$10,000 EIDL GRANT

That’s the reality, they’re not going to bother checking on small amounts, nitpicking , much larger fish to fry. The only thing that’s relevant is whether it’s a cost effective use, in each persons case. Will it help? Or hurt? What’s the end result/cost?

 

Everybody says that at first but then there is that 1 dol per mile load of plywood out of southern GA that you will take, otherwise your load down to Tampa for 3 dol per mile is nullified.
Or if you don't take it at all and haul arse back home with empty trailer then they will calculate that you run for 1.5 per mile and you run cheap anyway.
Cheap freight is a slogan

You will keep it.

 

Heloc’s are a dangerous game.... first, they have a variable rate. With the money printing presses close to overheating, interest rates might just take a NASTY jump up. Those of us old enough to remember the 70’s know a lot of people who got caught in that trap.

Second, almost every HELOC has a call provision. If you hit a bump (say you twist a knee climbing off the trailer and you’re out for two months). You miss a payment or two on your car.... your credit score slips, and the bank goes.... hmmm something is off here, I’m going to play it safe. With a lien on the house, they can foreclose unless you pay off the loan in full. no, HELOC’s are a dangerous game.

 

You might think it's a small amount, when they show up tacking on. Penalties,interest and late fees.
Thatst when a guy wishes he closed the doors and never seen such an easy application process.

 

You understand it better than most. Nothing beats revenue. The fact of making $3000 in one week, after fuel, regardless of actual rates, is a perfect example. The Bills come in monthly, regardless. Fixed rate Loans,or revolving credit cards, and interest rates, can easily become smoke and mirrors. The most important thing is Asset/ Liability balance, and which way the numbers are going, in the black, or in the red.

 

Heloc takes a second position, behind a first mortgage. They can’t foreclose, or claim interest in the property, until the first Mortgage has, and at that point it’s over anyway.

 

I agree 100%. That’s the problem with the loan. It’s not worth the risk.

 

That is why you might want to buy insurance. I might look into it myself. It is a smart move to secure your assets.

 

When it comes to rates, it’s all relavant. High rate to Fl. Cheap rate out. Same with the East Coast. Mid west almost even both ways.Short trips higher, Longer trips lower. I’ve tried round trips, triangles, making the cheap rate, the short trip home. It all averages out in the end, amazingly close. Always looking for a different angle/route. But rates are always, what the Market will bear. Actual rates per mile, are almost a waste of time to talk about. It’s all about net revenue after fuel. The Guy who sits for 5 days, waiting on a better rate, wont be around very long.

 

Make no mistake, ANY lien holder can force foreclosure. They don’t get any proceeds until the first lien is satisfied, but to presume a 2nd position lien is powerless is foolhardy.