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-
NT