All Forum Posts by: Mark Anderson

Ok interesting situation here i am on lender #3 and no one can seem to sort this one out. I have a quadplex bought back in 2017 for $550k & 5.5% mortgage rate. I have a appraisal for that property for $730k but can NOT refinance it because my debt to income is greater than 50%. I make $110k a year and live in SF with 2 roommates. i pay the rent out of my checking account for the entire apartment $6,000 a month. However my portion of the rent is only $1,850. Both of my roommates names are on the lease as well and i have bank statements showing those same names of my roommates that match the lease Zelle me in the same amount each month.

 All 3 lenders have said that since i pay the rent out of my account that they have to take the entire $6,000 as my expense. Lenders have tried factoring bonus, prorating the bonus for 2022, saying i live rent free but nothing seems to work here. It seems this is a clear rule that is outdated but no lenders seem to be able to get around it. Any advice on being able to close. I also have the appraisal and zip of all financial records to close on this refi if anyone can get past this? This is obviously frustrating being i have lost the lower rates trying to get through this over the past 90 days and dont seem to have a path forward on this without changing where i live. My lease ends next year....

Hi I inherited tenants at my most recent rental.

One of the tenants has a lease through June paid December and January rent then let me know she was going to be late on rent submission for February on the 1st of the month.

However after dozens of attempts she has not responded to any of my emails and no longer has her phone number active. After visiting the property she has moved out and disconnected the Utilities.

I provided her with a notice to vacate and changed the lock but have not escalated it to eviction being that she left and the property is not damaged. She did leave some miscellaneous furniture in the unit. I changed the lock on the property and not sure how to proceed from here.

Any best practices. Thanks

@Jacob Pereira I live in San Francisco and have properties in Austin and looking to invest in other areas as well. I think Boise provides a unique opportunity to invest in multifamily or repurpose existing single family being that in my opinion it is primarily a relocation market with prices being driven up from wealthy people from other areas and not an increase high paying jobs. I believe it prices out a lot of the working people in the market and with zero interest rates called out by the fed until 2023. If interest rates go up and absolute value of properties go down I think Boise has some protection from this and will keep a strong rental market. Also tired of trying to build in large bureaucratic cities 

A little about me i am a real estate investor in Austin Texas and commercial construction superintendent in San Francisco. I am looking to purchase property in Boise mostly multifamily and would like to connect with realtors, loan officers & other investors. Please reach out so we can get to work.

@Jaysen Medhurst We are looking at a 4 unit in the best public schools in Austin surrounded by 1-2 million SFR's. Rent roll of $6,100 a month & monthly property taxes of $1,150 a month. I am only 25 & want to take advantage of getting an interest rate of below 4% viewing it as a 401k of sorts. Living for free with a roommate. The math numbers don't work if i have to use hard money, put a large amount down or a portfolio loan with a higher interest rate.

@Jordan Moorhead yes sir i have just been hearing that i would need 25% for a quadplex and that it would be possible to do a owner occupied duplex for 15%. But in order to get less than 25% on a quad it would have to be an FHA loan. Currently reaching out to more lenders & looking for advice in ways to get the conversation of making 15% down possible from others knowledge on the forums.

Lending For A Non FHA Quadplex Owner Occupied At 15% Down

Hi everyone, currently looking to get qualified for a loan on an owner occupied quadplex for only 15% down. This property exceeds the FHA loan limits for my area of Austin Texas but will be under the jumbo loan limit of $931,000. The property is listed at $980k and i have $150,000 to put down. Currently have no debt, no car payment just $1,150 in rent. Have an income of $95,000. Please reach out if you think this is doable or have any ideas on how this can work. Would love any advice thanks in advance.

Thanks,

Lending For A Non FHA Quadplex Owner Occupied At 15% Down

Hi everyone, currently looking to get qualified for a loan on an owner occupied quadplex for only 15% down. This property exceeds the FHA loan limits for my area of Austin Texas but will be under the jumbo loan limit of $931,000. The property is listed at $980k and i have $150,000 to put down. Currently have no debt, no car payment just $1,150 in rent. Have an income of $95,000. Please reach out if you think this is doable or have any ideas on how this can work. Would love any advice thanks in advance.

Thanks,

Lending For A Non FHA Quadplex Owner Occupied At 15% Down

Hi everyone, currently looking to get qualified for a loan on an owner occupied quadplex for only 15% down. This property exceeds the FHA loan limits for my area of Austin Texas but will be under the jumbo loan limit of $931,000. The property is listed at $980k and i have $150,000 to put down. Currently have no debt, no car payment just $1,150 in rent. Have an income of $95,000. Please reach out if you think this is doable or have any ideas on how this can work. Would love any advice thanks in advance.

Thanks,

Lending For A Non FHA Quadplex Owner Occupied At 15% Down

Hi everyone, currently looking to get qualified for a loan on an owner occupied quadplex for only 15% down. This property exceeds the FHA loan limits for my area of Austin Texas but will be under the jumbo loan limit of $931,000. The property is listed at $980k and i have $150,000 to put down. Currently have no debt, no car payment just $1,150 in rent. Have an income of $95,000. Please reach out if you think this is doable or have any ideas on how this can work. Would love any advice thanks in advance.

Thanks,