In A Quandry - Double Lot SFR On One
Have a SFR on a double lot in Austin Tx. Current Mortgage is on SFR only. Property is worth more than the SFR currently. Don't want to sell rather hold as investment. Is there a way to include the additonal lot in a mortgager and re-fi. Should we be looking to build on the vacant lot. Could use some advice based on our objective to hold the property. 
Funny you should ask.
Am negotiating to buy SFR on one lot and next and part of the parcel is another lot already a seperate lot. Some 50 years ago the man built the little house on one lot and the other is the www.garden.Lots of veggies and fruit trees and a touch of tired grass. Drying clothes on a line and a few abandoned childrens www.toys.The zoning R-1-1 which translates a single family home can be built on each lot.
My offer is for the entire package of course the frontage is 120 a happy 60 feet of frontage for each. Perfect, room for driveway to a back garage.
I am buying it slightly under the market as I discounted for 6% commission and bought as is. The house inspection showed a need to spend about 50,000 retail to repair and rehabilitate. This was credited to the purchase price.
I intend upon completion of purchase, to sell the one house on the one lot and keep the additional lot. I will end up with a cost of $4,000 for the lot which has a value of about $100,000.
It is my intention to give my left hand a 99 year lease on the land. My left hand will sublease (sandwich) to my right hand who in turn will sandwich an additional lease at $60 a month for 50 years to the entity Properties Unlimited that will erect and sell a container conversion modern house to a nice deserving family who will make the payments on a loan of $56,000 , 7.2% , $378 a month for 30 years, will have received a Grant of $2,000 for the downpayment. They will move into a most modern all steel house of 1400 sq. ft. loaded with high teck goodies. In 30 years the loan will be paid off and for the next 20 years their only payment above taxes will be the $60 a month land lease.
Such a family should be making less then $22,000 a year to start. They will of course vote with the Green Party, be fully vegetarian and attend all rallies on behalf of animal rites. With this stimulae it is projected that all their children will get perfect 1600 scores on the SAT and will take advanced grammer and spelling lessons from Omega. In time they too will join the ranks of TCI. and learn to curse the day that Lucius tried to change the path of history by eliminating slums, house by house. He projects a time line of 800 years to accomplish this end. This is the first sticky step.
Hurray Lucius