All Forum Posts by: Jeffrey Allen

Not real estate related per se, but probably of interest to many following this thread.  I submitted documents for a PPP loan on behalf of our church.  After being denied for three days from national and regional banks, I found a local bank with whom I had no previous connection.  I sent the application through an online web portal, they asked for more documents 2-3 hours later, to which I responded yesterday afternoon.  Last night I got notice of approval by the SBA.  There was no confirmation of amounts, so I assume it was the amount for which I applied.  I am told I will have cash in ten days.

So my recommendation is to seek out a local lender for PPP.  They probably aren't as swamped as the big boys, and might be more interested.

Anyone applying for PPP in this round?

I applied for EIDL the night of 3/31 using zero employees.  I received the generic email last week, and found $1,000 in my account this morning.  The bank transaction date says 4/21, so three weeks from applying to monies received.  My tenant (I have only one property) paid a partial payment last month, so this is well-timed.  

Got my email today after applying for EIDL on 3/31.  Same text as above.  0 employees means I will not qualify for the forgivable portion, but 3.75% deferred 12 months isn't awful.  

Here is a guide to EIDL Loans from the Chamber of Commerce.

https://www.uschamber.com/repo...

Bank of America's online portal is now up and running for Bank operated SBA loans.  

I have to say that was suspiciously simple.  Other than some categories obviously not being designed to consider landlording, that's the most "streamlined" government form I've ever seen.  

Thank you very much @Julie McCoy - exactly what I was looking for. 

I was planning for one room being "the barracks" with a group of bunk beds designed to be kid-friendly, and that space will need to be designed accordingly.  Excellent point in looking at effects on resale value, I hadn't really considered that.

So ... if I'm building a lakehouse with an eye toward using it as a short-term rental, what features should be different than a typical SFR?

I'm thinking:

1.  Invest less space in closets, particularly coat closets and the like.

2.  More emphasis on window alignment with views over the lake.

3.  Open kitchen, larger common areas, larger deck.

4.  Smaller investment in bedroom size.

5. Full bathrooms where a SFR might get away with a 1/2.

I'm sure this about 25% of what I need to be thinking about.  Any other thoughts?  I'll hang up and listen.

This is exactly true, and the lack of media coverage is a bit surprising.  I have extended-extended family there, so I've been trying to follow the situation.  A link to an Atlantic article is below.  It's obviously not a real estate article, but probably contains enough information to realize that you don't want to be investing from afar right now. 

That said, if a new government is formed that is pro-personal property rights and freedom of individuals and businesses, it might be worth a look in a few years.

https://www.theatlantic.com/international/archive/2018/06/nicaragua-ortega-protests/562094/