I would appreciate any input or thoughts on my plan. My mom bought (7) acres of land with a house on it, in Florida, (12) years ago. She deeded one acre to me. My dad died and she is thinking about selling. I want to buy her (6) acres and rent out her house to a family and I want to build a new house on my acre (a duplex for my mom and me). Both properties are owned free & clear. She told me she would pay me rent for the duplex and I figure the rental income from her house will almost pay my mortgage. My question is can I get a mortgage somehow on her property and mine and build a new house on mine?What type of financing should I look for? I am thinking of mortgaging less than fair market value and maybe getting cash back at closing so I can buy another investment property?
Thanks in advance.
Melody
Howdy Compass:
With good credit you should be able to go to your local bank and get a good construction loan to build your duplex. They should loan you money to buy the land from your mom and pretty much whatever you want to do since you have good equity in the land already.
LOL
Thanks Ted