All Forum Posts by: Rigo V.

Anyone know of any commercial lenders doing 20% down in PA on a multi? 

This happened to me in PA last year. Had an appraisal from another company for 200k that was done a few months prior and when I went to do the refi they appraised it at 138k. She used terrible comps that were not in the area and she herself was not local. I ended up Disputing that appraisal and the appraiser refused to budge. The lender also took her side and did not allow me to pay for a second appraisal.  I ended up canceling the deal with that lender and refi’d with another lender. That appraisal came back at 203k. 

@Mark Lladas hey mark how did your deal work out? I am also in jersey and invest in the area.

Thank you @Chris Mason. I am in too deep this time but agree will need a new LO for my next deal. 

I have a great deal UC and my loan officer I believe is calculating DTI wrong. The property makes $2300 a month in gross rents. I understand that 25% if taken off the top for vacancy, OPEX etc which would bring my total to $1725. The debate starts here, she is then taking PITI of $1050 out of the $1725 and adding that to my income which I think is correct but then she is including the PITI again on the debt side.

My opinion is that she is factoring and counting in the PITI against me twice, once in the income side and again on the debt side. I believe the PITI should not be factored again the debt side and if it is that $1725 as a whole should be factored into my income. All that being said each cash flowing property should be helping my DTI not hurting it. Am I wrong ?

I am buying a 4 unit property. It has space to make a 5th unit. The town needs rentals so the town seemed ok to approve if proper avenues are followed. I don't plan to finish the 5th unit for a few years but my question is if I get a residential loan, will the mortgage be affected in any way by finishing the 5th unit? I know 5 unit properties normally require commercial mortgages.

I once did a brrr and had an after repair appraisal done  at purchase for $200K which allowed me to do the deal. 6 months later during the refi the first appraiser came up with $138K. Keep in mind this was fully renovated duplex. I would not be able to buy this property for $138K EVER. I ended canceling my deal with that lender and going with another who got an appraisal for $203K. Appraisers are often a crapshoot, especially if your market is small and the appraiser isn't local. 

Wondering if it’s a bad time to do a brrr? Will the appraisal not be there in a few months? Will the lenders not be there to refi?

flips? Will buyers not want to buy?

My property manager is out of town so I decided to let the lender try to get a hold of him. Worst case scenario yes we need to have someone else do it. 

Just seems unprofessional to show up and not submit a report 

Anyone have an appraiser show up and tour the property and not return phone calls and not submit the report? 

Apparently this appraiser has great marks but the lender can’t seem to get a hold him and it’s been week and change