Was hoping I could receive some info on the permitting process for a triplex. I’ll explain the surrounding circumstances, I’ve been an eyeing an attractive MFH property that has a nice cash flow potential for my area, but the realtor said it is having trouble selling due to the fact that the latest permits were never acquired before the construction/expansion of some of the units. They’re all built and to my understanding some of them have been occupied as of this year.
Now hearing this issue perked my ears up as a potential striking point for a bargain deal, especially if I could negotiate a lender to consider the permitting issue to be covered by a 203k (possible streamline even). Was wondering if anyone has experience with this, especially in the infamous permitting dungeon of central cost CA? Is this something that could even be considered for a 203k? Any and all help greatly appreciated!!!
I don't know about the permitting process in CA but I would assume (depending on the type of permits), the inspector would need access to the pipes or electrical components. Hopefully, all you would need to do is cut open the drywall and patch it back up again. I would take a look online and see what all permits need to be completed.
While you could use a 203k loan for it, I don't think you would need the hassle of it.
@Brad Hammond That is my hope as well, which is why I became so intrigued in the potential. Thanks for your help!