All Forum Posts by: Sophia Berry

Thank you so much everyone.  I will start with the building department.

Hello all,

I am getting ready to purchase 3 lots in a subdivision cul de sac. The subdivision was built in I believe 2006 however, I am a little nervous as to why the  builder did not build on those lots.  There were two houses just built in 2013 directly across the street so I am thinking maybe the builder ran out of money and just left them.  My question is, I am getting ready to pay for a surveyor to let me know if the lots are buildable.  Would the surveyor be liable if it turns out they are not.

Any advice would be helpful.

Thanks.

@Kaenan Whitman Thanks for your advice.  I will get right on contacting the assessor office. 

@Frank Chin Thanks for your advice. I have never heard of a NNN. I will look into this.

@Amy Beth Thanks for the advice. Yes, I do have two other siblings so the house proceeds is supposed to be split between the three of us however, my plan is to do a HELOC on the property I purchase and pay the money back immediately!!! I don't want that over my head if something goes wrong. Yes, my exit strategy is also that there is a tenant in the home that does not plan to go anywhere just in case of a layoff for me as well as just selling the property if something goes wrong.

@Stephanie Medellin That helps alot! Thank you so much for your help.  Thanks to everyone else who responded.  I love this site!! :)

I just had a thought, what if she does a refinance on the home but we both do it together? What are the rules on doing that? Can we both do a HELOC together after? That way I can do all of the paperwork for her.

@Clifford PaulThanks for the advice.  I have the 5% the down but not the 20% down for investment properties. I can also get the 20% down however, on a purchase you are not allowed to borrower funds for an investment property. I am in a tricky position. :(

@Stephanie Medellin Thank you so much for your help. The home is not her primary residence it was our family home but now an investment property. I already have a home so this would be an investment property for me. How hard is it to add me on the title? My plan was to do a HELOC on the property after the home was in my name. In order to do a HELOC I would have to refinance my name to the house correct? Another possible option is to doing an HELOC on my primary residence and just paying off her mortgage. The problem with that is I can't do a cash out on my home until 2021 otherwise I will have to pay off a lien of 25K. Went through a program where they paid my mortgage when I was laid off which states I can't sale or do a cash out until five years. Maybe a dumb question but an HELOC is basically the same a cash out, correct?

@Brandon Sturgill Thank you so much however she is older and does not want to deal with the paperwork.  That is why she wanted me to just put it in my name.  There just has to be an easier way.