Looking for Recommendations

[Cameron Hunt]

Your goals and story: am trying to buy Mom's single family residence from her on the coast. We need to do about $50-60k of repairs. After that our two exit options are sell the property or get a short-term rental permit and put it on Air BnB, etc. Hurdle right now is DTI numbers are not working for conventional financing (due to exorbitant property taxes on this property of around $20k/year).

Type of property: Beach Front Single family home on Oregon Coast. 3700 sq ft. 3br/3.5ba + kids sleeping loft. 

Location of property: Newport, Oregon

Purpose of financing: purchase

Type of financing sought: Not sure, I am being gifted all equity in home and using this loan to payoff existing lenders: ~$390k first+HELOC

Current or prior ownership of real estate: I’m part owner of a commercial property valued at $1.67mm (I own 39%)

Occupancy: Mom will temporarily rent back from me while we do some fixes

Value of property at present and/or your offer price: $1,100,000

After repair value: Same

Anticipated or actual appraisal issues: Had a recent appraisal at $1,076,000 Feb 2020 (then COVID hit and previous financing dried up)

Current rents per month: $N/A

Fair market rents per month: $ Don’t know

Down payment or equity: Approx. $700k in equity

Source of down payment funds, if applicable: Gift Equity

Income Source: Salaried W2, +Bonus, Commissions, plus commercial property income

Gross monthly income (optional): $8,750 (avg. for last year) + $3,000 from commercial property

Monthly debt obligations appearing: $597 car payments, $54 credit card payment

FICO: 720.

Credit issues: None