Is this creative for dwn pymnt ? - Posted by Tom,NY

Posted by Brent_IL on January 22, 2001 at 12:29:49:

Sub-dividing a lot can take months. Check with your county. Maybe the seller will wait, and take a split funded down payment.

Is this creative for dwn pymnt ? - Posted by Tom,NY

Posted by Tom,NY on January 19, 2001 at 19:55:57:

I am looking at a multi-family (4)with a approved subdividable lot. The lot size is .25 and is approved for two-family. the owner wants to sell as a package will not sell seperately. The total price is 699,000 the lot by itself is worth 200,000 to 250,000. I am wondering if I get the prop under contract can I sell the lot before closing. I would then use this money for the down payment. I am also wondering if the rents can cover the mortgage of full purchase price should I just do something else with the money from the sale of the lot. Thanks.