All Forum Posts by: Mario Morales

 Thanks John, the LVP that you buy, if it has the underlayment included (moisture barrier) is that enough for you and your basements or do you put a moisture barrier anyway? Thanks again

 Thanks Greg. Appreciate your time.

I will be renovating a basement in Chicago and kind of crunched some numbers. It looks like to replace old tile with porcelain might run me at $11 a sq ft versus lvp from flooret (assuming the floor is leveled) at around $9 sq ft. Has anyone used LVP in basements? I have porcelain in my other basements, just wondering if I should stay the course or use LVP. 

Thanks, it makes sense now. I actually bought a property in April of this year and I received this email in regard to filing taxes. I just copied and pasted from the email

Help BP community! What does this mean "Biggest items to note are the RE Credit Carryforward (CF) of $5.5k which will be netted against the real estate taxes you pay. In other words, you may not be able to deduct any property taxes in 2022"

@Brandon Allen Willis - Yes, that is what I am saying, has it been done before by 1st timers, yes. I think the reasons you  mentioning are valid, but for someone with experience. If the building is up and running, then yes they "CAN" be less work for all the obvious reasons. Overall, I think it is really risky as for something that big, it can bring an enormous amount of emotional pain. I just finished 2 projects in Portage Park, but it was an *** kicking, and it's my 3rd building. With my experience and team in place, it got done but over budget and took 2 months longer. Had it been my 1st investment, I probably would have not made it, it was my experience and having a team that made it happen. If you do go for it, you need an experienced partner, I have 2 neighbors on the block with the 1st investment property and they are going through hell, money runs out, lack of good contractors, not knowing when a contractor takes short cuts, easily manipulated by contractors etc,..

This kind of sounds like "I know he has his flaws but he loves me Ma". There are hundreds of examples of people having less experience, less education, and not speak English. They do have one thing and it's determination with enough foresight to start small, understand that it is important to start small and learn the business. You can get a 2 flat, have a bad tenant and have a major sewer problem that will cost you 10k. Things always happen and you want to take this on with a partner you're not sure of with a 6-unit? Just imagine getting a 6 unit and for some reason things were missed during the inspection and 1) Electrical wiring has to be changed  2) Oh look that plaster is coming off and its all plaster  3) Turns out 2 of the tenants are leaving because they are buying homes 4) Looks like we need to replace 1/2 of the windows and appliances. 

I just got a multi-unit and it just so happens that it requires a bit more cash, such as plumbing, electrical etc,. I have two other buildings, and I have a high amount of credit card debt (over 50k) due to the unforeseen surprises of the latest building. I would like to pay off the debt but I would also like to tap into the equity of one of the buildings for my next purchase. Any advise. 

building 1: available equity 110K , monthly cash flow about 1100

building 2: available equity about 50K, monthly cash flow about 700

building 3: under renovation, monthly negative 1600

@John Warren thanks for the advice so it seems that I am going to have to get a licensed plumber can you recommend anyone that's done this kind of work before? Thanks again

I am currently renovating a unit, will take about 20K, as we all know, 1099's are hard to find for a budget friendly renovation. Is it more beneficial to pay 30% more (just throwing a # out there) and have a tax deduction or just paying cash with someone I have worked with in the past and I trust and save a few bucks?