Buy house but not lot?

**swilkes3** · 08-04-2008, 04:20 PM

I have the opp to buy a lake house right on the water but they are not selling the land, just the house. If I buy the house I would rent the land for $4000 a year. They would pay the taxes on the land, I would pay them on the house. I have never heard of this. I'd like to have the property because it is so reasonable. What do you know and what should I ask?

**jamesww** · 08-05-2008, 01:06 AM

Originally Posted by swilkes3

I have the opp to buy a lake house right on the water but they are not selling the land, just the house. If I buy the house I would rent the land for $4000 a year. They would pay the taxes on the land, I would pay them on the house. I have never heard of this. I'd like to have the property because it is so reasonable. What do you know and what should I ask?

In some parts of the courntry this is very common. Often times investors choose to hold onto prime land and rent it. It is less common with single family but much more common on commercial projects.

What you need to make sure you do on this type of transaction is have a very long lease with several options to extend the lease. As once the lease expires the building reverts to the owner of the land.

Good luck and pm me if you have any more questions on this topic.

**apexonein** · 08-05-2008, 02:15 AM

as told by jamesww the long lease is the right option for your case. But make sure the lease also have options for you to find it flexible on your account and you have the options like a attorney but not only as care taker.

regards
Apexone