Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 6 years ago on . Most recent reply

User Stats

23
Posts
6
Votes
Andrew Votsis
  • Rental Property Investor
  • Bridgewater, MA
6
Votes |
23
Posts

Buying potential "boarding house"

Andrew Votsis
  • Rental Property Investor
  • Bridgewater, MA
Posted

Looked at a home today that is operational rooming house. Lender says needs to be listed as 4 family at the most otherwise i will have trouble with financing. I am a qualified buyer standard 25% down etc. Any thoughts would be greatly appreciated. Thank you.

Most Popular Reply

User Stats

75
Posts
32
Votes
Mike Buckley
  • Investor
  • Fall River, MA
32
Votes |
75
Posts
Mike Buckley
  • Investor
  • Fall River, MA
Replied

I manage a couple of them. Ya they are tough to get financed because they are considered risky. They also are less liquid because they are more of a hands on job than an investment. If there is any financing currently in place with the seller I would try and see if they would be interested in still financing the property. That is what we did on one of them and it appraised out. Hope it works out. Run correctly they are great assets. 

Loading replies...