Old Blog - The Kwak Brothers - Part 10

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Pay Off Your Loan Or Invest? Know What’s Better For You

Time and time again, I see people choosing to focus either a mortgage or an investment but not both at the same time. But which option is better to start with? In this article, I will show you how you can invest AND pay off your mortgage without the diminishing effects of either process. I want to show you that it’s possible to pay off your mortgage and invest simultaneously. More often than not, such a decision often depends on your financial situation. While many people believe that paying off money is best since it saves on your interest payments, others may want to invest their extra

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BREAKING! The Eviction Problem Just Got WORSE 😧

The eviction moratorium has completely expired and the US Supreme Court ruled against the CDC wanting to extend the moratorium. In addition to this, recently the Federal Unemployment Benefit also expired this week and the Biden Administration has no intention of bringing the unemployment benefit back as the economy is starting to open up.  https://www.youtube.com/watch?v=uaTUQruQjKQ In this video, I’m going to unpack what this all means and how real estate investors could potentially benefit from the eviction

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February 9, 2021

PPP Loan: BIG changes with the Loan Forgiveness

With the passing of the New COVID and Stimulus Package, the PPP underwent some major changes to the forgiveness rules, qualified expenses, and other qualification rules when applying! If you own a business with or without employees, the PPP (Paycheck Protection Program) can be a great lifeline to keep your struggling business open! **Disclaimer** I am not a representative or an employee of the Small Business Administration (SBA) or a lending institution. This video is only my opinion and interpretation of the recent updates made to the Paycheck Protection Program. EIDL Grant: Will We See The Return of FREE $10,00 Grant? https://www.youtube.com/watch?v=2qdtqjysmuw&feature=youtu.be Now right away, the package says that the SBA has 10 days to start making these changes and implementing them for any new PPP loan applicants or second-time draws. First, which business qualifies for the PPP loan. Now, if you applied for the PPP in the past, can you apply for it again? The answer is YES! PPP Loan recipients must show that they lost 30% of gross revenue during the same quarter in 2019. The borrower must not have more than 300 employees $2 million dollars is the cap. Now in regards to the term of the PPP loan, – According to the SBA, the PPP loans have an interest rate of 1%, a maturity term of 5 years, no collateral or personal guarantees are required, and no fees to apply. The second thing I want to hit is that the PPP now includes Additional Expenses that are qualified for the rule of forgiveness (SEC. 304. ADDITIONAL ELIGIBLE EXPENSES.) covered operations expenditures Covered property damage costs, covered supplier costs, and covered worker protection expenditures, Second, Covered Property Damage costs… This is any cost related to property damage, looting, vandalism due to civil unrest during 2020 that were not covered by insurance or other compensation., Third, covered supplier costs… This is any expenses related to a supplier of goods. This can be perishable goods (like food), any contracts made before the pandemic, and any supplies essential to the operation of the business. This could also mean raw materials if you create any physical goods. Fourth, the covered worker protection expenditure means any new equipment or repairs to drive through window facility, air ventilation system, physical barriers, masks, on-site health screening, expansion of indoor, outdoor, or combined space, and even air filter systems. All of these are basically protection for the virus and keeping workers safe. Now, that leads to another concern that was brought up many months ago and that has to do with the tax deduction question on these expenses. A few months ago, the IRS released a memo saying that any expenses used for loan forgiveness could not be used for a tax deduction… That meant that the business owners could receive loan forgiveness but may need to pay more taxes. Clearly, this was concerning. So bottom line, to receive the forgiveness, you’ll need to contact your PPP lender for the forgiveness application process. In respect to how much of the expenses can be used for the forgiveness of the loan, The covered Period for forgiveness on expenses is beginning on the 8th week after origination and ending on the 24th week after the origination.
February 9, 2021

Rental Assistance | Explained & How to be first in line

  If you’re a tenant, a landlord. or even a property manager – The COVID Relief package has finally passed a few days ago which includes $25 billion of funding towards rental assistance, In this video, I’m going to break down what you have to do get rental assistance and how you qualify in a super easy to understand break down. As a landlord myself and a tenant – this is a HUGE break that all tenants and landlords were waiting for. So again, if you’re a tenant – share this with your landlord. If you’re a landlord or a property manager, this is going to help your tenants so please watch very carefully. Also, share this video with your friends and family who need help with rental assistance. Also with the $25 billion dollars funding towards rental assistance, the eviction moratorium has been extended to January 31st, 2021. So here’s how this works… The funds will be disbursed to the local and state housing agencies which then will begin administering the rental relief payments to the landlords or to the tenants. Now… how fast you can get rental assistance ultimately depends on your local and state government. In states like New York and California, they already have the infrastructure in place to start disbursing the payments. So I imagine that these states will start releasing the rental assistance first. But here’s what I’m going to suggest if you want to be in front of the line or at least close to being first to receive the assistance. Now whether you’re a tenant, landlord, or a property management company, here’s a very GOOD suggestion from our good friend over at MeetKevin. Start gathering records like your lease, any contracts, put together a list of all the months you’ve missed rent, any late fees, late utility payments, statements, and all the bills related to your housing. As far as who gets the money, the landlord and the utility companies can be paid directly by the state and the local government but… the application has to be signed off by the tenant. So the money ultimately goes to the landlord. If the landlord refuses to take the aid, the one tenant can apply and receive the funds. Okay, so now that we got that one out of the way, the question remains… Who qualifies? So here it is… Tenants are eligible for the rental assistance program if their household income is below 80% of the area median income. And it also applies to other household members of the tenants that live there that someone living there that Has qualified for unemployment benefits, has lost part of their income or has experienced financial hardship because of Covid-19, or ultimately … Can show that they are at risk of losing their home. Gather all the documents from the unemployment benefits and find proof that you’ve lost your job or your income because of COVID-19. So right now, there’s no centralized place where you go to apply for this… You’ll need to contact your local or state government’s housing services to get the latest information and application to apply.
January 4, 2021

Mortgage Forbearance – BIG News from FHA (FHA Borrowers)

Alright, FHA Borrowers, A BIG change on the Mortgage Forbearance Program. If you or someone you know has an FHA Loan and you’re struggling to make the payments, a new change has been on the mortgage forbearance program. So in this video, I’m going to explain what mortgage forbearance is, what the change is, and how to apply for mortgage forbearance. If you’re struggling to make your mortgage payments right now, you may qualify for mortgage forbearance. Now, what exactly is a mortgage forbearance? Mortgage forbearance is simply a break from making your mortgage payments for a set amount of time. It’s not the same thing as getting forgiveness on the loan – at the end of the day, you still have to make the payments. Now before the pandemic, getting a mortgage forbearance had devastating effects on your credit as well as your future ability to get financing. Typically, you’d have to make a whole entire year’s worth of payments to qualify for new financing. And worse, once you’re out of the forbearance plan, some lenders may demand a lumpsum payment to reinstate the loan back to the original payment schedule. So if you’re struggling right now to make your payments because of a loss of job or income, you have nothing to lose if you choose to take the mortgage forbearance option. And I want to remind you that this currently applies to FHA and other federally backed mortgage programs… If you request a mortgage forbearance, by default, you get up to 6 months of forbearance followed by another 6 months if you request it. That means you may be able to receive up to 12 months of mortgage forbearance if you apply. So here’s the BIG change that was JUST announced by the FHA. According to the original CARES act text, you had until December 31st, 2020 to apply for the mortgage forbearance – which is coming up VERY fast. But just yesterday, the FHA announced that they would be extending the mortgage forbearance application period till February 28th, 2021. So you get two additional months to consider whether you want to take it or not. So how do you apply, well contact your mortgage lender or the loan servicer and ask them you’d like a mortgage forbearance in accordance with the COVID-19 CARES act… From what I read in the CARES act, the lenders do NOT have to request proof or documentations. It’s a simple attestation that you’re struggling and you’re requesting mortgage forbearance! It’s a VERY simple process. Just contact your lenders if you’re struggling with your mortgage payments.
January 4, 2021

Closing Table Ep. 2 – Trailer | Coming soon…

Welcome to the Closing Table where aspiring real estate investors bring their deals to the top deal closer experts to have their deals analyzed, broken down, and ultimately judged. Similar to the concept of the popular TV show, Shark Tank, contestants are bringing real opportunities onto the show. Winners of the show will be inducted into the Closing Table Hall of Fame where they will continue to receive promotion and publicity. Losers will be Kwak blocked… If you’d like to have your deals analyzed by the Kwak Brothers and participate as a contestant on the show, you can apply with the link below! Be on the Show: https://52.54.205.26.104.nip.io/be-on-the-show/ Watch the Show: https://youtu.be/xBpRQPJx6YY
January 4, 2021

EIDL Grant: FREE $10,000 Grant | BIG changes explained…

EIDL Grant: Will We See The Return of FREE $10,00 Grant? The EIDL loan and grant were part of the CARES Act back in March. The EIDL provided business owners with a Free $10,000 grant and loans to small businesses to help with loss wages from the pandemic. Just recently, with the new stimulus package that has been making it way through Congress, the EIDL was re-introduced providing more relief to business owners. In this video I am going to breakdown exactly what has changed and the new provisions that have been implemented into the bill. Will the FREE $10,000 Grant return? Or will it only be the loan? Stay tuned to find out… Full Text of the Bill: https://rules.house.gov/sites/democrats.rules.house.gov/files/BILLS-116HR133SA-RCP-116-68.pdf EIDL Starts At Page 2184 (Sec 331) 0:00 Intro 1:25 EIDL grant/loan overview 3:00 Where to find the EIDL information 3:16 EIDL Changes 6:00 Free $10,000 grant EIDL? 8:40 EIDL loan application tutorial Application for the EIDL Loan: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loans The two new provisions within the EIDL program have added extra funding for businesses that were in lower poverty areas and if your businesses has had a 30% drop in revenue from 2019. Also on top of that, the EIDL has been more strict on who can take a loan, there was several cases of fraud during the first round of EIDL grants and the SBA does not want to make that same mistake. Also in this video I take you step by step throughout the application process so you know EXACTLY what needs to be filled out and you don’t want to exaggerate or lie on this application. Reason being, the SBA will come down hard on those who are fraudulently borrowing money from the government, and as we all know, the government will ALWAYS get their money back. This round of EIDL funding is really focused on farmers and those with an actual business entity. This time, I believe you need to prove all of these qualifications throughout the application process. Just as a reminder, if you take the EIDL loan, you must agree to several stringent terms that the SBA has set forth in order to lend to small businesses. The SBA reserves the right to audit you at any time and if there is any sort of default, the SBA will confiscate assets as collateral. As for the grant, that is yours to keep, no need to repay as it is a grant. When I applied for the EIDL last round and saw the terms of the loan, I didn’t take it for my business. Also keep in the mind the EIDL loan is geared towards expenses, and NOT purchasing new things for your business. So if you had existing debt service for inventory, rent, or many other expenses, you are allowed to use the funds for that, but if you are paying a mortgage as part of your business, you CAN NOT pay it off with the EIDL loan.