All Forum Posts by: Christopher Adams

Thats the problem she is saying is our DTI is at 59% with this situation. But in the last year things just would have went down as we haven't added anything.

One thing she mentioned was last year on my taxes I wrote off my truck and milage for work and I guess that really hurt us. Does that make sense? 

Hello again BP,

I've been working on a deal in San Francisco that is just driving us crazy. We have a below market valued condo under contract that we will buy and hold. We have 25% down and now the struggle happens. My mortgage broker who approved us last year for $525k (we have had raises since then as well) with 3.5% down for an FHA is saying a conventional loan wont work for us. The Condo is $700K and again we have 25% down (which puts our loan at $525k). Just basic facts our combined incomes is right around 150K a year and the condo will rent for 5k a month. Is our mortgage broker just not trying? We do have some debt like student loans, cars and credit cards but we pay our CC's off every month. I don't see how this deal won't work and I now feel like we are having to force it which scares us.

Can anybody recommend a lender in the Bay Area? 

Thank you, 

hey @Tatyana Shevnina yes it comes with one dedicated parking and a guest parking spot. 

On the remodel this is what I do daily and actually just redid this unit. The owner just picked real crappy and ugly products. I could literally order all cabinets now and have them by time of closing. 3 weeks was actually giving myself extra time :) 

The rent is what scares me, there isn't many rented units in the building so comps are hard to come by. I did use comps from buildings on the same street but they all offer different stuff. Everybody I have talked to though says anything in the city rents very quick, plus location is very desirable 

Thanks guys, I'll work those numbers into it but I'm not even looking for cash flow now. With the way the San Francisco market is going the condo could be worth 900k in 12 months. I guess what we're asking is, is this deal to risky for a first time buy and hold? I've read you shouldn't bank on appreciation but in my eyes San Francisco is the closest city for a sure thing

Figured out the pictures :) can we please get some help from experienced investors? 

Ok I don't know how to attach the PDF's we have with all the information. So I guess this is a two part question now :) 

Hello BP,

I am very anxious to get my real estate career started! I have been focusing on buy and holds out of state for the sheer fact it is super expensive in San Francisco. I also have connections in other states with people I can trust so that doesn't scare me. Anyway during my day job an opportunity came up and we have analyzed the deal over and over and think its a win. I would like to get your opinions on what you think and how we have structured the deal. Just FYI this is a tough one for us because we can't qualify for a loan of this amount with our salaries. The only option we can think of is the find an investor to help with the 25% down. 

Anyway let me know what you think and we would love to hear your opinions/constructive criticism

anybody? 

Is everybody on vacation? Or did I post this in the wrong section? I've been reading these forums for a while now and have seen simpler questions being answered by tons of members.

Hello BP members,

I wanted to reach out to anybody and everybody on something my wife and I are struggling on. We have found a deal in the City of SF and have an agreed price that is under market value and is ours for the taking. We have ran all the numbers multiple times and the property cash flows (from what I've been reading that is hard to find in SF). Our problem is the condo is more then we can get pre approved for. We have been reaching out to family members to see if anybody wants to go in and help us with the 25% down to get us to our approved loan amount and nobody wants to part with that kind of cash. We are offering a very nice return on investment in a short amount of time. Our plan is to BRRRR so we would pay back the investor at time of refinance (9-12 months at 8.5%)

Is there anybody who has ran into this kind or problem and what kind of solutions are out there.  We really don't want to lose this deal and feel this will be a strong foundation to our real estate goals for many years to come. 

I can PM all details to anybody who wouldn't mind looking at them or is possibly interested. 

Thank you,