Thank you so much for your response Anthony.
I've been so busy and haven't check the post in several months. I'm not sure why I would've not received an email to notify me. ANY WHO,
I'm about 80% done with the rehabs and so anxious to have it completed so I can get the studio apartment rented and include all the leases for the Cash-out-refi. with the bank. (Hopefully they honor it)
I did get both buildings hardwired smokes and added electric house meters to both as well.
Considering the zoning is R3 and the total sq footage for the lot is 4,000 here in Providence, I don't think I stand a chance to get the Building Department to approve/change it in their records.
I would've like to make my case of being grandfathered in for the simple fact that the previous owner (whom is close to 80 years of age and self managed as Owner Occupied for over 35 years) had tried in the past: 1st - To reduce taxes because it's listed as a 3 & 2 but then the tax site has it as 6+ and when the old man had them visit the buildings they seen 7 mailboxes that USPS installed( so he decided to stay shut and not pursue it)
2nd- The 2 family already had 3 gas meters and even a fire escape because the 3rd floor studio apartment only has access thru back door.
The front building has 4 gas meters, 1st floor, 2nd floor, 3rd floor and one for the front Studio apartment (which is like a basement apartment) but its street level with main entrance off sidewalk.
I was trying to do a fire alarm system like I had in the 4plex I recently sold to buy these properties, but the electrician said we wouldn't be able to pull the permits considering the cards at the Building Department had it as a 3 family.
So confusing, I know, but I guess my main focus now is to hopefully do a cash-out-refi so I can get the HML his funds back and get most, if not all, of my rehab money back as well. I'm a little nervous since bank will ask for Financial Statements, Balance Sheet ect. and I haven't hired a bookkeeper or have an accountant as of yet. So, those Docs sound overwhelming.
Not sure if I mentioned, that I got into this property via a 1031 exchange from a 4plex I sold back in Oct 2020. I had it under my Personal name and this property is also still in my name which I hope to put into an LLC as soon as I find the proper bank and possibly do it prior or after closing on the refi. (whatever they suggest).
I have an appointment with a bookkeeper on the 23rd of this month so hopefully they can help with the Docs I will need to show the banks.
I also recently received a letter in the mail for Tax revaluation that they do every 3 years (supposedly)and they want to know all my income and expenses ect.
I was suppose to submit it by the 3rd and never did, because they asked to much Dam questions. Hopefully it doesn't bite me in the butt.
