All Forum Posts by: Evan Vallis

Hi everyone.

Second house hack underway.. *hopefully, fingers crossed*

The home is a single family - converted to multi family with split water and electrical. 

Based off the city zoning map, it is zoned as R-1 (Residential - Single Family). 

In a perfect world, I get another 30 year conventional with 5% down.. positive cash flow off my current duplex (appraised as a single family), in addition to the income from one unit in the new home, affords me 4 units at $0 out of pocket monthly for me. I would live & remodel one unit in the new home. 

The only monkey wrench, from my understanding, is if the appraiser views it as a multi family. Then my 5% turns into 25% in the lenders eyes. 

My question for any appraisers out there, is this home is advertised as a multi family, but zoned as single family. And is advertised as having the ability to convert back to a single family. 

Will the appraiser abide by how it is zoned, and appraise it as single family despite the split utilities? 

Thanks in advance. 

Thank you all for your replies! This information is very much appreciated. Happy Thanksgiving! 

Hello, 

I purchased a home in Michigan and am entertaining sectioning off the lower level as it's own apartment, and renting it out to a tenant below. It has its own kitchen, bathroom, etc. I would be living on the upper level "unit", and renting out the lower level "unit", but it would still be zoned as single family. 

I've gotten mixed feedback, but how do I go about title on this? I would love to have title under an LLC, but my lender is explaining that because it is my primary residence, the lender could technically call the loan if I am using it as a rental property.

I am looking to purchase another property in the near future, but a similar question remains. To close, I am being told I would need to have the property titled under my name. How do I go about transferring the title over to an LLC after closing, without complicating the mortgage? I'm a new investor, so sorry if this has been asked countless times before.

Hoping there are some other Michiganders here that can help! 

Thanks