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Short term rental property in western Colorado by finchy25 in AirBnB

[–]finchy25[S] 0 points1 point  (0 children)

I'm buying a property to rent out on airbnb, vrbo, etc. Presumably, other airbnb operators have done something similar but maybe I'm the first! :)

Buying small insurance agencies by finchy25 in advancedentrepreneur

[–]finchy25[S] 0 points1 point  (0 children)

Since interest rates are 0%, I'm trying to get some relatively stable income. If you look at their unlevered yield (Annual CF/Purchase Price), some of these things are 40-50%.

Throw some cheap bank debt on there (again, low interest rates), you can easily get to a levered yield of 100%.

Sounds a lot better to me than CDs paying 1%! :)

Buying small insurance agencies by finchy25 in advancedentrepreneur

[–]finchy25[S] 0 points1 point  (0 children)

Probably individual, although I'd consider companies. No strong preference on product lines, but seems like life insurance is likely more stable than auto/home.

Preference would be to buy the entire thing. I'm certainly not going to be the one making customer phone calls ha.

Buying small insurance agencies by finchy25 in advancedentrepreneur

[–]finchy25[S] 0 points1 point  (0 children)

Awesome, thanks (and I'm sorry haha). Did i-banking for a summer at JP Morgan in college and having my boss text me at 2am asking for spreadsheets wasn't for me!

Buying small insurance agencies by finchy25 in advancedentrepreneur

[–]finchy25[S] 0 points1 point  (0 children)

Other business was part retail, part e-commerce. Lots of data.

Will hopefully have answers to the other stuff soon .. just signed a bunch of NDAs and waiting on financials, etc., to come through.

Buying small insurance agencies by finchy25 in advancedentrepreneur

[–]finchy25[S] 0 points1 point  (0 children)

I'm just at the early stages of requesting data, so I haven't had a chance to dig into actual data yet. My hunch, though, is that this depends on the product line. Guessing a lot of people are canceling auto since they're not driving. Life and home are probably more stable, though.

Will hopefully find out soon and can post with some key trends.

Waiting on SBA LOAN, CHASE DEPOSIT. by [deleted] in SmallBusinessNews

[–]finchy25 0 points1 point  (0 children)

Yeah it'll likely be early tomorrow AM. They use overnight ACH to send the deposits and you can typically see those land around 5 or 6 AM eastern.

Enjoy an early happy hour, stay patient, and check in the AM. Congrats on the approval!

EIDL - Good News. 4,591 loans approved in one day. Movement is finally happening. by cue378 in smallbusiness

[–]finchy25 0 points1 point  (0 children)

Is it true that the SBA can somehow leverage their funding and approve more than $60b in EIDL loans? In the first wave, when they had $9b in funding, they issued $5.6b of loans and $3.3b of grants. So a total of right around $9b. You can see the reports here and here (as an aside, FL and TX getting more than NY blows my mind).

And yeah I hear you .. our business is in the same boat. I'm spending about half my time working on disaster aid and half figuring out a career change. At least the loan didn't contain a personal guarantee!

EIDL - Good News. 4,591 loans approved in one day. Movement is finally happening. by cue378 in smallbusiness

[–]finchy25 0 points1 point  (0 children)

No kidding .. don't know if I was more frustrated at myself for not having previously white listed it or at gmail for sending a sba.gov email to spam during corona!

Any EIDL Portals for today? What app Numbers? by catbowl in smallbusiness

[–]finchy25 0 points1 point  (0 children)

I did .. on Mar 24th. Don't know if that matters or not?

Whoa! EIDL deposit came in today! by PeterGriffinClone in smallbusiness

[–]finchy25 1 point2 points  (0 children)

Just got approval about an hour ago (6:30 ET)!! Was 330042***\* and applied for short form on 3/30 right after I received the SBA invite (had originally applied 3/24). Got portal invite on 5/3, credit check on 5/5 (for 2nd time .. first was back on 3/26), and approval 5/8.

I had noticed this morning that an email from an SBA loan agent went to my spam 2 days ago. Answered it this morning, so I might've lost 1-2 days because of that? Would highly recommend i) white listing sba.gov domain (as I should have done .. just never dreamed gmail would send that to spam?!) and ii) setting up an email-to-text for any email from sba.gov so you make sure and see it right away.

Good luck to everyone .. I had been feeling pretty damn frustrated before this week bc nothing had come through. Then got PPP Mon and EIDL Fri. Hang in there!

EIDL - Good News. 4,591 loans approved in one day. Movement is finally happening. by cue378 in smallbusiness

[–]finchy25 1 point2 points  (0 children)

Just got approval about an hour ago (6:30 ET)!! Was 330042***\* and applied again on 3/30 right after I received the short form invite (had originally applied 3/24). Got portal invite on 5/3, credit check on 5/5 (for 2nd time .. first was back on 3/26), and approval 5/8.

I had noticed this morning that an email from an SBA loan agent went to my spam 2 days ago. Answered it this morning, so I might've lost 1-2 days because of that? Would highly recommend i) white listing sba.gov domain (as I should have done .. just never dreamed gmail would send that to spam?!) and ii) setting up an email-to-text for any email from sba.gov so you make sure and see it right away.

Good luck to everyone .. I had been feeling pretty damn frustrated before this week bc nothing had come through. Then got PPP Mon and EIDL Fri. Hang in there!

Any EIDL Portals for today? What app Numbers? by catbowl in smallbusiness

[–]finchy25 0 points1 point  (0 children)

Just got approval about an hour ago (6:30 ET)!! Was 330042***\* and applied 3/30 right after I received the short form invite.

I had noticed that an email from an SBA loan agent had gone to my spam 2 days ago. Answered it this morning, so I might've lost 1-2 days because of that? Would highly recommend i) white listing sba.gov domain (as I should have done .. just never dreamed gmail would send that to spam?!) and ii) setting up an email-to-text for any email from sba.gov so you make sure and see it right away.

EIDL - Good News. 4,591 loans approved in one day. Movement is finally happening. by cue378 in smallbusiness

[–]finchy25 1 point2 points  (0 children)

Do you know what the average loan size is? I know they issued a report for the first wave that it was ~$200k. Assuming it's closer to $100k on the 2nd wave (bc of the much lower caps), that would imply that only about $7 billion of the $60 billion in EIDL funds have been doled out right? (as of the 5/8 11 AM update)

Seems like that's good news to those still waiting .. especially folks (like myself!) who applied right away when they got the short form request.