All Forum Posts by: John Bae

I have the potential for investing in a piece of land that I could develop and build residential houses for profit.  I have much research to do even still and this is in the VERY beginning steps, but the potential that it holds makes me seek out good advice so that I can be pointed in the right direction for this major project.

The existing structure has a 100+ year old victorian style house that needs to be gutted entirely but it seems to have good bones.  It has high ceilings and good wooden floors all throughout (4br / 2ba / 3,000 sqft).  Pretty much everything will need to be touched / re-done.

Since this lot is 2.5 acres, it has the potential to be subdivided into 3, 1 acre lots.  

Challenge 1: acquire adjacent 0.5 acres from county to have full 3 acres.  

Challenge 2: source builder / blueprints

Challenge 3: get required approval from county / permits.

Would very much appreciate any and all advice.  The rough numbers that I crunched seem to work.

Purchase Price: $800k

Renovation existing: $100-120k

New Home Build: $350k ($150/sqft) x2

Thanks in advance all!

thanks for the replies @Peter Mckernan and @Fulton Abraham Sanchez

I did a little more digging and found more resources in case anyone else has the same question:

• 2016 IRS content on Home Mortgage (here's the pdf version)
• In more understandable / succinct version
• Deducting mortgage interest where family member lives
• based on ownership interest
• Equitable home owners deduction

here are the facts, TH is in my name and parents live there.  I live in a condo with my wife and title and mortgage is in her name.  this is also my primary residence now.  will be filing jointly for taxes this year.  we will deduct mortgage interest for condo, can i do the same for TH as well as a second home?

parents pay for rent on the TH and i do not profit any from the 'rent'. I lived there before i was married (last year). what would be my best play here? (both properties in VA).

where can you find the local meetups?