When I used to give people directions to our house, I would tell them to look for the skinny blue house with bright purple shutters. And purple foundation. And purple doors. And purple eaves. And purple everything.
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 […]