All Forum Posts by: Brad Wayne

@Matt Hudson. No I don't think that's the same couple!  Doesn't quite match the two I chatted with.  

Thanks for the feedback everyone  Something must be in the air.  A couple came by today as I was taking out the trash and mentioned they'd be interested in buying the house at around 425K in a private sale, without realtors.  If I can up that a tick I may have another option to consider.  

Thanks!  I was gearing my question towards the appraisal process, which I suppose I did a poor job communicating.  I was unsure if the lender would appraise as high with the split lot/decreased acreage.  Hence, we both came to the conclusion that speaking to a lender may be the best bet for clarity here.  There are, of course, some costs involved in splitting the lot but it may not be worth it in my particular circumstance.  

Trying to determine which avenue would provide the most equity for other deals I'm considering.  

Newer investor:

I own a renovated home in East Nashville on a very desirable corner lot. The large backyard can be divided and I can build another single family dwelling on it which is allowable by local zoning laws.  

I owe approximately 210K on the property and believe market value is around 389-410K if I were to place it on the market today.  I had a standing offer of 110K from a local builder if I wanted to sell him the backyard so that he could build another home in that space, while retaining the actual home and front yard for myself. 

I'm wanting to stay here in this house as my primary residence and not build on the backyard right now.

However, I do want to BRRR the property and get some financing for another property...

Questions:

1).  Should I split the lot?   Even if I simply keep it as my own backyard for the time being?  That would give me two properties on paper for future financing. 

2). Or, would the BRRR potential be limited if I moved the property from 1 large lot to 2 since the newly formed lot has no home/equity?

3). Should I just leave it alone?