Multi-family conversion refinancing possibilities

[Walker Furpahs]

I’m newish to bigger pockets... I am in contract on a 4 unit property, there is a potential unit in the basement and attic, they’re already metered, and they both have water. I am posting because I wanted to know if there would be any benefit to rehabbing one or both units and refinancing under commercial terms, since the building would have more than 4 units... thanks guys.... Akron Columbus Ohio landlord tenant law legal finance rehab

[Robert Ellis]

depending on your financing going in it's very difficult to get a residential property to commercial finance or refinanced without having to put a lot of your own cash into it. If this is your plan, i'd make sure to extend the contract to give you adequate time to talk to your lender and instead of refinancing work with someone on the purchase. if you do it more than 4 units than you'll lose your residential lower downpayment. if you want PM me and i can take a look at it if it's local to columbus