Involved In Real Estate · Potomac Falls, VA · Member since 2012 · 203 posts · 31 votes
I'm 1031'ing into a duplex in San Antonio, TX. I'm under contract and the duplex has two separate addresses, one address for each unit, and two surveys. Any ideas how to do this w/ one loan. I have one contract w/ the sellers.
Investor · Boerne, TX · Member since 2014 · 54 posts · 25 votes
9y
You might double check the property on bexar county appraisal site at bcad.org and see if both addresses are separate. It may have two addresses from the post office and utility perspective, but Bexar county may have it on only one plat. I own three duplexes in San Antonio and all of them have two mailing addresses (2 different street numbers) but bexar county only recognizes the "official" one that it was platted under.
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
9y
@Andres Piedra if the property is surveyed off separately for each unit then you would certainly need two different loans for "conventional" financing. A "portfolio" loan (sometimes referred to as commercial loans) might have an option but your rate would certainly be higher, or adjustable, or something that would not be a desirable as conventional lending. What type of a loan is the bank you are speaking with offering you?
Involved In Real Estate · Potomac Falls, VA · Member since 2012 · 203 posts · 31 votes
9y
Straight up conventional loan conforming. Well, now it looks like two of those. Purpose of the duplex was to go from 1 SFR to get two units w/ one loan. Is there a way to have these re-done to be one survey'd property?
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
9y
@Andres Piedra yes, but please do tag us with the @ and then our name so we can respond each time. You can absolutely re-survey the property into one plat. This will costs around $1k to do and take a couple of weeks but you absolutely get this accomplished to have 1 loan on the entire property.
Investor · Boerne, TX · Member since 2014 · 54 posts · 25 votes
9y
You might double check the property on bexar county appraisal site at bcad.org and see if both addresses are separate. It may have two addresses from the post office and utility perspective, but Bexar county may have it on only one plat. I own three duplexes in San Antonio and all of them have two mailing addresses (2 different street numbers) but bexar county only recognizes the "official" one that it was platted under.
Investor · Boston, MA · Member since 2017 · 1 post · 0 votes
8y
is there any benefit financially to having a single loan on a duplex as oppose to two smaller loans per unit? I’m running into the same problem with my lender as I wanted to get one loan for my duplex but he’s insisting on two smaller loans per unit..