Posted by John Merchant on September 12, 2004 at 09:54:02:
Feasibility of what you’re wanting to do can quickly be determined by going to city (or county, if the lot is not in a city) and talking to Bldg Dept…to learn IF the lot can legally, practically, be sub-divided into 2 or more lots.
If it can, your next step is to talk to a Civil Engineer who specializes in land development, and learn the costs of same.
Good luck. It sounds like a great idea.
How can we build another house on a big lot? - Posted by Sherrie
Posted by Sherrie on September 12, 2004 at 08:52:41:
I am a new investor working on deal #2. My husband and myself are seriously considering the purchase of a house on a double lot. We will rent the house. The lot is huge and we thought it might be financially sound to build a second rental next door to the existing house. If it’s all sold as one lot is there anything we should do prior to purchase to help make this scenario work? My lender tells me that we can’t get financing easily to do this once we have a mortgage on the property.
Any words of wisdom appreciated.
Sherrie in Atlanta