Finding lots of divideable to capitalize? - Posted by Tyler

Posted by Steve Heller on May 03, 1999 at 06:54:08:

If you buy property with extra land you want to be sure it is ‘NOT’ included in your original mortgage, if you can. Otherwise you will have a hard time trying to sell the property later. The mortgage company will probably not release the property from their mortgage and you will have to get a new loan. Then get a lot split, through your city. Then move a house on the property or start building.

Hope this helps,

Steve Heller

Finding lots of divideable property…how to capitalize? - Posted by Tyler

Posted by Tyler on May 02, 1999 at 23:56:05:

Funny, I came on the NG to post this question, and the last couple posts have been about land…

Anyway, I keep running into great opportunities in my marketplace, where there will be a house with extra land that is subdividable.

I’m having to pass on these, because I’m not sure where to begin.

Does anyone have any experience doing this sort of thing? I found one property that would even be suitable for building mini-storages on the vacant land…or maybe even a few MH lots.

I would appreciate any direction you could give…I hate to keep missing out on these because I can’t move quickly.

Thanks to all-