All Forum Posts by: Mario Morales

 I didnt go through with the project. A colleague of mine went through the same situation, and the city had to come out to do the final inspection, while they were there, they found other things unrelated to the meter and he regretted doing it...

I have a commercial tenant whose lease automatically renews every 5 years unless they give 30 days' notice. The lease does not specify rent increases for renewal periods. I purchased this building, it came with this lease and annual 3% rental increase, and the tenant has paid without issue.

Now that it’s renewing on May 1, 2024, I want to:

✔ Send a letter explaining the following

✔ Adjust rent to $1,150 for six months, then $1,200, with a 4% annual increase.
✔ Clarify that tenant is responsible for all repairs inside the unit, while I only handle structural or residential-related issues. As the previous lease makes no mention on responsibilities. 

Questions:

1️⃣ Can I legally enforce a rent increase since the lease auto-renews but doesn’t specify renewal rates?Appreciate any advice from fellow landlords!

So I have heard that LVP is waterproof to a degree and for only so long (in hours), once you get flooded, I have to get up to speed to see if that has changed. I would go with tile. If you get a flooded, which I just did, I was grateful for tile. While we try our best to make garden units/basements great. Tenants are less pickier when looking at garden units then 1st or 2nd floors. 

Get some "good" tenants, and include utilities in rent. Just get familiar with the upside of renting a basement if its non-conforming or illegal. 

Looking at, and that depends on getting an 80% LTV on heloc/refi, at 600-650K

yes, under my name. 

I'm looking to pull equity from a property, but I have a great interest rate that I don't want to lose. My thought is to use a HELOC for the down payment on a new property (20% down), then once I acquire it, do a cash-out refinance to pay off the HELOC while keeping my original low rate intact. Does this strategy make sense, or am I overlooking any potential pitfalls?

what if he got a HELOC, used the funds to get a property, then cashout-refi the new property and pay off the heloc? as helocs go for around 10% and the new rate could be 7% on the cashout refi. Im not expert but Ive took out a heloc and dragged on going on my advise and it sucked

I've been using the MLS, but I like the idea of talking to neighbors to see if they're interested in selling—or at least getting on their radar. After completing a massive gut rehab, I'm now looking for minimal value-add opportunities. If I can find a property that just needs cosmetic updates, covers its expenses, and leaves a little extra, I'm interested. I buy and hold.

I've heard that you cant force a tenant, at least in chicago or the state on how to pay rent, as you have to accept cash as well if thats how they want to pay. Not sure but heard it somewhere