Thank you Geoffw for allowing me to bring my issues to the forum, I have a somewhat unique set of circumstances. I already benefited from the advice/encouragement that came from forum members. You guys help me keep calm and remain objective and focused. Much appreciated...
My Loss, Someone Else's Gain - I Have To Sell My Commercial Property (7%+ yield)
- Thread starter vicgirl
- Start date
Thank you Geoffw for allowing me to bring my issues to the forum, I have a somewhat unique set of circumstances. I already benefited from the advice/encouragement that came from forum members. You guys help me keep calm and remain objective and focused. Much appreciated...
Cool, thanks Aaron.
Not worried about the qualifying part when time comes - as I assume they take income(s) from employment, as well as other passive income (shares, other properties, etc..), in addition to subject commercial property's rent when calculating DSCRs? Like Adelaide Bank does?
Yeah that's right but some lenders are more punitive if you have other loans etc. Lots of lenders assess your other loans at a higher rate of say 8% as opposed to what you are actually paying which can kill your servicing stone-dead.
OK, son just returned from interview. Looks like he got the job, but initially it'll be part time while he'll be trained. We didn't know this when he applied. Luckily he's got another part time job, so he knows he must continue with that until the new one becomes full time. And that's all we know at the moment. I'll be in touch as soon as I have more information. In the meantime, we are still on the market.
Just a quick update, Aaron is putting together our application to refinance this property and so far indicated that if successful, we'd be getting a cool rate which would save us (not kidding) almost $1000 per month. It's almost too good to be true so in the meantime of course we are still on the market...
That is wonderful news! I hope it all goes to plan and you can keep your music school there and live peacefully on the lower rate.
