2nd Stimulus Check has been introduced! AND... Cancelling ALL Evictions Up to A Year, Additional $1200 Stimulus check for all, and automatic forbearance on all mortgages... We have A LOT to unpack on the HEORES Act HR 6800, recently passed by the House. In this video, we have quite a bit to unpack and breakdown on the latest HEROES Act "2nd Stimulus Check" that was introduced on May 12th and just yesterday, it was passed on the House Level. Remember, this isn't a law just yet. It has to be passed by the Senate and signed off by the president until it goes into full effect. 😃 Thanks for Subscribing & Liking our Video! The Kwak Brothers are millennial real estate investors who have acquired over 82 Units of Rental Units and have raised over $20,000,000 of capital for their real estate deals. They are based out of the Chicago-land area and they are dedicated to helping hard-working people become financially free real estate investor! They specialize in owner financing acquisition and raising capital. They are the creator of the FORCE Strategy (Find the deal, Owner Finance It, Raise the Capital, Cashflow It, and Expand your Financial Freedom) 📧 Get Our 1:1 Real Estate Investing Coaching and Mentoring: https://thekwakbrothers.com/thekwakbrothers ⌨️ FREE 7 Day Trial To PropStream Real Estate Investing Software: http://reisoftware.thekwakbrothers.com 📊 Pay Off Your Mortgage In 5-7 Years (On Average): https://debtfreeaccelerator.com/video 💻 JOIN OUR FREE FACEBOOK GROUP FOR LANDLORDS & PASSIVE INCOME: https://www.facebook.com/groups/bestreigroup 📡 PROTECT YOUR ONLINE DATA AND ACTIVITY WHILE CLOSING DEALS AND GENERATING NEW LEADS WITH NORDVPN: https://go.nordvpn.net/aff_c?offer_id=15&aff_id=40858 🔊 Our Podcast Channels: 📻First Deal Experience: 🔹Spotify: https://open.spotify.com/show/7pnHJSNl7vPVFzq69IzC6B 🔹iTunes: https://podcasts.apple.com/us/podcast/first-deal-experience/id1282240923 📻Landlording Automated: 🔹Spotify: https://open.spotify.com/show/1LTAeRg2ZAT1ATI1mdtWM0 🔹iTunes: https://podcasts.apple.com/us/podcast/landlording-automated-podcast/id1504548975 GET SOCIAL WITH US: 📣Facebook: https://www.facebook.com/thekwakbrothers/ 📣Instagram: https://www.instagram.com/thekwakbrothers/ 📧 Hire the Kwak Brothers to Speak: info@thekwakbrothers.com #realestateinvesting #thekwakbrothers #realestate So the first point I want to break down in the HEROES ACT (2nd Stimulus Check) is the additional $1200 part. We've already seen this in the CARES Act but we're seeing it again where individuals will receive another $1200, the 2nd Stimulus Check. The next MAJOR proposal that affects real estate and my landlords watching this is the EVICTION Ban of all rental properties for up to 12 months + 30 days of expiration period. This provision covers all rental properties with a lease or without a lease. So even if your tenant is on a month-to-month lease, a non-payment of rent will not be a cause to filing an eviction. Now, I get that this is meant to protect the tenants from the worst of us but this provision would only cause the tenants NOT to pay the rent because there's ZERO consequences of doing so. That leads me to my next point where the HEROES Act (2nd Stimulus Check) also includes a provision for an automatic forbearance up to 60 days, and borrowers can request a forbearance of up to 12 months. Now I did make a video about how mortgage forbearance can have a negative impact on the borrower's ability to obtain future financing AND could lead to a massive wave of foreclosure because many banks may demand a lump sum payment at the end of the forbearance period. But the HEROES act (2nd Stimulus Check) decided to close that loop by specifically addressing those concerns by adding other provisions to stop the credit bureaus from reporting negative reporting on the credit report And also preventing lenders from collecting fees, charges, interest, and lump sum payments from the borrowers due to the forbearance The HEROES Act (2nd Stimulus Check) also included a provision about providing funding and assistance to homeowners to pay for utilities, insurance premiums, property taxes, HOA fees, and other expenses of home ownership. ======================== ---DISCLAIMER--- The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.