I Cant Pass This One Up
Ok this one for the experts. Im a newbe, my plan was as follows. 1) learn 2)repair bad credit 3) buil small nest egg 4)buy property 5)build 6)do it again.
Here is the prob im reparing my credit and have small nest egg and i just saw a great property for sale. Needs to be divided small delopatedated house there now. in superb area. How do i get financing for this one or should i let a veteran make more money.
Man, you're gonna have to come off some details if you're going to get some responses here. What's the FMV? Price? Rehab? Why's it selling? I mean, if you want some suggestions, there's tons of people that'll run with it, but you gotta give'em something to run WITH...
sorry your right. Here are the details
its 3 arce lot listed for 139,000. House on property is so bad 0 value. I probably can turn it into 2 pieces. Now homes in the area on smaller lots 2500 sqft going from 400000 to about 600000. My problem not is the subdivision action. I am going to town today to get tax map, zoing ordinance. And hopefully they can tell me who the last survey was done by. My good freined is and architect, he said he can get old copy from most engineers. Is my focus at least started in the right direction?
10 doing from scratch construction as you 1st project is ambitious.
CAN you subdivide the property. I have had several case where the zoning had changed and dispite smaller lots, the minimum parcel size was now bigger (say 3 acres in 1 case).
I had the master plan of dividing the 3.01 acres in to 3-1 acre parcels. NOT!
There is construction (hard) money out there or you need good credit.
I know 1 lender (don't know if they loan in your state) that have owner/builder or owner/contractor program for "owner occupied homes.
There is alot stuff to worry about when demoing a property. Maybe just bad here due to preservation issues and the environment.
Good luck.
stick with it you'll figure it out. good luck.....kenmax
consider trying to work out a deal with the current owner for sell er financing. then try to talk a demo company into taking away the old building - or consider asking the fire department to conduct a training in the building and burning it for you (you might end up with a tax dedcution).
They you should be able to get a lawyer to help you subdivide the parcel - into as many as possible; then find a realtor to sell the lots for you.
You should be able to do almost all of this without investing more than $500 out of pocket if you are willing to pay a little more and have people get paid out of proceeds.
1) offer a small $$ option to the seller to make sure you can actually buy the property if you get zoning clearance
2) check your zoning to see what you can definately and what you can do with a variance
3) find a way to get rid of the house
4) complete the subdivision
5) get the lots sold
6) send me $20 for beer for sharing my point of view (after you make your first million!)