All Forum Posts by: Clarence Watkins

@Franky Aikens The situation calls for some  balance. I think total rent forgiveness is too much unless property owners are reimbursed somehow through mortgage forgiveness or deferment, but perhaps some combination of all the good ideas already mentioned is in order. There has been very good thoughts on this very important subject. Thanks everyone!

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@Coral Hernandez Thanks for the encouragement!

Hey, thanks @Chris Mason. That’s very helpful!

I recently closed a multi family refinance deal. As a retired person I didn’t have many financing options for a difficult commercial deal and had to pay higher financing costs. Other than having cash on hand and absent a pre-approval from a lender for a specific deal, how does an investor take quick advantage of a purchase opportunity?

@Justin Galante Living in your purchased multi-family is “Owner Occupied.” House-hacking a multi-family is more like you sharing one of the apartments of a 4-flat with someone else and sharing the rent cost. Both may be of interest to you.

@Frank S. I agree that there are areas of Chicago where house-hacking may not make a lot of sense, but on the other hand, I think there are areas in the Chicago Metropolitan area where house-hacking may make sense. Thanks.

Hi John, thanks for asking. Sorry I'm slow in getting back to you. Well, this is a hold property and of course it is dependent upon cash flow. For every $8,500 increase in expenses, there is $8,500 less in cash flow. If it were a flip, it might be a different story, but as it is a hold that is $8,500 less cash flow every year. And from what i'm learning, most would agree that is a killer.

@Teresa Harris WOW! Thanks for that.

Thanks @Sami Davis for the advice. Yeah, this could be a turning point. Since I do my own property management my issues are increasing taxes and insurance which I’ll try to get reduced.