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All Forum Posts by: Chad Mitchell

Chad Mitchell has started 0 posts and replied 3 times.

Hi all,

How are units defined when assessing a multifamily? I'm trying to acquire a multifamily property with two duplexes (4 units) and a house (1 unit). Would this be considered commercial? Is there any way to have this categorized as residential if I will be living in the house or one of the duplexes?

In general, I am finding quite a few opportunities for small commercial (5 units), but not many with 2-4 units. Is this because commercial properties are more difficult to finance so more remain available, or is this just an illusory correlation based on limited experience?

Hi, I'm looking to invest in my first multifamily. It's an older home that's split into 5 apartments. Would I still be able to secure residential financing (HFA, 203k, or standard mortgage) with 5 units as opposed to 4 or less?

Also, any advice on where to start looking for financing? I'm leaning towards a 203k, so that I can I include the rehab expenses. Currently, one unit is rented, but the other 4 units are vacant (owner didn't renew leases for those 4 with intent to sell). My goal is to rehab the other four units prior to renting them out, so I can increase rent and do a potential refinance in a year or two.