All Forum Posts by: John Yoo

Hope someone has an experience who can shed light to my question.  I am looking at a 2 unit multi family property that was approved for SRO designation (10 bedrooms). i should be able to get a residential loan, but after conferring with the seller’s realtor, i was told that a previous buyer also sought the same but was later denied by his mortgage broker. The mortgage broker apparently told him that this type of purchase would not qualify for a residential loan and instead a commercial loan.  I like to see if anyone has had an experience with something similar.  

Just checking to see if anyone knows whether a sprinkler system is required  in a SRO or rooming house for an older property that was recently rehabbed.  

Thanks all!  The property is fully renovated and the easiest, most cost effective way would probably be to apply for special exception that allows the property to be used that way it is.  There are multi unit family in the area and I believe I may have a shot at getting this.  Without knowing too much about how the board decides on this, how difficult would it be to get one for a property like this?

Thanks Igor! That was very helpful.  This property currently has two full kitchens (one in the ground floor and another one in the basement, but no separate entry for the tenants or separate gas meters.  It didnt seem quite right ti me either. It sounds to me for me to all the capacity, i would have to legally convert this property to a tri-plex (assuming measurements allow me to do so).  

Hi all, I am currently in contract to purchase a property that is listed as a single family in RM-1 zoning.  The property has 11 rooms of which I would like to rent all 11 rooms to students on lease.  Would I have issues keeping it the way it is or would I have to change it to multi family?