House Hacking

User Stats

4
Posts
0
Votes

Bought house next to my primary. Can I refi both as a duplex?

Posted Jul 20 2022, 18:10

I just recently bought the house right next to me what are the chances of refinancing both my primary and this other adjoining SFR to one loan as a duplex? This would save on the interest rate. And to take it a step further do you think I could then get a HELOC on the whole property (both houses). Has anyone ever done this or is familiar with anyone who has?

Houston, Texas

User Stats

6,463
Posts
5,096
Votes
Chris Seveney
  • Investor
  • Northern Virginia
5,096
Votes |
6,463
Posts
Chris Seveney
  • Investor
  • Northern Virginia
Replied Jul 20 2022, 18:16

@Noah William Jorgensen

You could look at getting a portfolio loan but I doubt they would consider them a duplex. Call a lender and ask. Are they attached or detached?

User Stats

12
Posts
5
Votes
Josh Edwards
  • Lender
  • Bend, OR (bend)
5
Votes |
12
Posts
Josh Edwards
  • Lender
  • Bend, OR (bend)
Replied Jul 20 2022, 18:26

Hey @Noah William Jorgensen,

The problem with a portfolio loan likely will be that one house is your primary- many portfolio loans are non-owner-occupied only. You could probably find someone who will do it but you LTV % will likely be really low.

I might have an idea for you though. Just sent you a PM

User Stats

1,032
Posts
761
Votes
Sergey A. Petrov
  • Real Estate Consultant
  • Seattle, WA
761
Votes |
1,032
Posts
Sergey A. Petrov
  • Real Estate Consultant
  • Seattle, WA
Replied Jul 20 2022, 18:34

It is a duplex if it is on the same parcel. Otherwise it is two single family homes next to each other 

User Stats

4
Posts
0
Votes
Replied Jul 23 2022, 16:35

Thanks for all the feedback everyone

@Sergey A. Petrov

Do you know if having the property resurveyed would combine it into the same parcel.

User Stats

4
Posts
0
Votes
Replied Jul 23 2022, 16:45

@Chris Seveney they are detached

User Stats

1,032
Posts
761
Votes
Sergey A. Petrov
  • Real Estate Consultant
  • Seattle, WA
761
Votes |
1,032
Posts
Sergey A. Petrov
  • Real Estate Consultant
  • Seattle, WA
Replied Jul 23 2022, 16:46

@Noah William Jorgensen - you will need a new survey but it is only one step in the process. Those vary from State to State but, in most, you re-survey to show new lot boundaries than work with your county on legally combining them as per the new survey / plans.

User Stats

1,032
Posts
761
Votes
Sergey A. Petrov
  • Real Estate Consultant
  • Seattle, WA
761
Votes |
1,032
Posts
Sergey A. Petrov
  • Real Estate Consultant
  • Seattle, WA
Replied Jul 23 2022, 16:51

@Noah William Jorgensen - I see your other post that they are detached. I suspect you'll run into all sorts of zoning and use issues trying to combine into oneā€¦and it might take 6-12 months and cost you a pretty penny. Keep them separate, refi / HELOC them separately, or cross collateral