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Updated over 7 years ago on . Most recent reply

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243
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Kevin Coggins
  • Spring, TX
203
Votes |
243
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Adjacent lots to house w/ mortgage - possible to sell these?

Kevin Coggins
  • Spring, TX
Posted

So let's say I'm buying a house that comes with two additional lots. The legal description is going to have "Random Place Lots 1-3" when I'm signing all the mortgage paperwork. If these lots have a value of say $10k a piece, would there be any way for me to sell these (I'm assuming since the mortgage is on all of these it's difficult at best)? If it matters at all, I think the house + lot it's on would appraise above the loan amount. This may just be a dumb idea, but seemed like I could get more off the lots than I put down so wanted to see what others know or have experienced.

EDIT: how do I move this to creative financing - not sure how it changed to short term rental

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