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Updated over 2 years ago on . Most recent reply
BRRRR Illegal basement Suite Refinance
If I BRRRR a property with an illegal basement suite will I get screwed on the refinance? I don't think I can make it legal because there is a requirement for multiple parking spaces which would be impossible to do. So I wouldn't be able to count the gross rent from the basement … :/
Most Popular Reply
Quote from @Lorie Alexandria:
If I BRRRR a property with an illegal basement suite will I get screwed on the refinance? I don't think I can make it legal because there is a requirement for multiple parking spaces which would be impossible to do. So I wouldn't be able to count the gross rent from the basement … :/
Indeed lenders can't count the income from the illegal suites, what they would usually do is use the rent that you would get if renting the whole place as 1 unit. Are you sure you have no parking or garage options to meet the requirement?