We plan to buy a second house as well.

Let me know if you’d like specific product suggestions—I’d be happy to help! 

With comps ranging from $875K-$1M and your estimated build cost at $550K, the after-completion value gives you a significant equity cushion, making this project highly attractive to lenders.If you plan to hold and rent the property, you could refinance into a DSCR loan after construction, which bases lending on rental income rather than personal income.

Step 3: Compare build plans / specs to decide what you want to build.

With the exception of building a trailer on the property (these are hard to finance), this sounds like a good plan AND if you are using it for your business AND your business pays more than 50% of the rent (if you have more than 1 tenant), then this is a more financeable property in the eyes of banks and credit unions as it would be consider a commercial "owner-occupied" property. 

Hey @Mario Morales I assume you're planning to purchase the new property under your personal name rather than through an LLC?

What's your plan for getting started?

Wondering what your upcoming plans are.

I make sure that when I am doing major work that I plan to avoid potential problems on a Sunday. ie I am not replacing valves and faucets on a Sunday in case something breaks and I need to shut off water and go get a new part to fix it and they are all closed until the next morning. 

They found it out, andI had to go to the planning board and zoning board, hire an engineer and architect to make the fourth unit legal.In my opinion, the realtor should have verified the zoning, and if you used bank financing, it's pretty rare for the bank to miss it as well.You are probably going to have to hire an architect to draw plans and to get it approved as a triplex.I wish you luck.