Hi all... current portfolio = approx. 1.4M mortgaged at around 70%.
We are looking... possibly pipe-dreaming at a project somewhere between $2M - $3M.
The basic numbers stack up -- but very worried about overpaying, and also worried about serviceability.
Property is currently grossing around 200K per year - with potential to expand to maybe 350K. It would also become a full-time live-in management job.
Does anyone have an excellent 'feasability' and/or 'service ability' excel sheet they can share?
Also -- do I talk to a run of the mill lender? Will they help us with due diligence because we are an existing customer.
We are looking... possibly pipe-dreaming at a project somewhere between $2M - $3M.
The basic numbers stack up -- but very worried about overpaying, and also worried about serviceability.
Property is currently grossing around 200K per year - with potential to expand to maybe 350K. It would also become a full-time live-in management job.
Does anyone have an excellent 'feasability' and/or 'service ability' excel sheet they can share?
Also -- do I talk to a run of the mill lender? Will they help us with due diligence because we are an existing customer.