All Forum Posts by: Bradley LaBrie

I have an investor I know very well that converted a large home into a 2-unit for family. Now he uses it as a 2-unit income property and is willing to sell to me on land contract but the zoning is still SFR and the township doesnt sound like it will re-zone it.

Should I still consider it or does anyone have any ideas on legal structure to continue using it as 2 unit? Or not worth the risk?

@Brandon-Randy Peaker Brooks use the Bigger Pockets calculators! They’re awesome to get started with

@Oscar Beteta congrats man! So I'm working on something similar to yours. I bought a 4-plex with an FHA loan which appraised using comps. Now I'm refinancing to a conventional absentee owner loan and now the income comes into play. And to my knowledge because FHA is owner occupant financing it will always be comps but other loans down the road when you refinance can go off income.

@Matthew Porcaro that’s sweet man. Yeah a couple guys I consider mentors have discussed it with me so when I get this refinance done I’ll get serious in negotiations with them

@Matthew Porcaro for sure man! It sounds like you’ve gotten into private money? My first four deals I’ve put my own personal capital up but now I’m gonna start to raise money now that I feel I have the character and knowledge to see a deal to completion on time and on budget.

@Will Gaston thanks so much for your input I am going to put together all of that and present it the appraiser. Hopefully I can get to the top end of my Market 

@Matthew Porcaro awesome man good for you. Yeah I have almost $1500 positive cash flow  while I live there but I’m looking to pull out $50k or so and reinvest it. Thanks for the input!

@Matthew Porcaro awesome thanks man, I plan to! How much did you pull out and would you have done it any differently?

@Michael Ealy @Will Gaston thank you so much you two, that was very useful information. I will definitely prepare a packet for the appraiser. Three units are rented and I live in the other, is there a best practice to try and get the tenants to have the house in decent order other than just telling them?

Thanks so much,

Bradley

I have a 3 unit I turned into a 4-plex and appreciated somewhere over $100K+ waiting the eventual appraisal. I just started the preliminary discussions with a different broker (I used a 203k loan for a part of the rehab) and I’ve heard from some people refinancing is easy and others say it’s a pain in the ***. I’m refinancing to a conventional with this house being my primary residence.

Any Tips?