PadSplit

[ANTHONY ALLEN]

Has someone done an appraisal on a padsplit?

 

[Terrel L. Shields]

Nope. But same issues as Airbnb. Not market rents.

 

[ANTHONY ALLEN]

This is all the info I have been able to find, so far...

Rent by the Room Approach and How that Affects Appraisal

I am looking to purchase a single family home and turn it into a rent-by-the-room situation. PadSplit is suggesting to take away common spaces like th

www.biggerpockets.com

 

[lostinthezone]

Note that if the loan is for GSE work, the property may be ineligible. They would likely consider it a boarding house. You may want to make the client aware of that if it is;

Ineligible Properties

Fannie Mae does not purchase or securitize mortgages on vacant land or land development properties; properties that are not readily accessible by roads that meet local standards; agricultural properties, such as farms or ranches; units in condo or co-op hotels (see B4-2.1-03, Ineligible Projects, for additional information; properties that are not secured by real estate such as, houseboats, boat slips, timeshares, and other forms of property that are not real estate (see B4-2.1-03, Ineligible Projects, for additional information; boarding houses; bed and breakfast properties; or properties that are not suitable for year-round occupancy regardless of location. Note: Group homes are not considered to be boarding houses. They are an eligible property type, including when leased to a business entity for use as a group home.

 

[ANTHONY ALLEN]

Note that if the loan is for GSE work, the property may be ineligible. They would likely consider it a boarding house. You may want to make the client aware of that if it is;

Ineligible Properties

Fannie Mae does not purchase or securitize mortgages on vacant land or land development properties; properties that are not readily accessible by roads that meet local standards; agricultural properties, such as farms or ranches; units in condo or co-op hotels (see B4-2.1-03, Ineligible Projects, for additional information; properties that are not secured by real estate such as, houseboats, boat slips, timeshares, and other forms of property that are not real estate (see B4-2.1-03, Ineligible Projects, for additional information; boarding houses; bed and breakfast properties; or properties that are not suitable for year-round occupancy regardless of location. Note: Group homes are not considered to be boarding houses. They are an eligible property type, including when leased to a business entity for use as a group home.

Thanks!