All Forum Posts by: Juan Davila

Am I able to get a conventional rehab loan for an 8unit property?

When I purchased my property with fha I wasn’t married at the time, I got married about 4 months after I purchased my property with Fha. My question; can my wife apply for fha? She is not on the mortgage and her credit was never pulled with mine we got married 4 months after I purchased my property with fha. 

I seen a property thats a 6unit but its legally zoned for 3unit, its a triplex will FHA finance that? Its zoned as a 3unit but being used as a 6unit. Thank you..

@brent coombs thank you for the reply I appreciate it. I assume there will be an issue once appraisal comes out to apprais the property and see six units in the property

I seen a property thats a 6unit but its legally zoned for 3unit, its a triplex will FHA finance that? Its zoned as a 3unit but being used as a 6unit

I used 3.5% FHA, purchased a 3 story duplex, previous owner monthly rental income was $1200. For 1- 2bedrm kitchen livingroom dining room full bath apt and 1- 3bedrm kitchen livingroom dining room fullbath apt. I took over and turned both apts into 1 bedroom livingroom dining room bathroom, put a private full bath in one bedroom. And the other 2 bedroom share a full bathroom now i generate $2400 monthly.

@katie heer my property is in tacony area.

Thank you guys very much I appreciate it.

@John Oh, in the beginning it was good. It was just a waiting game the closer we got to closing. It was owned by 2 sisters one was eager to sell but the other sister I don't know it took her 1 to 2 weeks to sign any paper work the first sister signed everything in about 1 to 2 days but the other one was taking forever. It took 2 1/2 months to close because of her but I was patient this property was too good to pass up 5 unit property appraisal came in at 97 and got it for 80. Im happy with the purchase. I learned from this that you have to have patience.