All Forum Posts by: Jeremy Pace

I believe the answer to that is in how many loans they issue.  If they are willing to finance it under one note, then it appears that it will not count toward your total.

How is the property zoned?  What have they told you so far?

@Wayne D.

The regulation doesn't speak to the number of properties financed ... only the number of loans.  If FM backs this as a single loan, it will count as one.  If it is issued as five loans, it will count as five of the 10.  I can't think any any scenario where it would count as zero.

@Rick C.

What are some examples of alternative uses?

I'm not interested in cheaper, I want quality.

I already rent it for $200 under market.  In the area where this property is located, there's usually only one income (and it's VERY low).

You're right that blaming the landlord is easy, but that doesn't put and rent in my pocket.

Does anyone have any experience with the process of doing this?  I have a very large rental unit in a low income area.  It is incredibly difficult to get good renters for a house of this size ... because the rent is high(er) and the utility bills are hard to handle.  I know there's enough space to convert, but I'm interested in understanding the path better.

I know I have to (not in order of importance):

1) add an additional entrance for 2nd unit

2) convert a bedroom into a kitchen plus

3) get additional electric/gas service

4) submeter water?

It is difficult to get the borough exited about changing zoning?

you could always submeter, and write the lease so that the tenants are to pay all utilities, and you can bill them.

On a different note, is this a properly zoned duplex?  I ask this because often-times a part of pulling permits (or building new construction) is utilities consideration ... which utilities are you referring to exactly?

@Jeff Rabinowitz

too soooooon!

The police damaged my real property, they're doing a pretty poor job of explaining themselves.  If the tenant is at fault, they're getting evicted.  If the police made a mistake, I'd like them to replace my door ... since they broke it.

This is just like when someone in front of you slams on their brakes and you rear-end them.  You have to prove to the insurance company that you're not at fault ... all I want is for them to demonstrate that they are not at fault.  I'll update once I get all the proper documentation.

@Adam Hershman

@Account Closed

One of the most frustrating aspects of this for me is that I thought I had a pretty good relationship with the police in the town where this rental is located.  I'm not very happy to feel like I've been left in the dark.  I'd even offered to let them into the property if they ever needed to get in ... so it's just not what I expected.

And Sue, I'm so glad that nothing has happened to you (yet) they makes you weary of the police in your area.  For your sake, I hope that continues indefinitely.  Because believe me, once the trust is broken, it'll never come back.

@Jeff Copeland @Aly W.

I was just typing that out.

I've already called and requested to meet with them.  I'll use that opportunity to gather up any documents they'll allow me to have.

Thanks for all the ideas and support, everyone.