All Forum Posts by: Huy Thai

@Jaysen Medhurst thanks for the reply! I read that treated wood shouldn't be painted over until 6 months after buying or drying and these have been up for 5 years now, but I will have to do a test spot to make sure chemicals don't bleed through. As for the oil based paint I didn't think there would be regulations but just to be sure, I'll confirm that too. Great idea. Now you have peaked my curiosity with the composite material idea. What kind of material are you referring to? Fiberglass or resin of some sort? 

BP!

I'm considering painting the exterior trim, porch rails, and stilts of a front row beach house bright white. This home gets abused by the salt water and sand constantly and to add to the issues, I have rust stains and streaks from the bolts and nails so I'm looking for a low maintenance solution that will look great year after year. I spoke with one contractor who recommended a white stain while others suggested Zinsser primer followed by oil based paint. Hoping to get some valuable input from BP'ers who've successfully painted in this harsh environment? 

Thanks!

Only the grant portion is forgiven from my understanding. PPP has forgiveness 

Absolutely. 

@Vidit Maini as far as I could tell there were no expenses if you accept the loan. The timeline is 30 years at 3.75% which they calculated a little more than $700 a month. 

As for the grant, if you get the grant, you do not have to pay back even if you decline the loan. $1K per employee up to 10 employees. If you do accept the loan, they subtract what's already been given in grant form against the new loan. This is exactly what I did. 

Thanks! I'd like to link up with you to see what you offer. I have many lots that need developing for SFH in Ft Bend county. At the rate of growth, I wouldn't be surprised if Rosenberg connects to Needville in 5 years..especially with the widening of 59 to Wharton.

Yes the steps are correct. Is this just an example or a real property you are looking at?  Reason I ask is I've never seen a rate this low in the Houston area. If I found properties with double this rate, I'd still be ecstatic!  feel free to PM me the address and I can confirm the rate for you. 

Hello Steven, all the rates are an itemized breakdown of the total tax rate. If my math was correct, you should simply add all those rates to get the percentage owed. I found in the Houston area the average rate is about 3% Multiply this with the appraised value for the current year to find out how much you have to pay. 

I only had the one LLC but can confirm there wasn't any correspondence before they sent the grant. I did go to
https://helloskip.com/loan-tracking and entered my application number and info. This third party site told me how many were in front of me and when to expect the payment. It was fairly accurate too. 

Update for the loan: 
I few weeks ago, the SBA sent me an email with a link telling me that my loan had been approved. I clicked the link to see what the process was so I could share it with everyone on BP. They approved $150K (which is the max for unsecured). On there you have a slider to choose a lesser amount or confirm the max. Then it asks identity verification questions with answers found on your credit reports. Lastly, the button to sign the docs and the money should be deposited a few days later. It's a 30 year loan with at 3.75% and about a $700 monthly payment. In the end, I chose to decline the loan as it's intended for those who had experienced "substantial" economic damage due to COVID-19. Someone out there needs this way more than me. I applied back in March when we were all unsure of the future- as a precautionary measure, but luckily, my tenants are all paying on time as intended. 

For those waiting, keep waiting, they will eventually get to you.... I hope.

I applied using my LLC so no credit inquiry from SBA. I still haven't been contacted about any additional loans after receiving the grant. Wonder if it's because all the funds are gone?