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Updated almost 8 years ago, 02/23/2017
Acquiring 2 lots with tear down and double wide
Hi everyone, I'm looking for some help here.
I am about to make an offer on 2 adjoining properties with the goal of doing a lot line adjustment, selling one of the lots and keeping the other, using the proceeds from the sale to build a new home on the remaining lot.
One lot has a double wide on it. It's in pretty good shape. I would plan on selling it.
The other lot has a tear-down on it. Doesn't appear that it would even qualify for financing.
My question is this:
How should I go about financing this deal?
They are two different properties, two different owners. The DW would qualify for financing, I don't believe the other house would. My plan is to tear down the house and sell the double wide right away.
My thought was maybe some sort of blanket loan over both properties. But I've never done this type of deal before.
Whatever the right method, if someone could help with estimating financing costs, I would really appreciate it as I'm trying to come up with my offer amount ASAP.
Thanks in advance!