Economic Surge, Housing Plunge: Why Economic Growth Is Wrecking Real Estate Opportunities
Mortgage rates recently rose above 7% for the first time this year, bringing an already glacial housing market to a standstill. The news has hit investors like a horror movie jump scare after […]
Gen Z Is Dominating Their Parents in Homeownership—According to New Report
When it comes to homeownership, Gen Z might be ahead of the curve. According to data from real estate firm Redfin, more Gen Zers owned their home at 24 than their parents did (millennials and […]
I am currently looking into buying two separate SFR lots from one owner. My question is if I go with traditional financing would I be able to buy both properties in one loan? or would I have to do two separate loans? one lot has a trailer on it and the other is just land. I'm thinking if I can get both of the properties I would combine them back into one as they are adjacent and re-zone so I could build a MFR quadplex. does this seem like a good idea on the surface?
Well why would he do that? You can purchase one parcel with the home on it and apply for a home improvement loan to acquire the other later on. Are you planning on bringing in another mobile home to the empty lot?
@Ronald Starusnak I would want to build a home on the empty lot not a mobile home. Possibly a duplex but I’m sure I would have to Rezone it to do that.
Unless you're in a high demand area, building a duplex is going to be way more paperwork and a lot more money than just buying an existing home. Buy the lot, split it into 4 lots and buy some trailers and throw them on it and rent those out. Low end new home construction in NY at the way low end is $65/sqft. That's for a ranch style home. Not only are you doubling the sqft you're doubling a lot of the work and most likely adding a second story. If you're building in FL your codes are a lot more strict due to the weather.
@Joseph Whitton Talk to someone at city hall about zoning. You don’t want to assume that you can just zone it to whatever you want. In my experiences, they will only allow you to change it to something that borders/touches your lot. For example, I bought a commercial lot that bordered a commercial lot on one side and MCD lot (allows multi family) on the other side. I was able to get approved for MCD and build a triplex (couldn’t fit anything bigger). In this example, I couldn’t have gotten it rezoned to SFR lot and only built one house.
Yes I understand. I was going to look into the zoning options available as well as the costs involved in all options. Thank you for your input. I will let you know what my options are when I find out and maybe you could assist me in pursuing the correct option.
