Two brothers have opportunity to purchase a 10 acre mini farm that is up for auction. Neither brother has the resources to buy it alone, but together it would be affordable for both. Bidding starts 30 days from today.
Neither brother has any real estate experience.
Property is rural but not remote Here’s an ariel view with my markups
Brother #1 wants the house/barn and 5 acres with approx. 208.71 feet of road frontage. He has an existing house that is his primary residence and has considerable equity in. He would need to sell or put up as collateral or ??? He has about 10K of cash.
Brother #2 wants the remaining 5 acres that would require a driveway easement through Brother #1 property for access to the 5 acres at the rear of the 10 acre tract. With the intention of building a house in the future or just holding it as an investment. He has 45k on hand
Both Brothers have excellent credit scores in the 760- 800 range.
How should this partnership be handled and what steps need to be taken to buy the property? (assuming they are the highest bidder)
What professional people should be retained and at what point in the planned purchase?
I don’t foresee a problem subdividing the tract after it’s purchased. I know we’ll need a survey and approval of the county planning board to subdivide. I think it’ll be relatively smooth process but I don’t know the process and would need to hire a pro to complete this. What type of professional should I retain?
We lack knowledge of how and where to start. Any help would be greatly appreciated.
submitted by /u/TiredWiiredRuinsEasy
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