All Forum Posts by: Jairo Zapata

@JR C. In response to your original post. Say we cannot longer discriminate on basis of credit, collections, and prior evictions, it is still our property. Possible ways to tackle this issue: Require proof of savings that guarantees rent payments. That’s not looking at their credit. Not choosing a tenant to quick until you have several applicant. Consider asking for a few upfront payments.

Is it legal to have tenant open an escrow account that needs to maintain a minimum balance for rent?

@Alvin Sylvain, Good one :-). You're probably right. I mean I am all for what's fair for all. We still need to pay mortgages and other fees HOA., etc. Loan to Landlords 🤔 well we will see about that. How will we recover our loses?

@JR C. If this is true it is rather ridiculous. The government wants to control our business? I see. Well keep this in mind when it is time to vote. I’ll leave it at that.

@Mehul Patel, no one will protect your assets better than yourself. For what financial planning to calculate ROI= Return on Investment. No need! You got this google it you got this!

@Cody Smith, Start building your wealth now. Not sure what state you live in, but some states offer very good assistance programs for first time home buyer. $20k it's enough cash to get you going. I bought my first unit with $1,400 after tax credits, and 6% I asked for closing cost on an FHA loan. Good luck!

@Anish Tolia - Very well said wow! Thanks for sharing.

@Wade G. - A constant struggle for me which perhaps explains why I haven’t built a larger portfolio. I came to this country in 2004. By 2008 I had

finished school and got my first condo during the 07’ housing crisis. I lived in the unit for 7 years. Currently rented, but the unit hasn’t gained much value since acquired even though it was a foreclosure. In 2010 I acquired another unit still at the down of the market. Another foreclosure with no repairs needed. Last unit has over $60k equity. In 2015 I bought another place -where I currently live- and it’s sitting on about $90k equity. Not wanting to tap into my places equate, I recently took cash from my 401k to invest in downtown Chicago. I got a unit in an area with good potential (south loop). This was not a foreclosure, but did appraised $10k over asking price. While some say no no no to touching your 401k, I did take money out because of this new Covid19 guideline that waves the penalty for early withdrawals. Also because I can’t stomach losses very well and I entered into panic mode when I saw my 401k drop $30k in a week.

The struggle is real.....

@Twana Rasoul - this is so true. I often worry that building wealth might take away from living happy and having time to enjoy the one life we got.

@Timothy Douglas- sounds like a project, no much experience with commercial but I am sure you will hear from some of these gurus here soon. Good luck buddy!

@Guifre Mora - do you recommend all in one loan refi? I have equity on three units I own and was considering this. Is it doable these days ?

What’s the term for that transaction, jumbo loan?