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Updated about 2 years ago on . Most recent reply

Jake Rhodes's profile image
Jake Rhodes's profile image
Jake Rhodes
  • Rental Property Investor
  • from Crown Point, IN
  • Member since Dec 18, 2018
  • Posts 53
  • Votes 17
  • Experience 10 Yrs
  • Investments 6
Connect

User Stats

53
Posts
17
Votes
Jake Rhodes's profile image
Jake Rhodes's profile image
Jake Rhodes
  • Rental Property Investor
  • from Crown Point, IN
  • Member since Dec 18, 2018
  • Posts 53
  • Votes 17
  • Experience 10 Yrs
  • Investments 6
Connect
Jake Rhodes
  • Rental Property Investor
  • Crown Point, IN
17
Votes |
53
Posts
Multi-Family and Apartment Investing

Converting a 4 unit to a 6 unit - Pros vs Cons

Jake Rhodes
  • Rental Property Investor
  • Crown Point, IN
Posted

Hey All!

We recently acquired a small multi currently recognized as a "Legal 4 unit" by the city.  This unit is separately metered and has 6 units with 6 entrances and 6 paying tenants.  

We are wanting to get it recognized as a "legal 6" to increase its value in the eyes of the lender.  What are the Pros vs. Cons of doing this?  I'm sure taxes will increase, but I don't want to open a can of worms on other issues.  

Ultimately, we want to rehab the building and use the additional units to pump the value for a long-term loan.  


Thoughts???

  • Jake Rhodes
    • Hammond, Indiana
    0 Votes
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