Got a question for you guys about a real estate deal
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[{"id": "ier3l3d", "text": "The broker said the current rent covers the mortgage payment but I\u2019m not sure what a commercial loan on something like this would be", "replies": [], "depth": 1}, {"id": "ier5yce", "text": "Typical down payment would be ~30%. Do you have the cash? Doesn\u2019t sound like it. That means you need a partner or two.", "replies": [{"id": "ier6m87", "text": "Thanks for the reply man, the banks won\u2019t usually take into consideration rental income will they? Or if it\u2019s appraised at a higher value then the listing price. I was going to try and see if there\u2019s any kind of seller financing also! Thanks", "replies": [{"id": "ierbvsu", "text": "Will they take the income into account? Yes when trying to determine whether you meet the required debt service coverage ratio. No, when it comes to down payment. Down payment will be based on sales price.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ier84h2", "text": "Well if that\u2019s true they should let you look at the books with their CPA\n\nPS you need a very good real estate attorney to start this journey", "replies": [], "depth": 1}]