questionnaire?

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Your tenant is being forthright and asking, instead of just signing the papers and simply paying no rent for 60-90 days. The correct answer is you set your rent to break even, and look like the good guy. There is a lot more to being a landlord than 100% money at all costs.

Vacancy sucks, fighting a tenant through the eviction process is even worse.

While probably not applicable in your state yet, new language has came down that foreclosures/evictions are not going to happen to fha/fma backed mortgage homes.

If you were in a different state that has direct eviction protection, you could be out, 60-90 days for the eviction ban for non payment. Then you have to get a court date, and get a judgement/successfully get them out with this unprecedented stuff going on. Then they could potentially destroy your house.

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Sounds like a market I would not be investing in.

Rentals are cool, but at somepoint you are just buying yourself headache...

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Originally posted by @Barb Asay:

I just started working through the application and I have so many questions. I don’t usually need my hand held but this is so different for me.

Is there a good resource to help work through the application?

For example: I am a single owner LLC who reports rental income on a schedule E. I don't see that as an option for business structure. Cost of good sold? I don't sell goods, is this where I would put operating costs? Lost rents? It doesn't ask for "projected lost rent" so would you put $0 if you haven't actually "lost" the money yet? Number of employees? Do I count? I'm guessing not because I don't get a paycheck...

I could use a hand in the right direction. I have 20 SFH's and 1 duplex. I have lost 2 tenants already (didn't want to work payments out, just moved out) and anticipate difficulties re-renting the homes. Also, laid off tenants and expect lost rents to happen in May, if not April.

Considering this app went live in the last 30 minutes I'm guessing there is no guidance for a while. I would be counting the rents you lost guaranteed right now.

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Anyone apply yet?

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At best you will leave escrow and lose your earnest monies/any fees you paid.

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I have seen a couple of properties come available via sheriff sale/county sale.

Curious as to if a lien search needs to be done, or if all liens are incorporated in the price?

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All Forum Posts by: James Edwards

James Edwards has started 51 posts and replied 87 times.

Post: Attn: SBA Disaster Loans for Landlords

Post: Attn: SBA Disaster Loans for Landlords

Post: Heloc Minimum Payments

Post: Attn: SBA Disaster Loans for Landlords

Post: Isn't reducing rent better than a vacancy?

Post: 2 Percent Rule in expensive markets

Post: Attn: SBA Disaster Loans for Landlords

Post: Attn: SBA Disaster Loans for Landlords

Post: Backing out of deal last minute

Post: Sheriff/Tax Sales of Houses