Information
I have a few questions,
First I have have a pretty good job, but I want to get into real estate. My interested full in more with rentals.
My two questions are these, I took out a first time home buyers loan last october to buy my house, the one I live in.
I have an extra lot, and we wanting to know if I could build an small apartment to rent on the extra lot or does that go against the mortage agreement?
My other question was, in my area there are a lot of contract for deed, can someone like myself get into one of these and then turn around a rent it?
Any information would be great,
Thanks,
Justin
I have an extra lot, and we wanting to know if I could build an small apartment to rent on the extra lot or does that go against the mortage agreement?
you need to check the following things as a start.
was that lot part of the colatteral for the hm mortgage
Is it real a separate deeded parcel
what's the zoning and land use
what are easements & set back. is it large enough to do what you want w/ etc.
a duplex or bigger might say min. parcel size if 20K sq. ft.
My other question was, in my area there are a lot of contract for deed, can someone like myself get into one of these and then turn around a rent it?
My other question was, in my area there are a lot of contract for deed, can someone like myself get into one of these and then turn around a rent it?
Sure you can. I think its pretty common. Good luck in your start of your real estate investment career!