Opportunity To Buy 10 House On Same Deed, What Options Do I Have?
I am very new at this, but this deal really intrigues me. What are your thoughts on these properties.
This is an odd situation:
10 houses on the same deed on 10 acres of land. I thought of buying and subdividing into 10 separate properties. I can buy them for 80K per home and if could get approval for subdivide would be able to sell off at about 100k per home.
Also thought of selling houses, but keeping land kind of like either a co-op or Condo. Anyone ever have something like this???
Thanks,
Dave
You could sell it as a tenant in common. This is very popular in SF. An attorney would draft up docs and they would regulate the rules of how everything is run. There would be 10 peoples name on the deed. The only problem is that you would probably need to do an wrap around mortgage or find cash buyers. It cuts out all of the BS of conversions.
Nancy, who posts/moderates on this board works in PA and may have some insight to your proposal for your area. I know down here in the south no one would touch a co-op/tenant in common style of ownership unless they were part of an intentional community and wanted that. I would suggest subdividing and selling each parcel with each house. You can set up some basic covenants if you want to protect the other homeowners but this way everyone owns their own house and ownership issues are much easier to handle.
Hi Dave, I am so happy to hear that my idea really suits you being in the field. You are very well located for this type of investment. I looked on the map where you are and it looks to me that it is rather a small town where land should not be untachable. Buy the Land as soon as you can but first go to the zoning department to find out the locations for this type of facility. Maybe some farm land from a farmer that can be
subdevited to sell yougive a few acres. While you are paying the Loan on the Land you can start planning your set up. Depanding on your finances you can proceed when you feel confortable and secured. It will take time to see a return but the land can only evaluate in case you change your mind down the road. Keep me posted.
Konte
I would suggest talking with the person who does plan review for the local building inspection department. He/she ought to be able to give you a list of a few companies they see doing quality work in the community.
I was about to post a similar question,
iam looking for someone creative and who can do more then just plans, i did a few projects and worked with a pretty good architect but he is too high-end and too expensive for me, and frankly hes now way too busy so iam looking to find new ones.