All Forum Posts by: Brian Wensel

Thanks Lynnette! There are no issues with parking zoning. Since I bought the property the garage has not in good enough condition for parking as it needs a full rehab and a new roof. Which is why I am leaning towards more housing units. 

Thank you! I have an architect and have been in contact with two design build contractors as well! I think both a 1-unit and a 2-unit project are structurally feasible. I am questioning more from a lending perspective. Would an FHA 203k loan work, or possiblly a Fannie Mae homestyle loan? If I added 2 units the property will then be commercial and it is my understanding I wouldnt be able to refinance with an FHA loan Etc.

Hi All,

I bought a 3 multi-family family property back in July with an FHA loan (I am house hacking and renting out the other 2 units.) On the property there is a large garage with the same property address that needs a complete rehab, I would like to convert it to another housing unit or 2. My issue is I am not sure the implications of doing so. I understand that converting the multi-family from 3 -> 5 units the property would then be considered commercial. Given I had the space, proper zoning and capital to do so, do you believe I should add an extra one or two units and why? Also, if you have any suggestions on the type of construction loan/lenders I should look into that would be greatly appreciated as well!

Thanks in advance for any of your suggestions!