Updated over 9 years ago on . Most recent reply
Commercial Investment Confusion
I am not sure if this forum will have the answers to my questions, but it is worth a try. I am currently looking at a Commercial Investment property with 5 units. One of the units must be removed, and a second one might need to be removed after closer inspection. 4 of the units on the property are manufactured homes.
My dilemma is that I am not wanting this property as an investment property. For certain, three of the units will house family members, including myself. I have read that a Commercial Investment property has a more stringent lending process. Is there a way to re-plan this property so that we may remove the decrepit 5th unit without needing to replace it (it is grandfathered in) and make it a 4 unit which makes it a residential investment? Are there other avenues, or is this a pipe dream?
Thank you in advance for any assistance!!