All Forum Posts by: Mario Morales

I have a mix use building. It's 1/2 a block from a busy intersection, however, there isn't much going on, on this block. My other units rent for 1650, residential. The first floor is rented out to a seasonal business, they pay year round, $1000 a month. I inherited the lease at purchase. I am planning on raising rent April 2025 when the 5 year lease expires. However, if he does not accept, I think I can rent for $1600, however I would have to convert into an apartment layout, bathroom, kitchen, etc. Which will cost money. I think if business renews at $1400, great, I do nothing. Is there an upside to renovating whether the business renews or not?

I am currently working with them, not sure if I will continue, as there has been some unfortunate issues with the LO out for a week, then their license in Illinois went through the renewal process. Which things happen but I am the one that has to communicate/ reach out to them. I think they don't understand that, it is important to reach out to clients when you say you are going to even if you don't have any updates. 

I have a feeling, and I could be wrong, that Loan Originators have a good sense of whether you'll be approved for a mortgage loan or refinance. When they think you probably won't get approved, they still proceed and hope the underwriter will be okay with it. Am I missing something?

@Irving Rivera i'm not someone that can offer you any kind of service but I can tell you that I have a property in North Lawndale, and it truly is block by block. The block where I have my property is very quiet. Everyone knows each other but two blocks west. I probably wouldn't want to invest. It may not be the greatest way of doing things, but I have to be comfortable spending time there if I am going to invest in a neighborhood.

What are cashout refi rates looking like on primary residential these days? Anyone doing 85% LTV?

@Cam Schwartz Hi Cam, would you share your spread sheets with me as well? I would really appreciate it

Mmorales31976

Gmail

Thanks

@Elvin William I am in classes, B, C, D and I would rather not be in D, it came with a lot of headaches but I finally stabilized it . It's true what everyone says, they don't take care of the units and are the ones that pay late.

@Steve Vaughan does this apply only to STR I asked about getting umbrella coverage on my multi unit and I was told I couldn't get it?

Yes, there was no turnover and everything is pretty new. It's an FHA, so it was 3.5% down and my interest rate at 3.37%