All Forum Posts by: Luke Dilorenzo

Hey BP I need some relationship advice lol..

Long story short, I am a licensed loan officer and investor with a decent book of biz. My wife just got licensed as a agent and is hanging her hat at a brokerage that is offering 50/50 on her first deals (which she is getting from me because I have hot leads from my side of the biz)

This brokerage owner is a prospect referral partner of mine, but have not received any deals. I feel as though as a lender, I am giving this guy my referral even though it’s through my wife and it makes me feel some what uncomfortable.

First off, I would like to know if 50/50 is a good deal for a new agent who is going to get up quick because of a steady flow of leads coming from me

Also, sounds pity but I think I would rather my wife work with someone who does send me referrals since they will be eating 50% of the deals I’m bringing in. If I’m being a bit too sensitive I would like to know. I just have a hard tone handing deals off to a principal broker that won’t reciprocate.

@Amad Osman

Cash App! You can have them send you a debit card and use the account almost as a business account and make expense purchases out of it using said card.

Hello BP,

Question. I'm trying to figure a way to refi and drop my PMI on 4 plex. Owe 450k current Appraised value is 415k. So still above 75% LTV. (Just purchased this last year with FHA). The question is does it make more sense to just pay down the loan to 75% or add value to the property by light rehabs to bring the value up.

Thanks for your time!

@John Warren

Thank you for the advice. There isn’t a known leak however there are areas of condensation accumulation which then thaws at times and saturates drywall. Not a lot but in a few areas. I do plan to switch to a pitched roof when the time comes where patching and painting out weighs the new roof configuration. It’s some scary stuff to talk about a whole new roof which is why I’m reaching out so I appreciate your input!

Just curious. I believe I have picked the route I’m going to take however I wanted others opinions before pulling the trigger. Like the title says, roof is flat TPO style with no crawl/attic. Due to poor ventilation moisture has accumulated in the joists/purlins. One spot habitually shows signs of moisture on drywall ceiling. (Not a lot, spotting). I planned on putting truss and shingle on in the future however did not expect this so soon.

I plan on basically “running till the wheels fall off” so to speak (patch drywall as needed) until I can work the money to do the full truss and shingle show. Roof is only 8 years old. Curious if other would handle this the same I plan to.

Thanks in advance!

Just so everyone knows, I am not this “sue happy” guy looking to screw someone for all they are worth. I’m simply asking if any one else has ran into this and what they did to solve the problem. Purchased house with flat roof. No attic or access so I know I assumed some risk of not being able to check with inspector condition of material under roof. However it does have a leak and I assume some mold and the previous owner cut out the leak spot, repainted and sold. I assume there is more damage to studs such as rot but have no way of verifying other than replacing entire 4000sq ft roof.

Anyone out there with some experience in this? I definitely know the owner was successful in hiding what I figure as major issues. Is that legal?

@Bryan Devitt

I personally evaluated the units and chose the one in the worse condition of my opinion. Makes the most sense to me to do so.

@Cori Leste

I agree. The story gets even more sympathetic the more I communicate with them. I’m doing my best to help them in the transition, however i already have deposit to hold and lease ready for my current residence so they do have to go.

@Michael King

Thank you for your words of wisdom. I have been pondering if the bank follows up on this requirement.

@Al Pat

Great strategies there. All I know is that if I don’t reside there it’s considered bank fraud. Not looking to mess around there. My current residence already has deposit to hold and 12 month lease for when this tenant moves out. I like the air bnb idea.