Update: Paycheck Payment Program-CARES Act

In this video, I discuss the PPP Application along with the differences between PPP and EIDL Loan options. PPP loans will ONLY be disbursed by SBA 7(a) Lenders and NOT the SBA. EIDL Loans will be disbursed by the SBA ONLY.

 

DISCLOSURE: I am not a CPA, attorney, insurance, or financial advisor and the information in these videos shall not be construed as tax, legal, insurance, or financial advice. Please review said information with your attorney or tax professional for guidance.


$10,000 Grant-CARES Act

https://youtu.be/f63y_avJzDU

 

 

In this video, I discuss the $10,000 Grant that is available via the EIDL SBA Loan for Small Businesses. There is $10 Billion worth of these grants available and it is first come first serve! Even if your business does not qualify for an EIDL Loan you still can get this grant for business expenses!

 

Disclosure: I am not a CPA, attorney, insurance, or financial advisor and the information in these videos shall not be construed as tax, legal, insurance, or financial advice. Please review said information with your attorney, tax or financial professional for guidance.


TruPodcast-Episode 4 Silas Matchem

 

Hey Tru Team! In this episode of the TruPodcast our guest is Silas Matchem! Silas is the Executive Director of the Evansville Promise Zone. We discuss what and how the Promise Zone impacts its residents and businesses. Silas also discusses different aspects of what the Promise Zone is doing to help during this tough time. If you need to get ahold of Silas he can be reached via e-mail at Silas.Matchem@echohousing.org


Are You Ready to Take Control? Side Hustle

Last night the Senate passed the $2Trillion Stimulus Bill. It is now off to the House for a vote on Friday. What this means is there will be some relief in sight for Americans and small businesses. Now, that being said we still need to be vigilant about ensuring our most important needs are taken care of. But the one thing we have to remember is that adversity either breaks us or we beat it! Now is the time to rise up and fight through this adversity! 

 

From our last post, we outlined the initial steps that you needed to take to ensure your immediate needs were taken care of. If you did not see that post here it is

 

For us that are under orders to stay home, we have an opportunity to generate some much-needed cash. What I am talking about is selling the stuff you have in your house. We all have items that we bought to just have, and now those things can generate some much needed 💰💰💰.  Here is what I am doing to generate some additional monies.

 

 

  • Sell items on eBay 
  • Clothes
  • Watches
  • Video games and console
  • Old cell phones
  • List larger items for sale on Craigslist
  • Mountain Bike
  • Desktop computers
  • Kitchen gadgets

 

 

The list above is what I identified in my house that I am going to be selling. You can also sell items on apps like LetGo and Mercari

 

I have a question for you….. 

 

How many items do you have in your home that you can sell?

 

Next Steps: Turning a Passion into an Income

 

Stay Tuned!

 

Be safe and healthy!


Are You Ready to Take Control?

As each one of us navigates this new daily life there is a lot of uncertainty what tomorrow will look like. Please take a moment each day and be thankful for your loved ones! Today, we got some good news that the Senate has passed a $2 Trillion Stimulus Bill. At this time there is very little information out there on how these funds will help small businesses and households. Right now we are on edge and want to know when this will all end.  How do we get through this? We go on the OFFENSE! In a time like this, we all need to ensure our basic needs are covered. How do you get those basics covered? 

  • Determine what you need to live on a monthly basis
    • Rent, mortgage payment
    • Utilities
    • Food
    • Car payment
    • Health Care 
    • All other bills

 

  • Are you eligible for unemployment benefits?
    • If yes, make sure you apply immediately
    • If no, are you eligible for other State or Federal assistance

 

  • Contact your Landlord or Mortgage Company
    • Ask for a deferment or forbearance for your monthly payment
    • Determine what option works best for your situation
      • If you need HELP please call us at (812) 777-5850 or email us at Ryan@truvest.co. Free of charge! 

 

TIP: Deferred/forbear payments-Options

  • Deferment- Could be moved to the back of your loan or rental agreement-Extended terms
    • Could increase your monthly payment
  • Forbearance- You will not have to make payments for a period of time
    • Payments can be moved to the back of your loan OR
    • The payments will be added to the balance of your mortgage or rent.
    • This option could increase your monthly payment
  • Contact other creditors
    • Ask if they offer deferment/forbearance/hardship programs

 

Next Steps: Side Hustle

 

Stay tuned!


TruPodcast Episode 2 Chasing Happiness

In this episode, I talk about how the Corona Virus has and will make HUGE impacts on our economy. And how we can use common sense when it comes to protecting ourselves from getting it. The first thing we need to do is to stop raiding stores for basic supplies! The world is not coming to an end, and you do not need a lifetime supply of toilet paper, paper towels, and top roman. The panic that we are displaying is just crazy, and when we start using common sense we will start seeing things change for the better! With all this panic going on there is a huge group of people that are being impacted by this virus. Small business owners all over the USA are wondering if they will be open when this all passes. We need to band together and help each other out and find ways to support small business owners around our great country. We at TruVest will do whatever we can to help other fellow small business owners. We are here for you!


TruPodcast

TruPodcast-Chasing Happiness

TruPodcast Episode 1

We are excited to be re-launching TruPodcast. The TruPodcast is going to cover three life topics:

  1. Chasing Happiness
  2. Business-Real Estate included of course
  3. Failure- How it is not a four-letter word, and how we can grow from our failures

In this episode, our guest is Alex Burton the President of the Evansville City Council. We discussed what drives his happiness, and how it took numerous times to be elected to City Council (Persistence), and his passion for Evansville! Hope you enjoy and please subscribe!


How to Build a Mountain of Wealth Outside of the Stock Market-Part 2

Another week has come and gone and the Markets finished on a downward slide. I am sure some of you are experiencing some heartburn with your investments. Are you being proactive with moving your investments in and out of the Market, or are they tied up in your 401(k)? The one thing that I wanted to make sure for myself that I had full control of my investments as they are my retirement nest egg. In my last post I provided an overview of real estate note investing niche and the two types of investments that are available to you and me. In this post I want to discuss the ins and outs of performing notes.

A performing note A.K.A. is a mortgage that you or I can get from our local bank. Once your mortgage is funded by your lender or broker it either is serviced by that entity or it could be sold to another financial institution. Mortgages are sold in what is called the primary market. The major players in this market are banks, credit unions, and mortgage brokers. Now you are asking yourself where to do I come into play? You come into play in the secondary market. Before, I go into too much depth on the secondary market I want to give you an overview of Mortgage Backed Securities(MBS). Mortgage Backed Securities were created by President Lyndon Johnson when the Charter Act was passed in 1968. The original concept of MBS was to allow banks to sell off mortgages that would in turn allow them to free up funds to lend to other homeowners. The simplest MBS is called the pass-through participation certificate. This MBS pays the holder principal and interest payments that have been collected on the mortgage. This MBS is the most common you and I will invest in the secondary market. The creation of MBS also allowed non-bank institutions to enter into the mortgage business, and lenders were able to get their cash back in the secondary market instead of waiting for 15 to 30 years for the mortgage to mature. This brings us to the 2000s when the industry decided to become creative in offering complex MBS to entice new homeowners. We all know how this finished! I am not willing to rehash history, but if you want to read more about MBS here is a great website.

With all that out of the way lets talk about how you and I can invest in the secondary market. There are numerous ways to invest in the secondary market, but I am going to cover the three options I have experience with. First, purchasing directly from banks, lenders, hedge funds, and mortgage brokers. This choice is for a person that is looking to be a full-time investor, and he/she will have to build relationships with these financial institutions. Specifically as I have done in my career many times one has to "Dial for Dollars" to Asset Managers. These individuals control multi million dollar portfolios for their respected banks, and their job is to make sure these loans are sold and off the books before the end of the banks' fiscal year. The 2nd option is to purchase directly from private sellers. This option too has some full-time aspects as in you have to market your business to potential sellers in the form of phone calls, website presence, email marketing, and direct mail campaigns. A private seller is typically an individual/couple that has sold their home to a buyer on Contract/Owner Financing, which is another form of a MBS. Another nuance of contracts/owner financing transactions is that you need to ensure the loan was originated per Federal and State Laws. The biggest challenge I have experienced with these MBS is the contract violates State usury laws. When that is discovered the contract has to be re-written like a new loan. All terms stay the same except the interest rate on the loan is lowered and the home buyer will sign the new loan documents. The 3rd option is to be a private lender. Simply put you are the bank and you are lending funds to investors with an ROI expectation. This option by far is the easiest way to start investing in MBS.

There are endless investment vehicles that one can choose from, but there are not many investments that have a greater impact on society as a whole like MBS. When you invest in a contract/owner financing transaction you are providing financing to home buyers that otherwise would not be able to obtain a mortgage due to some credit challenges. In turn, you earn a healthy ROI and your investment is backed by real estate. I will leave you here for this post, and in my next post I will talk about non-performing notes (MBS), and how they too can be a great investment vehicle for your portfolio.

About the Author:

Ryan is an Executive Level Manager with over 20 years of progressive management experience in all aspects of; finance, compliance, divisional & product management, operations, advanced technology development, and real estate related investment opportunities. TruVest, infuses cutting-edge technology to identify non-performing assets that will generate multiple streams of revenue. Utilizing proven models and processes, TruVest consistently turns non-performing assets into performing, resulting in consistent solid returns.


I Couldn't Believe It!!!


I Couldn’t Believe It!

I did not know what to do!

I have never built a platform

But John and Mike have really stepped up and have gotten knee deep with me (Not their real names by the way)

Design plan

Domain and Company name created and secured

Artificial Intelligence requirements

API Calls and Automation established for Day One

Next week will be a full week of development and testing.  I am looking forward to testing the AI portion of the platform. (This will allow you to upload files to the platform 24 hours a day!)

There is one HUGE big ask on this project……..ME!

I know I am going to struggle right out of the gates with the platform design and functionality, and wanting it to be perfect!

Great thing is that John and Mike have already had a VERY long discussion with me on expectations and results.  Let’s see how this goes when I start testing!

Goals for the week:

  1. Be patient
  2. Know this is not a sprint…Great platforms take time to create
  3. Platform will launch with imperfections…Be GOOD with that

Just have FUN!!!

What tips/tricks can you share with me?  I can use all the help I can get!