All Forum Posts by: Cham Vee

It's zoned as multi-family. This property has two units on the same lot. The primary unit is 1650 sq ft and the secondary unit is 1350 sq ft. Both units are separated by a fence but share the same address and utilities.

My question is can I separate addresses and utilities and sell the second unit (1350 sq ft) as a Single family home? TIA

Cham
Texas

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Originally posted by @Stephanie P.:

Originally posted by @Cham Vee:

Good Morning ! NEW Investor here.

I am purchasing an investment duplex with conventional financing with 25% down for a 4.361 % interest rate in San Antonio, TX. The plan is to rehab it and do a cash-out refinance. My question is, Do I have to wait for 6 months or more to do it or any other way to do a cash-out refinance immediately after rehab and renting it out?

Thanks In advance

Had you thought about doing a hard money loan on the first, using the lender's money for acquisition and rehab (paid out in draws) and then refinance into either a conventional loan or dscr loan after 6 months?

6 months is the conventional seasoning period required and generally it's the same for most asset based, long term lenders.

Stephanie

Stephanie, Thank you for the response. Yes, I am looking into hard money lending option for my next deal. But for this one, I have funds available. So going with conventional finance.

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look for the credit cards that has 0% apr for 12 or more months. Atleast you can buy materials with it. Few credit cards like bank of amerca and discovr offer balance transfers even to your checking accout with 3% to 4% one tome transaction charges. You can look into that option too

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Originally posted by @Mark Bosworth:

We are in the middle of a refinance on a rehab for a single family property. Just FYI, the bank would only finance up to 95% of what we had invested in the property (initial purchase price plus rehab cost). Even though an appraisal of the property would have given us a loan where we got all our cash out of the deal plus extra cash, the bank was unwilling to do this. They wanted us to have "skin in the game". We understand that if you keep the property for two years, then the banks will make loans based on appraised value of the property instead of your investment. So check with your bank about their policy. :)

Thanks for the reply @Mark Bosworth: What type of loan is it. Is it a Rehab loan? Do you mind sharing your lender?

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Originally posted by @Caroline Gerardo:

Probably no permits, winding hallways, two meters, and seller does not plan to return it to code.

does this mean that it's impossible to get permits for 12 units as it's r6 zone ?

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forgive me for my dumb questions. So it's not a good idea to invest in such properties? WIll it be very difficult for me to get the permits ?

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I am looking at a off market property. 11 unit apartment building. all are smaller units. close to 3000 sq ft. Zoning code R6 (duplex zoning).
The description says This is not a zoned multifamily apartment. Wondering what does that mean ? Wondering if it isn't allowed to be converted to 12+ unit apartment and rent them. Any suggestions will help. Thanks in advance

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All Forum Posts by: Cham Vee

Cham Vee has started 12 posts and replied 39 times.

Post: Selling One of wo properties that share same address & utilities

Post: Selling One of wo properties that share same address & utilities

Post: Waiting periond to refinance after Rehab

Post: Raising Funds For Rehab

Post: Waiting periond to refinance after Rehab

Post: Waiting periond to refinance after Rehab

Post: This is not a zoned multifamily apartment ?

Post: This is not a zoned multifamily apartment ?

Post: This is not a zoned multifamily apartment ?