14 Doors and 28 acres

[Brian Dennis]

Got offered a deal from a retiring investor for 14 SFR on 28 acres of land on 8 parcels. The rents are all low between $450 to $600 per unit. We plan to raise the rents at least $25-$50 per house at the closing. There is all ready great cash flow based on the purchase price.

We plan to build additional homes or add trailers on the unused land. My question now is should we separate the current houses from the unused land. We would end up with 14 two acres parcels. Pay cash for the land parcels and mortgage the homes. Thinking it would be easier to refi and pull money out if these are separated.