We are looking for some advice here on subdividing our lot and taking down our current house to rebuild a duplex on it and stay in one and sell the other.
Current House SQ Footage: 1092 sq ft (Main) + 1092 sq ft (Basement)
Lot Size: 60 ft x 120 ft
Price to Demolish House: $50,000.00 possibly?
Rebuilding of Each Duplex: $150 per sq ft with unfinished basement at 24 ft x 60 ft duplex build = $216,000.00
Permits: $20,000.00 Approximately?
We've notice that some landlord does joint venture with home builders to have their home rebuild but we are not sure what does the usual/standard joint venture agreement includes as well as the profit splitting.
Hope that we are able to find our answer here.
If possible, sever the lot prior to demolishing the current house. Sell the lot, or build a house on that lot. However, if the house is on the center of the lot and the lot cannot be severed prior to building the other house, there will be much more risks involved.
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