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.
Aaron Hall, Empire Appraisal | [email protected]
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!