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Would This Be Commercial? |
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| Author | Message |
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mthreads
Joined: 09 Nov 2005
Posts: 1
|  Posted: Wed Nov 09, 2005 4:34 am Post subject: Would This Be Commercial? |  |
| I found a 3 story house for sale. The ad says it can be converted for professional use. If I was to buy the house and use the first floor for a business, and live on the second and third floors, would I get a commercial mortgage? Could I lease the first floor to myself (the business) and charge myself rent? Any suggestions?
Thank you,
Lori |
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|  | The Mortgage-Pro
Site Admin
Joined: 19 Jan 2005
Posts: 2248
| | Posted: Thu Nov 10, 2005 12:00 am Post subject: | |
| | It sounds like this is a residential property. If you converted the first floor to a deli it would then be a mixed used property, which would require a commercial mortgage. You can rent a room to yourself if you are in business. I would speak to a tax professional regarding that. |
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