Rental Property Investor · Boone, NC · Member since 2014 · 5 posts · 0 votes
I have acquired two properties that are currently zoned commercial. The zoning board does allow these properties to be used as LTRs with up to 4 people in each. I am having issues with lenders either not wanting to loan because I am using it as residential while zoned commercial, or because it is less than 5 units for commercial lenders.
Info:
House 1 4b/3b rented at $3200/mo
House 2 2b/2b rented at $1100/mo currently and $1800/mo in August
Self-valued at $800k together, $550k and $250k respectively.
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
3y
@Steven Yow then get better lenders This is a pretty easy scenario. Do you have other real estate investors in your area that you know? Who do they use for these types of transaction? Your existing network will help you with finding good vendors.
@Steven Yow then get better lenders This is a pretty easy scenario. Do you have other real estate investors in your area that you know? Who do they use for these types of transaction? Your existing network will help you with finding good vendors.
That is what I do not understand, this should be pretty simple. I word it just like in my post, is there a better way to communicate this? Thanks for your help.