My boyfriend and his father were left the grandparents farm (home &land). Then, they purchased the property next door which was being sold. So now, all together, they have quite a bit of property. 3 lots (2 of which already have houses) have frontage - the remaining lots are in back and would need a road and utilities to be run. One house is a 2fam & is rented; other in need of major repair. Originally, their goal had been to build several townhomes but a deal fell through. Now in this market, the value of the land has sunk, but they still carry 2 mortgages. The land has not yet been officially subdivided to avoid all the taxes. Does anyone have any ideas as to how they could do *something* with this to generate some income and help reduce mortgage payments? We have talk about building there but it doesn't appear we could do that without first getting the bank to partition off the land from one of the mortgages and everything is valued under loan amount. Ideas?!
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