All Forum Posts by: Luke Mccandless

Hello. I am trying to get a loan to buy a house or duplex and I am having an issue because I bought a house with my sister 3 months ago and I am being told the whole amount will need to count against my DTI even though I do not live there and am not making the payments at all. Is there a lender that can see that this is an investment property for me and therefore I should be able to count that my sister is paying the mortgage not me?

OK it's taken forever! But since it's a commercial loan there is "lots" of flexibility, they can just add an amount at appraisal for the parcel amount and when the parcel is sold forgive that portion of the loan. They said it's no problem! Just made an offer on the property!

Thank you for the suggestions! I will comment when I hear back from my lenders.

I am looking at buying an apartment complex and the owner is selling the adjacent lot as part of the sale. This is a legally separate lot. I will be financing 75% of the deal and would want to sell the land separately to recover some / all of my down payment. Would the lender allow this or what other restrictions or obstacles am I missing? 

I am seeking assistance with selling a large amount of commercial gravel my family has acquired. 

The location of the gravel is in central Washington near Summer Falls. 

We have the following:

• 3/8" -1/4" "pea gravel" - 17,500 yards - crushed
• 1 1/2" - 2,100 yards
• 3/4"- 70 yards
• 1/2" - 600 yards

We have a recent crush test if needed. 

The gravel is sitting on a no longer operation gravel pit we also own ( we may be interested in selling this too for the right buyer) 

I am offering $5,000 in commission for anyone that can broker the bulk sale of the gravel at a reasonable price. 

My father was in escrow on a mixed use property in Idaho and at the last minute the bank changed the LTV requirement to 50% instead to 75% and asked for another ~110k down! Using the information from the bigger pockets rental property calculator I was able to convince the bank the numbers they were using for debt coverage ratio were incomplete and we were able to get the LTV back to 75%, saving the deal. My family closed last week!

Thanks everyone, we called 2 other banks. It's a bit high but within ~$500 of what other banks were offering. 

"The appraisal will cover a multi-tenant, multi-use commercial retail, narrative report with two approaches, multiple comparable types. This is both and income and sales report."

My family is being charged $3300 for an appraisal by the bank he is using ( This is for a commercial 11 unit mixed use property in Spokane Wa.) - This seems really high to me ?

I would personally look into refinancing to get out of the PMI and keeping it as a rental ( if you are ok renting long distance). As you said, if you sell there is a 6% sellers fee, possible repair costs asked for by the seller etc. If your goal is to build a rental portfolio I would say keep it and refi. I sold a property in Oregon when I moved to California and wish I had just kept it and pulled the cash out.