All Forum Posts by: Sean Forner

The appraiser backed out of the assignment 2 weeks after she went to the property. There's a new appraiser assigned. Again it's move in ready/turn key and one of my friends is actually a tenant. There are just no duplex's that have been sold recently in the area

I know it's justified because I own 3 other houses in the same neighborhood which are valued significantly higher than the purchase price and are smaller, older, and in worse condition.

How would I be able to refinance with a conventional loan if I can't do that now?

Hello Biggerpockets Community. I am at the tail end of financing a duplex, but there are no comparables. I have already had one appraiser accept the assignment and then back out 2 weeks later. A new appraiser has been assigned and walked the property last week. I got in touch with him to make sure he'd be able to complete the appraisal, but his tone was not promising. This is a great turn key deal. How can I get this property financed? I'm already putting 20% down and the lender is okay with everything. Any input on this would be greatly appreciated. I find it concerning of the reality that if I can't get financing on this property only cash buyers and investors utilizing hard money can buy it. How do people buy unique homes, or sell theirs for that matter, even when the sales price is obviously justified?

Hello Biggerpockets Community. I am at the tail end of financing a duplex, but there are no comparables. I have already had one appraiser accept the assignment and then back out 2 weeks later. A new appraiser has been assigned and walked the property last week. I got in touch with him to make sure he'd be able to complete the appraisal, but his tone was not promising. This is a great turn key deal. How can I get this property financed? I'm already putting 20% down and the lender is okay with everything. Any input on this would be greatly appreciated. I find it concerning of the reality that if I can't get financing on this property only cash buyers and investors utilizing hard money can buy it. How do people buy unique homes, or sell theirs for that matter, even when the sales price is obviously justified?

If anyone has experienced this scenario please submit your story. I haven't found many posts regarding this on biggerpockets and with so many people pushing multi family rentals I'm sure this isn't this first time an investor has encountered this challenge.

If anyone has experienced this scenario please submit your story. I haven't found many posts regarding this on biggerpockets and with so many people pushing multi family rentals I'm sure this isn't this first time an investor has encountered this challenge.

Hello Biggerpockets Community. I am at the tail end of financing a duplex, but there are no comparables. I have already had one appraiser accept the assignment and then back out 2 weeks later. A new appraiser has been assigned and walked the property last week. I got in touch with him to make sure he'd be able to complete the appraisal, but his tone was not promising. This is a great turn key deal. How can I get this property financed? I'm already putting 20% down and the lender is okay with everything. Any input on this would be greatly appreciated. I find it concerning of the reality that if I can't get financing on this property only cash buyers and investors utilizing hard money can buy it. How do people buy unique homes, or sell theirs for that matter, even when the sales price is obviously justified?

Thanks for everyone's input. Iv'e reached out to Patel and didn't know they could count retirement accounts as reserves. Now my current lender mentioned that they do commercial loans to LLCs and don't have a mortgage limit. The rates are in the low 5s, but the term is for 10 years and is amortized at 20 years. Does this sound like a decent option for when I get over 6 properties? 

I am about to have 6 properties and 6 mortgages. I have a great lender, but unfortunately they can only lend up to 6 properties when going with conventional financing. I know Fannie Mae lenders can go up to 10 properties, but you need 6 months PITI in reserves for all of the properties that you have a mortgages on. I want to expand rapidly, but finding financing after 6 properties is proving to be difficult. How do you all get properties and grow your portfolio? I don't want to have to wait to purchase cash because then I will be limited to one house a year. That is slow growth to say the least.