All Forum Posts by: Sheena Varghese

Hello,

I bought a triplex few months ago.  The main house has two units and then there a detached garage with a unit above.  The garage is large and is currently divided into two sections.  I wanted to convert the garage area into a unit but the person I spoke to at zoning at the city said I couldn't.  I did not speak to an engineer at the city but the secretary who just looked up the zoning for that area and said it was for multifamily.  Is there anything I can do to possibly make this happen?  Is there such thing as appealing the zoning?   It is already a triplex, not sure why I can't convert it into a quadplex.  Thank you for any advice you can provide.

Don’t worry, I am much more concerned about making financially sound decision than being sentimental. Thank you :)

Thank you both for responding. I am sentimental about this house because it was my primary home but I am more sentimental about losing money 🙂. I think it’s a great time to sell also. Thanks again!

Hello,
Looking for some advice.

I have a property that has poor cash flow ($50) after all expenses and reserves are considered but it  has good amount of equity in it. It's a 2600 sqft home in a nice area but the schools are not the best so the renters I am getting are multifamily situations. I was thinking of either selling it or taking a line of credit on it to buy more properties and still rent it out without any cash flow but I will still have the property. Any suggestions/thoughts? TIA!

Thank you all! I am currently in the process of getting a loan with no seasoning and 75% of the purchase price, the best I could do right now.

@Jorge Ruiz - thank you!

@Jorge Ruiz - As far as the LLC giving me a loan, I am assuming I would work with a lawyer on that correct?

@Matt K. - thank you for explaining that, really appreciate it!

@Jorge Ruiz - Thank you!  That's a brilliant idea =)

Matt K. - Thank you for the response. So, there is no way for me to purchase a property cash, turn around within days and get a conventional 70-80% loan on it, correct? I would have to wait 6+plus months to do that?