All Forum Posts by: Will C.

@Andrew Smith what rates are you looking at? I would lean on the side of not buying down your rate. 1- its more cash out of your pocket, 2- if the deal is good, you don't really need to be too concerned with rate as your tenants are paying for it anyway.

@Ted Klein what amount of increase or you talking? If not that much just take it as a learning experience and you can execute the increase next year. Save some headache and risk vs an extra $600.

@Ashley Zhang

Your DTI isn't that high, but maybe it is for the market your trying to enter. Need to find a way to save more, so raise income or cut expenses. Or find a market that aligns with your current cash position.

Remember, If you find a good deal that perfoms well, your DTI should actually improve.

@Cole Black just using the 1% rule of thumb its a pass

@Ashley Zhang is this an owner occupied/ house hack purchase or straight investment? What is your DTI and what types of debt do you carry? You will not want to overextend yourself and have no cash reserves for vacancies and capex. 100->350 is a big jump and I would question the lenders motives quoting the 350, likely borrowing up to 350k will leave you cash poor, not a place you want to be in. Best bed is to settle your current financial situation and find a way to lower DTI.

@Chris Armstrong

Yeah I understand. Recently I was perusing tax records for a street in a certain neighborhood. Half the homes were owned by the same LLC.

@Chris Armstrong what was your target pool? multifamily owners with portfolio of properties or specific properties and one just happened to be part of a portfolio?

@Patrick Crehan

Try and spring for a 5% down conventional if possible. IMO much better than FHA.

@Chibuzor Alumba

Was your agent also the sellers agent??

@Mike Olszewski

Sell it for scrap!