All Forum Posts by: Kyle Ritt

Hey Austin, I am no commercial mortgage expert but I believe if you "traded up" into a 5 unit or higher, the bank will not look that much into the borrowers but more at the property itself for financing. I am looking into purchasing a 5-20 unit in the Tucson market and a friend of mine suggested Pima Credit Union to look into for commercial financing. Hope that helps! 

@Kevin Sobilo we each house hacked our duplexes so they are in our personal names

@Remington Lyman I would love to see that pdf!

Hey Everybody! I am looking at doing some BRRRR investing in Columbus, Ohio and to make sure that I could qualify for the refinance, the lender that I spoke to (and went through the whole application process with) notified my wife and I that our back end DTI would be too high even for a property that is hitting the 1% rule! I am self employed but my wife has a solid W2 job and even so the DTI was too high together. Does anybody have any recommendations on lenders in the Columbus area who do a hybrid or "asset based" loan that does not require the stringent DTI ratio of Freddie/Fannie? We both own a duplex in the Portland area and we both have at least 50k in equity in each of those properties. Our owner occupied single family home is what seems to be hindering our debt ratio. Thank you all in advance for your responses!

@Ned Carey thank you! Would I be able to perform a quick claim deed to transfer the property into the name of an LLC so this can be avoided?

@Michael thank you for your reply! What is a TIC structure?

@Natalie Kolodij thank you for your response! I know I would have to pay some gains on the unit that was rented.

Hey everybody I have a duplex that I bought in 2016 and lived in for 2 years before moving out and renting both units. I bought it at $266k and it’s worth over $400k now. My goal is to partner with somebody who has commercial multi family experience and 1031 my duplex into a value add multi family property (5-24 units). Does anybody have any suggestions on next steps for me or would you happen to know an experienced commercial multi family investor I could get in touch with? Thanks!

Hey guys I currently have a duplex that I am living in. My fiancée purchased one a mile down the road and I am thinking of renting mine out and living with her. I’ve got a 3.75% interest rate on an FHA mortgage with about 100k equity in the duplex. If I rent it out, what are my best options to get money out of it to purchase another property as a now investment property. I started my own business and need to wait a year for tax returns to get a HELOC, but I hear it is tough to get a HELOC if it is an investment property. If I refinance, I am assuming the rate will jump up a lot higher than my current FHA rate. Any thoughts?

Thank you Jay!