All Forum Posts by: Frank Avallone II

Hey @Samual Armentrout, congratulations on your success up to this point!

Have you talked to a lender about what the actual DTI ratio might be currently? Is it close?

Reason I ask is because depending on the situation you might be able to solve the issue by purchasing a multi-family property next since you will be able to use part of the proposed rental income to help qualify. 

If you exhaust both of these options then a DSCR loan might be the only feasible option left to purchase another.

Hi @Ally Coghlan, glad to hear you are interested in getting involved. I am a real estate investor and mortgage lender in northern New Jersey. I would love to connect with you! 

@Magdala Jean-Baptiste, as the rest have mentioned seller financing is an option. However, as @Nathan Gesner mentioned it might not be the best time to do this.

I would recommend maybe putting a plan together to be able to get to where you want to be. Figure out ways to save up the money for a down payment and it will make the process that much easier and enjoyable. 

If you need any help with this I would love to share what has worked for me!

@Simon Obas, I would agree with the other comments since ours. At this point things seem to point to being overpriced. Comps is a great place to start and make sure you check that they are local, same size, and recent. This will help you gauge the appropriate price. 

@Henry Lazerow has a good point. If it is priced right, anything will sell. I feel like that applies to literally everything even outside of real estate.

Hi @David Zimmer, glad to hear you are interested in doing this. I am a real estate investor and mortgage lender. I can definitely help you out with this scenario and work out some of the logistics. A lot of what was already said is accurate, just depends on what the plan is. 

@Miller McSwain had some great info and these are some of the complications that can occur. 

The other thing I don't believe anyone mentioned yet is that when buying a multi-family with a conventional mortgage there is different financing guidelines. Typically, you have to put down 15% on a multi-family if using a conventional mortgage.

The "house-hack" usually is involving the FHA mortgage because with this loan type you can use it for a primary residence 1-4 units with as little as 3.5% down.

Congrats on the deal!! 

Hi @Helen Mastanduno, I am a real estate investor and mortgage lender in the northern new jersey area and would love to connect! Could definitely share my contacts as well!

Hey @Simon Obas, has there been any feedback on the home yet? Any clues to why it is not selling? Usually it is overpriced if it is not selling in this market after 30 days. 

Did you take your agents lead with the listing price or did you push to use the price you wanted?

Hi Jeff! Congratulations on the potential deal.

I would love to help you out with this! I will send you a direct message.

Hey @Pat Jackson, depending on how you file this on your tax return we may be able to exclude some of it. I will send you a message for more info.