Fellow BP Nation,
Have a couple of questions for ya. Has anyone ever owner financed out individual units of a Triplex? Meaning, bought a triplex for cash, then allowed their tenants or if the unit is vacant, advertised the unit(s) for sale with owner financing available?
Second question, thoughts on owner financing a mobile home? It's in a good area, however lot rents are $400 a month.
It is most probably you would have to convert the building to condominiums to be able to sell the individual units (at least in the places where we operate you would).
The costs and overhead of turning your triplex into condominiums (if you even can), is likey not worth it for three units (but that would be area specific).
@Roy N. is right. The property (land) has three units. Each unit possibly has parking, yard, etc. To sell individually you would have to turn it into a condo (HOA created to care for common areas and future concerns of the association).
Another option would be to split the lot. That would require a piece of land that could be split depending on current zoning regulations or changing the zoning. Does this plan fit withe the current development plan of your city/county?
Take this opportunity to do some research and learn something along the way.
Question 2: Hmm it might be good to hear some ideas from people @John Fedro, @ Curt Smith or @Jefferson Lilly.
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