All Forum Posts by: Jonathan Fraundor

@Nick Belsky Thanks for the reply! We were assuming we'd have to go the commercial route but this DSCR method does sound fascinating! I'll have to look into it as I'm not sure if they'll count STR income

@John Woodrich it’s a 4 unit building and thanks! I’ll reach out to Tim

We are looking for a conventional loan for a $1.2 million condo we put under contract in MN. It has four units. Ideally we would like a conventional loan with a down payment of 5%. There is no HOA in place and we are assuming we can't convert it to a townhouse. There are five of us that will be the borrowers but only one of us residing in one of the units. Is it possible to get a conventional loan without a sole borrower on a condo without an HOA? We can do a higher down payment, but we want to explore the possibility of acquiring a conventional loan on this property before going the commercial route.

If anyone has suggestions for creative mortgage lenders licensed in MN that would be great! Thank you!

@Dave Toelkes would they factor rental income in on a multi family home if there’s a 1040 form with previous years of rental income to be used as proof? Or how does it work with non commercial properties since commercial properties are 4+ units

Do most banks take into account future rental income or at least 75% of it when adjusting the debt to income ratio?

Bought a 3 bedroom, 3 bath 2100 sqft house for 146k. Turned a big basement room into two 130sq ft bedrooms. Approximately $2500 in total expenses (drywall, egress, paint, etc). How much does adding one bedroom, in this case 2, increase the homes value in a city where the average rent per room is around 375 a month?

What specific questions should I be asking my real estate agent in regards to the market here in bemidji mn? I’m looking for single and multi-family rental properties, potential lakefront Airbnb’s, and potential flips. I guess I’m just curious if there are specific questions I need to be asking my agent in regards to the market and house hacking in bemidji.

Looking into the future here, doing taxes now. Wondering if it’s worth claiming depreciation now

Last year i was able to buy a single family 3 bedroom 3 bath house with my brother by our parents lending us 146k cash. We have 30 year and 4% interest rate with them. Just turned it into a 5 bedroom and will be renting out all 3 bedrooms while living there. I am looking to buy my next rental property, even though I’m young there’s ambition and a realization that house hacking is legit. Looking to get a loan with a small down payment but have around 6k in capital and am part time employeed and in college. Just want to know the best and most plausible way I should go about this? Thanks!