All Forum Posts by: Kris Mcfarlane

@Julie Toh

Regarding 15% down on an apartment building. 

use an example purchase price of 1.5M. 

What would the owners declared income need to be? 

Traditional financing would require the buyer to make declared $300k annual income. 
Dose the general rule of thumb "declared income multiplied by 5 equal maximum loan amount" 
Cash would than make up the difference. 

With having that many hot water tanks is your unit exceptionally warm/hot? I feel although this secret room would be vented there is a lot of radiated heat in this room. 

Welcome to B.P.; at one time I strongly wanted to get into commercial or multifamily. I think it's great to have everyone under one roof; the only issue is compressed cap rates. I've found better luck with upper/lower duplexes - much easier to close financing on. 

The VRBO model in penticton would work nicely; not sure how strong they enforce zoning. 

If you have any questions on where to buy from in Abby to source materials don't hesitate to reach out. I am a Ticketed carpenter by trade but work in estimating now. 

Cheers - 

@Cody Hill 
If you split 7.25 over 4 mortgages its only 1.812 points higher but it would be nice to get rid of. 

The original plan with that BRRR was (BP world feel free to correct me) to refi out. They changed the lending rules maybe 1 year ago to now standard. Our ITD was 44% and we only owe 64k on that apartment with 146 in equity and we couldn't get financing.

Wife and I's credits are 760 + 780 and change. 

We have our portfolio financed through Envsion; I don't think they have it in AB but it is a S/W BC credit union. They gave us back a "yes" on financing in an hr when larger banks (TD) took days. 

@Cody Hill we are in the hard money boat atm; they changed the refi rules when we were mid-reno. Not that it broke us; but a $925.00 interest only payment would be nice to get rid of. 

Monoline lender - you grouped together your properties and have 1 mortgage? 

Buy and hold is where it's at; a lot of money moving into Whatcom County!
Outskirts of Bellingham as well.

Welcome Cole;

Take what is tangible and move there.

To bank roll 1M you'd need 200k down; than 2% for closing 20k cash and need to make declared 250k.

Multifamily I think you need 40% down; just a guess.

I go with the whole picture; I don't know your market/asset class but you can only go with as good as it gets.
If there as good as it gets; well than there you go.

:)

Stating a monthly declared gross income of 2.5 times monthly rent people will already hate you; I'd know -

 On your post state:

 min. req. being:

 monthly declared gross income must be (what ever you want) X monthly rent

smoke free and pet free property


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