All Forum Posts by: Joshua Beach

I own a lot in Mounds View, MN and am looking for builder suggestions. I'm hoping to get a few quotes to see if it makes sense to build a home on the lot or just sell the lot.

I'm working through this right now with my mortgage company. We were able to show through two appraisals (one for what the property is currently appraised at, and another for what the property would be worth on less acreage). The results showed that the home minus the new lot would be worth more than when I bought it.

You should have the current owner ask some more questions of his mortgage holder. It's definitely possible, but can be a lot of work and time.

 @Bryon Andrews

I appreciate that advice. I guess it's been a while since I was on the forums here. We've slogged through the process of doing our first lot spit in Mounds View. We're finally at the finish line and should record our plat in the next few weeks. It has taken us almost three and a half years to get to this point and most of that was the one year seasoning period from the lender and working with them to get the required documents for the county recorder.

I'll definitely check them out. If we can cut that timeline down by a couple of years that would be preferrable...

I've found a niche in real estate investing where I purchase a single family home with a large lot and split the parcel into two and sell the lot and either keep the home as a rental or sell it as well. Most mortgage companies require a mortgage to "season" for one year before they'll sign a partial release of mortgage. I don't have the money to pay cash for a home in order to get around that requirement, so i'm looking for ways to finance future deals without going the traditional mortgage route. Does anyone have a suggestion for me?

I've found a niche in real estate investing where I purchase a single family home with a large lot and split the parcel into two and sell the lot and either keep the home as a rental or sell it as well. Most mortgage companies require a mortgage to "season" for one year before they'll sign a partial release of mortgage. I don't have the money to pay cash for a home in order to get around that requirement, so i'm looking for ways to finance future deals without going the traditional mortgage route. Does anyone have a suggestion for me?