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.
Progress seems slow. But looking at photos from a month ago, I see that time is not actually standing still.
I thought I’d tell you a little about what I had in mind for the bath.
- Classic, Victorian feel.
- White, white, white, white, white. Possibly more white.
- Greyish carrara.
- Anything shiny.
- Super fancy and glamorous… even though it’s a small bathroom, and our budget doesn’t even remotely cover any of these ideas.
I also wanted Paul to magically expand the bathroom by fifteen feet in all directions. But he assured me that was beyond the scope of possibility.
Looking at baths online— you forget that you have limited space. You see this:
Source: NY Times, Victorian Baths.
And think, hmmm, yes. That will be perfect. That is exactly what I had in mind.And then you go and look at this:
RELATED POST – See our finished bathroom remodel.