All Forum Posts by: Maurice Smith

i got approved for 22k on top of the 3k advance from the sba. I got the money in my account within3 days. when i was reading my closing docs it states that the sba will track how you spend the money. How the money can only be used for business porpoises? If im in the business of real estate dose using that money as a down payment for another property count? 

got approved for 22k today 3.75% 30 years

Sba attempted to pull my credit! Lucky me i always keep my credit locked.  was worried that this would slow up the process. Even though they were unsuccessful in pulling my credit, i still received $3,000 in my business checking about 2 days after that. i applied 3/27 i got paid 4/21 

Originally posted by @Terry Lao:

@Maurice Smith

Hope all is well my friend. Coronavirus has thrown all markets into chaos.

I know we had a conversation regarding section 8 rents awhile ago. I mentioned that one of my 4plexs are all section 8, and get direct deposits the first of each month. Some section 8 tenants pay 10%, and section 8 pay 90%. This is what I call recession proof. Who knew that coronavirus would happen, but any event like 2008 during last recession, say the same cycle. People lost their jobs, tenants did not pay rent. Owners who had loan on property, and did not get rents, eventually lost to foreclosure. 

Not sure if they cycle will repeat, but similar. If LV strip can reopen soon and find vaccine to Coronavirus, then can avert repeat.

To address your question, getting section 8 tenants. The time to get section 8 tenants was before something like coronoavirus or recession occurs. Now, I would say nearly impossible. The Southern Nevada Region Housing Authority (SNRHA) is the office that administers section 8, is closed and maybe will re-open later this month or next. Perhaps some employees work from home. However, for most part, cannot sign up new tenants, and cannot process paperwork for new landlords.

In hindsight, need to think about problems before they happen, and have in place preventive measures like section 8 tenants when regular tenants cannot pay.

Terry

 I appreciate your response my friend. I am going to inbox you. I have a few questions about my current situation 

I have been considering turning my units into section 8 rentals before this corona virus, but now im seriously considering it. I own a 4 plex in las Vegas ( arguably one of the hardest to be hit by all this ) currently have one vacant unit, and I will have another vacant unit at the beginning of may. My other 2 units are occupied. out of the 3 units I have occupied only 1 person paid rent! the other 2 just decided not to pay with no explanation ( that's another conversation I need to have with my pm for, I fill like they are not taking the proper steps needed to protect their clients investment. asking for partial payments, asking for proof of not being able to pay rent due to job loss, etc.) I know that section 8 at least guarantees rent payments at the beginning of each month. the tenants portion is usually 10-20% and section 8 pays the rest. I fill like this would be a good way to protect my investment for non paying tenets? Any advice FROM CURRENT SECTION 8 landlords  would be greatly appreciated!   

lol why assume such things, 12 months up front in this current market is a blessing. even if you had them on regular lease and they were growing weed , what can you do about it? you cant evict any tenant until further notice 

no significant changes in my market yet. ( las vegas / bay area) im seeing a couple price drops. right now im focused on the inventory. currently there are 59 multi- family available. Just the other week it was 66

I was lucky enough to fill  out my application the same day the bill got passed Friday  3/27/20. I waited on the phone for 1 hour 15 mins AFTER I UPLOADED ALL MY DOCS AND APPLICATION ONLINE (took me about 40 min to complete everything)  . Glade I waited on hold though.The lady basically told me I waisted my time if I uploaded the application and other docs through online, because of how backed up there system was. I would have to either fax or mail my application in ( MAILED MY APPLICATION PRIORTY MAIL, THE VERY NEXT DAY 3/38/20, YEA I WASNT WAISTING NO TIME) or else it would just be sitting there along with the rest of hundred of thousands of applications. so moral of the story if you didn't mail or fax your application with the other APPLICIABLE forums and your tax 2018 or 2019 tax return your application will most likely just be sitting. BE ADVISED , THE STREAM LINE PROCESS ON THE SBA.GOV WEBSITE WERE THEY ASK FOR YOUR BANK IFO IS NOT THE APPLICATION PROCESS.

dont mind me asking why California ? 50k down payment in CA its possible if your not worried about cash flowing . 3% of 300k is 9k, and so on. if your looking to cash flow you will need either a real good market deal. or a larger down payment at least 20%. keep in mind opportunity cost. I would reconsider other markets with higher returns. just my personal opinion

if interested, I have a 2 bed 2 bath condo ready for rent april 5th in vegas until you figure it out