All Forum Posts by: Carlos Rosado

Ben G.Thanks! I also found this
http://www.orangecountyfl.net/Portals/0/Library/Development-Planning/docs/FutureLandUse.pdf
and to me this property seems to be painted Grey there on that map Planned Development **
.
4 units per acre sounds great to me for whenever it is allowed! of course I do not want to manage property full time nor have tons of neighbors! I think 4 rentals there including the existing house plus 3 unit townhouse will be enought.. I still get to keep my 5 acres! :-)

This is located on zip code 32825 about 3 miles south of Waterford Lakes area and right next to hw 417 almost at merge with 408 (east/west expressway)

Orange Country property appraiser page shows this with R-CE zoning seems to be rural. The listing shows horses allowed and driving by I saw some neighbors with horses. My interested is mostly on the land for my own house with rooms to roam. I want to store RV/boats of my own and also install a big solar system with no HOA. But I also own a couple single family home rentals and I thought the current home there could become another rental and then why not build a 3 unit townhouse for renting as there is enough space.. I got this idea after looking at the aerial views at the country's website and what they did on the lot next door. There are 5 lots of about 1/2 acres each and a big lot at the end. 3 narrow driveways and the first lot have direct access (no driveway) to the road.

I can just buy the house with straight/rental unit/second home financing and decide later on what to do. It is an amazing piece of property.

Ben, thanks a lot for the info. everything is good reference

Hi,
I am interested in purchasing a single family home with 8 acres in Orlando close to where I live.

My idea is to subdivide this lot as follows
------------
current house -> 1/4-1/2 acre road frontage, keep as rental

1 acre lot -> build 3-4 unit townhouse (1600+ sq ft each) for rental units and/or RV/boat storage

keep the rest of the parcel to build my own property in the future.
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I know these types of lot subdivisions are allowed as the lot left of it is exactly divided this way (3 way, front, middle, back with 3 narrow driveways)

Now the asking price of this property is $328k. I am positive a $285k offer would be strongly considered.

My main question is.. how can I finance this? I first thought of a regular second property/rental mortgage and the single family home already there (vs. raw land) would facilitate this but then I would be locked in for any subdivision of the lot or new construction until this loan is paid off correct?

Can I just get normal income property loan and once I am ready to build the rental units request one BIG construction loan to pay off the first, subdivide the lot, and build the townhouses?

I am slightly flexible on where I can live so I can just request a primary home loan for better rates, rent my current home, move in to the existing house and then move again to one of the townhouses until I build the last primary property.

Any creative ideas to make this work? I really love this piece of land and would like to make it of my own.

thanks a bunch
Carlos