Help Me With Sign Alaska Banking Forbearance Agreement

Help me with industry sign banking alaska forbearance agreement

hey guys jeremy parman here welcome back to my channel as you know i've created a passive income stream of over fifty thousand dollars a month in rental property income and my portfolio is worth over six and a half million dollars i've done all this while working a full-time job and i'm going to teach you how you can do it too so i've gotten a lot of questions about are my tenants still paying rent are there still eviction moratoriums and how does that work and how does that affect me and what's going on with the current third stimulus package that's currently in the senate right now and how does that affect any of this so if you're thinking about investing in real estate or if you're a beginner this is certainly something that might be on your mind right now before you're thinking about jumping into investing in real estate you know should you do it now should you wait hey guys lily just wanted to say don't forget to hit the like button if you are enjoying this video and thank you for all of the subscribers that we've gotten so far lily will be giving a pair of apple airpods pros to one of our first 1000 subscribers so please continue to share this with others who may be interested thank you so let's get into it i've experienced very little difference in my rent collections i did have one tenant who did lose their job with a covid related layoff we worked together and he simply moved out i think he moved in with a friend temporarily and i was able to rent the property again very quickly and then for those of you who saw my eviction video i did have one really bad tenant that tried to take advantage of the system and they moved in in october and immediately quit paying rent and the judge asked them to leave in december i was able to get it re-rented immediately also now that one was during the eviction moratorium as well and people can be evicted for things like lying on their application particularly about being evicted and the number of residents that they claim to live in the property as well as disturbing the neighbors and suspicious activity so regarding eviction moratoriums they've been extended from december 31st until the end of march and it doesn't make their rent go away they simply owe you that in the future they also have to fill out a form certifying that they will be homeless and that they were seriously affected by kovid under penalties of fines and imprisonment i found a great website with a lot of resources and this is from peter warden of the mortgage reports so this article was published february 17 2021 and i want to scroll down to show you about the eviction moratorium so you can see here that the renters cannot be evicted it's been extended through march 31st you cannot evict tenants if they've been behind just for being behind on their payments and then there's rental assistance and this is available through local and state governments this is part of the previous stimulus packages there's some great information on this site about how they can obtain relief for those if you happen to have tenants who are having trouble paying their rent here are some of the qualifications the household can't make more than 80 of their area's medium income renters must be experiencing financial hardship related to the pandemic the renters must be at risk for losing their house and there's a great spreadsheet here on local housing programs basically it encourages tenants to communicate with their landlords and to seek assistance through these programs and just this past saturday the house passed the latest 1.9 trillion dollar stimulus package and is moved to the senate and this package has a few things in it related to rental property maybe some additional forbearance we'll see in addition to the fourteen hundred dollar stimulus checks the package includes a lot of other things such as some rental assistance i wanted to show you a website the washington post had a blurb on this in addition to stimulus checks the economic package would also include some rental aid for tenants also meet kevin on youtube did a recent video and mentioned that the current stimulus package underway may also include some renters assistance and mortgage forbearance extensions as well forbearance plans just temporarily pause your mortgages you still owe the money you just owe it in the future and if you're not currently late on your payments then it won't negatively affect your credit either okay so i wanted to go back to this website and just highlight a few things so i want to take a look at these coronavirus mortgage relief programs the different type of mortgage relief package will depend on who holds your mortgage and these are really in two big buckets if it's a conventional mortgage or if it's in fha va or usda those two are a little different and the latter three are generally a little better than just a regular conventional but there's some good sites on here to look up to see if your mortgage is with either of these or any of these the forbearance has been extended the 12-month period has now been extended to 15 or 18 depending on which type of mortgage you have there are no penalties or late fees for doing this no reporting to credit bureaus of late payments or missing payments and your loan modifications could allow you the same or lower monthly payments when things return to normal and under the cares act you don't have to prove that you're in financial distress in order to get the mortgage relief so there's not extensive documentation involved it's pretty much a phone call now this won't be forgiven you do have to pay the money back so be cautious doing this so i wanted to share with you what i did personally back in march and april i deferred all possible debts i called all my mortgages and applied for every forbearance program i just wanted to preserve all my capital so that i could weather this storm and survive and not go into a bankruptcy later after several months i paid back some of them and and added some of those payments to the end of my loans and it didn't affect my credit at all today my credit score is around 800. so these mortgage forbearance programs are still around if you need them a savvy investor could actually use these programs to preserve some capital and defer some payments and hang on to this cash for a down payment to buy another property perhaps again you do have to pay this money back it's not free money and don't do anything dishonest and then for families that end up doing this forbearance and they get past the 15 or 18 months and they still can't afford their property the good news is that with the increase in property values today that's being fueled by the low interest rates a lot of them will still have some equity or be able to sell their house without having to go into foreclosure if they can't afford the payments after that long forbearance period so that's a great thing i also wanted to show you on this website the foreclosure moratorium dates so for conventional mortgages lenders cannot start the foreclosure process until end of this month march 31st and then if you have an fha va or usda those cannot start until june 30th of this year i do think we're sitting on some of those and i think we'll see some of those happen and there'll be a bubble during that period and so that's something interesting to watch you know it's it's actually a great opportunity there's a house in a neighborhood that i've got three houses that's in that situation and it's just sitting there and no one's able to use it it's kind of getting in worse condition and i'm hoping to bid on that house and if i can get it and get it back in good condition then i can provide an additional affordable house to the local community who desperately needs more housing at this time so put those dates on your calendar so in summary i would say my tenants are paying well the eviction moratorium is scheduled to end at the end of this month and nothing is prohibiting me from buying additional rental properties as a matter of fact i bought my 36 house last monday and then last friday i got an offer accepted to buy my 37th house which i plan to close in about two weeks rent assistance is still available for tenants who need help mortgage forbearance is still available and the foreclosure moratorium is scheduled to end at the end of march and june respectively please be sure to hit the like button so the youtube algorithm will show this video to other people let me know in the comments below what questions you have and what you'd like to see in next videos and thank you to steve l of tennessee who asked these questions i'll be making videos on all things rental property real estate investing and money i also do one-on-one coaching calls and i'm working on some online courses in the show notes below check out my amazon store where i show rehab products my favorite book office gear and smart home products lily wanted to remind everyone to please hit the like button and share this with your friends every time you like one of my videos and share it with someone else and subscribe you register to win a pair of apple airpod pros i'll put a link to the websites in the show notes below although i'm a licensed cpa and have three business degrees i'm just a guy on youtube with my dog so please be sure to ask all your professionals before making any investment decisions