All Forum Posts by: Ryan Moore

Thanks all... I need to digest this information and come back with any questions :-) 

I'm getting just some general estimations that don't give me a lot of confidence in what exactly I can purchase.  Last thing I want to do is put something under contract and find out I can't make the loan happen.  During my first MF purchase, it was pretty cut and dry on what I could afford because I was only going off of a W2.  

Now, my DTI puts me at a place where it'll be close and I'm not sure how my current rental's income is factoring into adding anymore income for me. That's why I was wondering if I did a prequal, maybe I could get a better idea of what they are saying I'm good for.

 Great thanks, PM sent

I'm having a helluva time trying to get a few of the lenders that I have spoken to tell me how much exactly I can look to borrow for a conventional loan on a new residential multifamily purchase.  All I want to know is that I can borrow 'X' amount of dollars so that I can plan a strategy for when I start to look for property.  I've given tax returns, that included both regular W2 and my current rental's numbers.  Is this really a hard thing to ask?  Do I need to go through the process of getting pre-qualified to hear that exact amount?

@John Mocker Thanks John.  I will most definitely keep the current policy until I replace it.  I will never have it lapse in coverage.  

I have reached out to my previous broker to see about going back to the policy I had with him.  I just wasn't sure if there were any issues with shopping for a new policy again 2 months after having the current one put into place.

Are there any negatives against us for shopping property insurance again so soon?

I changed my MF's insurance to another company, who quoted a better premium than what my previous insurer was going to be at.  Now after inspection, they raised the premium almost 25%.  The only notes I see on the property inspection are that the inspector changed the property details from masonry to frame, and 1 story to 2 story.   

Now I never would have told the broker that my property was masonry or only 1 story, so it looks like he put in the wrong data when preparing his quotes.

Can I change insurers again after changing ~2 months ago?  I would assume so but I've never changed so frequently before.  Any problems with doing that?

Pretty soon I'll be looking to refi my 4-unit MF, which will allow me to pull out almost all the money I have put into the property. I've only spoken with a few lenders, but so far I've only been quoted either a 70% or 75% LTV. Is that the best I can probably do on a residential MF? Or should I be digging harder for a better LTV?

Does the city of phoenix water give you the numbers for a property that you do not own?

looking forward to it

@Edgar Martin It's Tuesday, Sept 12th