Mario Morales
Cash Out Refi-LTV on a rental property vrs owner occupied
If you own a 2-flat with an additional non-conforming garden unit (basement) being rented, and you're considering a cash-out refinance, how will the lender evaluate the rental income? Specifically:
Will the lender on...
Zach Click
Chicago Basement/In-law unit Risks as a Landlord
Hey All- This topic has been posted about in the past but not within the last year or so; wondering if anything has changed:-Is it a risky and/or potentially illegal operation to rent out a basement/in-law 3rd unit in...
Andrew Whicker
Zoned as Duplex, rents as a Triplex
Hi,
I'm sure many of you have faced this issue before. I got an offer accepted on a Triplex that is zoned as a Duplex. The owner says the house has been rented this way for 8 years without a problem. I'm w...
Chris Parker
Bypassing credit score limit on cash out refinance
A recent snafu with my credit sunk it to the point where I'm below the 700 necessary for conforming cash out refinance, but above the 680 for a conforming "limited cash out refinance".
I have several free-and-clear h...
Alex Hoang
Help with turning a Triplex into a duplex
Hello BP,I currently have triplex under contract in Covington, Northern Kentucky. It a 3 story building (the top floor is the attic) where each floor is its own 1B1B unit. I am planning out my rehab but turning a trip...
Camilo Perez
Multi Bldg on Residential property
Purchased a residential property with 5 rentals on it. Property not conforming with city zoning. Producing very good rental income. Wanting to tap into equity. Suggestions?
Fernando Morales
Legal duplex converted to tri or quad
I am looking to buy a triplex or quad. I have come across some legal duplexes that have been converted to either a triplex or a quad. What are the consequences that could happen if I purchase a "nonconforming" propert...
Danny Celestin
Conventional vs Non QM Rates
Hey BP Fam, two questions for you. 1st question; is there a huge difference in the rate for a conforming conventional loan for an investment property vs primary home? 2nd questions; I Just got pre approved for a non Q...
Nick Macklin
Cash Out Refinance 1 plot with 3 structures and 4 units
I have a great property that I picked up about 4.5 months ago in Jacksonville, FL. I have 4 units(2 single family and 1 ADU with 2 units) on 1 plot. I've been calling around to several small local credit unions and b...
Jodi Taylor
Information Needed - Adding Studios in Non-Conforming Chicago Basement
Hi all. I need some advice from someone with experience working with/building out non-conforming units in Chicago.I have a 4-unit 12BR4BA multi-family building (all four units are 3BR1BA) that also has a fully open 2,...