Should I Work A Deal With A Contractor?
Ok here's what I have in mind. There is a great property not too far off of the main street in this small town I'm living in right now. There are several duplexes in this area mostly full of retiree's. The lot is for sale and would be a great spot for a nice du-plex or tri-plex. I'm still a student and don't have the money to put into something like this myself.
What would be the best approach to acquire the land and have a contractor build then split the rent roll or profits from sale? Is this even possible?
Thanks in Advance.....
Anything is possible. I would talk to several good mortgage brokers about what you want to do and also check zoning to make sure its allowed on the lot your interested in. One option you may want to consider (if you don't own right now) is to build an owner occupied duplex. You can get good financing for this, live in it for awhile, rent the other to offset the mortgage payment and then move out and rent both sides. That way your not sharing profits with anyone. Just one option......., good luck.
Thanks alot for your reply. That second option I hadn't thought about yet but that might be a good idea. Do you think that I could basically offset the mortgage enough to live their basically free?