Question how much time and money does it take to split a parcel of land
Depends on the local laws and procedures. Talk to your local planning and zoning.
I'm in Pierce county and I just got a bid to short plat a one acre parcel into four lots. My surveyor is a long time family friend so he gave me a low bid. $1000 for him and $4000 in county fees. Ball park $5000 all in.
I did it once. In my area the board met once a month. So it took about 60 days to get on the docket. It also required a survey. And along with the application for the property split the Surveyor had to present a description along with some drawings. So that work was about $1500. Then at the board meeting there was a little bit of discussion about whether or not it was a good idea or whether it was required. Once they decided to do it, I filed the paperwork and it was done
Had the same surveyor survey a lot for me in Federal Way and it seemed like King County was easier to deal with than Pierce County.
Good feedback ,the deal I,m structuring consists of 3 fourplexes on one parcel of land . The goal is to split the parcel with one fourplexe on it purchase with an FHA owner said he,ll accepts that as down payment and finances the other fourplexes . Hopefully I,ll acquire 12 unit apartment for 3.5% down on $415,000
$35000 per unit in your area is a great buy. Hope it works out for you.
@Kelvin Schaeffer do you plan on developing the land or splitting then selling?
The land is already developed it has three 4 plexus on it.Owner is willing to finance with 30% down on $ 1,245,000 I don't have. So if I divide the parcel purchase one 4 Plex with an FHA or conventional the owner will except that as the down payment
Join the Largest Real Estate Investing Community
Basic membership is free, forever.