Paige,
You will need to talk to building and zoning to see if what you propose is allowed. They have requirements for “legal” building sites. If what you propose is agreeable to them, you’ll need a zoning hearing and, if approved, a survey to redraw the boundries of the properties. You’ll probably need an attorney that is familiar with zoning and what you’re proposing. That’s where to start. Prices vary according to where you are and what you want to do, but figure several thousand, minimum. Also, if the house has no permits, plan on getting them after the fact and bringing everything up to current codes. Again, talk to your city or county building department for requirements and fees. Also figure a few thousand for this. Time, 4 to 6 months, if you’re lucke, infinity if you’re not.
Good luck
BillW.
Hi fellow investors. I am pretty new at this and am hoping someone can provide direction and advice to me.
I have stumbled on a deal. The property sits on 3 acres of land. The property is about to go into foreclsoure.
On one part of the land a family member built thier home on slab. So…the home can’t be moved. IF the property goes into foreclsoure, then the bank also gets the other home that was built on the land. I am not sure if permits etc was pulled.
At any rate, I am thinking about catching up the loan. Once I catch up the loan what head aches am a I looking at with the other house on the 3 parcels? I want to divide the land into 2 parcels so that one parcel is 2 acres and the other is 1 acre.
Currently the family member who build his home on the 1 acre parcel doesn’t pay anything. He would of course have to start paying something to cover expenses for dividing the land.
About how much money should I expect to spend to get the 3 acres divided? How long will it take?