Help! How do I get this deal?

[Lance Nelson]

I live in Portland, Oregon and recently quit my job as a Physical Therapist and became a real estate agent. My wife is relatively new real estate attorney. What I didn't totally comprehend when switching careers was how it would affect my ability to buy properties because the commission based nature of my new gig. My wife makes good money and it's only going to increase, but because of our current DTI (mortgages open one rental property and our current home) we are not financeable for our next project. The bummer is that I've found a duplex that I really want to purchase off market and the bank is saying we can't support that because of DTI. Any ideas for how to make this deal happen? I thought about offering cash for a co-sign, does anyone have experience with that? I also thought about bringing someone else into the deal in some capacity, but am not sure how that's typically structured. Any ideas would be much appreciated!

[Account Closed]

Originally posted by @Lance Nelson:

I live in Portland, Oregon and recently quit my job as a Physical Therapist and became a real estate agent. My wife is relatively new real estate attorney. What I didn't totally comprehend when switching careers was how it would affect my ability to buy properties because the commission based nature of my new gig. My wife makes good money and it's only going to increase, but because of our current DTI (mortgages open one rental property and our current home) we are not financeable for our next project. The bummer is that I've found a duplex that I really want to purchase off market and the bank is saying we can't support that because of DTI. Any ideas for how to make this deal happen? I thought about offering cash for a co-sign, does anyone have experience with that? I also thought about bringing someone else into the deal in some capacity, but am not sure how that's typically structured. Any ideas would be much appreciated!

There IS an answer, (and it's legal) but since your wife is an attorney it is too risky to give you advice (nothing personal), sorry. Plus, Portland has gone to H-ll and it needs to collapse and rebuild or at least change the city mayor and city council before investing will do you any good there. Not a political statement, that is an economic statement. And, your problem isn't the DTI, it's the location.