203k loans

[Jamel Williams]

are u allowed to have 203k on a multi family house

[Michael Young]

Everyone seems to "think it is 1-4" that is a fact but it is a 1-4 unit building after the renovation is complete. Why is this important? If the zoning will let you take an 8 unit building down to a four-plex you have a 203k potential. We did one like this years ago where there were 8 studio apartments in the building, it had been vacant for years and the drywall and electrical wiring had been stripped out of it. 

The investor (who would live in one unit) had 3 4-bedroom units to rent. This turned out to be a cash cow for the investor. He had a positive cash flow of about $4800 per month and his apartment for free.