Planning to call the bank today, but wanted to ask this here to see if anyone has experience with something similar.

I found a 6 unit property ( 5 apt + 1 coach house) that I’d like to buy and convert to a 4 apt unit. Is there any way to qualify for an FHA 203k loan since it will be a 4 apt unit after renovations?

Thanks!

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Since it’s 6 units at the time of purchase you will need a commercial loan

helpful

Can the seller get it updated to a 4 unit prior to the sale so you can use residential/FHA loans?

helpful

@EY1 yes 4 hits is the cut off at or below is considered residential above is commercial...

helpful

http://www.thecaretakernavigator.com contact for more information

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Random man!

You can’t. But also why would you take a way a revenue generating unit ? Best guidance would be make the existing units work.

You'll make more eventually, but with the coat of renovating and vacancy while you fix it up...are you really coming out on top? How long does it take to break even?

Curious. What state do these type of properties at these prices exist?

I would assume most states, outside of the HCOL city metro area.

I've seen "affordable" prices in NJ, within an hour of NYCand NJ is a M/HCOL state.

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