All Forum Posts by: Steve Fernandez

Yes, it is a residential home that was converted to professional office space (law firm and accounting office) many years ago, over 20 years ago I think.  I am going to convert it back to residential which zoning allows.  It is also near two hospitals, one a children’s hospital.  

Great points Stuart!   Higher MEPs on 5-unit was what started me down this path of thinking 4-unit (less) might actually be better in this case, then thought about financing.  I will take all this into consideration.  I think the area is over saturated with 1-bedrooms too, so if I have an extra 2-bedroom in my property, it may be more marketable possibly.  

Definitely helps, thanks!

 Thanks, appreciate the explanation.

I’m about to make an offer on a latge home with a large detached garage.  Meeting with an architect, and the question came up on the renovation. I have the ability to convert the property to either four or five units.  I will buy the property all cash, but will refinance after renovations completed and tenants in place.  I seem to remember reading somewhere on BP, that 4 units is the maximum for traditional mortgage financing.  At 5 units and above, it’s treated differently.  

Any guidance on this topic is greatly appreciated!

Steve