All Forum Posts by: Mario Morales

@Scott Mac so this is a three unit building, and the basement only one exit and if I can get another door as an exit, then I'm on my way to converting it into a third unit that I can rent out

@Melanie P. To get it rented as a garden unit or at least start the process of getting it to code

@Noah Bacon I have a question there are 2 sessions , one Tuesday and Thursday are those two separate sessions that are to be attended or do you just pick one as it's the same content?

Are these sessions recorded where you're able to watch them on your own if you're unable to attend ?

Hey everyone, has anyone had any experience in adding a 2nd entrance (door) to an existing garden unit, we have a garden unit that only has 1 entrance and we would like to either add a back or side door, has anyone done this before and what are the potential issues? Happy Holidays!

@Edgardo Jove I have one building in a C class neighborhood and I know that a two bedroom goes for about 13 to 1400 and they do not have quartz countertops or any smart features or an in unit laundry. So what I would do is look at what is the difference in my area between a 1200 and a 1400 unit. That will give you a pretty good idea.  But you also have to really figure it out. I have my units rented out at X, it's a C class neighborhood, if I remodel and add quartz countertops, in unit laundry and smart features and put it on the market for $300 more month I'm not going get that money. There's only so much you can do in the area that you're in. Just look what your competitors are doing and think of yourself as an appraiser you should be able to add or subtract based on what the competition is doing.

I've heard that most investors are happy with $100 per door after expenses. My CPA tells me that "In total, your cumulative profit from the properties is $23k, after depreciation" for the year. This is for 3 buildings, for a total of 8 doors.  Am I dividing 23K by 12 months, by 8 doors to see what my monthly profit per door is?  

How can you take 3 properties with 3 different lenders and cash out-refi under 1 new lender

Hello all, once again asking for someone to shovel me out of the....I am starting to get things ready for tax season and I was asked "Did you live in any of your rental properties during 2023? If so, which one(s) and for how long? 

What are the prod's and cons of living in your multi-unit versus not living in them? Does it make a difference, substially in what you may get back or owe. I have a W-2 job as well. 

@Brian Caulfield

I bought my first building in an area like this, and it came with headaches evictions . It took me a year to straighten everything out.

I have decent tenants now, but you will become their bank . During certain months, they will pay rent late because they want to use that money for family party or to pay down bills or someone went to jail.

I was able to use the equity to expand my portfolio in better neighborhoods. I can tell you that I will not invest in another D class neighborhood. I want to be able to be comfortable parking on the street when I need to go make a small repair or show the building .

Buy the best building that you can

@V.G Jason. Doug's perspective is correct. I own several properties, and the time has come to expand further. Seeking advice from experienced investors reflects my humility rather than a lack of initiative. I find it perplexing that my quest for knowledge is perceived as an indication that I don't understand how to succeed independently. Most people in this group are supportive, while your approach seems more inclined towards arrogance rather than offering assistance. Rather than questioning my motivations for investing, perhaps we should consider why you may be perceived as presumptuous.