Double Lot Ideas - Posted by Rich


#1

Posted by Rob FL on January 04, 1999 at 19:35:33:

If you want to sell the properties off separately 2 deeds won’t necessarily cut it. You need to make sure you have 2 separate mortgages on each property or at least a blanket mortage with a partial realease clause. Otherwise you would have to refinance the whole loan if you sold off one of the lots.


#2

Double Lot Ideas - Posted by Rich

Posted by Rich on January 04, 1999 at 07:40:05:

I rencently purchased a property that was on a double lot. The executor of the estate of the previous owner didn’t even know it was a double lot. As a matter of fact, when a title search was done, it turned out that the executor’s property consisted of the land only, and another relative actually held title to the land the house was on. I managed to get both at my original offer price. Now I’m thinking of possible ways to take advantage of my extra lot. I am planning on living in this house for a couple of years, and possibly building a two car garage with a 3 bedroom apt. above (using it for storage while I live there). I’ve thought when I moved, I could rent out the house and the apartment. And have the option of selling each property separately (there are 2 deeds). I get focused on one idea, which may or may not be the best, so I’m looking for other ideas. Thanks. - Rich