With the passage of the CARES Act and the payroll protection program, the federal government is setting aside funds for the Small Business Administration for banks to loan up to 2.5 times your average payroll for the trailing 12 months.

If a reservation is covered:••Guests will be able to cancel for a full refund for COVID-19-related circumstances.

If we could cover our mortgage that would be ideal, but we could handle not getting any rent if it comes to that as we have some reserves.

The reason my loan delayed (generally it takes 7 days in our case it took 18 days) is due to Covid-19/refinance issues for lender and the reason my loan denied is due to change in lending terms for Jumbo Loan they requested 20% down and 15 months of reserve (Lender Estimate is for 15% down and 6 months reserve).

I do have the thought that I would like to stay close to home in terms of investing, I will soon be aiming to be a travel nurse and have no reservations on keeping an eye out on a market that will allow me to do well and enjoy the scenery (have never been out west and would love to see what cali and texas has to offer)My most recent activity I have been working on is taking down addresses on properties that still have Christmas lights on, or whose yards look in disarray, just to get an idea of what things I need to keep an eye on when I finally purchase my first property.

I do have the thought that I would like to stay close to home in terms of investing, I will soon be aiming to be a travel nurse and have no reservations on keeping an eye out on a market that will allow me to do well and enjoy the scenery (have never been out west and would love to see what cali and texas has to offer)My most recent activity I have been working on is taking down addresses on properties that still have Christmas lights on, or whose yards look in disarray, just to get an idea of what things I need to keep an eye on when I finally purchase my first property.

My job is secure but I'm currently not making anything until I go back and I'm slated to close on the property end of May.The situation is I'll be left w/ about 30k in reserves once i'm in the home.

I’m actually replacing the roof once i close on the property.I was thinking of refinancing quickly in 1-3 months with a hard money lender that’s offering me. 6% interest, then wait a a little more (like a year or so) to refinance through a bank with a lower %. that would get me out of the original loan faster and have reserves, could also reinvest some of it into some flips to keep paying off the new refinance loan.But thank you so much for your advice, it was helpful!

The banks will want to see a lot of equity, reserves and very strong financials. 

Sad to say, a lot of the investors don’t have the liquid cash to come up with an additional 10% down, 6 months reserves ect.The business will still continue but I’d look into your contacts and find your cash buyers and run the deals through them.Lastly, comps and ARV from last month won’t work in this market right now.