All Forum Posts by: Plaku Mere

I am in the process of purchasing a 4 unit property where 3 units are under one address and the carriage house is on another address. The carriage home is setup with the garage on the bottom floor and the one unit on the top. They are on the same lot and pretty much attached to each other. In the past have not have had issues purchasing 4 units with all units in different addresses but now it’s a bit different with the carriage house being in the mix. The taxes are listed only under one of the address. Wanted to look ahead if any issues can come up during underwriting. Heard from the lender that we will see how the appraisal will come? What would the appraisal have anything to do with this situation?

I have been buying and financing three 4 unit properties every 2 years taking out a primary residence conventional loan while living on one of the units. As I’ve been upgrading my living in bigger units each time. I just purchased a 3 unit property in February.

Yesterday say that my favorite house in the neighborhood came out on the market. Having made enough for a downpayment was thinking to apply for another conversational loan for a primary residence. I have heard that you need to be on your primary for at least 1 year before moving out ? Is this true ? Where is this rule coming from ? Freddy mac , Fannie Mae?

Thanks @Brian Congelliere. I wanted to buy and hold it. Ideally I’ve heard it’s best to find smaller lenders Who would do it as a portfolio loan. But the ones I’ve talked to want at least 25% down. 

Been talking to a lender and heard that there is a requirement on a 51% occupancy requirement on the owner. is this a requirement from the lender or SBA?

What is the best way to finance a 10 unit building?