Fort Lauderdale sailboat bend 3 family double lot seller financing

[Drew Slew]

For anyone owning multifamily in South Florida, especially in downtown Fort Lauderdale:

Buying a 0.3 acre double lot multifamily on seller financing, 5.75% rate 7yr term, 30yr amortization. Nice area, historic district, big lot. 

Not much cashflow, but can increase rents, rent our parking spots etc.

Questions:

- Need asap a third party loan servicer where i can pay the loan monthly and it disburses to the seller (i found https://www.brytsoftware.com/)

- Need good landlord insurance, flood insurance for an investment property, any good firms?

- how to subdivide and sell a double lot?

- if i ever build on it, can it be a land lease, so i can built 8 units, sell them as condos but forever id own the land under it, is that doable?

- whats pros and cons of it being in sailboat bend, historic attributing property

Thanks a lot

[Ray Hage]

@Drew Slew Well if you're planning to build on it, flooding issue shouldn't be too bad when you put the structures up as you'll need to comply with regulations of it being a certain number of feet above the current ground (I can't remember the exact amount of feet). 

Regarding insurance, I can refer you to a lady that I use. Flood insurance specifically won't be that different by provider as it is federally regulated.

Frankly, I would keep the land and units if you build. That area is only going up in the long term.