I found a property with a special situation: it has two lots - one lower lot with a house and one upper lot that is empty. Can you please share your ideas or experience of how to deal with that?
I am trying to be a buy and hold guy or BRRRR, but if I keep the empty lot, the property tax is going to kill my cash flow for sure. I dont know if it is a good idea to build another house in the upper lot and rent it? Never heard anyone build new house just to rent...
Like Brandon said - instead of thinking 'it cant be done', i am thinking of 'how can i do it' :)
Several options ..Could you build a storage unit on the lot or could you sell the lot to someone who would like to build a house on it . Is it in a good area
it is in a decent working class area with single families all around it. the upper lot is actually the bigger part of the property, so it probably makes more sense to build a house on it. how can I split it into two properties so that i can sell the upper lot?
hmm, also the driveway may an issue. right now it is a pretty narrow driveway between lower house and the neighbor house. I dont see any other path to the upper lot. The back is surrounded with woods and other houses on a different street.
The first thing you should do is go to the zoning committee and see how it is zoned and if it can be replatted. You may not be able to do any of it in which case you are out of luck. This process takes time and money.
If you do try to put another house on it you will have to get utilities run plus deal with what seems like an easement for a driveway. Whether you sell it or rent it you will have problems with the driveway if the only access the upper unit has is through the lower unit driveway.
Thanks Peter. I will check zoning requirements and go from there.