All Forum Posts by: Ryan Miller

Am I way off base here....if you apply for the EIDL and get the $10k up front and then either dont qualify or pay it back immediately, you would then be able to keep the $10k, right? I am not saying that this is something I would do but, as it stands, landlords do not qualify for the PPP due to the limit on counting contractors as part of your payroll. We are getting screwed on this one. Lets hope this bill doesnt go through, otherwise we wont be able to evict, tenants wont have to pay, and (at best) we can only defer mortgage payments. Plus.....we still have to pay taxes, insurance, etc!

How do you guys read this? If I pay utilities on a rental and I pay mortgage interest on all of my properties plus my HELOC, do you see them forgiving this? Could I argue that loss of rent impacts my ability to "pay myself"?

Loan Forgiveness - This is the critical question. The loan forgiveness provision is the best part. You are eligible for loan forgiveness for the amounts you spend over the next eight weeks after receiving the loan on certain qualifying expenses. The qualifying expenses of the business over the eight-week period includes payroll costs, rent, interest on mortgage debt and utilities.

Agree w/ taxes. If you have them in escrow, you will obviously fall short since you wont be making payments to the bank. I have lots of questions like - how do I qualify, what if I am receiving partial payments, etc

Video on the potential catastrophe that will follow the passing of Senate Bill S8125:

 https://youtu.be/e0TSoDnFNGs

Can you guys tell me if this is a loan or a grant? I'm only interested if there is "forgiveness" attached to it. Otherwise, I may as well use our HELOC to get us through.

Is this separate than the Covid Emergency Loan. That one interests me because the loan is forgiven and covers mortgage interest, utilities, and payment to independent contractors. 

I am wondering if anyone has experience in converting a SFR into an assisted living residence for Individuals w/ disabilities? I know housing for the elderly is a popular topic but that has less appeal to me. My day job is as a Regional Director w/ a non-profit that serves this population so I am relatively familiar w/ the process, which includes large agencies contracting w/ home owners to lease their properties. The agency provides the staffing and the landlord remains hands off....except for themodifications that need to be made up front. The rent is at least double market value and the leases can span extended periods of time. I ask because we have a SFR that we build within our development company 2 years ago and would like to explore a conversion....or just sell. The cost to build was roughly $275k but the rent is only $1850, which makes it a poor rental property - LOL. It sits within a nice neighborhood but is situated in between an apartment complex and dilapidated home, which will hurt its chances for resale. Any help would be appreciated!

I wanted to post within this thread as it is similar to my question, which has to do w/ the conversion a SFR investment property into an assisted living home for individuals w/ disabilities. I have experience in this field as my 9-5 is w/ non-profit that works w/ in the social services field. Similarly, there is a growing need for housing (due to de-institutionalization), you can rent direct to the consumer or an agency, and the rents are double that of a normal tenant. Does anyone have any experience w/ this?

We have 8 units currently, although our single family will be on the market in the spring. I have never been handy but I have always enjoyed the other stuff - drawing up leases, collecting rent, hiring contractors, managing data/income (we use Stessa). However, I am a 39 year old working professional w/ 3 extremely busy kids and things have become increasingly difficult to manage. More pressing, is my worry that I don't have a stringent enough vetting process in place and sometimes I let my good nature get in the way of making educated decisions. Additionally, 2 of the 3 buildings we own were built in the 1920's so we will need to invest in upgrades as units turnover. This is not necessarily a strong suit of mine and I am worried that I will fall short of my goal of maximizing returns. We invest in Delmar, which is a small sleepy suburb just outside of Albany, NY. Any guidance (and help locating a high quality property manager) would be appreciated!