All Forum Posts by: Keith Ghion

@Chris Seveney @Terrence Evans Thanks, appreciate it very much.

@Fred Moskowitz apprecciate that thanks Fred.

Hi all - I searched the forums and haven't really seen a post addressing this specifically. I'm about to fund a note purchase via JV agreement. Funding will be provided via cash not SDIRA. I'm assuming that end of year tax reporting would be a 1099 INT for any interest payments and a 1099 MISC for profit on any sales. My CPA thinks there might be 1099 OID (Original Issue Discount) implications as well however. Just trying to get a handle on the tax implications there and if anyone can lend insight to any 1099 OID reporting? Thanks!

That's wonderful, my bank (TD) isn't even taking PPP loans yet. Funds will probably be exhausted before I'm even able to apply. 

@Ashley Nowka it should give you a confirmation number after you've reviewed and hit submit. 

The streamlined application looks to be live?

https://covid19relief.sba.gov/#/

@Michael Ablan is the weekly payroll assistance a separate application? I'd like to keep my one employee on but was looking for information on how to apply for that and haven't seen anything and I didn't see a spot for it on the Business Loan application.

@Michael Ablan

@Clint Harris Thanks for sharing all of this, very interesting.  Not sure if you'd mind sharing but when you started this, when you were evaluating potential purchases how were you running your numbers to determine offers? Was there a certain % of occupancy and average rental income projections or something else? I know you mentioned there's less wear and tear but I'm assuming you still budget for repairs, cap ex etc. 

Will try to make it, will have some kids in tow =) but Constitution Yards is kid friendly with large sand pits and games and what not around. It's a good space.  

Did you require them to carry renters insurance? When I had to evict (also for non payment) and my tenants did a fair bit of damage I checked with my insurance company to see if I could get any expenses reimbursed.  Unfortunately the insurance doesn't cover, however they did mention that if they carried renters insurance, my insurance company would go after their rental insurance company for any damages. 

Did the judge award any damages to you when you had your court date?  None of that is normal wear and tear, you should be able to keep the security deposit and I'd be surprised with the level of damage that a judge wouldn't have awarded you something. Collecting of course is a different story.