All Forum Posts by: Mario Morales

What value is expected or provided by an agent who specializes in multi-family residential, not commercial. 1-4 units.

Kind of silly but I always feel they keep the best deals for themselves

My CPA provides his clients with a spreadsheet that includes tabs, detailed instructions, and videos on how to use it. It's a fantastic tool for bookkeeping. I use it throughout the year, so when December comes around, I only need to spend a little time gathering all my documents. Depending on the number of properties you manage and the frequency of your expenses, it's important to update it at least every two months. Personally, I like to update it weekly—it helps me stay on top of things and, honestly, I find it fun!

Happy New Year! I own a commercial unit, and I’m trying to determine a fair rental rate for the space. Do you have any suggestions on how to go about this?

The current tenant was already in place when I purchased the building, and their lease is set to expire in a few months. I’m unsure what kind of notice I need to give them—does it work the same way as residential leases, requiring a 120-day notice?

The lease agreement is quite vague and doesn’t outline responsibilities clearly. It even states that the lease “will repeat itself” but doesn’t specify terms like figures or percentages for rent increases. I’m considering consulting a lawyer to clarify these issues.

Two weeks ago, I reached out to the tenant via email to start a conversation and propose a win-win renewal, but I haven’t heard back yet. It’s a tax office, so I suspect they might be waiting to see how their business performs and the impact of technology before deciding.

Thanks in advance for any advice or insights you can offer!

I have a W-2 Job and 3 properties, what is the minimum amount of profit or income should my properties generate for the year for a lender to consider me worthy of a loan, all things being equal. I've heard $500-$2000 per building per year. 

@Tim Ryan I should have said the unit is uninhabitable and by rehabbing it will produce rental income, so

a years rental income/ capital invested = CoC return?

I have a three unit building, but one unit needs to be remodeled the other two have been renting out for the past few years.

If I spend X on renovating this apartment to get it ready for rental will the cash on cash return apply ? Do I take a year's rent and the money spent on the rehab to look at my return?

@Sarita Scherpereel so it's in a three flat building, but the zoning says there's only two units the basement unit based on what you said it's not illegal as it hasn't been cited by the city.

Asking for a friend: Has a non-conforming basement, zoning really. 2 exits, 3 br, nice apartment. Can she post it on zillow market place? Where do people post "illegal" basements? It obvisouly wouldn't fly with section 8? Any advice and/or experience appreciated?

Will the Midwest and/or the entire country pay the price again?

I have a garden unit in Portage Park, about 65 x 22 feet. I'm looking into HVAC options and will be adding AC as well. Some are recommending a 2.5-ton system, while others suggest a 3-ton unit. I've heard that oversizing the AC can lead to humidity issues due to short cooling cycles. Does anyone have experience or advice on how to choose the right size?"