Forgotten Your Password?

Need to Register?

Question Icon

Buying land for duplex. I need guidance

There's an empty lot that I want to buy. There isn't a for sale sign so I'm not sure if I can even buy it but I'd like to build a duplex on it how can I get information on who owns it and what loan do I need for this purchase? by gommix208 from Rodessa, Louisiana. Mar 8th 2021 Reply


Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

Although ownership of a parcel of land is usually a matter of public record, not all jurisdictions make searching the public records easy. You many need to enlist the help of a Real Estate Agent or Real Estate Attorney in determining who to contact. As for acquisition of the lot and building the Duplex. Having your own cash allows you the most flexibility in what you can do vs what you want to do. If you need financing, you will need to find a lender willing to provide it. You will most likely need a bank to arrange the financing as none of the lenders that I know of that do construction and permanent financing for residential dwellings will not do a multifamily project. You will likely need 20-30 % of your own funds in the project and extremely good credit and plenty of cash reserves. Perhaps the RE agent can help you with a financing source. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in AZ, CA, GA, IL, OR & WA... In fact, NEXA is licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ www.ApplyYes.com 480-889-9000.

Mar 9th 2021
0
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,409 contributions

Most areas the local county has online access to ownership of properties. Start there. I lend in MN WI IA ND SD. Find me at FirstTimeHomeBuyer-MN.com - Cambria Mortgage, NMLS 274132

Mar 10th 2021
0
0
Subscribe to our news feed.