Residential Lot Loans

[Josh Johnson]

Newer to real estate investing. May have an option to buy numerous, sub divided single family home lots within established town.

Will have chance to almost pre buy before they really hit the market. Thinking of buying 5-8 lots. Probably will be $55k each.

Thoughts on best way to purchase. Financing through local bank or credit union? National lender? Other options?

[Eric Veronica]

@Josh Johnson financing vacant land can be notoriously difficult.  Especially when you are looking at multiple lots.  You can call every local lender in your metro area but that can be a total waste of time.  You are likely to get a front line person on the phone who is not going to know about the specifics of lot lending. You might end up getting the run around.

 I would recommend spending some time doing some serious internet sleuthing.  Look up other local lots for sale.  Then search the local county auditor/tax-parcel search to find out the owner of said lots.  Then search the recorder/register of deeds and you should be able to find the actual mortgage which will have the bank name. 

I prefer to fish with a harpoon rather than a net.  Good Luck!