Comment by JamesBarney
Comment by JamesBarney 2 months ago
It's really hard to get a mortgage for multiple people that aren't married.
Basically if you and 3 friends want to buy a 4-plex for 400k you would assume the bank would just make sure each person could afford 100k, they don't. Instead the bank will ensure each person individually has sufficient financial resources to afford a 400k home.
That and converting a 4 plex into condos doesn't make financial sense when you could just demolish it and build townhomes.
But 31% of rentals are SFRs. Surely that's enough to make an impact, no?