My parents own 1 acre. There is a good 1/4 of that land that isn’t being used for anything but holding trailers for a family member in which he pays almost nothing for. It can be modified for more usage if we move the fending around.
I don’t want to disrupt this exchange of money by being legalistic, I Just thought there is a way to transfer the property into a legal entity and start to take advantage of those tax benefits!
Can anyone shed light on this for me?
You would need to have the property re surveyed to partition of the 1/4 acre. If the property has a loan on it, the lender will not allow this
What is the plan for water and sewer/septic ? I suspect in San Angelo the cost to do this will exceed the value
Thank you Greg. Currently I have well water set up.
I will ask the bank. It’s a local bank they may say no but I will at the very least ask.
I really appreciate your input!
@Mason Lopez To do it it legally, you'd have to get it surveyed again and subdivided the way you like to break it into pieces subject to approval of your county. Good luck!
Where exactly is this in San Angelo? If it is in a high traffic area maybe you can rent it out to someone to post a Food Truck or something temporary like that. I am no legal expert so I do not know what else would be involved in something like that but it seems to be something that could be done.
It is located outside city limits
I’d have to get it surveyed I’m looking to see how much that would be. Trying to find someone who could do that. But I’ve discussed with my parents they are for it. They will need to propose to local bank here to see if they are willing.
@Mason Lopez shoot me a message I may have someone for the survey.
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