All Forum Posts by: Michael Ohara

This is killing me right now. I'm trying to get a commercial construction loan. Numbers on the project itself are great. I have 18 months of interest payments in cash. But since I have to do a personal guarantee, they are saying my DTI doesn't qualify because of my rentals. They are subtracting my rental mortgages once to get my rental income, and then counting the same mortgages a second time as a personal debt.

I plan of placing an offer on a duplex with two 3bed 2 bath units this week. Asking was 270k and I’m offering 200k. Sounds crazy but nothing is crazy with good real estate deals from what I’ve read. The property has been available over 7 months with one unit currently occupied. I wanted to apply with a reputable company before I let all these companies unnecessarily run my credit.