All Forum Posts by: Matthew Jones

Hi all!

I am looking for a Business minded CPA with Real Estate experience in Charlotte, NC. I am looking for some guidance on Tax Strategy and Business Structuring.

I would really like it if they were in North Charlotte or Lake Norman area. Any recommendations would be appreciated!

Thanks!

Matt

If you can live there for a year, then you can do 3.5% down with FHA or 5% down with a Freddie Mac Home Possible mortgage. The Freddie Mac Home Possible loan is actually a great option, and better than FHA in my opinion.

Hi @Scott Robinson,

I highly recommend Geena Fie with GW Estates and Homes for an investor friendly realtor in the Charlotte, NC area. She works with a lot of out of town, out of state investors and her resume and credentials are impeccable.

You can find her contact info on her website:

http://www.gwestatesandhomes.com/

Are there any FHA appraisers here? I am trying to solve an appraisal issue that is holding me back from closing on a property I have under contract.

I had the property appraised, and everything went well until the appraiser classified the garage apartment as an ADU. The property is a Duplex with a LARGE detached garage and an equally large apartment above the garage. Because the appraiser classified the detached structure as an ADU, I can find no traditional financing options.

I believe it should be considered just an additional unit, and not an ADU.

Below are my arguments for it being considered just another unit, and not an ADU.

- All three units (Both sides of Duplex and garage apartment) all have separate addresses and completely separate water and electric meters.

- The county has the property listed as a Duplex-Triplex and the land use is Multi Family

- The Garage/apartment adds significant value in my opinion. The Duplex itself is a total of 2,128 sq ft so ~1,064 sq ft per side. The garage and apartment have a total sq footage of 1,824 with 888 sq ft being the apartment. This to me seems that all units are of similar size and quality. 

- The appraisal also neglects to value the garage portion of the building, which I believe is misguided. I believe that there are many motorsports enthusiasts that would pay good money to rent the apartment and all of the garages, as they are currently not rented to anyone.

I am glad to answer any other questions or add any other details.

Can anyone help shed some light on this? Can the appraiser revise the appraisal to call it a triplex and not a duplex with an ADU?

I thought about that... but then the issue is there is a tenant currently in said apartment above the garage, who I was going to evict anyways because she is on an expired lease, and she is a terrible tenant.

None of the work is really janky, and as far as I know, everything was permitted properly and the county considers the property a TriPlex. But the FHA considers it a Duplex with an ADU.

However, I am actually pretty sure the stove doesnt work in the apartment above the garage anyways, so I bet we could work that out to be removed. But removing the toilet would probably not be possible. 

I very much appreciate the thoughts!

Hi All,

I have an awesome 3 family property in Charlotte, NC under contract, but I am now having issues locking down financing, which previously didnt seem to be a problem until some rules interpretations.

The property is a Duplex with a big detached 3 car garage that has an apartment above it. Throughout the whole process, I considered this a triplex or 3 unit property, not knowing that semantics really mattered in the way you describe it the property. I just assumed than when certain lenders would loan money on "2-4 unit properties", the way the units are structured shouldnt matter.

We have been working on an FHA loan for financing, and all was good until the appraiser called the Property a "Duplex with an ADU." Apparently, the FHA will loan on 2-4 unit properties that are all attached, or also loan on a SFR that has an ADU, but not a Duplex with an ADU, which makes no sense at all but it is what it is.

And now my broker is telling me that he is finding no available mortgages for a multi-family property with an ADU, not even conventional mortgages.

I admit that this is a pretty strange property layout (Duplex with detached garage/apartment) but I see no reason why I should be able to finance this baby!

This is blowing my mind, and im not ready to give up fighting for this property and this deal.

Does anyone have any experience with this, or any ideas of ways to be creative and find a mortgage to close the deal?

Obviously, I know I could possibly use a hard money lender or cash, but I would prefer to use traditional lending if possible.

Any help is greatly appreciated!

Congrats Ryan! I was born and raised in Apalachin, went to Vestal Schools, and moved down to Charlotte 3 years ago. It is a great place to live!

Look up Geena Witt Fie at GW Estates and Homes! She is awesome to work with, and I dont plan on working with anyone else but her in the future! She has taught me a lot about real estate and always had my best interests as her priority. 

@Phung N....contact Geena Witt Fie. She owns GW Estates and Homes. She is wonderful and very investor friendly. She is super knowledgeable of the whole Charlotte area and helped me purchase an amazing place!

 Time is money my man! I guess I meant that it is "cheaper" because you dont have to spend 100 hours doing something that someone else can do in 10 hours. But I agree..efficiency is what you need to aim for.