Can I take an 8-unit building & convert it to 4 units with a 203k?
By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
Can I take an 8-unit building & convert it to 4 units with a 203k?This is one of the unique aspects of a 203k loan. You can take 5, 6, 7, and 8 unit buildings which are considered "Commercial" buildings and convert them to one to four residential units under this program provided the zoning will allow it.Years ago we had such a project that was eight studios, the building had been vacant for many years, it was gutted. All the drywall was gone, the wiring had been stripped out of the building, and all of the copper plumbing supply lines had been removed from the structure. Otherwise the building was in pretty good condition. The "bones" were good, the foundation seemed to be in good shape. Even the roof was adequate and we could easily say it had 2 years remaining economic life.When the ...
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