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Old 04-22-2009, 10:32 PM
 
93 posts, read 239,362 times
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Quote:
Originally Posted by gea12345 View Post
Perhaps its jealousy!! ;-) lol! just kidding.

But yes, you need a landlord's license, definitely. Why? Because you then are followng the rules! Abide by the rules, then the rules protect you, when you need them. There are sites for landlords, with all of the stuff that a good landlord needs, such as a landlord permit/license, lease/rental contracts, do's and don't's, etc...

Regarding getting a mortgage... I don't know anymore than I have already told you.

So, I will bow out and hopefully someone else will take up the gauntlett who is a former mortgage officer with a credit union or bank!!

take care and it all sounds so exciting!!
hey gea,

thanks for all the input and suggestions, i REALLY appreciate you taking the time to try and help me.

hope all is well... maybe we'll cross paths in another forum. have a good one.
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Old 04-22-2009, 11:11 PM
 
93 posts, read 239,362 times
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Originally Posted by annerk View Post
I was a mortgage loan officer in NJ. The problem is that you will be running a recording studio on the property. that makes it mixed use, even if you are only looking for funds for the two residential structures. If it's all deeded together, it's all together, and mixed use.

The other problem is the two structures, FNMA doesn't like to lend on two structures on one lot. None of the conforming lenders do. Not saying you can't make it work, but probably not with a confroming product.

Too bad United Jersey Bank got bought up by Fleet/BOA. They had a portfolio product that might have worked for you.

I'd suggest reaching out to Hudson City Savings or Unity Bank to see if they have any portfolio lending products that might work for you. In all honesty, a SBA loan that would encompass all of the improvements you are looking to make might be your best bet.
hey annerk,

i'm still NOT getting the problem with mixed use! why is it such an issue? moreover, what is the problem with 2 residential dwellings on 1 parcel... if it's zoned that way? it's not like 2 different owners are sharing a well and/or septic. sorry if i sound like a novice... but i am.

i will be living and working in the main house and generating $'s by renting the cottage... what's so risky about that? moreover, being within spitting distance, of my tenants, i will be able to closely monitor my property and their behavior. further, if the property is zoned for it, i DO NOT understand why a bank would be reluctant to loan.

thank you for the 2 leads, i'll look into it. as for the sba... would i not have to be registered as a landlord before i'd be eligible for anything they may have to offer? looking forward to your reply. hope all is well. have a good one.
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Old 04-23-2009, 05:54 AM
 
26,590 posts, read 56,802,128 times
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Quote:
Originally Posted by bruno_rs View Post
hey annerk,

i'm still NOT getting the problem with mixed use! why is it such an issue? moreover, what is the problem with 2 residential dwellings on 1 parcel... if it's zoned that way? it's not like 2 different owners are sharing a well and/or septic. sorry if i sound like a novice... but i am.

i will be living and working in the main house and generating $'s by renting the cottage... what's so risky about that? moreover, being within spitting distance, of my tenants, i will be able to closely monitor my property and their behavior. further, if the property is zoned for it, i DO NOT understand why a bank would be reluctant to loan.

thank you for the 2 leads, i'll look into it. as for the sba... would i not have to be registered as a landlord before i'd be eligible for anything they may have to offer? looking forward to your reply. hope all is well. have a good one.
A lot of it depends on how the appraisal is written. A lot of underwriters don't like to see seperate buildings, it freaks them out. And with the property being three seperate buildings in an area soned for mixed use, bottom line it's going to be obvious that you are planning on having a business there, and FNMA/FHLMC/FHA won't lend on those types of mixed use properties.

SBA can be start up funds, you don't need to be registered for anything, you do need to have a business plan, get in touch with score.org for some realistic advice on that.
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Old 04-23-2009, 07:54 AM
 
93 posts, read 239,362 times
Reputation: 27
Quote:
Originally Posted by annerk View Post
A lot of it depends on how the appraisal is written. A lot of underwriters don't like to see seperate buildings, it freaks them out. And with the property being three seperate buildings in an area soned for mixed use, bottom line it's going to be obvious that you are planning on having a business there, and FNMA/FHLMC/FHA won't lend on those types of mixed use properties.

SBA can be start up funds, you don't need to be registered for anything, you do need to have a business plan, get in touch with score.org for some realistic advice on that.
hey annerk,

others on here have said it should not be a problem, if i have a qualified co-signer (which i think i do). to be clear... are you saying even with a co-signer, banks won't lend on the property, simply because of mixed use?

as i said previously, most houses in this (particular) v-2 zone are residences only... no business being conducted from their property. i'm assuming none of the neighbors had to go to the sba, commercial and/or hard money lenders, for their home loans. i am seeking a HOME loan, for needed repairs and/or updates to increase the value and "livability" of this home which hasn't seen anything new since 1970 (except the furnace, well pump and pressure tank).

my property is NOT 3 buildings willy-nilly on one parcel of land... it's a large main house with a detached 2 car garage (which most houses in the usa have) and a small 2 bedroom cottage... again not all that uncommon. my recording studio will take up approximately 1/2 of the 1st floor (performing area/room, 2 sound booths, mixing/control room and a tiny 1/2 bath) and there will never be more than a few (4-5) people in it at any given time... less than most people entertaining on any given weekend! parking will be no more than 5 spaces (tops) and the towns zoning officer told me he just needs a rough drawing before authorizing... i've been told (off the record) it will be NO PROBLEM.

here on my aunt and uncles property there is a main house, 1 bedroom cottage (where i reside), a large barn, a small building... previously it was a farm. they bought it (as i did mine) in "as is, where is" condition and "technically" it is no longer a farm. EVERY building needed A LOT of work... they had no problem with a loan nor any squable over "multiple buildings" on 1 property. moreover, their property was listed as a lot with a teardown home on it... i spent 5 years helping them restore the circa 1794 house, that had a future date with the wrecking ball! they, as did i, paid about 1/3 the tax assessed value of the property.

i don't want to come across as arrogant and/or antagonistic but, i'm still trying to comprehend why you consider (my particular) "mixed use" a stigma. if you don't mind, could you be more specific about the reasoning behind your opinion that MY... FULLY CONFORMING, "mixed use", v-2 is a problem? thanks, looking forward to your reply. have a good one.

Last edited by bruno_rs; 04-23-2009 at 08:04 AM..
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Old 04-23-2009, 08:37 AM
 
26,590 posts, read 56,802,128 times
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Quote:
Originally Posted by bruno_rs View Post
hey annerk,

others on here have said it should not be a problem, if i have a qualified co-signer (which i think i do). to be clear... are you saying even with a co-signer, banks won't lend on the property, simply because of mixed use?

as i said previously, most houses in this (particular) v-2 zone are residences only... no business being conducted from their property. i'm assuming none of the neighbors had to go to the sba, commercial and/or hard money lenders, for their home loans. i am seeking a HOME loan, for needed repairs and/or updates to increase the value and "livability" of this home which hasn't seen anything new since 1970 (except the furnace, well pump and pressure tank).

my property is NOT 3 buildings willy-nilly on one parcel of land... it's a large main house with a detached 2 car garage (which most houses in the usa have) and a small 2 bedroom cottage... again not all that uncommon. my recording studio will take up approximately 1/2 of the 1st floor (performing area/room, 2 sound booths, mixing/control room and a tiny 1/2 bath) and there will never be more than a few (4-5) people in it at any given time... less than most people entertaining on any given weekend! parking will be no more than 5 spaces (tops) and the towns zoning officer told me he just needs a rough drawing before authorizing... i've been told (off the record) it will be NO PROBLEM.

here on my aunt and uncles property there is a main house, 1 bedroom cottage (where i reside), a large barn, a small building... previously it was a farm. they bought it (as i did mine) in "as is, where is" condition and "technically" it is no longer a farm. EVERY building needed A LOT of work... they had no problem with a loan nor any squable over "multiple buildings" on 1 property. moreover, their property was listed as a lot with a teardown home on it... i spent 5 years helping them restore the circa 1794 house, that had a future date with the wrecking ball! they, as did i, paid about 1/3 the tax assessed value of the property.

i don't want to come across as arrogant and/or antagonistic but, i'm still trying to comprehend why you consider (my particular) "mixed use" a stigma. if you don't mind, could you be more specific about the reasoning behind your opinion that MY... FULLY CONFORMING, "mixed use", v-2 is a problem? thanks, looking forward to your reply. have a good one.
I'm just telling you my experiences in the past as a loan officer in NJ--I had problems placing loans like yours, and had one that was very similar, a doctor was going to have a small office to see patients in the first floor of the house and NO conforming lender would make the loan. They were putting down a large downpayment, had great credit, low rations, it was 100% the property. The mortgage companies didn't care what the town said, it was the underwriters that had problems with the property.

The best thing to do is work through a bank like the two I gave you and try for a conforming loan, but have that bank's commercial/portfolio/SBA lending to fall back on if you get denied.
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Old 04-23-2009, 09:33 PM
 
93 posts, read 239,362 times
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Quote:
Originally Posted by annerk View Post
I'm just telling you my experiences in the past as a loan officer in NJ--I had problems placing loans like yours, and had one that was very similar, a doctor was going to have a small office to see patients in the first floor of the house and NO conforming lender would make the loan. They were putting down a large downpayment, had great credit, low rations, it was 100% the property. The mortgage companies didn't care what the town said, it was the underwriters that had problems with the property.

The best thing to do is work through a bank like the two I gave you and try for a conforming loan, but have that bank's commercial/portfolio/SBA lending to fall back on if you get denied.
hey annerk,

thanks for getting back to me... not trying to be unappreciative and/or argumentative BUT the difference between this dr you mention and me is I OWN ALREADY THIS PROPERTY... OUTRIGHT. moreover, i have 100% equity in a property with a tax assessed value of 200k... the loan i'm seeking is 1/2 that amount. furthermore, i have a great-uncle with a net worth of approximately $6 million, excellent credit and willing to co-sign... i'm not understanding how my loan request could be considered anything but a great investment opportunity, for ANY bank, especially in todays S#!T market.

oh well, if you have something further to add i'll look forward to whatever you may have to say. otherwise, thank you for the comments and suggestions... greatly appreciate your input and patience. hope all is well. have a good one.
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Old 04-24-2009, 03:29 AM
 
26,590 posts, read 56,802,128 times
Reputation: 13073
Quote:
Originally Posted by bruno_rs View Post
hey annerk,

thanks for getting back to me... not trying to be unappreciative and/or argumentative BUT the difference between this dr you mention and me is I OWN ALREADY THIS PROPERTY... OUTRIGHT. moreover, i have 100% equity in a property with a tax assessed value of 200k... the loan i'm seeking is 1/2 that amount. furthermore, i have a great-uncle with a net worth of approximately $6 million, excellent credit and willing to co-sign... i'm not understanding how my loan request could be considered anything but a great investment opportunity, for ANY bank, especially in todays S#!T market.

oh well, if you have something further to add i'll look forward to whatever you may have to say. otherwise, thank you for the comments and suggestions... greatly appreciate your input and patience. hope all is well. have a good one.
In all honesty, you are looking for money, and in this case it's no different than looking for a new mortgage. Underwriters don't care if you've owned the proerty for 30 yaers, it's still a loan made with the same u/w criteria as any other loan.

Again, it's not the income or credit that I see being a problem, it's the property type and use based on FNMA/FHLMC criteria.

Why don't you just make a couple of calls and see what the loan officers have to say. A good LO can contact an u/w to get their opinion before you actually apply so that you don't waste time and money if it's going to be a no-go.
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Old 04-24-2009, 06:53 AM
 
93 posts, read 239,362 times
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Quote:
Originally Posted by annerk View Post
In all honesty, you are looking for money, and in this case it's no different than looking for a new mortgage. Underwriters don't care if you've owned the proerty for 30 yaers, it's still a loan made with the same u/w criteria as any other loan.

Again, it's not the income or credit that I see being a problem, it's the property type and use based on FNMA/FHLMC criteria.

Why don't you just make a couple of calls and see what the loan officers have to say. A good LO can contact an u/w to get their opinion before you actually apply so that you don't waste time and money if it's going to be a no-go.
hey annerk,

thanks again for all your help. i'll give a call, just as you suggest and see what happens... have a good one!
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Old 04-24-2009, 07:45 PM
 
2,365 posts, read 10,612,284 times
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Please report back to us! I would love to hear how it all works out.

cheers!
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Old 04-25-2009, 08:07 AM
 
93 posts, read 239,362 times
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Originally Posted by gea12345 View Post
Please report back to us! I would love to hear how it all works out.

cheers!
hey gea,

as soon as i hear something, i'll report back. meanwhile, i've been up at the house working on it... gonna make this work one way or another! thank you very much for all your help and support... means a lot. hope all is well. have a good one.
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