Mixed Zoning Duplex Financing

2 Replies

Hey BP, so there is a duplex in downtown Waukesha, WI. It's a 2 bedroom downstairs zoned as commercial, 3 bedroom upstairs zoned as residential, and it has some really nice structure. Problem 1 is, it is a foreclosure, and the bank is looking for a cash buyer, and problem 2 is, since it is a mixed zone, even if they weren't looking for cash, I couldn't get a loan on it. It is listed at 99,900, but I think it would be appraised at around 120,000. If I were able to get the property, there are a couple different options I could do with it. I would live in one unit, and rent out the other. Since it is right downtown, I could try AirBnB, or I could start a business in the bottom unit. All of these would at least cover any sort of mortgage, plus I would be saving the 1,000 dollars a month I currently spend on rent. Can anybody explain how I might be able to finance this property?

Thanks!

I'm confused - typically zoning is tied to the property, not the building.  Is this on two lots?  What is the property zoned as?  If residential, you should be able to get standard financing.

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