All Forum Posts by: Nathan Miller

I am looking to source/purchase properties that are already being used or have been used as short-term rentals on Airbnb, VRBO, or other short-term rental platforms.  

Does anyone in the BiggerPockets community know of websites or other ways of finding short-term rentals properties for sale?

Best,

Nathan

@John Warren I was planning on using the conventional 5% down for this and to @Henry Lazerow point, then use the remaining money I had saved for a down payment and put towards updating each unit.  

I'm looking to purchase a 2-4 flat in which I intend to live in as my primary residence. At some point in the future, I expect y family to grow (from 3 to 4) and living in one of the units may no longer be feasible. If the mortgage I get to finance the original purchase of the 2-4 flat is OO, do I have t refinance if I move out in the future?

What else would I have to do if I were to move and keep the property as a rental?

I'm looking to purchase a 2-4 flat in which I intend to live in as my primary residence. At some point in the future, I expect y family to grow (from 3 to 4) and living in one of the units may no longer be feasible. If the mortgage I get to finance the original purchase of the 2-4 flat is OO, do I have t refinance if I move out in the future?

What else would I have to do if I were to move and keep the property as a rental?

@Jonathan Satizabal, Are you able to get a zoning certificate prior to converting, let's say a basement into an additional unit or do you have to do that renovation prior to applying for the zoning certificate?  

I'm a new investor looking to acquire 2-4 flats in Chicago's northwest neighborhoods. I'm looking for value add properties in which I can adopt the BRRRR method and try to pull as much of my initial investment out of the property after refinancing. I've identified a few apartments, but would like to some additional insight on the appraisal process from other investors who have implemented this method.

The big question I have is how do banks appraise a newly rehabbed 2-4 flat? Are they appraising it and providing refinancing based on the stabilized NOI or since these types of apartments don't require commercial financing, are banks/lenders solely appraising a property based on recent sales comps in the area?

These leads me to my second questions. How do nonconforming units impact future appraisal and refinancing after the apartment is stabilized. Does the bank not care whether one of the units is nonconforming and do they only look at the NOI, or is the nonconforming unit taken into account?

Any insight into this would be greatly appreciated and happy to connect with anyone willing to discuss.

Best - Nathan

I'm a new investor looking to acquire 2-4 flats in Chicago's northwest neighborhoods. I'm looking for value add properties in which I can adopt the BRRRR method and try to pull as much of my initial investment out of the property after refinancing. I've identified a few apartments, but would like to some additional insight on the appraisal process from other investors who have implemented this method.

The big question I have is how do banks appraise a newly rehabbed 2-4 flat? Are they appraising it and providing refinancing based on the stabilized NOI or since these types of apartments don't require commercial financing, are banks/lenders solely appraising a property based on recent sales comps in the area?

These leads me to my second questions. How do nonconforming units impact future appraisal and refinancing after the apartment is stabilized. Does the bank not care whether one of the units is nonconforming and do they only look at the NOI, or is the nonconforming unit taken into account?

Any insight into this would be greatly appreciated and happy to connect with anyone willing to discuss.

Best - Nathan