Skip to main content

Can I buy a 12plex using a conventional loan if it sits on unrestricted land?

I came across an unique property which has 12 units and the land is unrestricted, and my realtor said I can go either loan type (residential or commercial); depend on your lenders discretion.

Has anyone heard of this before? I'm looking to owner-occupy the property while renting so that should allow me to do a 80% LTV. I'd like to avoid commercial if I can because I'd like to keep the monthly payments low longer. This will also be considered my primary residence since I don't own any other property.

Also could you buy this as residential property and rent it the units after a year? If I told the lender all the properties will be occupied by me and my family but after a year decide to start renting, is that legitimate? I have a low DTI ratio so I can manage to pay the monthly payments and save on top of it until we can rent.

submitted by /u/SpaceBallzZzZz
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/noxm7m/can_i_buy_a_12plex_using_a_conventional_loan_if/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Looking for Prospective Opportunities to Utilize Floor Plan Redraw Skills

"Hey HomeOwners & Investors , I have a team of 10 professionals who are trained in redrawing/redesign floor plans in both 2D and 3D interior& exterior using floorplanner.com/3ds Max and TruView point cloud. We're looking for prospective opportunities to utilize our skills. Are there any companies or individuals in need of accurate floor plans and measurement reports ? Any suggestions for where to start looking? Thanks in advance for your help!" submitted by /u/mangojuicelife [link] [comments] source https://www.reddit.com/r/RealEstate/comments/119uoh0/looking_for_prospective_opportunities_to_utilize/
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more