All Forum Posts by: Mario Morales
Mario Morales has started 85 posts and replied 227 times.
Post: Getting a Little Nervous...
- Posts 232
- Votes 101
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.
Post: Should Loan Originators Know If You're Going to be Approved
- Posts 232
- Votes 101
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?
Post: Multi family investing in East Garfield Park
- Posts 232
- Votes 101
@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?
Post: Recommendations on organizational tools/spreadsheets for rehabs/flips
- Posts 232
- Votes 101
@Cam Schwartz Hi Cam, would you share your spread sheets with me as well? I would really appreciate it
Mmorales31976
Gmail
Thanks
Post: Any one has rental in D class neighborhood.
- Posts 232
- Votes 101
@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.
Post: Protect Yourself - Please Get An Umbrella Liability Policy
- Posts 232
- Votes 101
@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?
Post: Is this profitable? Not sure if this is good or bad
- Posts 232
- Votes 101
Quote from @Mario Morales:
Quote from @Mike Dymski:
Your repairs, supplies, and maintenance look excellent. They are so low that it appears you had no turnover and little to no R&M. For most of us, that situation would be a year of very high profitability. On the other hand, insurance and mortgage interest are very high...interest is 50% of rental income.
Mike, I just took a look, in case there is a typo from my CPA, not sure but if it were, instead of 23,000 its suppose to be 13,000, will I owe more in taxes, as I will owe 10 k for the year already, I have a W-2 job.
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%
Post: Is this profitable? Not sure if this is good or bad
- Posts 232
- Votes 101
Quote from @Mike Dymski:
Your repairs, supplies, and maintenance look excellent. They are so low that it appears you had no turnover and little to no R&M. For most of us, that situation would be a year of very high profitability. On the other hand, insurance and mortgage interest are very high...interest is 50% of rental income.
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%
Post: Is this profitable? Not sure if this is good or bad
- Posts 232
- Votes 101
Thank you, all of you! so in the eyes of an underwriter, when I take out my next loan, will they see this as a loss? My other properties, showed a profit after depreciation, so overall, I was profitable for the year. Thanks a bunch