House And Lot - Lease And Build
I have located a property with two adjacent lots, one with a house and the other empty. The house is old but would easily rent for $400+ per month. This and the empty lot are up against city owned land with a lake. The asking price on the two lots is $45,000. The location is excellent, and I would probably remove the old house in a couple years and build a house on the two lots for myself.
Anybody got any ideas of the best way to try financing this with little out of pocket?
If the property is free and clear then ask the owner to finance the property for 5 years interest only with a balloon. If there is a mortgage then ask the owner to do a wraparound with interest only on the second and you pay the first on a sub2. When you refinance you pay off all loans and hopefully you will have gained equity.