I couldn't sleep last night to tried to figure How can I build a triplex.
Here is My story
I purchased a 3 story house 1300 sqft on 2800 sqft lot "PLUS" another 2800 sqft empty lot
next to the house.
Yes, It has 2 addresses.
I paid cash so I do have equity
Plus have some little bit cash left over & income and credit.
Is there anyway I can make this happen?
like use building company's finance to start and get a mortgage to pay it off when it's
Please help me anybody!!
A construction loan would be a good option. Harder to get these days, but possible since you own the dirt. Zoning allows multifamily there?
Look for options at community banks that do commercial loans. It is best to go to them with a qualified builder with experience on such projects, and plans and permits. A typical construction loan will finance the hard costs from there.
It is also possible that you could find a builder who would bring financing to the table through his own relationships doing spec construction, and you get a pre-approval for the take-out loan.
@Miyoung Smith First off, welcome to BP! It's hard to say if it's possible or not. The fact a property is zoned for something doesn't mean it can be done. 2800 sq. ft. is a small lot. You would need to know much more, and you'd need to go to your Planning Department to get more answers. Here's a few questions to get you started:
- What is the current zoning?
- What is the minimum lot size allowed?
- What are the required setbacks for buildings, landscaping, sidewalks, etc.?
- What are the height limitations in the area?
- What are the parking requirements in relation to the building size?
Once you have those answers, you will have a better idea of whether or not it's a possibility. If so, come back here and we'll help you move forward to the next step! Good luck.
Thank you Karen!
I am not sure but in Philadelphia It's quietly big enough.
and multi use zoning.
So are you guys( developer ) do some kind of finance program?
Thanks! Yes. It's multiple use block. Have new construction apartment behind the house and some business too.
hope I can find the builder who do that way!!
@Miyoung Smith no, we don't do financing. I'd suggest you contact the contractor that built the apartment building behind your property, as they are familiar with all the details that are involved with developing in that neighborhood. Maybe you can hire them to do a build to suit for you. Be sure to get a few different bids that include the design, and construction of the project, and that what is being bid is of equal quality, size, etc. so that you're comparing apples to apples.
If you own the land free and clear, that will go a long way towards getting your construction financing. Good luck!
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