Biddle Mansion

Anxiety and dread vs. Ballrooms and river views.

This is what I’ve learned:  Mortgage regulations for muli-family properties have changed drastically since the finance debacle/economic explosion.

Any property over 4 units automatically requires a commercial loan—regardless of whether it’s a commercial property.  So, at 7 units, this house is well into that territory.  And?  Commercial loans require 30% down.

Plus?  Banks in our state now require a property’s rental income to cover its expenses.  Which?  If you saw any of the photos?  You can see that any rent would be minimal.  And that actually we would have to pay someone to live there.

Wow. This is totally fascinating… keep reading.

How to rip apart your entire life… throw sanity to the wind… sign up for more stress than ever before…and commit to it for years without end.

Paul and I went and looked at this. Because it is for sale. And because we are insane.

Biddle mansion, second empire, gothic, mansion, Victorian house turned into apartments, Riverton NJ, historic register

Wow. This is totally fascinating… keep reading.