Question around financing splitting a property
Hi,
I have a property I purchase that has 2 homes on it. I am looking at splitting it into 2 properties.
What I am trying to do, is the split the property at the time of the sale of the home in front. The sale of that property will pay off the current mortgage.
I would end up owning the home in the back outright. It wouldn't be able to be occupied until at least the water and sewage were done.
Would it be possible to get a loan around the time the front house settled, so I can immediately start fixing up the second house to be able to get a occupancy permit by installing the water and sewage and some interior redesign. The work will probably end up costing about $70,000 - $100,000. But once completed, the house will be worth around $250,000 to $285,000.
Is it possible to do something like this? Or can I get ideas on how I should do this?
Thank you in advance for your help
Christine