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