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Old 12-21-2004, 07:47 PM
Larry Lyke Larry Lyke is offline
 
Join Date: Feb 2002
Location: Twin Cities, MN

Posts: 1,551
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Lori --

It's important to use technical terminology fairly strictly. As in, what does "Fixed and Variable" mean in this application? Not much -- if anything. Follow along.

It’s OK to make an observation that has theoretical merit – but that's an aside. It doesn’t apply to the supposition first posited in the original (now closed) thread.

The purpose of the appraisal Operating Statement is explicit to giving the UW the needed information to ascertain the amount of the income stream which is left over -- thus available to support debt service.

That’s it in a nutshell [A little Christmas spirit here].

The Op Stmt serves no other purpose.

If the owner lives in the property, the only place s/he can write off his/her ?“fixed”? expenses is on her/his property base in their IRS schedule(s). Doesn’t affect the underwriting function at all.

L- in MN
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