4 Buildings On One Parcel- Financing Must Be Tough
as i entering a deal with 4 building on one parcel....i am curious how hard it will be to refin considering current lending times
the one parcel has
one 4 unit building
one 2 family houses
and two single family houses
all of these are on one parcel number
how would i best get equity out of the properties once rehabbed? I am buying cash , fixing with cash- then want my cash back plus equity say 70% ltv and hold as rentals...
split came to mind but rather find a lender that would loan on this....
how difficult will this be?
the one parcel has
one 4 unit building
one 2 family houses
and two single family houses
all of these are on one parcel number
how would i best get equity out of the properties once rehabbed? I am buying cash , fixing with cash- then want my cash back plus equity say 70% ltv and hold as rentals...
split came to mind but rather find a lender that would loan on this....
how difficult will this be?
Comments(0)
Is this even a legal use?
The property we divided was in California. Rules do vary in other states. There were originally two parcels(one lot line ran in the middle of a house). We were able to do one split by a "lot line adjustment" to create a separate parcel. That parcel was sold some time ago.
In California (southern Calif, at least) you can "parcel" which allows 4 parcels plus a remainder- 5 in total. It is still subject to some rules but much simpler than subdividing. Everything was done by a local surveying company which was familiar with the rules and negotiated required improvements with the city.
AT
Price them BELOW market value to attract potential buyers (15% to 20%). Hopefully this will eliminate the time the house sits on the market (aka Holding costs) and leave you with a profit. Good luck
hmm... try www.speedyword.com and angieslist