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Replies (2)
- Bob Grimsrud, "TEAM GRIMSRUD"
- Contributions:19
I just happen to have a property of my own that has two houses on one lot.
I have one mortgage.
As a matter of fact, I just put them on the market 2 weeks ago.
Bob.
I have one mortgage.
As a matter of fact, I just put them on the market 2 weeks ago.
Bob.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
It will not be easy. You may actually need a commercial mortgage. The main problem is appraisal comps. If the neighborhood happened to be full of lots with two structures, and three have sold in last 90 days, you're good. Can the lot be split into two lots? I wish old Bob Grimsrud would have said how he did his. It's probably a commercial loan from his bank. It is not a conforming loan that can be sold to Fannie or Freddie. If you have a good Banker talk to them first. I'm sure someone will say I'm wrong even and they might even contribute some useful info while calling me an idiot. Let's see.
2 properties on single tax lot - one or two mortgages?
TIA.
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