All Forum Posts by: Will C.

@Daniel Lynch

She should contribute something whether you call it rent or helping out. No free lunch

@Nicole Schrock

Sounds about right for a conventional purchase. Since it's TK, make sure you vet this company very thoroughly. Alot of TK scams out there.

@Simon Dean

Just saw you mentioned no debt. Is this an investment loan? No matter what, the big institutions always throw out high rates and hope for less savy people to bit.

@Simon Dean

What's your DTI? Keep shopping, you should be closer to 4.5 assuming decent DTI. Check with multiple institutions, many will match or beat competitors numbers.

This post has proven to be very informative thus far. I just went through a refi and the UW and LO calculated my DTI differently. UW came back with conditions due to them calculating a higher DTI. Wasn't aware there were different approaches to calculating DTI. Very valuable information for future planning. Following this post. Thanks all

@Chris Marshall

Like the others, this seems very slim. have you analyzed the numbers on the buildings individually? If you were to build three more duplexes, what does the calculation look like now? how much land are you talking, 5, 50, 500 acres? timber?

At this time its hard to build new vs buy existing and renovate. Do you have the capital to throw at a development?

If one or two of the duplexes are making money see if he will break off and sell apart from the rest.

@Nick Ruffini

on market since January, started at 175k now at 160k. building is over 100 yo. Rents seem to be accurate but I would have never guessed looking at the place. mattresses and junk in yard. Inside pics look ok but probably doesn't look like that anymore. River in back, flood zone?  hmmm, someone would have snatched this up by now I think. Im not in this market though.

@Brian Leigh

At refi, make sure the lender knows you will be paying off the LOC with cash out proceeds. In fact it will probably be a closing requirement if your DTI is at critical levels with new debt. Otherwise they will calculate your DTI with both LOC and new mortgage debt.

@Ki Lee looks like they are offering a low % PM fee only to tack on high charges on the back end. I bet they aren't too concerned with who they place in your units. more turnover=more $$ in their pocket. I start looking for a new PM now, get out of that contract and stop the bleed. I like @Ryan Ingram approach to the early termination clause or lack thereof. 

@Steven Rubino any structural issues/changes or mostly cosmetic?