All Forum Posts by: Jasi Edwards

@Mindy Jensen the only alternate plan I have is finding another property that is already zoned as a multifamily property. I'm really not interested in renting out rooms at all. It's much easier for me to managed long-term tenants, than room rentals. Renting rooms comes with a whole other set of rules as it involves having to shares utilities and amenities. One of my colleagues has been renting rooms for the last  few years and she complains around her housemates all the times. The horror stories from her makes me not want to even think about renting rooms lol.

@Mindy Jensen I plan to check with the zoning commission today to see if I can subdivide the house. There are a few multi-families on the same block, however, I'm not going to go by that either. If not, I plan to apply for a re-zoning to allow me to subdivide it.

@Robert Borr Technically, it's not an investment property, as I will be living in one of the units so it will be my primary residence. In the future, it will solely become an investment property as I don't plan on living there forever as I am aspiring to be an investor and purchase properties to rent out. Therefore, my FHA loan technically covers investment properties as long as it will be my primary residence for at least 12 months. But thank you, I will check with my agent on the zoning as well. I spoke to her about it yesterday and she didn't say that there's any restrictions, however I will check into it thoroughly through the city.

@Jacob Murphy Thank you! I have an architect that is coming with me to look at the property this weekend; excited about that! I love the recommendations! Especially having all of the units running on electricity instead of gas. I never thought of water alarms either, that's a great one! I will see if I can fit all of these things into the renovation loan for sure!

I plan to check with the zoning commission today to see if I can subdivide the house. There are a few multi-families on the same block, however, I'm not going to go by that either. If not, I plan to apply for a re-zoning to allow me to subdivide it. 

I'm a first time home-buyer and I am on the market for my first investment property but have a lot of competition with cash investors. So I'm changing the game plan to purchasing a single family property that is large enough for me to convert into four units. I am going in with an FHA 203k loan to purchase it. As a first timer, I have tons of questions on what to expect price wise, and how to do it especially since the property has central air so I have to separate the system into different zones for each apartment to have their own control and for billing purposes. Any advice, tips, stories of experiences are more than welcome!

I'm a first time home-buyer and I am on the market for my first investment property but have a lot of competition with cash investors. So I'm changing the game plan to purchasing a single family property that is large enough for me to convert into four units. I am going in with an FHA 203k loan to purchase it. As a first timer, I have tons of questions on what to expect price wise, and how to do it especially since the property has central air so I have to separate the system into different zones for each apartment to have their own control and for billing purposes. Any advice, tips, stories of experiences are more than welcome!